This paper tests the tax explanation of the January effect by examining small firm stock returns before the War Revenue Act of 1917. No evidence of a turn-of-the-year effect is found. This paper also extends previous authors' work on the subject to 1918–29. A January effect is found during that period.

This paper tests the tax explanation of the January effect by examining small firm stock returns before the War Revenue Act of 1917. No evidence of a turn‐of‐the‐year effect is found. This paper also extends previous authors' work on the subject to 1918–29. A January effect is found during that period.

This paper identifies demand induced changes in the price of women's time as a factor determining the fertility transition.Changes in world prices of grains and animal products in the 1880's affected the composition of Swedish output and labor demands.The increase in the price of butter relative to grains improved women's wages relat.ive to men's, and contributed thereby to the decline in fertility.When child mortality, urbanization, and the real wages of men are held constant, aggregate county-leveldata for a 50-year period, 1860-1910, suggest that this exogenous appreciation in the value of women's time, relative to men's, explains a quarter of the concurrent decline in Swedish fertility.