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The U.S. government has been proactively seeking solutions to the growing concern with issues relating to global change through several initiatives. A major global change initiative in 1993 supported by both President Clinton and Vice President Gore was announced with the release of the U.S. Climate Change Action Plan. The objective is to reduce greenhouse gas emissions to 1990 levels by the year 2000. At that time, President Clinton also committed his administration to begin actively working on negotiations of international agreements on desertification and forestry. President Clinton's Earth Day announcement on 21 April 1993 stated,

Outlines previous research on international investment portfolios and presents a study of diversification and hedging on money market, bond and equity funds from UK, US and Japanese investors’ points of view. Explains the methodology, uses 1995‐1998 data to calculate returns and discusses the results. Suggests that foreign bonds and equities reduce exchange rate risk more effectively than money market instruments, although some of that risk is not diversifiable. Compares the benefits of diversification and hedging for investors in the three countries at different levels of risk and concludes that optimum asset allocation depends on the fund market characteristics, risk preferences and investor perspective.

[In view of the approaching Conference of the Library Association at Perth, the following note on the Leighton Library may not be inopportune. Dunblane is within an hour's railway journey from Perth and has a magnificent cathedral, founded in the twelfth century, which is well worthy of a visit.]

We can think of those with a cynical turn of mind who might consider not a little of the present output of the parliamentary machine as “harem scarem” law, but the indecent haste, the freak urgency of some politically inspired laws apart, it is only too obvious that law is being made under rush conditions, and the reasons are not far to seek. A hectic, over‐active party executive, feverishly pushing ahead with its policies produces impossible working conditions for the parliamentary draftsmen. Law, whether it is statute or regulation, has never been more complex than it is today; time allowed for parliamentary debate is completely inadequate; too many and varied interests have to be taken into account, to say nothing of the vast range of delegated legislation. The urgency of some legislation is doubtful; it is difficult to see the need for all the hurry; a little more time in proper debate would prevent some of the loopholes which subsequently appear and render the law more comprehensible; incomprehensibility and justice are rarely compatible. As Diplock L J., said in the Court of Appeal in Rex. v. Industrial Injuries Commissioner ex parte Cable (1968) 1 A.E.R., 9, a few months ago—“Judges have been at their wits' end to know what some of the provisions mean. It would be a good thing if time could be found to remedy the blemishes.”

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

The paper aims to empirically examine the forecasting ability of US-based world mutual funds during the 2001-2007 time period.

World mutual funds are treated as portfolios composed of two sets of securities, i.e. domestic and foreign and two methodologies are used to measure forecasting ability: domestic differential exposure and assertion rates. Domestic differential exposure is based on the difference between each fund exposure to the domestic market when it is the outperforming market and the portfolio exposure to the domestic market when the foreign market is outperforming. Similar to the differential exposure, assertion rates measure the ability of fund managers to pick, on a monthly basis, an outperforming market.

Although changing economic conditions in both domestic and foreign markets provided plenty of opportunities to outperform market benchmarks, the results of two empirical tests reveal that fund managers fail to effectively manage their exposure to both markets. Some evidence of good forecasting ability is found when funds are examined on a yearly basis.

This study provides the first implementation of both methodologies: domestic differential exposure and assertion rates, to examine global funds.

The purpose of this paper is to examine the performance of US mutual funds that invest primarily in emerging market equities and bonds.

The study adopts the Morningstar classification of mutual funds and uses the Lipper US Mutual Fund Database through FactSet to obtain monthly returns and various metrics for emerging market equity and bond mutual funds covering the period from January 2000 to May 2017. Several descriptive statistics for these funds are reported as well as various risk-adjusted performance measures. Alphas are computed for different sub-periods using different factor models to mitigate potential biases.

The results show that diversified emerging market funds generate some significant alphas for their investors during the study period. Emerging market bond funds, on the other hand, do not provide any significant positive alphas; mostly alphas are negative. An analysis of sub-period performance suggests that these funds do not consistently provide excess returns, showing great variations from one period to another.

The emerging market funds provide US investors with an alternative source of exposure for their portfolios. Emerging markets differ from developed markets on a wide range of market and economic characteristics, including size, liquidity, and regulation. This study contributes to the scarce literature on these types of funds and provides a comprehensive performance assessment against various benchmarks during a period that encompasses significant bear and bull markets across the world.

GUEST editor of this South African issue of THE LIBRARY WORLD is Hendrik M. Robinson, Director of Library Services, Transvaal Provincial Administration, Pretoria.

UNTIL the end of 1948 Mr. Nowell remains our President and his occupancy of the office has fulfilled all that we expected of him. It has been forceful and, we think, has left its mark upon us, his general statesmanship and complete sanity of outlook being shown whenever he had occasion to direct meetings or to speak to them. He does not now go into retirement as our past four presidents‐have done by the fiat of superannuation schemes ; he has what President Cashmore called the glory of going on for a number of years yet. He will therefore continue to exercise profound influence on public and other librarianship with the wisdom and power with which, as President, he has won general thanks.

So far as the London activities of librarianship are concerned, the Winter opened propitiously when Mr. J. D. Stewart and Mr. J. Wilks addressed a goodly audience at Chaucer House, Mr. Stewart on American, and Mr. Wilks on German libraries. There was a live air about the meeting which augured well for the session. The chief librarians of London were well represented, and we hope that they will continue the good work. It was the last meeting over which Mr. George R. Bolton presided as Chairman of the London and Home Counties Branch, and he is succeeded by Mr. Wilks. Mr. Bolton has carried his office with thorough and forceful competence, and London library workers have every reason to be grateful. The election to chairmanship of the librarian of University College, London, gives the Branch for the first time a non‐municipal librarian to preside. The change has not been premature, and, apart from that question, Mr. Wilks is cultured, modest and eloquent and will do honour to his position.