The Journal of Financial and Quantitative Analysis © 1976 University of Washington School of Business Administration

Budgeting, Supervisor, Supervisory style, Performance

The opponents and proponents of competitive brokerage commission rates for the New York Stock Exchange have, for nearly a decade, been dueling in the hearing rooms of Congress and the Securities and Exchange Commission (SEC). The contest developed because financial institutions, in attempting to skirt the New York Stock Exchange (NYSE) and its fixed commission rates, had used a variety of trading practices that were sharply criticized by the government overseers of the securities markets. The securities industry, the government overseers, and scholars have debated what would be the most effective regulatory approach to improving the social performance of the securities marketplace. Would it be through initiating even more stringent federal regulation of exchange behavior? Or, would it be through selective deregulation to increase competition, particularly in the determination of commissions? Competitive forces might constrain and direct that behavior. The policy that has been developing would deregulate and restructure the marketplace to create a “central market system.” Competition would replace regulation to whatever extent may be possible, in determining both commission rates and the quality of marketplace services provided [6]. But, the contest has been long and often heated. From the thrusts and parries, there can be identified some fundamental issues concerning the economics of the stock exchange as a form of marketplace organization.

The challenge of leadership is to look beyond the current expansion to consider the long–term outlook for the U. S. economy. My good friend Paul W. McCracken once described this process as looking across the valley to see what is on the other side. His message was: “What will be different on the other side of the valley is far more relevant to business planning than the valley itself.” Such advice is particularly meaningful at this time because of the basic need for more stability in our economic policies.

Journal Article Money Wage Inflation in Industrial Countries: An Alternative Explanation Get access R. L. Thomas R. L. Thomas University of Salford Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 43, Issue 3, October 1976, Pages 551–552, https://doi.org/10.2307/2297235 Published: 01 October 1976 Article history Received: 01 August 1975 Accepted: 01 December 1975 Published: 01 October 1976

Journal Article Incidence of a Capital Income Tax in a Growing Two-Class Economy Get access Kanhaya L. Gupta Kanhaya L. Gupta University of Alberta Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 43, Issue 3, October 1976, Pages 561–562, https://doi.org/10.2307/2297238 Published: 01 October 1976 Article history Received: 01 April 1975 Accepted: 01 February 1976 Published: 01 October 1976

Leases, Separate phases method, Leveraged leases

I. Introduction, 156. — II. A formulation of the problem, 156. — III. What is net national product? 159. — IV. Proof of the main proposition, 160. — V. Unanticipated technological change: an application, 161.

Budgeting, Uncertainty, Non profits, Fixed budgets

[The parameters of dynamic simultaneous equation models are often estimated using methods which are appropriate only when the errors of the equations are serially independent. The purpose of this paper is to propose a large sample test for serial correlation to replace the invalid Durbin-Watson test. The test requires only simple calculations and can be easily added to standard two-stage least squares/instrumental variables programs. The treatment of serial correlation is discussed. An example is given to illustrate the test procedure.]