We construct a money market pressure index based on central bank reserves and the short-term nominal interest rate to identify banking crises, thereby extending the index proposed by Von Hagen and Ho (2007). We compare the crises identified by both indices with banking crises according to the...

We construct a money market pressure index based on central bank reserves and the short-term nominal interest rate to identify banking crises, thereby extending the index proposed by Von Hagen and Ho (2007), also in terms of the number of countries covered. We compare the crises identified by...

We construct a money market pressure index based on central bank reserves and the short-term nominal interest rate to identify banking crises, thereby extending the index proposed by Von Hagen and Ho (2007). We compare the crises identified by both indices with banking crises according to the...

A key requirement for Real Estate Investment Trusts (REITs) to maintain their corporate tax-exempt status is that 95 percent of income must be distributed as dividents. Receipt of this income imposes a personal tax burden on shareholders. A central tenet of this research is that REIT management...

This paper explores the relationship between tax-induced dividend clientele theory and the recent changes to the taxation of income trusts in Canada. On October 31, 2006, the Canadian government announced the Tax Fairness Plan ("TFP") calling for the elimination of the considerable tax advantage...

Previous research finds evidence that tax factors motivate the participants in leasing transactions. Tax-arbitrage arguments predict that leasing participants gain when the lessor’s tax rate exceeds that of the lessee. The research employs a sample of effectively tax-exempt REIT lessors...

The discovery of accounting irregularities is an important negative event for a company. The restatement resulting from the irregularity represents an average of 364 per cent of net income for the 152-firm sample and the irregularities are predominantly revenue enhancing. The irregularity firms...

We investigate here self-organised criticality (SOC) in two-dimensional dissipative sandpile models without the local conservation law. Both dissipative cellular automata and dissipative coupled map lattice models with open boundary conditions are considered. There appears to be no evidence for...

We investigate the evolutionary behaviour of a 2-D dry froth with initial ordered/disordered conditions corresponding, respectively, to monodisperse/polydisperse topological networks. Using the direct simulation approach, we discuss the scaling properties of the cell side distribution, f(n), and...