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This study surveys the money market integration literature over the past three decades. Generalizations include (1) global money market integration is increasing over time although evidence of remaining market segmentation is prevalent and (2) emerging Asian capital markets are rapidly becoming an integral part of world markets.

Previous research has found that industry concentration and firm efficiency affect stock returns. However, it is not clear if concentration is a byproduct of efficiency and hence its effect on stock returns is driven by efficiency. This paper aims to examine the relationships between industry concentration, firm efficiency and average stock returns. Mainly, it aims to answer if the effects of industry concentration and firm efficiency on stock returns are independent and significant.

The stochastic frontier approach is used to estimate firm efficiency. The Herfindahl index is used to measure industry concentration. Regression and vector autoregressive analyses are performed to examine cross-sectional and lagged relationships between concentration, efficiency, profitability and stock returns. The characteristics-based benchmark approach is also used to investigate performance of test portfolios.

Industry concentration and firm efficiency have independent and significant effects on average stock returns through profit margins and market shares, which are related to firms’ profitability. Industry concentration has a greater positive impact on market shares than on profit margins, whereas firm efficiency has a greater positive impact on profit margins than on market shares. In sum, highly efficient firms in highly concentrated markets have lower distress risks and hence provide lower average stock returns.

The paper shows the linkages between industry concentration, firm efficiency, profitability and stock returns that have not been documented together in prior studies. Businesses can better understand the impact of concentration and efficiency on market shares and profit margins. Researchers may consider incorporating concentration and efficiency, both of which are meaningful microeconomic variables, into an asset pricing model. Investors can enhance their returns by having a zero-cost portfolio with long and short positions in stocks of firms with different levels of concentration and efficiency.

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some legal aspects concerning MNEs, cyberspace and e‐commerce as the means of expression of the digital economy. The whole effort of the author is focused on the examination of various aspects of MNEs and their impact upon globalisation and vice versa and how and if we are moving towards a global digital economy.

Exposure risk managers can hedge exchange rate risk with either currency futures or currency options. It is generally suggested that hedgers should choose a hedge instrument that matches the risk profile of the underlying currency position as closely as possible. This advice, however, ignores the possibility that the hedging effectiveness may differ for the alternate risk management tools. This study compares the effectiveness of currency futures and currency options as hedging instruments for covered and uncovered currency positions. Based on Ederington's portfolio theory of hedging, the results show that currency futures provide the more effective covered hedge, while currency options (used to construct a synthetic futures contract) are more effective for an uncovered hedge. Hence, exposure risk managers do not have to sacrifice hedging effectiveness to obtain the desired risk profile. Corporations engaged in international business transactions are commonly exposed to exchange rate risk. Since management is concerned with currency exposure, it can hedge the anticipated exchange rate risk either with futures or options. The choice of the appropriate hedging tool is generally influenced by the type of currency exposure (transaction, translation, or economic risk), the size of the firm, the industry effect, the risk preference of the manager or the firm and his/her familiarity with the available financial instruments and techniques. It is also suggested that a hedger should choose a hedge instrument that matches the risk profile of the underlying currency position as closely as possible. Hence, futures contracts are more suitable for covered hedges, while option contracts are best used for uncovered hedges. Hedging effectiveness of these two hedge instruments must be considered as well in order to evaluate the cost of obtaining the desired risk profile. Some empirical research has shown that the futures contract provides both an appropriate risk profile and a more effective hedge than an options contract for covered positions. If these findings also hold for uncovered currency positions, then the hedging decision involves a trade‐off between the desired risk profile and hedging effectiveness. That is, a hedger would have to decide whether the extra risk protection afforded by the attractive risk profile of options is worth the loss in hedging performance. This study compares the hedging effectiveness of currency futures and currency options for both covered and uncovered positions. Ederington's risk‐minimizing approach is applied to estimate the hedging effectiveness and the least risk hedge ratios which, in turn, are used to assess the trade‐off between risk profile and hedging performance.

