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Discusses arbitrage pricing theory as a multifactor model for explaining rates of return on securities; and the use of principal components analysis to reduce the number of variables studies. Applies these ideas to returns on treasury bills and government bonds for 1,000 business days ending in March 1997 to obtain a set of three endogenous factors for the term structure of interest rates, forecasts returns for one‐day and 30‐day horizons and produces a time series of the forecast errors for eight short‐term interest rates. Compares the results with those from a single factor autoregessive forecasting model and finds that although their accuracy is similar for short horizons, the multifactor model is superior for longer horizons and shorter time to maturity.

Often we discuss recent educational books with educationalists we meet while going round — usually their reaction is non‐committal. But occasionally one book causes an intense reaction of pleasure or dismay. Here, Harold Silver, himself no mean educational writer, gives vent to his stronger feelings — having read ‘British Further Education’ by A. J. Peters (published by Pergamon Press, Oxford, at 63s)

The following classified, annotated list of titles is intended to provide reference librarians with a current checklist of new reference books, and is designed to supplement the RSR review column, “Recent Reference Books,” by Frances Neel Cheney. “Reference Books in Print” includes all additional books received prior to the inclusion deadline established for this issue. Appearance in this column does not preclude a later review in RSR. Publishers are urged to send a copy of all new reference books directly to RSR as soon as published, for immediate listing in “Reference Books in Print.” Reference books with imprints older than two years will not be included (with the exception of current reprints or older books newly acquired for distribution by another publisher). The column shall also occasionally include library science or other library related publications of other than a reference character.

This paper reports the findings of an exploratory, small sample, one institution study designed to assess the value of process‐oriented theory coursework in enhancing students’ conceptual complexity. The study is based on conceptual systems theory which acknowledges that there are considerable differences among individuals in their abilities to process information in their social environments. The authors conclude tentatively from the study that process‐oriented theory coursework does affect students' conceptual complexity. For example, those who formally studied organization theory generally make more differentiations among constructs than do other students; similarly, they scored higher on a general measure of integrative complexity.

The British team's performance in the International Apprentice Competition this year is the best yet for this country: eight gold medals, five silver, and two bronze beats anything a British team has done since we started competing nine years ago.

Numismatics, the systematic study and collecting of coins and related items such as tokens, medals, and paper money, has been a recognized scholarly discipline since the Middle Ages. Archaeologists, historians, economists, artists, and engravers have found numismatics a valuable adjunct to their respective fields of study. Coins are the official product of an issuing authority, and as such they can provide an important primary historical source of documentation concerning monetary values, patterns of economic exchange, trade routes, colonization, migration, military campaigns, linguistic and epigraphic data, mythology, religion, art, historical portraits, and views of buildings, monuments, and statues that have long since been destroyed. For the researcher in American history, numismatics can provide insights into historical economic trends.

Acknowledges that research on objects belonging to the categories of furniture, glass and stained glass, metalware, pottery and porcelain, or rugs and carpets involves the consultation of specific handbooks and guides. Lists, with a brief description, various decorative‐art reference books as sources for research in these categories, and offers relevant subject headings so that the New York Public Library’s catalogs can be checked for similar holdings.

“Of profound significance is the program of Coleg Harlech, a small and independent Welsh institution, whose students have been shop‐assistants, miners, steel‐workers, quarrymen, lodging‐housekeepers, weavers, and clerks. What did they study in 1928–29? History, philosophy, psychology, economics, political science, Welsh and English literature …”

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

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.