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The purpose of this paper is to examine the relationship between a stock market's index returns and its subsequent firm‐level momentum profits. This relationship is analysed for each of ten individual European stock markets between 1973 and 2010.

Using firm‐level data, intra‐market momentum returns are analysed, using various ranking and holding period combinations. Standard t‐tests as well as pooled and country‐specific regressions are employed to determine the significance of the non‐linear relationship between one‐, two‐ and three‐year index returns and subsequent momentum returns.

Momentum returns following a bull market are positive for all ten stock markets; statistical significance is reached by nine of those ten. Per contrast, momentum returns following a bear market are insignificant for all ten stocks markets, and the average return is negative. Further, in all ten stock markets the momentum profits are lowest following the greatest drops in the index; this effect is significant in eight countries. These results are consistent with the behavioural theories on investors' overconfidence and undue self‐attribution.

The paper's findings suggest that investors should refrain from pursuing a momentum strategy in European stock markets shortly after a severe bear market.

This is the first study to investigate the temporal dependence of firm‐level momentum returns on preceding index movements in European stock markets.

In the Court of Appeal last summer, when Van Den Berghs and Jurgens Limited (belonging to the Unilever giant organization) sought a reversal of the decision of the trial judge that their television advertisements of Stork margarine did not contravene Reg. 9, Margarine Regulations, 1967—an action which their Lordships described as fierce but friendly—there were some piercing criticisms by the Court on the phrasing of the Regulations, which was described as “ridiculous”, “illogical” and as “absurdities”. They also remarked upon the fact that from 1971 to 1975, after the Regulations became operative, and seven years from the date they were made, no complaint from enforcement authorities and officers or the organizations normally consulted during the making of such regulations were made, until the Butter Information Council, protecting the interests of the dairy trade and dairy producers, suggested the long‐standing advertisements of Reg. 9. An example of how the interests of descriptions and uses of the word “butter” infringements of Reg. 9. An example af how the interests of enforcement, consumer protection, &c, are not identical with trade interests, who see in legislation, accepted by the first, as injuring sections of the trade. (There is no evidence that the Butter Information Council was one of the organizations consulted by the MAFF before making the Regulations.) The Independant Broadcasting Authority on receiving the Council's complaint and obtaining legal advice, banned plaintiffs' advertisements and suggested they seek a declaration that the said advertisements did not infringe the Regulations. This they did and were refused such a declaration by the trial judge in the Chancery Division, whereupon they went to the Court of Appeal, and it was here, in the course of a very thorough and searching examination of the question and, in particular, the Margarine Regulations, that His Appellate Lordship made use of the critical phrases we have quoted.

Examines the tenth published year of the ITCRR. Runs the whole gamut of textile innovation, research and testing, some of which investigates hitherto untouched aspects. Subjects discussed include cotton fabric processing, asbestos substitutes, textile adjuncts to cardiovascular surgery, wet textile processes, hand evaluation, nanotechnology, thermoplastic composites, robotic ironing, protective clothing (agricultural and industrial), ecological aspects of fibre properties – to name but a few! There would appear to be no limit to the future potential for textile applications.

Fumes, grit, dust, dirt—all have long been recognized as occupational hazards, their seriousness depending on their nature and how they assail the human body, by ingestion, absorption, inhalation, the last being considered the most likely to cause permanent damage. It would not be an exaggeration to state that National Insurance (Industrial Injuries) provisions, now contained in the Social Security Act, 1975, with all the regulations made to implement the law, had their birth in compensating victims of lung disease from inhalation of dust. Over the years, the range of recognized dust disease, prescribed under regulations, has grown, but there are other recognized risks to human life and health from dusts of various kinds, produced not from the manufacturing, mining and quarrying, &c. industries; but from a number of areas where it can contaminate and constitute a hazard to vulnerable products and persons. An early intervention by legislation concerned exposed foods, e.g. uncovered meat on open shop fronts, to dust and in narrow streets, mud splashed from road surfaces. The composition of dust varies with its sources—external, atmospheric, seasonal or interior sources, uses and occupations, comings and goings, and in particular, the standards of cleaning and, where necessary, precautions to prevent dust accumulation. One area for long under constant scrutiny and a subject of considerable research is the interior of hospital wards, treatment rooms and operating theatres.

This paper aims to present case study evidence on the changes in the relations between chief executive officers (CEOs) of large firms and shareholders in the past three decades of the twentieth century. In line with insights from agency theory, the CEOs have experienced increased scrutiny from their principals, the shareholders. This development has affected financial communication and investor relations as well as stock market prices.

The Dutch electronics firm Royal Philips NV in the transition period of 1971-2001 has been studied using publicly available disclosures and stock market prices. A descriptive case study approach is combined with event study methodology.

It was observed that the increased emphasis on shareholder interests has affected the interactions between Philips’ respective CEOs and the shareholders’ reactions to strategic decisions as measured by stock price changes. Around the beginning of the twenty-first century, clarity and openness in CEO communication was the norm and deviations were punished with volatile stock prices.

The study relies on publicly available data.

The case study of Philips can be extrapolated to other exchange-listed firms in the late twentieth century, which faced changed expectations about the role of the CEO, investor relations and the CEO’s accountability toward shareholders. This transition is relevant not only as a historical observation, but also as a background to studies in finance and management about top management and financial markets.

Describes the life history of the British Food Journal, its changing editorial team, ownership and editorial focus. The authors have used much wider source material than the archives of the journal, now in its 100th year. The journal was always closely identified with the safety of food, its adulteration and the government’s duty to safeguard the public. The second section reviews the profession and role of the public analyst, in particular the history and development of the Society of Public Analysts. The next and longest section of the monograph is devoted to an interesting examination of food safety, nutrition and food manufacturing issues over the last 100 years. Many of the points raised are illustrated by excerpts from papers written in BFJ and included as Appendices to the monograph. Food irradiation was first raised as a subject in the journal in 1928! Bread and milk as staples in the British diet are looked at in some detail in terms of their ingredients and health properties. Some appendices have been included just for interest and provide brief snapshots of some of the main food concerns of the time, e.g. The Pure Food Society, the food we eat, food poisoning, a world food policy, the packaging of foods, food hygiene. Plus ça change ...

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

The purpose of this paper is to examine the cultural implications of James Henry Pope’s selection of fables for his 1886 Native School Reader designed to teach English to Māori students in Native Schools.

The essay takes a historical approach. It surveys attitudes towards the fable as a pedagogical tool prior to 1880 and reviews Pope’s choice of 50 from the 300 available fables in the Aesopic canon.

The study finds that Pope was well informed and well intentioned, but nonetheless appeared to be unaware of potentially unsettling interpretations of his selected fables.

While it may be relatively easy for twenty-first-century readers to perceive the cultural tensions of Pope’s work, exploring the historical context helps us to understand both why Pope compiled the text he did, and why he and his books were well regarded by both Pākehā and Māori, despite almost certainly not conveying the values the settlers wished to inculcate in Māori.