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Daniel and Titman (1997) contend that the Fama‐French three‐factor model’s ability to explain cross‐sectional variation in expected returns is a result of characteristics that firms have in common rather than any risk‐based explanation. The primary aim of the current paper is to provide out‐of‐sample tests of the characteristics versus risk factor argument. The main focus of our tests is to examine the intercept terms in Fama‐French regressions, wherein test portfolios are formed by a three‐way sorting procedure on book‐to‐market, size and factor loadings. Our main test focuses on ‘characteristic‐balanced’ portfolio returns of high minus low factor loading portfolios, for different size and book‐to‐market groups. The Fama‐French model predicts that these regression intercepts should be zero while the characteristics model predicts that they should be negative. Generally, despite the short sample period employed, our findings support a risk‐factor interpretation as opposed to a characteristics interpretation. This is particularly so for the HML loading‐based test portfolios. More specifically, we find that: the majority of test portfolios tend to reveal higher returns for higher loadings (while controlling for book‐to‐market and size characteristics); the majority of the Fama‐French regression intercepts are statistically insignificant; for the characteristic‐balanced portfolios, very few of the Fama‐French regression intercepts are significant.

EACH September the eyes of the aeronautical World turn towards the S.B.A.C. Air Display and Exhibition with interest unequalled by any other event. It is fitting that the Display is now held each year at the airfield of the Royal Aircraft Establishment, one of the world's most prominent aeronautical research centres. This interest becomes increasingly keen too, as the preview day comes closer, because new prototypes of unorthodox designs often appear a short time before the Show to illustrate the results of years of careful planning, development and research of the particular company. These designs often mould the path of progress for smaller countries without the economic resources to forge the way ahead alone. Most British citizens are very proud of their country's place in aviation today, both in the military and civil fields. This is understood by most foreigners because it is clear that Britain has won a place in aeronautical development second to none.

Looks at the 2000 Employment Research Unit Annual Conference held at the University of Cardiff in Wales on 6/7 September 2000. Spotlights the 76 or so presentations within and shows that these are in many, differing, areas across management research from: retail finance; precarious jobs and decisions; methodological lessons from feminism; call centre experience and disability discrimination. These and all points east and west are covered and laid out in a simple, abstract style, including, where applicable, references, endnotes and bibliography in an easy‐to‐follow manner. Summarizes each paper and also gives conclusions where needed, in a comfortable modern format.

The present paper reviews the research literature on trust in bargaining and mediation. Several models of trust within the bargaining process are also described. It is concluded that trust means different things, depending upon the relationship under investigation. Trust among negotiators can refer to a personality trail (how trusting a negotiator is of others) or to a temporary state. Within the state perspective, trust often refers to one of three orientations: (1) cooperative motivational orientation (MO), (2) patterns of predictable behavior, (3) a problem‐solving orientation. Trust between a negotiator and constituents usually refers to a cooperative MO (i.e., shared loyalty) between these two groups. The addition of a mediator can impact both the opposing negotiators' relationship and each negotiator‐constituent relationship; the mediator also has direct and indirect relationships with the parties and their constituents. Future directions for research on trust are identified.

Governments in both developing and developed economies play an active role in labor markets in the form of providing both formal public sector jobs and employment through public workfare programs. The authors refer to this as employment targeting. The purpose of the paper is to consider different labor market effects of employment targeting in a stylized model of a developing economy. In the context of a simple search and matching friction model, the authors show that the propensity for the public sector to target more employment can increase the unemployment rate in the economy and lead to an increase in the size of the informal sector.

The model is an application of a search and matching model of labor market frictions, where agents have heterogeneous abilities. The authors introduce a public sector alongside the private sector in the economy. Wage in the private sector is determined through Nash bargaining, whereas the public sector wage is exogenously fixed. In this setup, the public sector hiring rate influences private sector job creation and hence the overall employment rate of the economy. As an extension, the authors model the informal sector coupled with the other two sectors. This resembles developing economies. Then, the authors check the overall labor market effects of employment targeting through public sector intervention.

In the context of a simple search and matching friction model with heterogeneous agents, the authors show that the propensity for the public sector to target more employment can increase the unemployment rate in the economy and lead to an increase in the size of the informal sector. Employment targeting can, therefore, have perverse effects on labor market outcomes. The authors also find that it is possible that the private sector wage falls as a result of an increase in the public sector hiring rate, which leads to more job creation in the private sector.

What is less understood in the literature is the impact of employment targeting on the size of the informal sector in developing economies. The authors fill this gap and show that public sector intervention can have perverse effects on overall job creation and the size of the informal sector. Moreover, a decrease in the private sector wage due to a rise in public sector hiring reverses the consensus findings in the search and matching literature which show that an increase in public sector employment disincentivizes private sector vacancy postings.

