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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.

Those who move among the people with their eyes open will not doubt that the number of non‐smokers is increasing, but mostly among older adults. Sales of cigarettes, despite the ban on advertising and the grim warning printed on packets, do not reflect this however, which can only mean that those who still smoke are the heavy smokers. This is a bad sign; as is the fact that youngsters, including a high percentage of those at school, openly flaunt the habit. The offence of using tobacco or any other smoking mixture or snuff while handling food or in any food room in which there is open food (Reg. 10(e)), remains one of the common causes of prosecutions under the Food Hygiene Regulations; it has not diminished over the years. The commonest offenders are men and especially those in the butchery trade, fishmongers and stall‐holders, but, here again, to those who move around, the habit seems fairely widespread. Parts of cigarettes continue to be a common finding especially in bread and flour confectionery, but also in fresh meat, indicating that an offence has been committed, and only a few of the offenders end up in court. Our purpose in returning to the subject of smoking, however, is not to relate it to food hygiene but to discuss measures of control being suggested by the Government now that advertising bans and printed health warnings have patently failed to achieve their object.

This paper aims to determine whether a combined set of process models for university contributions to social innovation can be effectively used to describe how higher education institutions facilitate and disseminate research for social value.

The author applies Cunha and Benneworth’s (2013) social innovation process model, with additions from the Nichols et al. (2013) model of campus-community collaboration and the Jain et al. (2020) social value framework, to a pair of case studies at Portland State University about research projects on homelessness. Information was gathered through primary sources, observation and secondary texts.

Applying the models to the case studies provides additional detail on the types and value of Portland State University’s contributions to addressing homelessness through social innovation. The models are found to be effective in describing and providing guidance for social innovation research projects at other higher education institutions.

The models may have widespread applicability in understanding or designing university contributions to social innovation, but additional case studies and analysis are needed to understand the full range of project types and institutional contexts to which they can be successfully applied.

The projects described in the paper’s case studies have not been analyzed elsewhere using social innovation frameworks and are valuable in their own right as social innovations worthy of replication. The findings of the paper extend the applicability of a process model for university contributions to social innovation.

Under the Defence (Sale of Food) Regulations, 1943, the Minister of Food has powers to regulate the composition of foods, to control the labelling of them, and, in some measure, the advertising matter, in order to protect the consumer against the sale of inferior products and against misleading claims. Enforcement is in the hands of local Food and Drugs Authorities.

AN ESTEEMED correspondent points out that there are about two dozen library magazines of all sorts and sizes in circulation, whereas when he started his career there were no more than three. Our correspondent has himself had considerable editorial experience, and it may be that he is still in harness in that regard. One of his earliest efforts was in running the magazine of the old Library Assistants' Association, and it is not likely that that magazine has ever reached the same heights of excellence as it attained in his day. He observes that there are far too many library magazines now in circulation. We agree.

This study attempts to determine whether the level and volatility of interest rates affect the equity returns of commercial banks. Short‐term, intermediate‐term, and long‐term interest rates are used. Volatility is defined as the conditional variance of respective interest rates and is generated by using the ARCH estimation procedure. Two sets of models are estimated. The basic models attempt to determine the effect of contemporaneous and lagged interest rate volatility on bank equity returns, while the extended models incorporate additional contemporaneous macroeconomic variables. Contemporaneous interest rate volatility has little explanatory power, while lagged volatilities do possess some explanatory power, with the lag length varying depending on the interest rate series used and the time period examined. The results from the extended model suggest that the long‐term interest rate affects bank equity returns more adversely than the short‐term or the intermediate‐term interest rates. The findings establish the relevance of incorporating macroeconomic variables and their volatilities in models determining bank equity returns.

