This paper evaluates the presence of racial disparities in the issuance of consumer credit. Using a database of credit histories, I link location-based information on race with individual credit files. After controlling for place-specific factors such as housing vacancy rates and general population demographics, I find qualitatively large differences in the amount of credit offered to similarly qualified applicants living in black versus white areas. High data quality allows distinguishing between issuer-provision (supply) and utilization of credit (demand). Additional estimates using information on payday lending provide support for idea that issuers condition lending on location.

D ESPITE failure of rich countries to grant any new tariff preferences to less developed countries (LDC's) 1960's, export earnings of manufactures by LDC's grew by more than 10 per cent per year during decade.' This phenomenon seems related to !the expansion of multinational firm. Scattered bits of evidence suggest that a large fraction of exports of manufactures from LDC's are accounted for by such firms. Between 1965 and 1968 annual exports from LDC's by foreign affiliates of United States manufacturing firms rose from 700 million dollars to 1.4 billion dollars.2 Between 1957 and 1966 Latin America's annual exports of manufactures rose from 709 million dollars to 1,613 million dollars, and subsidiaries of United States firms accounted for 65 per cent of this increase of 804 million dollars.3 IBM is said to have been largest single exporter of manufactures from both Argentina and Brazil 1969.4 As is well known, there is a large amount of literature on question of impact on currently less developed countries of large increase their exports of primary products during 19th century. We do not have much evidence on impact of contemporary investment by foreign manufacturing firms LDC's.5 The Pearson Commission (1969, p. 104) said in absence of detailed empirical studies, it is difficult to pass a definitive verdict on precise size of contribution which foreign investment has made to development. 6 Vernon (1971, p. 181), discussing extent to which foreign firms introduce into developing countries production techniques that are excessively capital intensive, says the actual facts are, as usual, obscure. There are no comprehensive data on degree to which multinational enterprises adapt their production processes to conditions of less-developed countries, and scarcely any data on comparative adaptive actions of local competitors. The next two sections present data on a sample of Japanese and United States firms South Korea, and final section discusses benefits and costs to South Korea of these foreign investments.

We do not find the relatively large prediction errors for all the regressions tested in 1965-IV surprising since the HWI rose an unprecedented 40 points from 1965-III to 1966-1, and other measures Rfi p1a1tSin., kbt, 1,,zr -nkaA,t,q npont,d t.0njrwor heating. In this same period, the nonfarm job openings series of the Bureau of Employment Security also increased dramatically, as did new hires in manufacturing. (Possibly there is a greater impact of the industrial cycle on the nonindustrial job market than has been previously recognized.) Moreover, the build-up of conventional type arms for Vietnam which got underway at the same time resulted in a shift of procurements from the West Coast to the Great Lakes and New England regions, which together have a heavier weight in the HWI.8 Tltis inip-esJing, tlit evem cru&de measures of tob vacancies may be quite sensitive indicators of pressures in the labor market. Certainly, job vacancy measures, when analyzed with care, deserve much more attention than they have received in the past.

This paper aims at disentangling the correlation between LDC debt and investment in the 1980's. I show that a large debt was not an unconditional predictor of low investment in the 1980's, nor was investment abnormally low, when compared to a "financial-autarky" rate, calculated in the text. I do find, however, that the actual service of the debt crowded out investment. For the rescheduling countries I show that 1 percent of GDP paid abroad reduced domestic investment by 0.3 percent of GDP. This is identical to the correlation between investment and foreign finance observed in the 1960's.

This study investigates the extent to which a retailer's willingness to share internal (sales and inventory) information with a manufacturer and the reliability of the information transmission between the retailer and the manufacturer affect the total supply-chain profits resulting from two alternative inventory management systems. I present analytical models of a traditional system and a Vendor Managed Inventory (VMI) system. The VMI system is a supply-chain management technique in which the retailer delegates its inventory decisions to, and shares its internal accounting information with, the manufacturer. With VMI, the parties aim to reduce inventory-related costs and increase supply-chain profits. The theoretical analysis indicates that the system that produces higher supply-chain profits depends on the extent to which the retailer reveals its internal accounting information to the manufacturer and the ability of the manufacturer to accurately receive and use this information in its decisions. Survey data corroborate the model's prediction that manufacturers are more likely to select VMI when retailers provide more precise sales and inventory (i.e., demand) information and when the manufacturers' systems ensure reliable transmission and receipt of this information. The study's results suggest that managerial accountants should consider the retailer's willingness to share sales and inventory information with the manufacturer and the manufacturer's ability to reliably transmit this information before implementing VMI systems.

Abstract This article discuss the U.S. Securities and Exchange Commission's (SEC) current activities and goals as they relate to the accounting profession. The Report of the Special Study of Securities Markets was sent to the U.S. Congress, its 175 conclusions and recommendations covered almost every aspect of the securities industry. Since then, the difficult task of implementing the Study recommendations has preempted much of the SEC's time and energy. With the aid of the industry, one have made significant progress. One of the most important achievements was the formulation of the legislation recently passed by the Congress and now known as the Securities Acts Amendments of 1964. Under the new law, many accountants will, for the first time, be faced with problems under the federal securities laws. One should consider it particularly appropriate, therefore, to refer to certain of the new provisions which will be of particular interest to members of accounting profession. The 1964 Amendments deal chiefly with issues of securities traded in the over-the- counter market and the standards of broker dealer firms and their salesman.

Abstract The author discusses the impact of new revenue code on accounting. He describes the effects of taxation and tax laws on accounting theory and practice. He discusses the probable effects of changes in taxing rules on accounting practice. He clarifies the possible effects of tax rules on non-tax accounting by way of illustration. He further mentions two new methods which may be used for tax purposes, which are, the double-rate declining balance method and the sum of the years-digits method. He mentions the effects of changes that occur when a taxpayer changes from accrual method of reporting installment sales to the installment method and changes in the selection of fiscal years for tax purposes. He discusses the change that could affect the willingness of taxpayers to change from an accounting method for accounting purposes. He briefly mentions the minor changes which effected in bringing tax accounting closer to financial accounting and code changes which affect accounting indirectly. He mentions the responsibilities of the accounting profession in face of the new internal revenue code.