Description
Division of Research, Graduate School of Business Administration, Harvard University, Published 1945. Hardcover, ix, 226 pp.; 23 cm; First Edition; illustrated with tables and charts.
Rare, out-of-print & unusual books · Since 1997
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Condition & notes
In Good condition, no dust jacket. Green cloth boards with faded gilt lettering on spine and Harvard Business School shield at foot; mild shelf and edge wear, a bit of nicking to cloth at top of front cover along front hinge, and some color loss along edges and spine. Spine lettering rubbed and faded. Binding tight. Old staining on front pastedown from a glued paste-down since removed. Previous owner's name in ink at top of front free endpaper. Mild spotting and toning to endpapers. Pencil brackets in margins of a few pages throughout, with an occasional pencil question mark; no other writing and no pen marks. Pioneering Harvard Business School study of how wartime and prospective postwar federal taxes bore on the formation and growth of small, independent companies, funded by aircraft-industry contributions to the School and superseding the interim reports on Lockheed, Polaroid and Lithomat. Part II gives detailed case histories of five fast-growing firms: Clarkson Manufacturing, Continental Machines (makers of the Doall contour saw), Lithomat, Lockheed Aircraft, and Polaroid, with Edwin Land's polarizing sheet and the 1940 Vectograph and Polaroid's 1943 balance sheet. Foreword by Melvin T. Copeland. J. Keith Butters (1915-2005) taught finance and taxation at Harvard Business School for 43 years. John Lintner (1916-1983), then a Junior Fellow of Harvard's Society of Fellows, later co-created the Capital Asset Pricing Model (1965) and developed the Lintner dividend model; the preface credits him alone with the research behind the chapters on retained earnings and outside financing. Contents: Introduction and Conclusions; Part I: Effect of Taxes on Formation of New Enterprises; Effect of Taxes on Expansion of Small Companies: Management Incentives; Effect of Taxes on Expansion of Small Companies: Availability of Capital; Business Expansion from Retained Earnings; Effect of Corporate Taxes on Business Expansion from Retained Earnings; Outside Sources of Funds for Business Expansion: Long-Term Funds; Outside Sources of Funds for Business Expansion: Short-Term and Medium-Term Funds; Implications for Postwar Fiscal Policy; Part II: Clarkson Manufacturing Company; Continental Machines, Inc.; Lithomat Corporation; Lockheed Aircraft Corporation; Polaroid Corporation; Index