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This article questions the validity of regression models when high correlations exist between independent variables and presents the application of VAR as an alternative technique through the comparison of two groups of selected stocks that represent components of Dow Jones and S&P 500 indices, respectively. The results indicate that panel regressions face serious specification problems, while the impulse response function underlines that the shock to the volume innovation has a mostly positive impact on the volatility in both S&P and Dow Jones sample, but the tendency cannot be easily accounted for. The positive impact of volatility shocks on the inter market depth is rather unexpected, but it may be associated with an increase in volume that does not enormously enhance the spread up to the point where it will be too costly for market‐makers to trade, and accordingly, quickly narrows the spread to absorb new liquidity influx in the market. In the Granger causality tests Dow Jones stocks with comparatively larger average volume depth values and price levels provide slightly stronger relations between analyzed variables compared to the stocks included in the S&P sample.

While research on outcome‐based control systems (and rewards) have been shown to lead to unethical behaviour, the same cannot be said when the research focuses on specific outcome‐based control systems. Both the positive and negative research focused on the effects of moderators on the outcome‐based control system and unethical behaviour link. The relationship was dependent on ethical climate, personality traits, and internal communications. While research yielded a slightly positive result, it was shown that ethical climate was likely a stronger contributor to ethical behaviour. The influence of client fee expectations, the influence of an audit program and unethical auditor behaviour was examined. Further research was necessary to see how people of different ages responded in terms of ethics. While the empirical research did not provide a complete positive link between outcome‐based control systems and unethical behaviour, it did show that the relationship could exist and was dependent often upon other factors, such as the ethical environment of the organisation. The purpose of this article was not to show that outcome‐based control systems are always going to drive employees to behave unethically, but that these systems can lead to unethical behaviour.

The new sub‐department of the Local Government Board, recently created for the purpose of dealing with problems relating to the food supply as regards character and quality, is one apparently whose energies will, in the first place, bo chiefly directed to the institution of some control over the purity of the milk supply of the country. This National Pood Bureau appears to be primarily the outcome of the appeals that have been made from time to time to the authorities to exercise the powers invested in certain Government departments more stringently. Presumably attention will not be limited to the milk supply, important though that be, but in the near future various questions relating to cattle in general will bo dealt with. The two subjects of milk and meat are too closely allied to permit of each one being treated separately or without reference to the other. At the same time, if these closely related questions of milk and meat are to be adequately dealt with it is impossible to leave out of sight the subject of the wholesomeness or unwholesomeness of the imported meat that comes in such immense quantities into this country from abroad. At the present time the bulk of the meat so imported reaches this country from the United States, and in increasingly large quantities from South America. The justifiable outcry that was raised some years ago regarding the American meat packing scandals has, it would seem, quite died down; but unfortunately we have the strongest evidence that the temporary falling off in the trade in imported preserved meat between this country and the United States, which followed upon the agitation, has had but little salutary effect, and that the quality of the meat sent to this country from the United States still leaves much to be desired.

November 10, 1966 Building — Safety regulations — “Working place” — Flat roof — Workman constructing flat concrete roof — No guard‐rails — Man's fall from roof — Whether roof “working place” — Building (Safety, Health and Welfare) Regulations, 1948 (S.I. 1948, No. 1145), reg.24(1).

This study examines the use of deception in a dyadic negotiation context. Two independent variables—the salience of ethical standards regarding deception and the availability of alternatives to agreement— were predicted to influence negotiators' willingness to deceive. It was hypothesized the presence of ethical standards would reduce deception, even when organizational reward contingencies and other external pressures favored its use. Competing hypotheses regarding the effects of alternatives were also proposed A role‐play exercise describing a negotiation between an automotive manufacturer and a supplier of component parts was used to test the study hypotheses. Eighty MBA students participated in the exercise. Results showed that the salience of ethical standards decreased the use of deception by negotiators and led to more equal agreements. However, contrary to expectations, the availability of an alternative had no effect on deception. Implications for theory and practice are discussed and future research directions are offered.

We believe that technology—defined broadly as know‐how—is the raison d'être for any business. A company's organization, philosophy, and culture will tend to shape itself around the nature of the technology underlying it. If the technology changes, then the business must adapt itself to the new conditions if it is to survive.

The purpose of this paper is to describe experiences of transition from medical school to new doctor in the UK and to examine the development and evaluation of initiatives designed to lessen anxiety and assist transition.

The evaluations of two recent interventions for new doctors are reported, one at organisational and one at the individual level: first, a longer induction programme; and second, provision of a library of medical textbooks on smartphones (the “iDoc” project). The paper also reports on mindfulness training designed to help trainees' well‐being.

These initiatives address different aspects of transition challenges (related to roles and responsibilities, cognitive and environmental factors). Benefit can be gained from multiple approaches to supporting this time of uncertainty.

Given the link between transition, doctor stress and patient safety, there is a need to review existing strategies to ameliorate the stress associated with transition and seek novel ways to support new doctors. The authors argue that diverse approaches, targeted at both the organisational and individual level, can support new trainees, both practically and emotionally.

The paper reports initiatives that support transition, of value to medical schools, deaneries, researchers and trainees themselves.

Outlines Australia’s adoption of the direct method of cash flow reporting and presents a survey of 83 loan officers and 76 financial analysts to assess its decision relevance compared with traditional financial statements for commercial loan and investment decisions. Finds both groups (but especially financial analysts) rate cash flow statements more highly across all decisions except performance evaluation; but notes some differences in their relative ratings of the profit and loss account and the balance sheet. Contrasts the findings with other research and recognizes the limitations of the study but suggests that it may provide support for enforcing the direct method of cash flow reporting in other countries, e.g. the USA.

Classifies previous research on the links between earnings management and managerial opportunism into studies of the links between earnings‐based compensation schemes and opportunistic, short‐term earnings management; and earnings management around CEO changes. Suggests some reasons why the sensitivity of compensation to earnings and stock return performance measures might change over the length of CEO tenure and presents a study of 1970‐1991 US data to examine this. Finds that sensitivity to earnings is greater than to stock returns and that the significance of both varies during the first and second halves of tenure, as does the use of discretionar accruals. Considers the underlying reasons for this, consistency with other research and the implications for research and practice.