Hostage and crisis negotiators serve a vital function within society by resolving hostage/crisis incidents. This role, performed by specially trained police “volunteers”, helps to prevent numerous fatalities and forms an important part of the modern policing repertoire. There is limited research that identifies the experiences of police officers that dedicate their lives to saving others by volunteering in this capacity. This paper aims to provide an insight into this fundamental police role using negotiator’s personal narratives.

This study consisted of an exploratory qualitative grounded theoretical analysis of semi-structured interviews conducted with 15 negotiators from nine English police forces.

The analysis revealed 3 primary, 7 secondary and 23 tertiary categories that form a conceptual model of the negotiator experience. The three primary categories consisted of “negotiator positives”, “negotiator negatives” and “negotiator ambivalences”, which provide an insight into the experiences and identities of negotiators in England.

The findings identify several positive factors that could be used to market the role more effectively within police forces and enhance future recruitment processes. Equally, the findings highlight several operational and organisational issues that have a negative impact on the negotiator experience. The findings are, therefore, discussed in light of the practical implications for negotiator training/continuing professional development, policy and practice.

This paper depicts the findings from one of the first qualitative analyses of negotiator experiences and provides a unique insight into the negotiator role from an Anglo-centric perspective.

IT is unfortunate that the date of the 17th Salon de l'Aeronautique made it impossible to include a review of it in the December issue of AIRCRAFT ENGINEERING, although perhaps its consideration in retrospect may be of rather greater value.

The instability of the relationships which Export Management Companies have with their Manufacturer‐Suppliers is, perhaps, the most pressing problem which the EMCs have in their long‐term development as viable export marketing channel entities. Three different variables were empirically tested as possibly affecting the stability of EMC/M‐S relationships: (1) the “operating arrangement” which the EMC has with the M‐S; (2) whether or not the EMC “takes title” to products which it markets abroad; and (3) the size of a given M‐S's export sales generated by the EMC. All three variables were shown to affect the stability of the EMC/M‐S dyadic relationship.

The purpose of this paper is to analyze how sequence learning can build on pattern‐recognition systems and how it can contribute to the behavioral options of goal‐oriented systems.

A functional approach is used to develop the necessary cybernetic structures of a subsystem for sequence learning, that can recognize patterns, register patterns occurring repeatedly and connect these to sequences. Based on that it is analyzed how goal‐oriented systems can use information about reoccurring sequences.

A subsystem for sequence learning basically requires pattern recognition and it needs a structure for the directed connection of single standards for pattern matching to standards for sequences, given that it can learn both new patterns and new sequences. Such a subsystem for sequence learning may recognize a certain pattern and with that the end of a certain sequence. So it may deliver more than one output signal at a point in time, and therefore needs additionally a subsystem for directing attention.

The paper analyses the principles of an “associative” way of connecting standards for pattern matching to standards for sequences. Also it shows the cybernetic necessity of an attention directing system that has to decide how to deal with the multiple outputs of a subsystem for sequence learning, i.e. to decide to act either towards a pattern or a whole sequence.

The paper investigates basic mechanisms of sequence learning and its contribution to goal‐oriented behavior. Also, it lays the base for an analysis of attention directing systems and anticipatory systems.

The purpose of this paper is to provide an introduction to alysidal algebra. Deontical impure systems are systems whose object set is formed by an s‐impure set, whose elements are perceptuales significances (relative beings) of material and/or energetic objects (absolute beings) and whose relational set is freeways of relations, formed by sheaves of relations going in two‐way directions. Objects and freeways form chains.

The paper looks at the mathematical and logical development of human society structure.

Existence of relations with positive imperative modality (obligation) would constitute the skeleton of the system. Negative imperative modality (prohibition) would be the immunological system of protection of the system. Modality permission the muscular system, that gives the necessary flexibility to the system, in as much to the modality faculty its neurocerebral system, because it allows him to make decisions. Transactions of energy, money, merchandise, population, etc. would be the equivalent one to the sanguineous system. These economic transactions and inferential relations, depend, as well, on the existence of a legislative body with their obligations, prohibitions and permissions that regulate them.

The concepts of alysidal set are introduced, whose elements are chains and coupling function between alysidal sets. Environment is formed as well by different DIS. That is to say, by an alysidal set whose elements are simultaneously systems. Specific interchanges (stimulus‐response) leave certain nodes and act on certain nodes of the alysidal sets (stimulus environment‐DIS‐response environment). The paper defines a special coupling function, denominated gnorpsic function, that can be used for algebraic operations between alysidal sets.