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Discusses the restructuring of the food production, processing and retailing sectors in the USA. Describes different methods of vertical and horizontal integration that have occurred. Goes on to discuss the consolidation of business in retailing in particular. Refers to the relationships that are being formed between the supermarket chains, for example Wal‐Mart and Kroger, and dominant food‐chain clusters. Considers whether or not smaller retail chains and wholesalers should feel threatened by this consolidation. Takes the dairy sector in the USA as a case study in the restructuring of the retailing and processing sectors.

Aarhus Kommunes Biblioteker (Teknisk Bibliotek), Ingerslevs Plads 7, Aarhus, Denmark. Representative: V. NEDERGAARD PEDERSEN (Librarian).

It has often been said that a great part of the strength of Aslib lies in the fact that it brings together those whose experience has been gained in many widely differing fields but who have a common interest in the means by which information may be collected and disseminated to the greatest advantage. Lists of its members have, therefore, a more than ordinary value since they present, in miniature, a cross‐section of institutions and individuals who share this special interest.

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.

Philip Kotler is one of the pioneers who has contributed to the broadening of academic inquiry in the field of marketing. He has had a significant role in shaping how marketing is taught to and practised by students and managers of marketing. By examining the personal and macroenvironmental influences that have come to shape his work, this paper seeks to explore how Philip Kotler has achieved such influence in the field of marketing.

The research was driven by a desire to understand the context in which Kotler developed his work, including the personal influences on his life as well as the macroenvironmental forces within which his work has emerged. To this end, the reseaerch employed qualitative techniques to analyze a number of data sources including depth interviews with Philip Kotler and nine of his colleagues, participant observation at Kotler's 75th birthday celebration hosted by the Kellogg School, a review of marketing textbooks, and a review of relevant literature.

The research reveals the keys to Philip Kotler's success are his ability to learn from the people around him and the events of the times, and his ability to integrate this knowledge into succinct, well‐communicated, timely lessons for others to follow. Kotler's work emerged within a period of time that has witnessed a thrust towards marketing as a science and the rise of the managerial school of thought. Given this context, the significance of Kotler's work is that it has contributed to the legitimacy of the field of marketing as both a rigorous academic discipline and a managerial domain of strategic importance within organizations.

Gaining an understanding of Philip Kotler and his work contributes to our understanding of how the marketing field has been shaped, including the kinds of academic inquiry marketers deem legitimate and the nature of how we teach students to practice marketing management.

Little attention has been paid to the factors that have influenced the work of Philip Kotler and how he has, in turn, come to shape the field of marketing. This research allows the reader to see the man behind the work and the influences on his thinking.

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.

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18; Property Management Volumes 8‐18; Structural Survey Volumes 8‐18.