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The purpose of this paper is to explore whether fiduciary duties impact the behavior of firm insiders. Trust law imposes stricter fiduciary obligations on insiders than corporate law does. This paper seeks to examine whether the difference in fiduciary duties impacts agency conflict, performance, and/or risk taking.

The paper takes an empirical approach to answering the question by comparing mutual funds organized as trusts and as corporations. The existence of these two types of organizations within the same industry offers a unique laboratory for the study of the effects of fiduciary duties.

Mutual funds organized in trust form charge significantly lower fees and take on less risk than equivalent mutual funds organized in corporate form. Evidence also suggests that the trusts tend to under‐perform their corporate counterparts, even after adjusting for differences in risk.

Much of the existing literature on firm governance and investor protection focuses on the corporation and, hence, takes organizational form as a given. By comparing trusts and corporations, this paper examines governance at a more fundamental level and exploits heterogeneity in corporate and trust fiduciary duties. The results have implications for corporate governance design, suggesting that heightened fiduciary duties can enhance investor protection by mitigating agency conflict and managerial risk taking, though at the possible cost of inferior risk‐adjusted performance.

The key characteristics that eventually came to be considered to be Australian ‘heavy metal’ emerged between 1965 and 1973. These include distortion, power, intensity, extremity, loudness and aggression. This exploration of the origins of heavy metal in Australia focusses on the key acts which provided its domestic musical foundations, and investigates how the music was informed by its early, alcohol-fuelled early audiences, sites of performance, media and record shops. Melbourne-based rock guitar hero Lobby Loyde’s classical music influence and technological innovations were important catalysts in the ‘heaviness’ that would typify Australian proto-metal in the 1960s. By the early 1970s, loud and heavy rock was firmly established as a driving force of the emerging pub rock scene. Extreme volume heavy rock was taken to the masses was Billy Thorpe & The Aztecs in the early 1970s whose triumphant headline performance at the 1972 Sunbury Pop Festival then established them as the most popular band in the nation. These underpinnings were consolidated by three bands: Sydney’s primal heavy prog-rockers Buffalo (Australia’s counterpart to Britain’s Black Sabbath), Loyde’s defiant Coloured Balls and the highly influential AC/DC, who successfully crystallised heavy Australian rock in a global context. This chapter explores how the archaeological foundations for Australian metal are the product of domestic conditions and sensibilities enmeshed in overlapping global trends. In doing so, it also considers how Australian metal is entrenched in localised musical contexts which are subject to the circulation of international flows of music and ideas.

Duchamp caused a revolution in the art of the twentieth century with the readymade concept, and simultaneously he opened Pandora's Box, which converted art into a simulation and made it dependent on discursive practices. This degenerated into a deconstructive vulgate when, from the 1960s onwards, an ‘aesthetic of banality’ was accentuated and the media institutionalized the ‘guerrilla’ between the practices and the discourses. Art ‘wrecked’ in a regime of hyper-reality of the image, and the art paradigms and criteria shifted from aesthetics to the law of the financial markets. At the same time, the proliferation of coexisting cultural ideas and a revolving cultural miscegenation ended up splitting the kingdom of the art. In the art world today, there is a cleavage between artists: on one side, the adepts to the heteronomy (a line that was born with ready-made products), those who, following dominant rules, work for the market and the organizations; on the other side, those, more passionate, for whom art is a hermeneutics for self-knowledge. Meanwhile, Picasso's aura returns to the art scene, in a panorama that until now was adverse to him.

Extra care housing has developed from sheltered housing and has increasingly been seen as a popular option by policy‐makers for a number of reasons. These include the inability of conventional sheltered housing to be an adequate solution for a growing population of very old people, the decline in popularity and high costs of residential care and perceived problems with older people staying in mainstream housing. There is, however, no agreed definition of extra care housing, even though a growing number of government grants are becoming available for this type of housing. This is causing confusion for providers and for older people and their families who are not sure exactly what is provided. This lack of clarity means that this form of housing has become an erratic and piecemeal form of provision.

