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Discusses arbitrage pricing theory as a multifactor model for explaining rates of return on securities; and the use of principal components analysis to reduce the number of variables studies. Applies these ideas to returns on treasury bills and government bonds for 1,000 business days ending in March 1997 to obtain a set of three endogenous factors for the term structure of interest rates, forecasts returns for one‐day and 30‐day horizons and produces a time series of the forecast errors for eight short‐term interest rates. Compares the results with those from a single factor autoregessive forecasting model and finds that although their accuracy is similar for short horizons, the multifactor model is superior for longer horizons and shorter time to maturity.

The Departmental Committee appointed to inquire into the use of preservatives and colouring matters in the preservation and colouring of food, have now issued their report, and the large amount of evidence which is recorded therein will be found to be of the greatest interest to those concerned in striving to obtain a pure and unsophisticated food‐supply. It is of course much to be regretted that the Committee could not see their way to recommend the prohibition of all chemical preservatives in articles of food and drink; but, apart from this want of strength, they have made certain recommendations which, if they become law, will greatly improve the character of certain classes of food. It is satisfactory to note that formaldehyde and its preparations may be absolutely prohibited in foods and drinks; but, on the other hand, it is suggested that salicylic acid may be allowed in certain proportions in food, although in all cases its presence is to be declared. The entire prohibition of preservatives in milk would be a step in the right direction, although it is difficult to see why, in view of this recommendation, boric acid should be allowed to the extent of 0·25 per cent. in cream, more especially as by another recommendation all dietetic preparations intended for the use of invalids or infants are to be entirely free from preservative chemicals; but it will be a severe shock to tho3e traders who are in the habit of using these substances to be informed that they must declare the fact of the admixture by a label attached to the containing vessel. The use of boric acid and borax only is to be permitted in butter and margarine, in proportions not exceeding 0·5 per cent. expressed as boric acid, without notification. It is suggested that the use of salts of copper in the so‐called greening of vegetables should not be allowed, but upon this recommendation the members of the Committee were not unanimous, as in a note attached to the report one member states that he does not agree with the entire exclusion of added copper to food, for the strange reason that certain foods may naturally contain traces of copper. With equal truth it can be said that certain foods may naturally contain traces of arsenic. Is the addition of arsenic therefore to be permitted? The Committee are to be congratulated upon the result of their labours, and when these recommendations become law Great Britain may be regarded as having come a little more into line— although with some apparent reluctance—with those countries who regard the purity of their food‐supplies as a matter of national importance.

We study the relationship between underwriter prestige, family control, and IPO underpricing in an international setting. Data are collected for 5,789 firms that went public across twenty‐five countries between 1995 and 2002. We find that non‐penny‐stock and non‐U.S. IPOs from countries where firms are predominately family‐controlled benefit from associations with well‐known investment bankers; i.e., these firms are less underpriced than similar firms from countries with a low level of family control. At the same time, our findings support prior evidence that suggests that underwriter prestige is positively related to underpricing in the U.S. IPO market. Family‐controlled firms should consider the findings of this study, which identifies factors that are associated with more successful IPO outcomes.

As part of the process of raising funds in the United States' public equity markets, chief financial officers are invariably confronted with a somewhat arcane part of the underwriting mechanism known as the “Green Shoe” option.

The organization which experience has shown to be necessary to keep a fleet of commercial aeroplanes in operation with the minimum number withdrawn from service for repair at any given time is outlined, with specimens of schedules and progress board required

This paper studies the effects of lawsuit settlements on stockholders and bondholders. It is hypothesized that successful plaintiffs and unsuccessful defendants will gain and lose wealth respectively upon the settlement of litigation. Furthermore, the riskiness of equity returns will be altered. The equity beta of plaintiffs (defendants) is expected to decrease (increase) after the verdict. Nonetheless, the variance of stock returns for both parties is anticipated to decrease. The results support the wealth impact hypothesis for both stockholders and bondholders. However, even though the variance of returns does drop for both parties after the settlement, the drop is not statistically significant. Lastly, the beta of both plaintiffs and defendants insignificantly decreases.

AT the end of October, 1935, I retired from active service, after more than fifty years spent in library administration. And now my friend, the editor of this journal, asks me to write some reminiscences in a short article. The limitations of space do not provide for more than a series of brief notes, but it is possible that fuller details may subsequently appear in another form.

This paper aims to investigate popular technical trading rules (TTRs) applied to the FTSE Turkish all-cap and small-cap indexes from September 23, 2003 to August 9, 2019 to determine rules that produce net excess returns over the Buy-and-Hold strategy (B&H).

Five TTRs, namely, simple moving average, relative strength index, moving average convergence divergence, momentum, and rate of change, are applied, singly (one indicator) and in combination (two indicators) for multiple time periods.

For the small-cap index, some TTRs – including the famous Golden Cross, when the 50-day moving average rises above 200-day moving average – produced net annual excess returns (NAERs) over the B&H strategy, for the entire period and each sub-period, after accounting for risk and transaction costs. Results were mixed for the large-cap index. The results support Cakici and Topyan (2013).

This study investigates several indicators, but future studies should examine others, especially based on volume and price.

Investors in the FTSE Turkish small-cap index may use some trading rules to earn NAERs over the B&H strategy.

This research is important because it addresses a gap in the research by examining numerous TTRs in the Turkish stock market. Studies of TTRs in Turkey are scarce.

Local governments play important roles in creating public value for their residents. Recognizing this, they have made improving local quality of life a high priority. Such emphasis has led to the development of various service innovations designed to make urban areas better places to live and work. This article examines one such innovation, the city of San Antonio’s Neighborhood Sweep program (or, simply, “Sweeps”). Sweeps is an example of a general service delivery strategy we term “municipal services bundling” (or MSB). MSB entails targeting resources to particular neighborhoods and tailoring bundles of public services designed to meet neighborhoods' respective needs. Analysis of survey data collected from residents of “swept” neighborhoods from 1999 to 2002 suggests that MSB can have positive effects on overall levels of neighborhood satisfaction and, in the case of Sweeps, may empower local residents while promoting their sense of individual responsibility for neighborhood appearance.

Each year, millions of people around the world are affected by natural disasters. Following these disasters, many students from colleges and universities arrive to support the affected areas. These seamless leadership learning opportunities engage students by allowing them to implement the concepts they learned in a classroom. Humanitarian relief requires leadership and logistics to mobilize essential resources to aid vulnerable groups affected by these disasters. This qualitative study evaluates two separate relief projects that were hands-on, week- long service trips involving college students responding to two natural disasters in the United States of America. Using data collected from prompt-based journals, the researchers in this study sought to develop a deeper understanding of participant service experiences in relation to leadership education. Leadership education provides valuable reflection points for students and this manuscript outlines key themes from two unique service experiences. This project showcases these reflections and provides a potential qualitative assessment process for similar endeavors useful for both educators and researchers alike.