Since March 16th the ban on the use of soya in the manufacture of sausages has been removed. The lifting of this restriction, which has been in force since 1946, will be welcomed by some manufacturers who claim that soya is an excellent binding agent. We are doubtful, however, whether these sentiments will be shared by all public analysts, many of whom are of the opinion that the presence of soya in a sausage renders the determination of the meat content if not wholly impossible at best a series of long and tedious processes, the accuracy of which would seem to be a matter of some controversy. Upon our enquiry about this divergency of opinion to the Ministry of Food, we were told that the Ministry were quite satisfied that the new Order could be properly enforced, in other words we assume this to mean that they consider the presence of soya does not prevent the accurate determination of the meat content. This was the answer one would expect to receive from the authority who framed the Meat Products Order, but it is none the less surprising to recall that only a very short while ago the Ministry were of the reverse opinion. In May 1950 a report was published in this Journal of a case heard before Old Street Magistrates. The defendants were summoned under The Meat Products, Canned Soup and Canned Meat (Control and Maximum Prices) Order, 1946, for selling sausages which contained soya. The Order stated that no persons should manufacture or sell any sausage, slicing sausage or sausage meat which to his knowledge contained any soya product. The prosecuting solicitor, for the Ministry of Food, said that it was necessary under the Order of 1946 for sausages to contain a minimum meat content, and if soya flour were used to bind the sausage it was not possible upon analysis to determine the meat content. It would be interesting to know whether the results of research during the past two years have made available new and efficient methods of examination which justify this change of viewpoint. We are advised, however, that if soya is present the amount of meat cannot be accurately assessed, and, moreover, the percentage error of this determination is likely to be directly related to the percentage of soya in the sausage. Thus it would seem possible that this new piece of legislation provides an added incentive to an unscrupulous manufacturer to prepare his mix with a lower meat content than that prescribed and to make up the balance with soya: a practice which would enable him to make more sausages than his honest competitor, and which would probably be difficult to expose.

This paper seeks to illustrate the social and economic impact of services delivered by a small charity to families affected by post-natal depression (PND). It highlights challenges and offers insights to the meaning of “social value” and “value for money” for commissioners of public health services. This has relevance for the introduction of new policies regarding commissioning.

The analysis is based on a social return on investment (SROI) approach. Evidence was gathered from quantitative data, interviews and a literature review. The analysis examined short-, medium- and long-term effects, and attributed monetary values to social outcomes.

The service provides a return of £6.50 for every £1 invested. The analysis established outcomes for service users and long-term impacts on families and children. It illustrated how these services are important in achieving more appropriate service responses, providing value for money to the NHS. Findings also relate to the definition of “social value” and “value for money”.

There is no common accepted method for identifying financial values for a number of the benefits identified in this analysis. By being transparent in how the analysis was carried out, the paper encourages further critical thinking in this area.

Engaging commissioners in this type of analysis may assist them in the use of economic evaluation that includes social values as an input to decision making.

The paper contributes to the understanding of “social value” and “value for money” in the context of public services. This is of importance given that the Social Value Act and “Open Public Services” reform are being implemented in the UK.

The purpose of this paper is to investigate the impact of recognition of prior learning (RPL) as an alternative tool for access into learning programmes in South African Library and Information Science (LIS) schools.

The study adopted quantitative methods, and utilised questionnaires and document analysis to collect data.

The study found that despite an institutional “will” among the LIS schools to open up access to learners who come from diverse backgrounds; there are still aspects that inhibit the use of RPL as an alternative route of access into higher education and training.

In-depth interviews were not conducted to ascertain the veracity of the findings.

This study was valuable for institutions, policy makers, government and other stakeholders to assess the impact of RPL implementation in higher education and training.

Despite there been very little published concerning RPL implementation in higher education and training, use of RPL, as an alternative route to access into higher education and training is generally low. The paper seeks to highlight and promote RPL as an alternative route of access into higher education and training especially for non-matriculants from diverse backgrounds.

The purpose of this paper is to identify and highlight the key constructs of an enabling policy environment and their probable impact on development and implementation of recognition of prior learning (RPL) process in higher education and training in South Africa with reference to library and information science (LIS) field.

The study adopted quantitative methods, and utilised questionnaires and document analysis to collect data. The study used a combination of quantitative and qualitative methods to collect data from all the ten LIS schools in the South African higher education and training landscape. The questionnaire was used as the main data collection tool to collect quantitative data through a survey research design. In addition, the researcher employed content analysis to analyse qualitative data collected from institutional RPL policy documents.

The study found that the LIS schools have aligned most of their institutional RPL policies and procedures with South African Qualifications Authority’s national RPL policy (2013). However, in terms of the institutional RPL policy environment, the study found that there was a low level of compliance regarding certain aspects of the policy environment among LIS schools despite their express explicit commitment to the principles of equity of access and redress.

In-depth interviews were not conducted to ascertain the reasons for low level of compliance regarding certain aspects of the RPL policy.

This study is valuable for higher education institutions, policy and governance, government and other stakeholders to assess the level of compliance to legislative and regulatory framework in RPL implementation in higher education and training in South Africa. In addition, the study was important for LIS schools in particular as RPL can be used as a tool to open access and increase participation in learning programmes to counteract low level of student enrolments in this field.

There is very little published concerning compliance to legislative framework RPL implementation in higher education and training. Furthermore, most published work relate to RPL implementation in higher education and training in general. The paper describes compliance to legislative framework to RPL implementation in higher education and training in South Africa with special reference to LIS field.