As yet there are no indications that the President of the Local Government Board intends to give the force of law to the recommendations submitted to him by the Departmental Committee appointed by the Board to inquire into the use of preservatives and colouring matters in food. It is earnestly to be hoped that at least some of the recommendations of the Committee will become law. It is in the highest degree objectionable that when a Committee of the kind has been appointed, and has carried out a long and difficult investigation, the recommendations which it finally makes should be treated with indifference and should not be acted upon. If effect should not be given to the views arrived at after the careful consideration given to the whole subject by the Committee, a very heavy responsibility would rest upon the Authorities, and it cannot but be admitted that the Committee ought never to have been appointed if it was not originally intended that its recommendations should be made legally effective. Every sensible person who takes the trouble to study the evidence and the report must come to the conclusion that the enforcement of the recommendations is urgently required upon health considerations alone, and must see that a long‐suffering public is entitled to receive rather more protection than the existing legal enactments can afford. To refrain from legalising the principal recommendations in the face of such evidence and of such a report would almost amount to criminal negligence and folly. We are well aware that the subject is not one that is easily “understanded of the people,” and that the complicated ignorance of various noisy persons who imagine that they have a right to hold opinions upon it is one of the stumbling blocks in the way of reform; but we believe that this ignorance is confined, in the main, to irresponsible individuals, and that the Government Authorities concerned are not going to provide the public with a painful exhibition of incapacity and inaction in connection with the matter. There is some satisfaction in knowing that although the recommendations have not yet passed into law, they can be used with powerful effect in any prosecutions for the offence of food‐drugging which the more enlightened Local Authorities may be willing to institute, since it can no longer be alleged that the question of preservatives is still “under the consideration” of the Departmental Committee, and since it cannot be contended that the recommendations made leave any room for doubt as to the Committee's conclusions.

ON April 23rd this year, when all countries in the world will be celebrating the Quater‐centenary of Shakespeare's birthday, the Shakespeare Memorial Library in Birmingham will have attained a majority of one hundred years. Although founded in 1864 the scope of the library was first envisaged by George Dawson, President of the local Shakespeare club in a letter to Aris's Birmingham Gazette of 1861.

An International Exhibition of Hygiene, Arts, Handicrafts, and Manufactures will be held in the Crystal Palace, Madrid, from September to November next, under the patronage of the Spanish Government. The participation of British exhibitors is particularly desired by the promoters, who state that the attendant expenses will be small. His Excellency the Spanish Minister of Commerce will be the Honorary President; the President of the Committee will be his Excellency the Duke of Tamames and Galisteo, Grandee of Spain, Senator, and ex‐Governor of Madrid. The American war on the one hand, and political changes on the other, have had the effect of seriously damaging the credit of Spain, and many exporters, in view of then existing difficulties, refused to trade until affairs became mere settled. To‐day, however, the Spanish Government are making every effort to restore the economical prosperity of their country. Markets have gained strength, commerce has quadrupled, imports have trebled, and exchange is greatly improved. Well‐advised manufacturers sell in quantity and at good prices, the demand being greater than the supply. Again, the immense natural richness of the Iberian Peninsula, which has not yet received the attention of enterprising and powerful capitalists in any proportion to its value, makes Spain one of those countries where industrial progress is the more certain. The decision to hold this exhibition is evidently a wise one, and considerable advantages may accrue to British manufacturers and merchants taking part therein. There appear to be ample guarantees to show that the undertaking may be supported with every confidence. We understand that all detailed particulars with reference to this important exhibition can be obtained from the Spanish representative in London, Mr. A. DONDERIS, Spanish Arts Exhibition, Compton House, 99A, Charing Cross Road, London, W.C.

This article is based on a study of 100 young people who were regular marijuana users, which aimed to discover the impact of their drug use on key life transitions. The article identifies the implications for practitioners who work with these young people.