Journal Article Taxation and Returns Get access Lindley M. Fraser Lindley M. Fraser The Queen's College, Oxford Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 1, Issue 1, October 1933, Pages 45–59, https://doi.org/10.2307/2967437 Published: 01 October 1933
Journal Article I.—A Note on Relative Shares Get access P. M. Sweezy P. M. Sweezy Cambridge, Mass. Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 1, Issue 1, October 1933, Pages 67–68, https://doi.org/10.2307/2967439 Published: 01 October 1933
The theory of industrial location, 254.— Preliminary deductions in the case of the shoe industry, 255.— History of the distribution of the industry. Period 1630–1760: non-localized hand work, 257.— Period 1760–1860: localization of the hand industry, relation of railroads to factors of transportation and labor cost, 259.— Period 1860–1900: effect of mechanization, shifts in the tanning industry, changes in financing; equalization of regional advantages, 264.— Period since 1900: rapid style changes, foreign markets, labor organization, 269.— Outlook for the future, 273.— The theory in the light of experience in the shoe industry, 274.
Journal Article Speculation and the Stability of Stock Prices Get access M. J. Fields M. J. Fields Harvard University Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 47, Issue 2, February 1933, Pages 357–367, https://doi.org/10.2307/1883695 Published: 01 February 1933
Introduction; the interest in real estate taxes, 96.— I. Causes of this interest: depressed conditions, 97; rising taxes, 97; the “real” burden of taxes, 98. — II. The question of disproportionate burden; the popular opinion, 100; the problem of measurement: the methods used, 101; their defects, 102; capitalization, 103; benefit considerations, 110.— III. The question of relative burden on rural and urban property, 115.— IV. The case for tax reduction; rigidity; discriminatory assessment, 116; the “obligation of payment,” 118; some obstacles, 118. — V. Some methods of relief; curbing expenditures, 120; alternative taxes in general, 121; the income tax, 122; exemption of buildings, 123.— VI. The proposal of an increment tax, 124. — VII. The proposal of a change in the character of taxes; Professor Kendrick's suggestions, 125.— VIII. Conclusions, 127.
The Home Owners' Loan Act of 1933. Complexity of the Problem, 129.— I. Relation to the National Economy, 133. — II. Governmental Policy, 135.— III. Housing Standards and the Family Budget, 137.— IV. The Financing of Housing Construction, 140.— V. Technological Problems, 142.— VI. Miscellaneous Problems, 148.
Abstract The article focuses on valuation of fixed assets. The values of assets might be determined from the equities. Stock exchange quotations provide current values of stocks and of bonds. The total value of all capital stock in the hands of the public plus the face value of bonds and other liabilities would give a figure which might be called the value of the corporation. Another approach to the determination of asset values would be through the process of capitalizing normal earnings. This is a valuation method of ultimate importance in the field of unregulated industry. Still another possible approach to the valuation of a corporation's assets is the one ordinarily taken; an appraisal is made of the assets themselves. Cost is the logical and preferable basis for balance-sheet valuation of plant and equipment. Deviation from cost results in distortion of future income and earned surplus. The belief that asset values of plant and equipment as shown on the balance sheet indicate market value or any other value should be discouraged. They should represent legitimate unrecovered costs, long-term prepaid expenses, and in this way display the financial condition of the individual enterprise in question.
Abstract In September 1930, the American Institute prepared a compilation of Certified Public Accountant (CPA) laws of the United States and a study of these laws discloses a most tragic fact concerning educational training as an aspect of the accounting profession requirements. As to college education, there is a great scarsity of recognition in the various state laws. Practically no recognition is given college training in accounting. There still persists the most prevalent idea that practical experience shall be the sum and substance of one's training if he is to be a successful accountant. The years of practical experience thought so essential find the individual with a narrow, limited vision of the accounting profession and no general training. Specifications in laws providing that the university faculties shall aid in examinations are even more restricted than provisions relating to credit for college work. C.P.A. should be on an examination basis. Then too a comprehensive examination works for uniformity in accounting which in itself will raise standards.
Abstract The holding company may be defined as a company which holds a substantial interest in the stock of one or more corporations. Organizations have been established and are in operation at the present time which hold a minority interest in some one corporation, their investment in this company being a very small part of their total assets, as of March 1933. This is one extreme. The other is the giant corporation, the assets of which consist in entirety of the securities of other corporations. In the broad sense of the term, these are both holding companies and there may be found holding companies at each stage between these two extremes. The author attempts to distinguish between the pure holding company and the so-called parent company. Students of corporation finance generally agree that the pure holding company is one which owns no physical properties in its own name and operates none as an organization. Its function is one of holding securities in other corporations for the purpose of directing their activities. The parent company owns both physical properties and securities of other corporations. It has a two-fold purpose, that of operating its producing assets and controlling the properties of its subsidiaries through stock voting.