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Prior studies have demonstrated that simple linear discriminant models can be highly successful in identifying financially distressed companies, and therefore useful in predicting corporate failures. Such models have been shown to be both industry and country specific even though their variable selection has been narrow. These models have remained incredibly robust over time despite variations in the definition of the ‘distressed’ state employed for modelling purposes. This paper extends such analysis to the main and second boards of the Kuala Lumpur Stock Exchange (KLSE) in Malaysia, with particular reference to their designation of PN4 companies (those classified as ‘distressed’ in accordance with Practice Note No. 4 introduced in February 2001). The findings of the study show that a single discriminant model has high classificatory power for both boards of the KLSE, and that the optimum model comprises financial ratio variables common to other published models. Previous findings are therefore shown to be substantially generalisable to a new environment and to a different definition of distress.

A rich variety of cost models is used in the world's construction industries. In countries exposed to British practice, the use of traditional bills of quantities is common. Elsewhere, bills of quantities may not be used at all. This paper briefly reviews the nature and purpose of cost models both in the UK and in south‐east Asia. It explains how the principle of cost‐significance can lead to a simplified method of measurement which is both well‐structured and sufficiently accurate ‐ a half‐way house between traditional bills and a single lump sum. By way of example, the derivation of a cost‐significant model for student hostels in Singapore is presented. Representing no more than a first step, the problems still to be resolved are outlined. Nevertheless, the techniques seem to hold much promise for the future, and others are encouraged to explore where they might most effectively be applied.

American businesses, like American politicians, often seek the quick fix that is best communicated by the short slogan. Quality is widely viewed as the American fix‐it‐all, with the result that the word appears with great frequency in slogans, advertisements, and business visions.

BOOKS are among the greatest and most wonderful achievements of human genius, they are also a powerful means of struggle for progress. The book accompanies man all his life; it is a creation of his brain and soul. It reflects the life of mankind and is the result of collective efforts of author and publisher, type‐setter and illustrator. But foremost a book is always and everywhere a social and political phenomenon. One of the most apt evaluations of the book was given by V. I. Lenin in 1917, when he was known to state to A. V. Lunacharsky, “The book is a great force indeed”.