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In their debates over the functions of advertising (such as “tell versus sell” and “inform versus manipulate”), practitioners have employed various conceptualizations of the “nature” of man. Implicitly and explicitly, as Professor Curti reveals, these views also tell us much about the “nature” of American society in the twentieth century.
The control of profit-making corporations long has been the subject of investigation and discussion, and in recent years same of this interest has shifted to the control of corporations by financial institution. Very little attention has been paid to the control of mutually-owned fiduciaries. This article reports a preliminary investigation of the control of associations in the savings and loan industry.
The continuing discussion on the cost of capital and related Issues has tended to focus on the capital market conditions, necessary to guarantee the validity of particular conclusions Works by F Modlgllani and M. H. Miller [4, 5, 6] and J Lintner [2], for example, are developed in this manner. The following discussion is developed from the standpoint of a firm borrowing funds in an uncertain world. An example expressed in terms of an individual borrower begins the analysis. The aim is to suggest a different approach to the capitalization and costing of contractual obligations (debt) than those current in both the theoretical and applied literature. A model is developed which expresses the cost of debt to the borrower as a function of both the expected rate and the promised rate of the debt contract. Using this analytic structure, the relationship between the two rates and the Implications of using either one as the cost of debt to the firm are explored. An hypothesis as to the behavior of the borrower (management and shareholders) provides a third expression for the cost of debt which is suggested to be superior to either alternative.
The pros and cons of bank mergers and multiple-office banking are in the forefront of bank policy consideration today [8, p. 19] Commercial banks have Joined the industrial and merchandising files., as well as the transportation companies, to sweil a rising tide of merger; The Comptroller of the Currency has reported that nearly 2,000 banks with resources of over $40 billion, were acquired by other banks between 1950 and 1962, inclusive, [47, p. ll].