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This study employs a multivariate GARCH model to investigate the relative sensitivities of the first and the second moment of bank stock return distribution to the short‐term and long‐term interest rates and their respective volatilities. Three portfolios are formed representing the money center banks, large banks, and small banks, respectively. Estimation and testing of hypotheses are carried out for each of the three portfolios separately. The sample includes daily data over the 1988‐2000 period. Several hypotheses are tested within the multivariate GARCH specification. These include the hypotheses of: (i) insensitivity of bank stock return to the changes in the short‐term and long‐term interest rates, (ii) insensitivity of bank stock returns to the changes in the volatilities of short‐term and long‐term interest rates, and (iii) insensitivity of bank stock return volatility to the changes in the short‐term and long‐term interest rate volatilities. The findings indicate that short‐term and long‐term interest rates and their volatilities do exert significant and differential impacts on the return generation process of the three bank portfolios. The magnitudes and the direction of the effect are model‐specific namely that they depend on whether the short‐term or the long‐term interest rate level is included in the mean return equation. These findings have implications on bank hedging strategies against the interest rate risk, regulatory decisions concerning risk‐based capital requirement, and investor’s choice of a portfolio mix.

Researchers of the history of women teachers have included fiction, as well as memoirs and history, as an important part of that testimony. The aim of this article is to examine the novel, Anne of Avonlea (1925) by Lucy Maude Montgomery as both a source of information about the working life of a woman teacher and, due to the immense popularity of the book, as a shaper of how women understand and enact teaching. Anne is a young teacher in her first posting consisting of a rural Canadian one‐ teacher school. She struggles to resist using corporal punishment in favour of winning her students respect, stimulating their minds and finding a ‘genius’. However, the local community, fellow teachers and her students have different notions of how teachers should behave. Her beliefs are further undermined when in a fit of anger she succumbs to beating one her students. Her reflections on what drove her actions are realistic and contain warnings for contemporary teachers to appreciate the often fragile hold they have on their espoused educational philosophy. Another danger revealed is the unconscious leaking of the shadow side of the psyche in the necessary close but dangerous relationships between students and teacher thereby providing a complex view of what motivates young women to teach and how they approach their work.

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.

Valuing People (DoH, 2001) proposes person‐centred planning (PCP) as a way for service users to exercise more power and control. Active support (AS) is also an approach designed to improve the quality of life of people with severe disabilities by enabling them to participate as fully as possible in daily activities. PCP and some of the components of AS are complementary rather than mutually exclusive. While PCP can generate ideas, AS can help implement them, and used together PCP and AS can provide a way to facilitate user participation and improve users' quality of life. This paper uses a case history to illustrate this potential, and describes how a particular form of PCP, essential lifestyle planning (ELP), was used in conjunction with some of the planning and programming components of AS.

This note considers UK pure alcohol consumption per head as a function of real disposable income, real prices, the numbers of retail outlets, the level of television and press advertising, the number of deaths in the population, inflation, unemployment and economic prospects. The technique used is ordinary least squares regression with the variables in first difference form, in order to minimise serial correlation. Annual data for 1956–79 is used. For detailed definitions of the variables used see McGuinness and Kitchin.

Morocco is a multicultural society, in which the Imazighen (Berbers) are the Indigenous people. They are Muslim but not Arab. They make up the majority of the population in Morocco. This article examines their self‐employment activities, reflecting a pattern of occupational clustering influenced by ethnic identity. The paper discusses the traditional bazaar, where segmentation refers to the clustering of producers, and prices are negotiated by buyers and sellers. A model is presented showing the spheres of influence of different ethnic groups in this country on the Mediterranean rim.

[In view of the approaching Conference of the Library Association at Perth, the following note on the Leighton Library may not be inopportune. Dunblane is within an hour's railway journey from Perth and has a magnificent cathedral, founded in the twelfth century, which is well worthy of a visit.]

There is evidence to suggest an association between mood disorders, in particular bipolar disorder, and creativity. This paper aims to examine the evidence that the writer Herman Melville suffered from bipolar disorder.

An interdisciplinary approach is adopted, examining the genetic and biographical evidence as well as textual examples that illustrate the argument in his masterpiece Moby Dick.

Taking the genetic, behavioural, and textual evidence together, it is concluded that the likelihood that Melville did have bipolar disorder is high.

Retrospective analysis of the biographies and work of deceased writers has acknowledged limitations. Close examination of all Melville's literary output would be useful to either add credence to this theory or refute it.

Adding to the evidence that revered writers and artists were on the bipolar disorder spectrum helps people with the condition feel more positive and reduces stigma.

Close literary examination of textual examples of hypomanic writing, combined with a psychological approach to Melville's biography provides evidence that Melville's mental illness contributed positively to his creativity as a writer and is therefore evidence that this condition has some benefits to society.

HIS holidays over, before the individual and strenuous winter work of his library begins, the wise librarian concentrates for a few weeks on the Annual Meeting of the Library Association. This year the event is of unusual character and of great interest. Fifty years of public service on the part of devoted workers are to be commemorated, and there could be no more fitting place for the commemoration than Edinburgh. It is a special meeting, too, in that for the first time for many years the Library Association gathering will take a really international complexion. If some too exacting critics are forward to say that we have invited a very large number of foreign guests to come to hear themselves talk, we may reply that we want to hear them. There is a higher significance in the occasion than may appear on the surface—for an effort is to be made in the direction of international co‐operation. In spite of the excellent work of the various international schools, we are still insular. Now that the seas are open and a trip to America costs little more than one to (say) Italy, we hope that the way grows clearer to an almost universal co‐working amongst libraries. It is overdue. May our overseas guests find a real atmosphere of welcome, hospitality and friendship amongst us this memorable September!

We predicted last month that some effort would soon be made, honestly or otherwise, to reduce municipal salaries. Newcastle has made a commencement. The Municipal Journal tells us that with only nine dissentients the Council has decided to reduce salaries by £44,067 by 3rd December, “if the new scale of salaries is not then in vogue.” The reductions are to be made in three instalments, the first of which (£14,975) took place on 21st May, and the second and third (of similar amounts) are to take place on 3rd September and 3rd December respectively. Other towns will endeavour to imitate this example, and we have already seen newspaper references to the drastic action of Newcastle from various towns. It is not always remembered that the Newcastle salaries include the latest war bonus, and the precedent is being quoted even in towns where war bonus is no longer paid. We hope librarians and their association will keep a keen eye upon this matter, as the attempt is sure to be made to reduce salaries in relation to pre‐war salaries, and no heed will be taken of the fact that library salaries were usually not much above the level of mere existence.