Industrial digest and commodities & Finance.

Publication suspended, Nov. 25 through Dec. 1922, Nov. l933 through June 1934.

Life of General Lewis Cass: comprising an account of his military service in the North-west during the war with Great Britain, his diplomatic career and civil history. To which is appended, a sketch of the public and private history of Major-General W. O. Butler, of the volunteer service of the United States.

The sketch of Butler is expanded from The life and service of Gen. William O. Butler, by F. P. Blair, jr.

Working in peace and harmony.

Cover title.

Report of the Special commission on taxation and public expenditures ...

I. The scope of the inquiry.--II. Public welfare, with recommendations for an emergency relief tax.--III. The tax structure.--v. Administration of public welfare institutions.--VI. Housing.--VII. Department of public safety.--VIII. Revenue collection procedures.--IX. Supplementary tax recommendations.--X. City manager governmen and proportional representation.--XI. Office space requirements of state departments.--XII. Administration of fiscal affairs.--XIII. The Metropolitan district commission.--XIV. The Police department of the Metropolitan district commission.--XV. The civil service system of the commonwealth. Section I. Civil service laws, rules and regulations. Section II. Problems of organization and administration. 2 v.--XVI. Summary and final report.

Board of Director and Officer of the Student Athletic Association, 1897-98

Back Row: Robert Danforth, Frank S. Simons, Forris D. Stevens, Albert H. Keith (baseball mngr), Harry Helfman (recoding secretary)

Middle Row: Harry L. Weinstein (treasurer), Carl M. Green, J.Deforest Richards (President), Albert Stevens, A.L.C. Atkinson

Front Row: Harry S. Vernon, Harrison Smalley, Harry T. Heald (ass't football mngr.)

Missing: Charles Tryon (vice president), Harry Potter (financial secretary), Ward Hughes (foootball mngr.), Allan Campbell (track mngr.), Walter Herrick (track mngr.), Harold Emmons, ass't football mngr.)

Aeronautics and space report of the President /

Description based on: [1969].

Source of finance, growth and firm size:evidence from China

Using a comprehensive firm-level dataset spanning the period 1998-2005, this paper provides a thorough investigation of the relationship between firm size, total factor productivity growth and financial structure in China, controlling for the endogeneity of the latter. Generally, it finds financing source matters for firms of different size, and the extent to which financing source matters for firm growth is greater for small firms than big firms. Self-raised finance appears to be most effective in promoting small firms to grow, and bank loan seems to be more supportive to big firms. The relationship between size, finance and growth also depends on ownership. In addition, there exist strong complementarities between formal and informal finance, as well as between indigenous and foreign finance.

A Public-Private Partnership vélt és valós hangsúlyai Magyarországon = Assumed and actual emphases of Public-Private Partnership in Hungary

Írásunk a Public-Private Partnership (PPP) magyarországi megvalósulásának hangsúlyairól szól. Azt vizsgáljuk, hogy a szakmai közvélemény milyen képet alakíthatott ki e projektekről a szaksajtó olvasásán keresztül. Három tágabb elvi szempont sajtóbeli megjelenésének súlyát elemezzük: a PPP céljai, a feladatok hatékonyabb elvégzésének módja, illetve a társadalmi kontroll megvalósulása áll érdeklődésünk középpontjában. A tartalomelemzés matematikai-statisztikai módszereit alkalmazzuk. Következtetésünk, hogy a PPP-projektek általában még nem elvi lényegük szerint valósultak meg Magyarországon, bár az évek során érzékelhető pozitív irányú elmozdulás: tanulási folyamat történik. Ennek alapján nem szabad a PPP-t mint módszert elvetni a közfeladatok ellátásában, hanem alkalmazási módjának tökéletesítésére kell törekedni. = This working paper focuses on the perceptions of the Hungarian implementation of Public-Private Partnership (PPP) projects. It was examined how PPP was perceived in the wider public through the communication of the most read daily and weekly business journals. We analyzed the proportion of three broad aspects in the articles: the main goals of PPP, efficiency improvement as a substantial opportunity for value creation, and the role of democratic control. We applied the mathematical-statistical methods of content analysis. Our conclusion is that PPP-projects in Hungary are far from the normative model of implementation as discerned from literature, but from year to year a positive shift, a learning process can be observed. Therefore, instead of discarding PPP as a progressive government solution, Hungary should focus on improving the design and implementation of PPP projects.

Recent Developments in the Autonomy and Governance of Higher Education Institutions in Hungary: the Introduction of the Chancellor System

After the change of regime in 1989, Hungarian higher education started to return to its Humboldtian tradition. It was widely accepted that academic freedom could be guaranteed by high degree of institutional autonomy manifested especially in structures of self-governance and avoidance of direct state supervision/interventions. Attempts to introduce boards and other supervising bodies were successfully resisted until 2011. The new government coming into power in 2010, however, introduced new mechanisms of supervision and changed institutional governance and reduced institutional autonomy considerably. Changes in the selection of rectors, the appearance of state-appointed financial inspectors and the newly appointed Chancellors responsible for the finance, maintenance and administration of institutions are important milestones in this process. In the paper I review these developments focusing especially on the analysis of the Chancellor system.

Liquidity and asset pricing: A comparison between three-factor and three-moment capital asset pricing models

Liquidity is an important attribute of an asset that investors would like to take into consideration when making investment decisions. However, the previous empirical evidence whether liquidity is a determinant of stock return is not unanimous. This dissertation provides a very comprehensive study about the role of liquidity in asset pricing using the Fama-French (1993) three-factor and Kraus and Litzenberger (1976) three-moment CAPM as models for risk adjustment. The relationship between liquidity and well-known determinants of stock returns such as size and book-to-market are also investigated. This study examines the liquidity and asset pricing issues for both intertemporal as well as cross-sectional data. ^ The results indicate an existence of a liquidity premium, i.e., less liquid stocks would demand higher rate of return than more liquid stocks. More specifically, a drop of 1 percent in liquidity is associated with a higher rate of return of about 2 to 3 basis points per month. Further investigation reveals that neither the Fama-French three-factor model nor the three-moment CAPM captures the liquidity premium. Finally, the results show that well-known determinants of stock return such as size and book-to-market do not serve as proxy for liquidity. ^ Overall, this dissertation shows that a liquidity premium exists in the stock market and that liquidity is a distinct effect, and is not influenced by the presence of non-market factors, market factors and other stock characteristics.^