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The effect of personal taxation on stock prices remains controversial. While some researchers have found evidence of a tax effect in the stock market, others have found evidence to the contrary. This paper provides additional empirical evidence on the effect of the differential taxation of dividends and capital gains on stock prices by analyzing stock price changes around the 1971 Canadian Tax Reform and its subsequent amendments in 1977. The results show that changes in the taxation of cash dividends and capital gains affected high-yield and low-yield stocks listed on the Toronto Stock Exchange (TSE) differently. Section I of the paper describes the tax changes. The method used to analyze the tax effect is described in Section II. Section III reports the results, and conclusions are presented in Section IV. [ABSTRACT FROM AUTHOR]

The article presents commentary about a paper written by L.B. Smith and J.W.L. Winder (S&W) entitled "Price and Interest Rate Expectations and the Demand for Money in Canada," which appeared in the June, 1971 issue of the "Journal of Finance." In that paper S&W presented a regression model in an effort to determine how the demand for real money balances is affected by expectations for interest rates. The author of the current paper presents analysis that offers a competing interpretation based on lagged responses, and also points out issues with serial correlation.

Copyright of Canadian Journal of Economics is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Canadian Public Policy is the property of University of Toronto Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Higher-income neighbourhoods in Canada’s eight largest cities flourished economically during the past quarter-century, while lower-income communities stagnated. This paper identifies some of the underlying processes that led to this outcome. Increasing family income inequality drove much of the rise in neighbourhood inequality. Increased spatial economic segregation, the increasing tendency of ‘like to live nearby like’, also played a role. It is shown that these changes originated in the labour market. Changes in investment, pension income and government transfers played a very minor role. Yet it was not unemployment that differentiated the richer from poorer neighbourhoods. Rather, it was the type of job found, particularly the annual earnings generated. The end result has been little improvement in economic resources in poor neighbourhoods during a period of substantial economic growth, and a rise in neighbourhood income inequality. [ABSTRACT FROM PUBLISHER]

This paper investigates the forecasting performance of the non-linear time series SETAR model by using Canadian GDP data from 1965 to 2000. Besides the within-sample fit, the forecasting performance of a standard linear ARIMA model for the same sample has also been generated for comparative purposes. Two forecasting methods, one-step-ahead and multi-step-ahead forecasting, are compared for each type of model. [ABSTRACT FROM AUTHOR]

Copyright of Canadian Public Policy is the property of University of Toronto Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Urban History Review / Revue d'Histoire Urbaine is the property of University of Toronto Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper presents a Canadian inflationary expectations measure that is based on quite realistic assumptions about the amount of information available to those forming expectations and uses this estimate to study the determinants of wage changes in the 1967-81 period. The main conclusions are: (1) wage settlements are quite responsive to variations in labour market conditions, a 1 per cent change in the unemployment rate leading to approximately a 1 per cent change in the rate of change of wages; (2) the 1971 revisions to the Unemployment Insurance Act raised the 'natural' unemployment rate by approximately 1.4 points; and (3) the Anti-Inflation Program of 1975-8 had a significant effect on wage settlements, the estimated average reduction being approximately 2 per cent. The study also presents the first statistical tests of two competing hypotheses regarding the manner in which 'catch-up' forces affect wage settlements. [ABSTRACT FROM AUTHOR]

Copyright of Canadian Public Policy is the property of University of Toronto Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The immediate post-war period was defined by shifts in capitalism's socioeconomic and institutional underpinnings. Commonly known as Fordism, until the early-1970s models of standardized industrial mass-production and robust state planning and intervention were relatively successful in maintaining secular growth in employment, productivity and demand as well as establishing the national economy and society as unified, governable fields. This paper considers how migration controls in Canada and Australia enhanced and extended such arrangements. In simultaneously boosting production and demand, diversifying and integrating industrial activities and assimilating European migrants into a mass consumer culture while excluding non-Europeans perceived as disruptive of material and sociocultural homogeneity, such policies provided central vectors of economic and cultural nationalism that complemented other monopolistic and redistributive interventions. [ABSTRACT FROM AUTHOR]

We study changes in time and money available to families with children from 1971 to 2006. Increases in incomes at the top of the Canadian income distribution since the mid-1990s have taken place without any significant increases in total family hours of paid work. On the other hand, for families in the middle of the income distribution, family income has stagnated, despite the fact that parents jointly supply significantly higher hours of paid work. If both time and money are valuable resources for the production of well-being for family members, these findings suggest that inequality in well-being has increased even more than inequality of income. [ABSTRACT FROM AUTHOR]

Copyright of Canadian Journal of Social Research is the property of Association for Canadian Studies and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Canadian Journal of Economics is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Examines eight hypotheses on the factors blamed for increased earnings inequality in Canada in the 1980s. Decline in unionization, minimum wages and industrialization; Increase in unemployment, trade, supply of university-educated workers and female workers and technological changes; Importance of considering multidimensional explanations.

Analyzes the increase in earnings inequality and the relationship to macroeconomic conditions in Canada during the 1980s. Investigation of the importance of national policies and institutions in influencing trends in inequality; Results which contrast with other findings that the unemployment-inequality relationship weakened in the late 1980s in other liberal economies such as the United States and the United Kingdom; Thoughts about the impact of unionization and minimum wages.

