Establishment of a national development bank and related matters : hearing before the Subcommittee on General Oversight and Renegotiation of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-seventh Congress, second session, on H.R. 14 ... September 15 and 28, 1982.

Item 1013-A, 1013-B (microfiche)

Credit availability for small businesses, real estate, housing, and consumers : field hearing before the Subcommittee on Economic Growth and Credit Formation of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, One Hundred Third Congress, first session, August 30, 1993.

Mode of access: Internet.

Alleged misappropriation by New York City's Department of Housing, Preservation, and Development : field hearing before the Subcommittee on General Oversight, Investigations, and the Resolution of Failed Financial Institutions of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, One Hundred Third Congress, first session, February 10, 1993.

Mode of access: Internet.

HUD field reorganization, RIF's and pending legislation : hearing before the Subcommittee on Housing and Community Development of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-seventh Congress, second session, September 21, 1982.

Item 1013-A, 1013-B (microfiche)

Investigation of possible abuses of FHA mortgage programs in Milwaukee : hearing before the Subcommittee on Housing and Community Development of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-eighth Congress, second session, October 8, 1984, Milwaukee, WI.

Item 1013-A, 1013-B (microfiche)

To assure a reasonable and stable exchange rate for the dollar : hearing before the Subcommittee on Domestic Monetary Policy of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-eighth Congress, second session, on H.J. Res. 585 ... August 9, 1984.

Item 1013-A, 1013-B (microfiche)

Credit flows and capital availabilty in U.S. markets : hearing before the Subcommittee on Economic Stabilization of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-eighth Congress, first session, March 22, 1983.

Item 1013-A, 1013-B (microfiche)

Concept of enterprise zones : hearing before the Subcommittee on Economic Stabilization of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-seventh Congress, second session March 22, 1982, Indianapolis, Ind.

Item 1013-A, 1013-B (microfiche)

Federal reserve act amendments : hearing before the Subcommittee on Domestic Monetary Policy of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-sixth Congress, first session ... April 4, 1979.

"Serial no. 96-7."

Activities and policies of district banks and their implications for monetary policy : hearing before the Subcommittee on Domestic Monetary Policy of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-seventh Congress, second session, September 23, 1982.

Mode of access: Internet.

Partnership projects : federal support for public-private housing and development efforts : report to the Chairman, Subcommittee on Housing and Community Development, Committee on Banking, Finance, and Urban Affairs, House of Representatives /

"B-236100"--P. 1.

Relationship between franking credits and the market risk premium

In a dividend imputation tax system, equity investors have three potential sources of return: dividends, capital gains and franking (tax) credits. However, the standard procedures for estimating the market risk premium (MRP) for use in the capital asset pricing model, ignore the value of franking credits. Officer (1994) notes that if franking credits do affect the corporate cost of capital, their value must be added to the standard estimates of MRP. In the present paper, we explicitly derive the relationship between the value of franking credits (gamma) and the MRP. We show that the standard parameter estimates that have been adopted in practice (especially by Australian regulators) violate this deterministic mathematical relationship. We also show how information on dividend yields and effective tax rates bounds the values that can be reasonably used for gamma and the MRP. We make recommendations for how estimates of the MRP should be adjusted to reflect the value of franking credits in an internally consistent manner.

Forecasting stock returns using model-selection criteria

This paper examines the economic significance of return predictability in Australian equities. In light of considerable model uncertainty, formal model-selection criteria are used to choose a specification for the predictive model. A portfolio-switching strategy is implemented according to model predictions. Relative to a buy-and-hold market investment, the returns to the portfolio-switching strategy are impressive under several model-selection criteria, even after accounting for transaction costs. However, as these findings are not robust across other model-selection criteria examined, it is difficult to conclude that the degree of return predictability is economically significant.