THIS SUPPLEMENTAL MATERIAL CONTAINS FIVE APPENDIXES. Appendix A contains the proof of Theorem 1 and discusses Remark 1. Appendix B provides proofs for the lower bound approach discussed in Section 4.1. Appendix C discusses the data, including details for the covariate specifications and the sample selection. Appendix D discusses the empirical specification for the lower bound estimator, present...

It is widely argued that countries can reap large gains from liberalizing their capital accounts if financial globalization is accompanied by the development of domestic institutions and financial markets. However, if liberalization does not lead to speedier financial development, globalization can result in adverse effects on distribution and welfare within and across countries. We use a multi...

Financial repression entails an implicit taxation on savings. When effective income-tax rates are very uneven, as common in developing countries, raising some government revenue through mild financial repression can be more efficient than collecting income tax only.  2000 Elsevier Science B.V. All rights reserved.

In 1993 the Auditing Practices Board issued an expanded audit report, SAS 600 Auditors' Reports on Financial Statements, in an attempt to educate users and reduce their misunderstandings in respect of certain matters pertaining to the audit function. In the context of the auditors' reporting environment, this paper investigates the extent to which the new audit report, SAS 600, has been success...

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A laboratory study was conducted to examine gait changes between younger and older subjects as they walked across different floor surfaces. Twenty subjects participated in the experiment (five each of older and younger males and females). For half of the trials, subjects carried light loads that blocked their view of the floor surface immediately in front of them. Subjects walked on slippery (s...

Report of Independent Registered Public Accounting Firm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F-2 Consolidated Balance Sheets as of March 31, 2003 and 2004 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F-3 Consolidated Statements of Operations for the Fiscal Years ended March 31, 2002, 2003 and 2004 . . . . . . F-4 Consolidated S...

Report of Independent Registered Public Accounting Firm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F-2 Consolidated Balance Sheets as of March 31, 2005 and 2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F-3 Consolidated Statements of Income for the Fiscal Years ended March 31, 2004, 2005 and 2006 . . . . . . . . . F-4 Consolidated...

Editorial ? The Last Post Sad news and hard luck stories abound in times of financial stringency and I am sorry to add the plight of the West of England Medical Journal to the list of woes. With the last issue of the journal we asked whether or not recipients would be willing to pay ?20 per annum to receive four quarterly issues of the journal. Unfortunately despite circularising 4,000 doctors ...