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The hospital industry is again experiencing a wave of consolidation as formerly independent hospitals are acquired by multihospital systems. The effects of these consolidations on operating costs and care quality have been researched extensively. However, in addition to these benefits, many hospitals also hope that joining a multihospital system will improve their access to capital. Improved access to capital could be a particularly important benefit for independent, not-for-profit (NFP) hospitals because these hospitals face capital constraints since they lack access to publicly issued equity. Despite being an often-cited benefit of system membership, access to capital has received little attention from researchers. We draw on financial theory to identify several mechanisms through which system membership might improve access to capital for acquired NFP hospitals. We develop and test hypotheses using data from an earlier period of hospital consolidation during which hospitals were even more financially constrained than they are at present. Using propensity score matched control hospitals, we examine changes in leverage that occurred after independent hospitals joined multihospital systems. We find evidence that system membership allows under-leveraged hospitals to increase their debt holdings, suggesting that system membership may help NFP hospitals attain an optimal capital structure.

In a previous monograph a discussion took place on stages one and part of stage two of the three stage process in an unfair dismissal action, namely the employee having to show that he has been dismissed (stage one), and some of the reasons for dismissal which fall within the statutory categories, namely the employee's capability and qualifications; misconduct and redundancy (part of stage two). In this monograph an analysis is proposed on the two remaining reasons, these being the contravention of a duty imposed by an enactment and some other substantial reason. There will then follow a discussion on the test of fairness as constituting the third of the three stage process and on the remedies available when the tribunal finds that the employee has been unfairly dismissed.

The Bureau of Economics in the Federal Trade Commission has a three-part role in the Agency and the strength of its functions changed over time depending on the preferences and ideology of the FTC’s leaders, developments in the field of economics, and the tenor of the times. The over-riding current role is to provide well considered, unbiased economic advice regarding antitrust and consumer protection law enforcement cases to the legal staff and the Commission. The second role, which long ago was primary, is to provide reports on investigations of various industries to the public and public officials. This role was more recently called research or “policy R&D”. A third role is to advocate for competition and markets both domestically and internationally. As a practical matter, the provision of economic advice to the FTC and to the legal staff has required that the economists wear “two hats,” helping the legal staff investigate cases and provide evidence to support law enforcement cases while also providing advice to the legal bureaus and to the Commission on which cases to pursue (thus providing “a second set of eyes” to evaluate cases). There is sometimes a tension in those functions because building a case is not the same as evaluating a case. Economists and the Bureau of Economics have provided such services to the FTC for over 100 years proving that a sub-organization can survive while playing roles that sometimes conflict. Such a life is not, however, always easy or fun.

March 20, 1970 Industrial training — Industrial training levy — Engineering industry — Company providing steam generating plant for thermal power stations — Assembly of pre‐manufactured parts on site — Whether activity of engineering industry or construction industry — Definition of civil engineering work expressly including construction of thermal power station — Whether general words of exception operative to take essential process of construction of thermal power station out of civil engineering — Whether company liable to pay engineering industry levy or construction industry levy — Industrial Training Act, 1964 (c.16), ss. 1,4 — Industrial Training (Engineering Board) Order, 1968 (S.I. 1968, No. 1333), Sch., paras. 1(h)(ii), 2(d), 3.

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

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

Since the first Volume of this Bibliography there has been an explosion of literature in all the main areas of business. The researcher and librarian have to be able to uncover specific articles devoted to certain topics. This Bibliography is designed to help. Volume III, in addition to the annotated list of articles as the two previous volumes, contains further features to help the reader. Each entry within has been indexed according to the Fifth Edition of the SCIMP/SCAMP Thesaurus and thus provides a full subject index to facilitate rapid information retrieval. Each article has its own unique number and this is used in both the subject and author index. The first Volume of the Bibliography covered seven journals published by MCB University Press. This Volume now indexes 25 journals, indicating the greater depth, coverage and expansion of the subject areas concerned.