Uncertainty about historical evidence of forest clearing is highlighted; nevertheless, its longevity and basic importance for survival make an understanding of the process important. First, archaeological and paleobotanical evidence for clearing during late Mesolithic and Neolithic Europe is...

Among the reactions to recent corporate scandals are calls for greater transparency of insiders' trades. The Securities and Exchange Commission's recent rule on fair disclosure is accompanied by a safe harbor from prosecution under insider trading laws for insiders who pre-commit to trades. A...

Two important factors in determining how investors select portfolios and how asset prices and returns are determined are taxes and risk. Absent risk, the effect of taxes has been captured by models that assume the existence of tax clienteles and characterize implicit taxes contained in the...

In this paper we investigate the existence and magnitudes of implicit taxes on equity. Specifically, using futures market data to control for risk, we test whether the pre-tax returns on bonds are higher than the pre-tax returns on four stock indices during the period 1993-1999. We compare the...

This study develops and tests a model of tax capitalization in stock prices. The key innovation of the model is consideration of how distribution policy affects the extent to which dividend and capital gains taxes are impounded into stock prices. The key innovation of the empirical analysis is...