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Textbooks often portray capital budgeting as a rather mechanical process: Top management decides whether or not to accept a project by requesting an estimate of net present value from its staff and to see if the number is positive or negative. This paper suggests that the textbook net present value rule is not optimal if the competitive market assumption holds. Better decision rules state minimum acceptable safety margins and may take the form of stating a minimum acceptable profitability ratio.

The purpose of this paper is to examine the predictability of the US‐based international mutual fund returns by investigating 2,479 daily observations for all categories of international equity, bond and hybrid mutual funds. Further, trading strategies are proposed and tested under different scenario including a proposed regulation by the Security and Exchange Commission (SEC).

The sample is split and the initial sub sample is used to investigate return patterns of international funds and to develop trading rules based on the predictable return patterns. Trading rules are then tested on the holdout sample.

Empirical results demonstrate statistically significant predictabilities. Various trading strategies show that the returns of both load and no‐load funds are economically significant beating a buy‐and‐hold strategy. Empirical findings are consistent across the fund categories irrespective of sizes and styles. The tested strategies are profitable even with various limits on frequency of trading, minimum holding periods and even under a recent SEC's proposed regulation. Further, possible contracting and regulatory changes are proposed to improve the efficiency in the mutual fund industry.

The results confirm previous findings of statistically and economically significant regularities from trading strategies that involve following the US markets. A test of SEC's proposed regulation documents that short‐term investors may benefit from active trading strategy even if the SEC's rule is implemented.

The purpose of this paper is to examine asset class cross‐autocorrelations at the macro‐level by exploring the return associations among mutual fund asset classes. The low transactions costs of trading mutual funds make this extension important since informed traders can potentially use mutual funds to exploit asset class return cross‐autocorrelations that were not exploitable with individual securities.

The Granger causality tests and correlation results are employed to ascertain whether significant relationships exist among asset classes. Using a time series of 2,739 daily returns for 641 mutual funds comprising 20 asset classes, trading strategies are developed using the initial sample and evaluated out‐of‐sample on a risk‐adjusted basis.

Both the cross‐autocorrelations and Granger causality tests suggest that most of the domestic equity asset class returns can predict future global and international equity returns. Further, the trading‐rule portfolios provide a greater return per unit of risk (Sharpe and Treynor ratios) thus dominating all buy‐and‐hold portfolios. Risk‐adjusted excess returns (Jensen's α) of the trading rules are positive and statistically significant at the 1 per cent level. The results of trading strategies also reveal that there are no statistically significant return differences between load and no‐load funds.

Redemption fees seem to be standard practice now, except for money market funds and funds specially designed for market timers. Thus, the trading strategy returns of this paper overestimate actual returns. However, investors may still find the proposed trading strategies beneficial because redemptions fees can be avoided if investors get the opportunities to trade in mutual fund supermarkets. The trading strategies may have implications for other international markets where the sizes and styles of the mutual funds' assets are increasing enormously with a few trading restrictions.

A noteworthy and original contribution of this study is the two‐day Granger causality test. This paper documents that the duration of mutual funds' return predictability extends beyond a one‐day horizon. The duration of daily mutual fund return predictability is believed to be unexplored and should be of considerable relevance to practitioners and regulators.

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some legal aspects concerning MNEs, cyberspace and e‐commerce as the means of expression of the digital economy. The whole effort of the author is focused on the examination of various aspects of MNEs and their impact upon globalisation and vice versa and how and if we are moving towards a global digital economy.

Describes the life history of the British Food Journal, its changing editorial team, ownership and editorial focus. The authors have used much wider source material than the archives of the journal, now in its 100th year. The journal was always closely identified with the safety of food, its adulteration and the government’s duty to safeguard the public. The second section reviews the profession and role of the public analyst, in particular the history and development of the Society of Public Analysts. The next and longest section of the monograph is devoted to an interesting examination of food safety, nutrition and food manufacturing issues over the last 100 years. Many of the points raised are illustrated by excerpts from papers written in BFJ and included as Appendices to the monograph. Food irradiation was first raised as a subject in the journal in 1928! Bread and milk as staples in the British diet are looked at in some detail in terms of their ingredients and health properties. Some appendices have been included just for interest and provide brief snapshots of some of the main food concerns of the time, e.g. The Pure Food Society, the food we eat, food poisoning, a world food policy, the packaging of foods, food hygiene. Plus ça change ...

