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This study uses parametric hazard models to investigate duration dependence in US stock market cycles over the January 1929 through December 1992 period. Market cycles are determined using the Beveridge‐Nelson (1981) approach to the decomposition of economic time series. The results show that both real and nominal cycles exhibit positive duration dependence. The implication of this finding is that actual prices revert to their permanent or trend level in a non‐random manner as the cyclical component dissipates over time. This process is consistent with mean reversion in price and suggests that predictable periodicity in market cycles may exist. Only limited evidence is obtained that discrete shifts or trends in mean cycle duration exist. The length of market cycles appears not to have changed over the 1929–92 period.

This masterclass seeks to identify the leaders others should emulate, what’s are best practices, how did the acclaimed exemplars get to be leaders, and what can we learn from their stories?

The author, a veteran practitioner and long-time observer of the evolution of strategic management regularly scans the business idea marketplace to identify any breakthroughs in the perennial quest for insights into the field of leadership.

Forget leadership – it’s strategy that matters. Companies excel when they adopt good strategies and implement them efficiently. The role of the leader is diminishing, and leadership has little utility as an organizing principle.

Look realistically at attempts to show how some CEOs shaped the future of their firms. Stories of success and failure typically exaggerate the impact of leadership style and management practices on performance. They focus on the singularities – the few extraordinary successes– and ignore the many events that failed to happen. We all fall prey to this affective fallacy when we extoll certain individuals – and then overweight their contribution to the success of their organizations.

We need to refocus our attention on strategy. Successful leadership ultimately comes down to good strategy and good fortune. We have little control over the vicissitudes of the macro-environment, but firms that adopt the right strategy will do better over the long term.

The transformation of France under De Gaulle from the “sick man of Europe” with governments changing every few months, to one of the world's strongest economies, holds lessons for us all. Of course France's virtual self‐sufficiency in food and fuel always ensured an eventual resurgence under a strong and stable government. We thought of this recently on a trip to Western Provence, the oldest part of France and one off the beaten tourist track. It was one of the earliest provinces of Imperial Rome and in each settlement the Romans tried to reproduce a petite Rome, with arena, theatre, baths and villas, so that many Provencal towns have as many Roman antiquities as Rome itself. In its beauty of line and colour, its architecture, clustered villages on hilltops and the tall Lombardy pines, the countryside looks Italian, but the people seem unlike the Italian, Spanish or French. We thought them descendants of the ancient Gaul, whose tribes settled all over Western Europe, from the shores of the Mediterranean to Galway Bay.

Presents a special issue, enlisting the help of the author’s students and colleagues, focusing on age, sex, colour and disability discrimination in America. Breaks the evidence down into manageable chunks, covering: age discrimination in the workplace; discrimination against African‐Americans; sex discrimination in the workplace; same sex sexual harassment; how to investigate and prove disability discrimination; sexual harassment in the military; when the main US job‐discrimination law applies to small companies; how to investigate and prove racial discrimination; developments concerning race discrimination in the workplace; developments concerning the Equal Pay Act; developments concerning discrimination against workers with HIV or AIDS; developments concerning discrimination based on refusal of family care leave; developments concerning discrimination against gay or lesbian employees; developments concerning discrimination based on colour; how to investigate and prove discrimination concerning based on colour; developments concerning the Equal Pay Act; using statistics in employment discrimination cases; race discrimination in the workplace; developments concerning gender discrimination in the workplace; discrimination in Japanese organizations in America; discrimination in the entertainment industry; discrimination in the utility industry; understanding and effectively managing national origin discrimination; how to investigate and prove hiring discrimination based on colour; and, finally, how to investigate sexual harassment in the workplace.

Communications regarding this column should be addressed to Mrs. Cheney, Peabody Library School, Nashville, Tenn. 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.

Shortcomings in the BRS MENTOR mainframe interface and the desirability of using the workstation capabilities of the PC were factors in the decision to develop and implement a microcomputer‐based interface to the BRS software and associated databases. The Interface Design Subcommittee's charge was to design and implement the interface components for the Library Information Workstation, a microcomputer public terminal that provides access to local and remote online catalogs, periodical index databases, campus information resources, and information files stored on the microcomputer. This article focuses on the design of the interface to the BRS/SEARCH software and ancillary periodical index databases—initially Current Contents, six Wilson databases, and ERIC.

Merger waves have typically been viewed through the prism of either corporate strategy or macro-economics. This paper aims to broaden debate about factors that cause – or are associated with – mergers/merger waves over a 120-year period. It ascribes “personalities” to six distinct waves and draws an overarching conclusion about how merger architects are viewed.

Databases and interviews are used to piece together detail about CEOs associated with six distinct and recognized merger-waves during a 120-year focal period. The study establishes and defends, a priori, principles for interrogating data to get a sense of each wave-era’s corporate personality/idiosyncrasy. For each era, two exemplar CEO-profiles are presented and – through inductive-reasoning – held out as representative.

Distinct personalities are associated with six merger waves. Each wave is given a summary anthropomorphic description which conveys a sense that it may be viewed as the non-rationale expression of aggregate and historically distinct CEO behavior within a circumscribed timeframe.

The work’s key limitation – explicitly acknowledged – is that it amassed data/evidence from disparate historical sources. However, the authors have developed and defended principles for addressing this concern.

Improved investment analyses, in particular. The work prefigures formal establishment of a new variable-set impacting share-price prediction.

The paper offers a perspective on how psychological/personality-related variables impact management decision-making, creating something of a bridge between mostly non-overlapping research disciplines.

The paper broadens debate about how and why merger waves occur. It removes the exclusive analysis of merger waves from the hands of economic historians and strategic management theorists.