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This case reviews the financial performance of the Fidelity Magellan Fund up to mid-1995. In essence, the Magellan Fund has managed to “beat the market” over time under three different fund managers despite its enormous size ($51 billion at the date of the case). The tasks for the student are to assess the adequacy of this performance, evaluate its likely sources, and opine on its sustainability. The case affords the opportunity to consider the appropriateness of various possible benchmarks in a risk-return framework and to assess the reasonableness of the efficient-markets hypothesis. The case can be used in an introductory finance course to present general information about equity markets and the behavior of large, sophisticated money managers.

This paper reports the mail survey results of the marketing practices of 158 Chinese small firms in Hong Kong. The findings suggest that broad small firm marketing principles, though specifically generated from the Western countries, may not be fully suitable for some specific socio‐cultural contexts, for example Chinese society in Hong Kong. Thus, care should be taken before making generalizations about marketing in Western situations and in assuming that marketing tools and techniques are equally applicable across all places. Socio‐cultural influences should be considered when attempting to understand marketing practices of Chinese small firms.

A study has been made of the effect of controlled variations in indexing vocabulary size on retrieval performance using the Cranfield 200 and 1400 test collections. The vocabularies considered are sets of variable‐length character strings chosen from the fronts of document and query terms so as to occur with approximate equifrequency. Sets containing between 120 and 720 members were tested both using an application of the Cluster Hypothesis and in a series of linear associative retrieval experiments. The effectiveness of the smaller sets is low but the larger ones exhibit retrieval characteristics comparable to those of words.

Grocery store chain Winn-Dixie had rapidly expanded in an effort to become a national retailer, and by 1999 it had more than 1,000 stores. The company began manufacturing its own products, reasoning that by owning more of the supply chain, it could offer the customer less expensive options. With its new geographic focus and manufacturing facilities, Winn-Dixie attempted to secure a position as a low-cost provider with a national presence. Instead of improving the company's position in the market, however, this strategy crippled both the short- and long-term prospects for Winn-Dixie. The company paid a high premium to expand and increased its leverage without ever realizing the purposed synergies. In fact, there were dis-economies of scale because the distribution, marketing, and administrative costs had risen along with the increased revenue. The expansion and inefficient manufacturing added complexity to its distribution network, and with a greater debt load and less cash, the company was unable to reposition itself in the market when its low-cost provider strategy failed. Not only was the company unable to pursue other opportunities but it also did not have the cash to properly maintain many of its existing stores, which quickly became run down. Winn-Dixie was stuck as a general grocer with few options at a time when the industry was rapidly evolving. Following faulty strategies of expansion, supply chain changes, and increased debt, Winn-Dixie declared bankruptcy. Students will take the view that Paul “Flip” Huffard, lead consultant from Blackstone LP, had in determining the valuation and new capital structure of the company. These decisions would be critical, as they affected what each creditor class would receive and whether Winn-Dixie could emerge from bankruptcy.

Students will: 1. Assess the importance and negative financial impact of past strategic moves, and suggest possible future strategic directions and the expected benefits of such changes. 2. Learn quantitative valuation methods for a company in Chapter 11 and their effects on stakeholders. 3. Learn the elements of a plan of reorganization, including the capital structure, treatment of multiple creditor groups, and management compensation. 4. Discuss sources and uses of capital during a Chapter 11 turnaround.

This study examines the performance of both open‐ended and closed‐end mutual funds – as fixed income securities and vehicles for capital gains. A determination will be made of which categories one group was able to outperform the other and to recognize why a group performs better or worse over time.

The purpose of this paper is to outline the stages involved in developing an audit to determine the best wildlife and conservation organization to volunteer with.

The paper outlines details of the analysis and assessment of 53 organizations based on nine core criteria. The framework developed for this purpose also provides a tool that could be used to assess other organizations.

Publication of the Wildlife and Conservation Volunteering Guide has given volunteers a resource that enables them to make informed decisions about which organization to volunteer with and to enable the featured organizations to reflect on their own relative attractiveness to volunteers.

The viewpoint highlights several unintended consequences of an audit and demonstrates that published audit criteria prompt organizations to instigate changes.

Grocery store chain Winn-Dixie had rapidly expanded in an effort to become a national retailer, and by 1999 it had more than 1,000 stores. The company began manufacturing its own products, reasoning that by owning more of the supply chain, it could offer the customer less expensive options. With its new geographic focus and manufacturing facilities, Winn-Dixie attempted to secure a position as a low-cost provider with a national presence. Instead of improving the company's position in the market, however, this strategy crippled both the short- and long-term prospects for Winn-Dixie. The company paid a high premium to expand and increased its leverage without ever realizing the purposed synergies. In fact, there were dis-economies of scale because the distribution, marketing, and administrative costs had risen along with the increased revenue. The expansion and inefficient manufacturing added complexity to its distribution network, and with a greater debt load and less cash, the company was unable to reposition itself in the market when its low-cost provider strategy failed. Not only was the company unable to pursue other opportunities but it also did not have the cash to properly maintain many of its existing stores, which quickly became run down. Winn-Dixie was stuck as a general grocer with few options at a time when the industry was rapidly evolving. Following faulty strategies of expansion, supply chain changes, and increased debt, Winn-Dixie declared bankruptcy. Students will take the view that Paul “Flip” Huffard, lead consultant from Blackstone LP, had in determining the valuation and new capital structure of the company. These decisions would be critical, as they affected what each creditor class would receive and whether Winn-Dixie could emerge from bankruptcy.

Students will: 1. Assess the importance and negative financial impact of past strategic moves, and suggest possible future strategic directions and the expected benefits of such changes. 2. Learn quantitative valuation methods for a company in Chapter 11 and their effects on stakeholders. 3. Learn the elements of a plan of reorganization, including the capital structure, treatment of multiple creditor groups, and management compensation. 4. Discuss sources and uses of capital during a Chapter 11 turnaround.

The purpose of this paper is to summarise the contributions made in this theme issue and draw conclusions about the issue’s key question “Why and how should the international volunteer tourism experience be improved?”, thereby providing a theme issue conclusion.

This paper summarises and critically reviews the seven articles that have contributed to the theme issue.

International volunteer tourism is a growing phenomenon that has received much criticism in the last decade and whilst there are a number of mechanisms to improve the quality of this sector as yet, there is little evidence to support any conclusion that there is wide-scale success in achieving best practice in quality assurance within the sector.

This theme issue explores international volunteer tourism from a range of contributors, academics, a practitioner and a travel writer, who have engaged with a range of stakeholders to offer different perspectives. The theme issue as a whole offers the reader an opportunity to engage in a unique and wide-ranging discourse on quality and international volunteer tourism.