Traditional methods of studying and evaluating the use of online public access catalogs (OPACs) are discussed and compared to the protocol method. Verbal protocols are spoken records of people describing their work; they uncover detailed data about what people are thinking as they attempt to solve problems. The results of the Carnegie‐Mellon University protocol study of OP AC users are discussed.

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.

This study aims to examine the process of informal learning of aviation instructors.

A qualitative instrumental case study design was used for this study. In‐depth, multiple semi‐structured interviews and document review were the primary approaches to data collection and the data were analyzed using constant comparative analysis. The Marsick, Watkins, Callahan, and Volpe reconceptualized model of informal and incidental learning underpinned this study.

Findings support prior research on the catalysts, strategies, and lessons learned that are associated with informal learning. However, a key finding of this study was capturing the complexity of the informal learning process for aviation instructors as they faced the daily challenges associated with facilitating their students' learning which served as the catalyst for their learning.

The findings of this study are not intended to be generalizable to populations beyond this specific study due to limitations associated with the site selection, purposeful sample selection criteria, and sample size. Additionally, the unique nature of the aviation field and temporal considerations prevent the generalizability of the results of this study.

Despite the growing base of research on informal learning, calls for research that continues to examine how certain characteristics of workers and their work environment influence informal learning, and research that provides more holistic understandings of this type of learning have been requested. This research responds to these calls by exploring the process of informal learning among aviation instructors. The catalysts for informal learning, the strategies used, and lessons learned are identified. More importantly, unlike previous research, the complexity of the process of informal learning is captured and illustrated as a cyclical, non‐linear, non‐sequential process that is highly intertwined with teaching in this aviation context. The careful documentation of the actual learning process provides thick, rich data to deepen our understanding of what this kind of learning actually looks like.

This chapter draws on developmental intergroup theory, parental ethnic-racial socialization literature, anti-bias curricula, and prejudice intervention studies to address the appropriateness of discussing race and racism in early childhood settings. Existing literature about teacher discussions surrounding race and racism is reviewed, best practices are shared, and the need for more research in this area is highlighted. The construct of parental ethnic-racial socialization is mapped onto early childhood anti-bias classroom practices. The chapter also outlines racial ideologies of teachers, specifically anti-bias and colorblind attitudes, and discusses how these ideologies may manifest in classroom practices surrounding race and racism. Colorblind ideology is problematized and dissected to show that colorblind practices may harm children. Young children’s interpretations of race and racism, in light of children’s cognitive developmental level, are discussed. Additionally, findings from racial prejudice intervention studies are applied to teaching. Early literacy practices surrounding race and racism are outlined with practical suggestions for teachers and teacher educators. Moreover, implications of teacher practices surrounding race and racism for children’s development, professional development, and teacher education are discussed.

President Obama’s policies, while broad in scope, offer some specific attention to college and career readiness (CCR) and are necessary for urban youth to realize their career potentials. However, by primarily defining CCR in terms of academic achievement, many of the previously mentioned policies ignore the varied college access skills needed to ensure successful preparation for, enrollment in, and graduation from postsecondary institutions.

This chapter explores the current definition of CCR represented in the Obama administration’s policies, while also expanding the definition to include missing policy pieces related to college access.

The underutilization of school counselors and classroom teachers as college access facilitators who can expand CCR for urban schools is addressed. The paper discusses recent Obama administration initiatives and recommendations for urban schools and higher education institutions.

The administration initiatives and recommendations recently put in place by the Obama administration for urban schools and higher education institutions, if integrated within urban schools, may facilitate the realization of one of President Obama’s educational reform goals of ensuring that every student graduates from high school well prepared for college and a career.

More and more technical service divisions world‐wide, especially American libraries, have created Home Pages on the World Wide Web. These Home Pages vary in design and content, including traditional print based, electronic and on‐line tools, department policies and manuals, staff job descriptions, links to other Internet resources, etc.