Search results

THE question of display in libraries becomes more important with the days. It is therefore a peculiar pleasure to us to publish a fine article by Mr. Savage on this. From his earliest days the ex‐President has been deeply and practically interested in book‐display. We believe that nearly forty years ago he and Mr. Jast worked out many experiments in it which are occasionally revived by those who have quite forgotten their origin. He was, we think, the first librarian here to take an ordinary shop as a branch library and dress its window as if it were a bookshop. Before him few English libraries used colour to any extent, or were aware of the aesthetic value of plants, flowers, curtains and well‐shaped furniture.

Eleostearic acid is the backbone of tung oil, the manufacturer, uses, potential and chemical structure of which have been reviewed in earlier years. Eleostearic acid is a conjugated, positional isomer of linolenic acid, with three double bonds and is a very reactive acid, even more so than linolenic acid —

The purpose of this paper is to investigate the effect of the information disclosure quantity on the pricing efficiency of stocks.

Using a sample of large and actively traded Canadian companies listed on the Toronto Stock Exchange, the authors utilize annual reports filed on system for electronic document analysis and retrieval (SEDAR) between 2003 and 2013 to estimate the amount of publicly available information and find that the length and size of annual reports are important determinants of short-horizon return predictability from historical order flows, which is an inverse indicator of market efficiency.

The results show that longer and larger annual reports are associated with reduced information asymmetry, lower cost of immediacy, higher trading activity, and an overall improvement in the efficiency of price discovery. The results are robust to the inclusion of controls for various determinants of short-horizon return predictability, such as trading costs, volatility, informational effects and other firm-specific characteristics.

Collectively, the findings provide empirical support for the benefits of detailed corporate disclosure in Canada.

This is the first study to utilize the short-horizon return predictability approach to evaluate the efficiency of price discovery in relation to the amount of information disclosure.

A NEW YEAR is a season of Stocktaking in normal times; this year it is especially so. The library journals of the world all fill their pages with discussions on libraries in a time of economic depression and financial stringency; and in America this note is even more Stressed than in any country, and we trust that some good may come of it seeing that America has proved more helpless in the face of world depression than any nation had thought possible. That, however, is by the way. The immediate problem of the New Year is how to ensure that in the general reductions of expenditure that are being made the expenditure on libraries is reduced as little as possible.

It's called Drage's Aircraft Museum, sited at Wodonga, in the Australian State of Victoria, yet every exhibit, be it built of wood and cloth or an early all‐metal model, is registered to fly.

We obtained information on China Gerui from secondary published sources, including annual reports downloaded from the Securities and Exchange Commission’s (SEC) EDGAR database, news sites and newspapers, the company’s website and journal articles. One of the authors visited the China Gerui plant in Henan, China.

China Gerui, a Chinese metal fabrication company, enjoyed exponential growth because of its location, product innovation and ability to move up the value chain. At the height of its success, the company listed on the Nasdaq and had plans to raise capital to fund ambitious expansion plans. Unfortunately, four years after listing on Nasdaq, the company received a letter from the listing qualifications department notifying China Gerui that they were not in compliance with Nasdaq’s filing requirements because it had not filed its Form 20-F. Now, the company had only five days to decide whether to request an appeal of the letter.

This case is best suited for higher-level undergraduate accounting and finance courses such as intermediate accounting, auditing, international accounting, financial statement analysis, corporate finance and investments analysis. It is especially appropriate for graduate-level global accounting and advanced financial statement analysis courses. In these courses, the best placement is after coverage of SEC regulations and requirements for financial statement reporting and disclosure. Moreover, the case may be used as a tool to demonstrate the step-by-step process for searching and retrieving information from a public company’s filings through the SEC’s EDGAR database.

Teaching notes are available for educators only. Please contact your library to gain login details or email support@emeraldinsight.com to request teaching notes.

This paper aims to elaborate on the optimization of two particular cryptocurrency portfolios in a mean-variance framework. In general, cryptocurrencies can be classified to as coins and tokens where the first can be thought of as a medium of exchange and the latter accounts for security or utility tokens depending upon its design.

Against this backdrop, this empirical study distinguishes, in particular, between pure coin and token portfolios. Both portfolios are optimized by maximizing the Sharpe ratio and, subsequently, compared with alternative portfolio strategies.

The empirical findings demonstrate that the maximum utility portfolio of coins, with a risk aversion of λ = 10, outweighs alternative frameworks. The portfolios optimized by maximizing the Sharpe ratio for both coins and tokens indicate a rather poor performance. Testing the maximized utility for different levels of risk aversion confirms the findings of this empirical study and confers them more robustness.

Further investigation is strongly recommended as tokens represent a new phenomenon in the cryptocurrency universe, for which only a limited amount of data are available, which restricts the sampling. Furthermore, future study is to include more sophisticated optimization models using different constraints in portfolio creation.

In light of the persistently substantial volatility in cryptocurrency markets, the empirical findings assert that portfolio managers are advised to construct a global minimum variance portfolio. In the absence of sophisticated optimization models, private investors can invest according to the market values of cryptocurrencies. Despite minor differences in the risk and reward ratios of the portfolios tested, tokens tend to be more speculative, especially, if the Tether token is excluded, which may require enhanced supervision and investor protection by regulating authorities.

As the current literature investigates on diversification effects of blended cryptocurrency portfolios rather than making an explicit distinction, this paper reflects one of the first to explore the investability and role of diversifying coins and tokens using a classic Markowitz approach.

ALL the auguries for the Bournemouth Conference appear to be good. Our local secretary, Mr. Charles Riddle, seems to have spared neither energy nor ability to render our second visit to the town, whose libraries he initiated and has controlled for thirty‐seven years, useful and enjoyable. There will not be quite so many social events as usual, but that is appropriate in the national circumstances. There will be enough of all sorts of meetings to supply what the President of the A.L.A. describes as “the calling which collects and organizes books and other printed matter for the use and benefit of mankind and which brings together the reader and the printed word in a vital relationship.” We hope the discussions will be thorough, but without those long auto‐biographical speeches which are meant for home newspapers, that readers will make time for seeing the exhibitions, and that Bournemouth will be a source of health and pleasure to all our readers who can be there.

THE end of October saw the return of most of our overseas visitors, continental and otherwise, to their homes, leaving with us pleasant memories of a mutually successful visit. The Englishman's proverbial difficulties with foreign tongues, even of neighbouring France, did not complicate matters unduly or reduce too much those interchanges which conference and school afforded. We can repeat our frequently‐expressed hope that there will be an ever increasing series of visits, both of the foreigner to England and of ourselves as foreigners to other countries. We would welcome longer stays in both cases. Nothing but good can come from them.

This paper was read at the Library Association Conference, Resource Centres in Schools, at Loughborough University of Technology in October 1971. It describes some of the more sophisticated American Resource Centres and deals with a situation a step or two away from general practice in this country. The author reports what he saw and how the centres are used, and so perhaps suggests both where and where not to aim in developing Resource Centres here.