I. Introduction, 373.—II. Internal income-leisure tradeoffs, 375.—III. General features of the results, 378.—IV. The case chosen for study: The southern textile industry, 381.—V. Empirical results, 383.—VI. Conclusion, 387.—Appendix A, 387.—Appendix B, 389.—Appendix C, 391.

[It is generally assumed that a tax on land ownership is always neutral toward resource allocation. Where land rentals change over time it is shown that the tax is neutral only where the tax base is current income as distinct from current market value. Taxes based on current market value are shown to favor investment projects with a short gestation period and to involve significant resource costs. These costs are considerably reduced if property appraisers, in assessing current market value, interpret the "highest and best use" of a property as that use which offers the greatest current income as opposed to its future income.]

It is generally assumed that a tax on land ownership is always neutral toward resource allocation. Where land rentals change over time it is shown that the tax is neutral only where the tax base is current income as distinct from current market value. Taxes based on current market value are shown to favor investment projects with a short gestation period and to involve significant resource costs. These costs are considerably reduced if property appraisers, in assessing current market value, interpret the "highest and best use" of a property as that use which offers the greatest current income as opposed to its future income.

Abstract ABSTRACT: This paper presents the results of a mail questionnaire survey of 500 university chief financial officers. The survey attempted to assess the demand for and importance of nine social items of information to universities as investors. Despite the available literature which suggests a growing demand by universities for external corporate social responsibility reporting, the authors advance the tentative conclusion, based on their analysis of 292 usable returns, that university investors may not be a strong source of demand for information about social responsibility.