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M Alayrac gives here the further results of his investigations of irrotational three dimensional flow of which he has already written in Publications Scientifiques Nos. 3 and 13 (cf. abstracts in AIRCRAFT ENGINEERING, Vol. IV, Nos. 38 and 42, March and December, 1932). The examples already dealt with show that the flow about a finite surface even with high aspect ratio differs very widely from uniplanar flow. The final purpose of the work is not, however, to find the sole flow, with given velocity at infinity and finite velocity at every point, for this flow being non‐productive of resistance is of no interest from the point of view of aero‐dynamics, but it is defined as the search for flows with points, lines or surfaces of infinite velocity which have no sense in perfect fluids but which are acceptable in viscous fluids, the regions of infinite velocity being replaced by regions of turbulence.

This study looked at the impact on return‐on‐assets (ROA) of aligning budgeting and human resource management (HRM) practices with strategy. A Lisrel model was tested on 79 large Canadian and U.S. firms. Although HR policy alignment was positively associated with ROA, budgetary alignment was only positively associated with ROA in conjunction with process participation. That is, organisations performed best when the budgets were aligned with the mission of the organisation and numerous levels of the organisation had the opportunity to participate in strategy formation. Furthermore, aligned budgets did not ameliorate the negative affects of implementing a non‐participatory process of strategy formation.

This article has been withdrawn as it was published elsewhere and accidentally duplicated. The original article can be seen here: 10.1108/eb013379. When citing the article, please cite: John Parkinson, (1976), “The Management of Trade Creditors”, Managerial Finance, Vol. 2 Iss: 2, pp. 129 - 143.

The purpose of this paper is to demonstrate how strategy is developed and implemented in an organisation with an unusual ownership model. Partnerships are not a prevalent form of ownership but as this case demonstrates they can be extremely effective. Furthermore this case demonstrates how logical incrementalism can be used to implement major strategic decisions.

The paper draws on company documentary evidence and a semi‐structured interview with Mr Charlie Mayfield, Chairman of John Lewis Partnership. A chairman has a helicopter view of business whose perspectives are rarely captured by strategy researchers. This case study offers an insight into strategic thinking of a chairman and chief executive of a successful company.

The case study and interview offer a unique insight into the rationale behind strategic decisions within a successful partnership that has grown organically in a highly competitive retail market without high gearing.

This case study sheds light on strategic moves within partnership. Furthermore, very few case studies offer insight into the thinking of a chief executive who has successfully managed a business in a turbulent environment.

Exploring the need for “neutral” public space located between the private act of voting and formal deliberative democracy, the purpose of this paper is to examine two interfaces between everyday life and democratic politics and considers ways this territory can be a site for generative artistic practises.

Many artists and architects work in the space between the individual and formal collective political processes. Speculating outward from two artworks by the author and drawing on the thought of Hannah Arendt, Rosalyn Deutsche, Chantal Mouffe, Bruno Latour and others, this paper maps theory to the territory and proposes a new framework for reconsidering the work of such practitioners.

Three potentially fruitful avenues for exploration as artistic practice related to democratic interfaces are identified and discussed through examples.

This exploration is part of a broader practice-led research project into models of public collaborative thinking within the context of artistic practice. Many argue that the public realm has been co-opted by neo-liberal political and economic forces, resulting in a sense of hopelessness that limits the ability to imagine anything else. This research reflects on artistic tactics that counter this sense of hopelessness. These practices often suggest alternative social structures, foster ephemeral (local) public spheres or propose spatial configurations that support these. This paper offers a useful framework for reflecting on the work of politically engaged artists and architects as well as structuring new projects.

As an epigram prefacing the latest Co‐location Newsletter within our organisation, the editors have taken a quote from Dr Johnson:

Decision Rules Exist for Most Decisions. Faced with the problem of managing the various components of a typical balance sheet, the financial manager can draw on a range of techniques to assist in the decision processes. Techniques which have been specially created or adapted to make the decisions most efficient in operation, and effective in achieving corporate strategy.

There is a wide variety of actions which management may take in order to cope with the effects of possible movements in exchange rates. The choice of which action to take must be considered in the context of tax planning, both from the point of comparing costs and benefits on an “after‐tax” basis, and also as to the timing of the relevant payments. As with most decisions in the international finance arena, the problem resolves itself to one of maximising the after‐tax return to the parent company, though many sub‐objectives may also be identified. In this article we shall firstly examine the tax implications of individual foreign exchange management actions for a UK‐based company; and secondly, we shall briefly examine some of the differences which exist in other national tax environments.

Stewart Bottoms has been appointed sales manager by Torvac Furnaces Ltd, one of Europe's leading manufacturers of advanced vacuum furnaces. Based in Bristol, Mr Bottoms will be responsible for sales of Torvac's furnace products throughout the southern UK sales area.

A respectable theory which accounts for investor behaviour needs to start from a statement of investor objectives. The objective may be generally stated as the maximisation of utility (von Neumann & Morgenstern 1953), though of itself utility is difficult to measure. In order to operationalise the theory utility may be broken down into more readily measurable elements, risk and return. From an investor's point of view, it also becomes necessary to specify a scale whereon various combinations of risk and return may be compared. This latter exercise is a very personal one; indeed it may be unique to each investor. It is beyond the scope of this paper to follow this line of argument. Instead we shall concentrate on describing the measurement of risk and return, in particular by using the Capital Asset Pricing Model (CAPM). We recognise, however, that in using this model, we are simplifying the investment behaviour process, in particular we posit the choice of portfolios to be based on single period return/risk with investors having identical estimates (subjective) of these returns.