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OUR readers will, we trust, appreciate our double souvenir number issued in connection with the Library Association Conference at Glasgow. Special features are the articles on the Mitchell Library, Glasgow, 1874–1924, by a member of the staff, Mr. J. Dunlop, and one on the Burns Country, by Mr. J. M. Leighton, of Greenock Public Library. We printed the provisional programme in our July issue and as we go to press have little to add to the particulars there given, except to compliment the Library Association and the Local Reception Committee on the excellent programme arranged for the occasion, from both the professional and social point of view.

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

DAMAGE to libraries has assumed dimensions which make it unlikely that any private beneficence alone will be able to effect restoration. Nor is it probable that we have reached anything like the end of the destruction. Libraries are in the nature of things in great centres of population which are main targets of the enemy and they suffer accordingly. There is every hope that after the war the most determined effort will be made to repair every form of loss, and the libraries must be kept well to the fore by those who have charge of them; but the effort, in which we certainly hope such benevolent institutions as the Carnegie and similar trusts will assist, must be a universal one. It will also be considered a state obligation, we hope, based partly upon the State Insurance Scheme. In connexion with this, some librarians have had difficulty in persuading their authorities to insure books for anything like the money it would cost to replace them; it is curious that public men appear to think that books cost little or nothing! A reflection of this from the other side was the remark of a District Valuer on a claim for damage which certainly could not replace the lost books, that it was “excessive.” Cover should certainly be adequate.

Statements by Lord Denning, M.R., vividly describing the impact of European Community Legislation are increasingly being used by lawyers and others to express their concern for its effect not only on our legal system but on other sectors of our society, changes which all must accept and to which they must adapt. A popular saying of the noble Lord is “The Treaty is like an incoming tide. It flows into the estuaries and up the rivers. It cannot be held back”. The impact has more recently become impressive in food law but probably less so than in commerce or industry, with scarcely any sector left unmolested. Most of the EEC Directives have been implemented by regulations made under the appropriate sections of the Food and Drugs Act, 1955 and the 1956 Act for Scotland, but regulations proposed for Materials and Articles in Contact with Food (reviewed elsewhere in this issue) will be implemented by use of Section 2 (2) of the European Communities Act, 1972, which because it applies to the whole of the United Kingdom, will not require separate regulations for England and Wales, Scotland and Northern Ireland. This is the first time that a food regulation has been made under this statute. S.2 (2) authorises any designated Minister or Department to make regulations as well as Her Majesty Orders in Council for implementing any Community obligation, enabling any right by virtue of the Treaties (of Rome) to be excercised. The authority extends to all forms of subordinate legislation—orders, rules, regulations or other instruments and cannot fail to be of considerable importance in all fields including food law.

In his mycological observations Browne isolated and studied the inverting power of torulae and two Monilia (named “nigra” and “fusca,” respectively). The presence of fungi such as Penicillium was noted and their possible importance emphasized. Some interesting points were made with regard to sources of infection and consequent prevention of deterioration of raw cane sugars. These advances by Owen and Browne have apparently initiated the return of interest to the molds, and the recent work of Amons, Blake, the Kopeloffs, Church, and van der Bijl has dealt with some aspect of the activity of molds in sugar.

The strong performance of New Zealand’s equity market and the Government’s efforts to encourage small investors to invest in initial public offering (IPO) firms raises two questions: should retail investors invest in IPO offers and what types of IPOs are worth buying in the long term? The paper aims to discuss these issues.

The authors construct buy and hold equally weighted portfolios of IPOs and peers based on sales forecast, market capitalisation, and price-to-book ratio. The authors employ four benchmark-adjusted performance measures: cumulative average abnormal return (CAR), holding period return difference, wealth relative, and excess return (α).

IPOs underperform their peers over the medium and long term, with a five-year CAR ranging between −6.4 and −19.7 per cent. IPOs listed post-GFC show inferior benchmark-adjusted performance with a statistically significant average monthly CAPM α of −1.07 per cent (vs −0.13 per cent for pre-2009 IPOs). Over a five-year horizon, mature IPOs, IPOs with high market cap, high sales forecast, high leverage, low price-to-book ratio, and positive earnings forecast outperform other IPOs. Small IPOs or those with a small degree of leverage exhibit the worst five-year CAR ranging between −30.2 and −49.1 per cent. Of all IPOs examined, large firms, well-established firms, and value firms achieved positive five-year CARs of between 6.6 and 17.5 per cent.

The results are useful for retail investors and financial advisors in making sensible investment decisions.

This study is the first to utilise book-to-market and sales forecast to construct peer samples and to identify the red flags for IPO downfalls in New Zealand. It covers the longest sample period (1991-2015) in New Zealand’s context.

It is still widely accepted that women managers are not catching up on their male peers with regard to seniority of position and pay. To learn more about the problem, a study was conducted into the career development of MBA graduates from one of the leading UK business schools. Of the 344 alumni who took part in the study, 96 were women. The respondents came from the UK and from many nations around the world. The career development of the graduates, their competences and their career aspirations were compared across those variables. Differences in performance based on discrimination due to gender were studied. Variables of career development of the graduates, their competences and career aspirations were compared for women and men. The findings indicate that studying for an MBA has a place as a vehicle to reduce discrimination and increase self‐confidence of the individual. Results also indicate the potential value of having an MBA in dealing with discrimination due to gender in organisations.

This paper introduces intersectional situatedness to develop inclusive analyses of leadership. Intersectional situatedness recognises the contextual and situated nature of experiences and their interaction with socially constructed categories of difference.

The paper draws on memory work by three feminist academics who situate their understandings and experiences of leadership as part of socio-historical contexts.

Understandings and experiences of leadership are multifaceted and benefit from being examined in their intersectional situatedness. This way, the simultaneity of visible and invisible disadvantage and privilege, which accumulate, shift and get reconfigured across the life course and are based on particular intersectional identity invocations, can be integrated into narratives about leadership.

Interrogating gender-in-leadership adopting an intersectional situatedness helps to advance the field by embedding the recognition, problematisation and theorisation of situated difference as critical to understand leadership, its meaning and its practice in management and organisations.

In embedding intersectional situatedness in the analysis of leadership, more inclusive understandings of leadership are qualified that recognise differences positively and support changing the narratives around the meaning of “leader” and “good leadership”.

Intersectional situatedness helps to identify tangible ways to see how inequalities impact women’s career progression to leadership and enable more nuanced conversations about privilege and disadvantage to advance feminist social justice agendas.

The paper reveals the narrow and restricted understandings of leadership and how this influences who is regarded as a legitimate leader. In addition, it adopts a methodology that is not commonly used in gender-in-leadership research.