Considerable progress has been made in connection with the scientific survey now being undertaken as a preliminary to the consideration of improved methods of treatment and prevention of the ever increasing menace of grain pests, of which there are some seventy varieties. The survey is being made by the Stored Products Laboratory, of the Imperial College of Science and Technology, under the direction of the Department of Scientific and Industrial Research, and is being conducted by Professor Munro, assisted by a staff of experienced entomologists. At the commencement of the survey a research committee was appointed under the chairmanship of Dr. E. J. Butler, C.M.G., C.I.E., the Secretary of the Agricultural Research Council, to supervise the survey, consider its results, and report to the Department. Membership of the Research Committee includes, in addition to representation from Government Departments, Mr. W. P. Henderson, the Chief Chemist of the L.M.S. Railway, and Mr. W. McAuley Gracie, M.B.E., M.Inst.T., Chairman of the Standing Conference on Pest Infestation set up by the Department of Scientific and Industrial Research. At a recent meeting of the Research Committee, Professor Munro submitted a progress report dealing with the scientific survey, and on the convincing evidence contained in the report the Department of Scientific and Industrial Research sought the opinion of the Standing Conference on Pest Infestation as to whether consideration of control and remedial measures should be undertaken forthwith. The Standing Conference, whose membership comprises representatives of Government Departments, trading authorities and associations, including the Ministry of Agriculture, the four main line railway companies, the Port of London Authority, the Association of Master Lightermen and Barge Owners, the Research Association of British Flour Millers, the National Federation of Corn Trade Associations, the National Association of Corn and Agricultural Merchants, the National Farmers' Union, the Brewers' Society and the Maltsters' Association, took unanimous resolutions desiring the Department to secure immediate consideration of control and remedial action appropriate to the varying circumstances, and to extend the constitution of the Conference to bring into contributing membership interests outside the grain trade, but who are concerned with other produce susceptible to pest infestation, inasmuch as they would derive benefit from this stage of the work. The Chairman was authorised to negotiate with the Department accordingly and standing orders were suspended to enable him to admit into membership such bodies as furnished the requisite proof of interest. The Conference also urged that the Department of Scientific and Industrial Research should consult immediately with other appropriate public departments to secure adequate arrangements being made for the complete treatment of the problems of prevention and cure. The cost of such treatment, however, has to be met largely by industrial contributions, but it is understood that there is indication that generous contribution may be made from public funds towards the cost of the immediate remedial stage, providing that substantial industrial financial backing is forthcoming. Promises of further financial support have already been secured, but more money is required before negotiation can be entered into with the Department to obtain help from public funds. The co‐operation of all industrial organisations faced with the problem of infestation, by taking up contributory membership to support the conference in its national work, is urgently required. The problems of infestation can only be successfully combated if the complete co‐operation of all sections of industry in any way affected is secured. Full details and information regarding membership of the Conference can readily be obtained on application to the Chairman of the Standing Conference on Pest Infestation at the Department of Scientific and Industrial Research, 16, Old Queen Street, London, S.W.1.

Current issues of Publishers' Weekly are reporting serious shortages of paper, binders board, cloth, and other essential book manufacturing materials. Let us assure you these shortages are very real and quite severe.

This issue is a selected bibliography covering the subject of leadership.

Democratic Therapeutic Communities (TCs) provide an environment for offenders to work on longstanding emotional and relational problems and address their offending behaviour. The purpose of this paper is to explore the experience of making psychological changes on a TC from the perspective of residents.

Interpretative Phenomenological Analysis was used to explore the experience of five former residents of the TC at HMP Gartree.

Four main themes emerged, each with two sub-themes: Motivation to Change (sub-themes: Engagement, Determination); Environment (sub-themes: Boundaries, Experience of care); Removal of Masks (sub-themes: Embracing vulnerability, Emerging authenticity) and Relationships (sub-themes: Re-enacting the past, Challenge from peers). Findings are discussed in relation to existing literature.

Understanding service users perspectives on what helps facilitate change can help staff empathise with their experiences and strengthen their relationships. The importance of clear and consistent boundaries that are perceived as fair and the development of meaningful relationships with staff in creating an atmosphere that enables change has implications for other therapeutic or supportive environments. This research represents the experiences of five participants who were motivated to take part and comfortable to speak to a professional about their experiences. As such, generalisations about the wider TC population should be made cautiously and further research would be beneficial.

The research adds to the underrepresented area of service user perspectives in a forensic TC. It contributes a rich account of the experience of psychological change that can help staff working in TCs understand and relate to their residents experiences.

At a meeting of the Stepney Borough Council on June 20th the Public Health Committee submitted the following report by the Medical Officer of Health detailing the proceedings which have been instituted against a certain milk‐vendor during the past eight years, and illustrating the difficulties which are experienced in obtaining convictions for adulteration of milk in consequence of the provisions of the “warranty clause” of the Sale of Food and Drugs Acts.