A version of the Black and Scholes dividend yield experiment is conducted, with a view to determining whether there exists a preference for dividends versus capital gains. Using data from the 1960s the experiment reveals a relatively large relationship between dividend yields and risk-adjusted...

In reply to Graham, Johnson and Schnabel (1977), we point out that they have raised a relatively difficult question in scientific method. Provided our earlier work is accepted as operating in the context of the two-period model, we reassert that it revealed no anomalous evidence.

The proposed tax on economic rents earned from Australian resources investments is examined from the viewpoint of the economist's neutrality criterion. Proposed by Garnaut and Clunies-Ross (1975, 1977), the Resources Rent Tax is alleged to be neutral in that it is alleged not to inhibit or...