Discusses the impact of economic conditions on strike activity in Canada over the 1952-1972 period. Measures of such activity; Effects of price inflation; Business cycle variability; Link between rank-and-file militancy, increasing youthfulness and higher levels of education.

Abstract--This paper examines the extent of small plant market share and the degree of suboptimal plant market share in the Canadian manufacturing sector in the 1970s at the 4-digit level of disaggregation. It does so by comparing the Canadian plant size distribution to the American so as to provide a standard for what might be considered suboptimal and then uses regression analysis to find the relationship between small plant market share and a set of explanatory variables which include market size, concentration, and tariff protection. It finds that the deleterious effect of tariffs is primarily found in highly concentrated industries. [ABSTRACT FROM AUTHOR]

Deals with a study which discussed the profitability of the consumer good industries in Canada in 1965. Factors included in the test for profitability; Evaluation of the economic performance of the country; Definition of the entry barriers to the industry.

This first study of Canadian securities' earnings forecasts published by Institutional Brokers Estimate System (IBES) focuses on changes in the mean earnings per share forecasts of 159 to 188 companies from 1985 to 1987. Cumulative average residuals are used to detect the announcement effects of large earnings forecast revisions. The main results of this study are the following. First, an investor with access to changes of earnings per share forecasts at the beginning of the month of publication could realize abnormal excess returns. Second, trading strategies based on earnings forecasts revisions can also yield abnormal returns, but the magnitude of the revision, the sector of the company, and the month in which the revision is realized must be considered. Third, when financial analysts' forecasts are published, the informational content of large revisions in forecasts has already been discounted by the market. This result is similar to findings of U.S.- and U.K.-based studies. Finally, large forecasts revisions coincide with a period of abnormal returns. However, the information content of the announcement of forecasts changes cannot be established. The gains are larger if the trade is undertaken before the diffusion of the forecast revision to the IBES subscribers. These results do not vary with the model chosen to predict company returns. This does not necessarily indicate the existence of a market inefficiency because information acquisition and analysis costs, as well as transaction costs, may diminish considerably these abnormal trading gains. [ABSTRACT FROM AUTHOR]

The article forecasts the economic growth of Canada in the early 1960's. A brief historical overview of the country's past growth patterns is presented. The post-World War II years proved a boom for the Canadian economy, in which export levels of Canadian commodities increased. The authors predict that the external stimuli to the Canadian economy may not be as strong in the 1960's as it was in the postwar years. The pattern of economic growth is examined to determine whether the Canadian economic structure has changed enough to weather an economic downturn.

Copyright of Canadian Public Policy is the property of University of Toronto Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

After examining the character of the downturn and existing explanations for it, the article provides an alternative classical Marxian account based upon the methodological and theoretical framework developed by Henryk Grossman. This article investigates the long- and short-run dynamics of capital accumulation in Canada leading up to and culminating in the economic downturn of 1990-2. [ABSTRACT FROM AUTHOR]

We draw attention to, and begin to consider the implications of, the severe restrictions on emigration by Canadians to the United States introduced under the US Immigration Act of 1965. These restrictions came into effect in 1968 and lasted until mobility began to increase to some extent under the free trade agreements in the early 1990s. This is an unusual episode in Canadian history, the implications of which for the Canadian economy and for Canadian public policy appear to have received little attention. We assemble evidence that suggests that the near closing of the border led toward uncoupling of Canadian and US labour markets and to a decrease in the elasticity of labour supply in Canada. Implications for Canadian fiscal policy of a decline in labour elasticity are then derived using a model of equilibrium fiscal structure. We show that these predictions, including heavier taxation of labour income and an increase in the overall size of the public sector, are consistent with what occurred over the two decades after the near closing of the US border, as well as with the partial reopening following the free trade agreements. The analysis continues by acknowledging additional factors that determine the structure and size of the public sector, and by considering the near closing of the border in a broader historical context. We conclude with a prediction about the future course of Canada-US migration policy that follows from our analysis. [ABSTRACT FROM AUTHOR]

Copyright of Canadian Public Administration is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This article focuses on developments in banking and monetary policy in Canada. It has been the declared policy of the Canadian government that the twin objectives of economic expansion and financial stability are to be pursued by methods, which would give encouragement to private enterprise and freedom to the consumer. Consequently, the policies, which were adopted to influence both the internal and external operations of the economy, were confined almost exclusively to those, which worked through the price mechanism rather than through use of direct and qualitative controls. The treasury and the Central Bank were the main instrument for implementation of this policy. In Canada the Central Bank is not subject to any directions in the sphere of monetary policy proper. Occasions for direction arise only in connection with matters for which the Bank acts as agent for the Minister of Finance; namely, the exchange rate and the technical management of the public debt. Although the government wholly owns the Bank, it is by statute responsible for the initiation and conduct of monetary policy.

Focuses on a study which discussed several macro-econometric models in Canada from 1950s through the 1970s. Statistical data on various levels of economic activities; Disaggregation of a macro model into industrial sectors; Description of the behavior of heterogenous decision-makers.