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The purpose of the study was to provide empirical support for the Miller model. The paper proposes the use of the ratio of individual to institutional holdings as a proxy for heterogeneous expectations of security returns.

Both bivariate t‐tests and regression analysis were used to test whether optimistic valuations existed for stocks with high levels of institutional ownership. Data on open short positions were collected and hypothesized to decrease with the level of institutional holdings. High ratio stocks were compared to glamor stocks and low ratio stocks to value stocks.

For stocks with higher institutional ownership, optimistic valuations dominated resulting in significantly lower future security returns than for stocks with higher individual ownership thereby supporting the Miller model. The results were not sensitive to variations in size, momentum, and book‐to‐market ratios. Further support for the Miller model was provided by the finding that open short positions decreased with the level of institutional holdings. High ratio stocks resembled glamor stocks and low ratio stocks corresponded to value stocks.

This study is limited to the ultra‐short term period of one month after portfolio creation. Future research should extend it to the three‐to‐five year time horizon.

Ultra‐short term investors should hold value stocks, intermediate three‐12 month investors should hold glamor stocks, and long‐term investors should hold value stocks.

The finding of a new proxy for heterogeneous expectations. The paper also establishes a new methodology for testing the Miller model.

President, Charles S. Goldman, M.P.; Chairman, Charles Bathurst, M.P.; Vice‐Presidents: Christopher Addison, M.D., M.P., Waldorf Astor, M.P., Charles Bathurst, M.P., Hilaire Belloc, Ralph D. Blumenfeld, Lord Blyth, J.P., Colonel Charles E. Cassal, V.D., F.I.C., the Bishop of Chichester, Sir Arthur H. Church, K.C.V.O., M.A., D.Sc., F.R.S., Sir Wm. Earnshaw Cooper, C.I.E., E. Crawshay‐Williams, M.P., Sir Anderson Critchett, Bart., C.V.O., F.R.C.S.E., William Ewart, M.D., F.R.C.P., Lieut.‐Colonel Sir Joseph Fayrer, Bart., M.A., M.D., Sir Alfred D. Fripp, K.C.V.O., C.B., M.B., M.S., Sir Harold Harmsworth, Bart., Arnold F. Hills, Sir Victor Horsley, M.D., F.R.C.S., F.R.S., O. Gutekunst, Sir H. Seymour King, K.C.I.E., M.A., the Duke of Manchester, P.C., Professor Sir Wm. Osler, Bart., M.D., F.R.S., Sir Gilbert Parker, D.C.L., M.P., Sir Wm. Ramsay, K.C.B., LL.D., M.D., F.R.S., Harrington Sainsbury, M.D., F.R.C.P., W. G. Savage, M.D., B.Sc., R. H. Scanes Spicer, M.D., M.R.C.S., the Hon. Lionel Walrond, M.P., Hugh Walsham, M.D., F.R.C.P., Harvey W. Wiley, M.D., Evelyn Wrench.

Month after month we bring forward additional evidence of the injury resulting from the use of chemical “preservatives” in food, while the Authorities feebly hesitate to give specific legal effect to the recommendations of the Departmental Committee which made such a complete inquiry into this question. The evidence upon which those recommendations were based has been fully corroborated by a number of different observers. FERE and others have shown that, as regards boric acid and borax, even when administered in the smallest medicinal doses, there is always the risk that these drugs may aggravate, or even produce, renal diseases. These observations have been confirmed by the work of Dr. CHARLES HARRINGTON, an account of which has been recently published. Twelve cats were fed on the same food; six were treated with borax, one had no preservative, and five were given a preservative which had no apparent effect. The experiment extended over a period of 133 days, the quantity of borax given averaging about 0.5 grms, per diem. Three of the borated cats soon became ill, and one died at the end of six weeks. On the termination of the experiment the cats were all killed, and upon examination it was found that the organs of the six cats which had not taken borax were in perfectly sound and healthy condition, while the others, with one exception, were all suffering from nephritis. Of course, instances are recorded in which patients have been treated with borax and boracic acid with apparently no injurious result, but as a general rule these experiments have been of too short duration to allow of the desired information being arrived at, and the results must therefore be regarded as inconclusive and unreliable. It is perfectly evident that the kidneys may be for a short time quite capable of eliminating many objectionable substances, but the long‐continued use of such bodies, as Dr. HARRINGTON'S researches clearly indicate, sets up an inflammatory condition of the kidneys which, of course, interferes with the effective performance of their proper functions, and lays the foundations for complications of the most serious nature.

A LETTER from the President of the Library Association (Mr. Berwick Sayers) has been received which we have pleasure in giving prominently.

Communications regarding this column should be addressed to Mrs. Cheney, Peabody Library School, Nashville, Term. 37203. Mrs. Cheney does not sell the books listed here. They are available through normal trade sources. Mrs. Cheney, being a member of the editorial board of Pierian Press, will not review Pierian Press reference books in this column. Descriptions of Pierian Press reference books will be included elsewhere in this publication.

This study aims to consider how the degree of participation at various hierarchical levels impacts action plan implementation success and firm financial performance. Specifically, the study seeks to assess the relationship among organizational structure, involvement by top management, middle management, lower management and frontline employees and its effect on firm performance; and, when controlling for firm size and industry segment membership, the effect of the relationship among direct involvement effects and interacting involvement effects on performance.

The study used survey methodology and a random sample of members in a US state restaurant association. The analysis included comparisons between groups using independent sample t tests and hierarchical regression to assess direct and interacting effects.

The findings indicate that, regardless of firm size or industry segment, the direct effects of greater top management involvement and the interaction effects of one three‐way interaction (middle management, lower management, and frontline staff) and the four‐way interaction led to higher levels of action plan success. For the longer‐term impact on financial performance, higher participative approaches used by top management and frontline staff were significantly associated with higher overall profits and financial success.

The sample was drawn from a specific region in the USA and may not be generalizable. The study attempts to minimize the potential for non‐response bias and to ensure inter‐rater reliability but these potential threats to validity cannot be totally ruled out.

In general, higher top management participatory approaches are important to enhance financial and strategy implementation success, regardless of firm size. The interaction of participation by all levels of the firm is a useful approach to increase the likelihood of strategy implementation success. Top management and frontline employee participation are critical organizational levels for enhancing participative management approaches and ultimately increasing financial performance for all foodservice firms.

The value of this study is the consideration of the impact of participation by degree across four hierarchical levels on firm performance and plan execution success.

May 11, 1967 Master and Servant — Dismissal — Redundancy — Residence on premises for operation of emergency service — Motor fitter working in garage — Vacant possession of employee's residence required by employer — Offer to re‐employ as non‐resident fitter — Whether business for which employee employed ceased — Whether requirements for work of a particular kind ceased — Whether dismissal by reason of redundancy — Redundancy Payments Act, 1965 (c.62),s.1.

Aarhus Kommunes Biblioteker (Teknisk Bibliotek), Ingerslevs Plads 7, Aarhus, Denmark. Representative: V. NEDERGAARD PEDERSEN (Librarian).

Performance evaluations (appraisals) have been blamed for everything from team destruction to personal demoralization. The problem is not the concept of performance evaluation but the way they have been implemented. This technical report provides a sound path to effect constructive appraisals.

Performance evaluations (appraisals) have been blamed for everything from team destruction to personal demoralization. The problem is not the concept of performance evaluation but the way they have been implemented. This technical report provides a sound path to effect constructive appraisals.