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In this article we compare the performance of the traditional CAPM with the multi factor model of Fama and French (1996) for equities listed in the Shanghai Stock Exchange. We also investigate the explanatory power of idiosyncratic volatility and respond to the claim that multi factor model findings can be explained by the turn of the year effect. Our results show that firm size, book to market equity and idiosyncratic volatility are priced risk factors in addition to the theoretically well specified market factor. As far as the turn of the year effect is concerned we reject the claim that the findings are driven by seasonal factors.

Correspondent banking, the provision of services by one bank to another, has been a neglected area of academic research, and literature lacks a comprehensive theoretical framework to describe correspondent relationships. The bulk of previous studies have been conducted in the USA, where the regulatory environment places particular requirements on correspondent banking relationships that are difficult to generalise to countries such as Australia. This paper explores two theoretical frameworks for correspondent banking. The first sees correspondent banking in a financial contracting cost‐reduction framework, in line with theoretical models of financial intermediation. The second framework is based on Dunning’s (1979) eclectic theory of international investment. Correspondent banking is viewed as a strategic tool to be used when a banking firm does not at present possess a full range of ownership‐specific, locational and internalisation advantages. The paper reviews the traditional and modern functions of correspondent banking and the structural arrangements that can be put in place to organise these activities. Case studies of two banks, operating in Australia, are used to illustrate the different strategic and structural approaches that can be utilised in respect of correspondent banking.

Malkiel and Xu state that idiosyncratic volatility is highly correlated with size and that it plays a powerful role in explaining expected returns. The purpose of this paper is to ask whether idiosyncratic volatility is useful in explaining the variation in expected returns; and whether the findings can be explained by the turn of the year effect.

Monthly stock returns and market values of all listed firms in Germany and UK covering the period 1991‐2001 from Datastream are used as the basis of the evaluation.

The paper finds that the three‐factor model provides a better description of expected returns than the Capital Asset Pricing Model (CAPM). That is, it is found that firm size and idiosyncratic volatility are related to security returns. In addition, it is noted that the findings are robust throughout the sample period

The paper shows that the CAPM beta alone is not sufficient to explain the variation in stock returns.

This paper aims to document the measures taken by Australian corporate treasurers in the areas of cash, inventory, accounts receivable, accounts payable and risk management to survive the global financial crisis (GFC).

Using qualitative techniques like interviews and a survey questionnaire, this paper summarises the various measures adopted by working capital managers.

The results show that more than half of the participants in the survey altered their working capital management practices during the crisis. Capital expenditure was curtailed, as they aimed at preserving their cash levels while reducing inventory levels. Credit worthiness of institutions became more important, and there was a general decline in credit availability. The results also show that Australian working capital managers exhibit behavioural biases, particularly overconfidence.

It is the first paper that uses open-ended questions to capture the effects of the GFC on working capital management in Australia.

The purpose of this paper is to identify the key developments in Sino‐foreign cooperation in higher education (HE) in China in terms of policy initiatives and legal frameworks and to highlight the main challenges for the sector in the future.

Numerous policy papers, academic literature sources and legal acts are analysed to produce a meta analysis of the understanding to date of the issues involved in partnerships in HE in China. Secondary data sources are accessed and compared for consistency.

The analysis reveals a clear path of initially slow, enhancing, and then rapid developments in the framework of Sino‐foreign HE cooperation. It also reveals some serious issues in the motives behind cooperation, quality of provision, and relevance to China's future development.

The findings of this paper suggest that cooperative partnerships in HE in China need to be much clearer on strategy and purpose and there is an urgent need for a proper assessment of their contribution to the country's education capacity building, educational, and knowledge exchange and future social and economic development.

This paper offers an insight into how it arrives at where it is in terms of these partnerships, how to improve them and raises questions that may well be uncomfortable reading for some.

The purpose of this paper is to provide a preliminary outline of the international presence, commonality and differences between Recovery Colleges.

This study used a short e-mailed survey to create a map of Recovery Colleges internationally and review Recovery Colleges outside the UK. Questions gathered descriptive and qualitative data to gain an overview of the mode of delivery and aspects respondents felt were noteworthy.

This paper identifies Recovery Colleges in 22 countries in five continents (including the UK). Participants described wide variance in their context. Despite adaptations, the operational models and inherent principles of each were closely aligned to those developed in the UK.

This paper provides the first baseline of Recovery Colleges on an international scale. It provides evidence of a high degree of commonality despite variance in setting and highlights the internationally valued transformational power of this model.

The purpose of this paper is to shed light on the contribution that history can give to marketing strategies aimed at revitalizing fashion brands. It focuses on the revival strategy implemented in recent years by the Pucci fashion company.

The analysis is carried out in four parts. Marketing literature dealing with “brand revival” is reviewed in the first part. The second and the third part deal with the main characteristics featured, respectively, by the original and restored Palio and Vivara collections. In the fourth part, by applying the key concepts provided to us by the marketing literature, we pinpoint the chief values which Pucci’s retro-marketing strategy has emphasized upon and those that instead have been partially, if not completely, neglected. The research is based on a mix of sources including records kept by historical archives, fashion press, economic and financial databases and exhibition catalogues.

The research shows that resorting to the past to revitalize a fashion brand can backfire if the retro-marketing strategy is not supported by an extensive knowledge of the firm’s history, and by a well documented analysis of the historical background in which the brand was originally introduced.

The paper provides an example of interdisciplinary approach to brand revival, a marketing strategy to which an increasing number of firms resort to meet the consumers’ call for nostalgic innovation.

In the contemporary relation between economics and Judeo‐Christian thought, Smith identifies three positions. These are disciplinary autonomy for economics, disciplinary interdependence between economics and Christian thought, and distinctively Christian economic analysis. Little evaluation has been made of these positions. Two representatives, as Smith classifies them, of the disciplinary autonomy and interdependence positions are evaluated from the distinctively Christian economic analysis viewpoint. Unlike Smith's classification, both J. David Richardson and Anthony Waterman are assessed as belonging to the disciplinary autonomy group, in which mainstream orthodox economic science is allegedly able to proceed independent of religious input. This position is criticized insofar, as Richardson's major and influential paper in the area (1988) is found to disregard any appraisal of the contribution of modern orthodox economic theory to the explanation of real world processes, and to overlook the contribution Christian thought might make to economic explanation. Both Richardson and Waterman assume an understanding of the “science” in economic science that is problematic, while Waterman utilizes arguments from the philosopher Leslek Kolakowski, and the economist Frank Knight, that are contestable from a Christian perspective.

What is the Purpose of the Library? The question is exercising not only the English librarian but his American colleague, and we notice that one of our contemporaries there has given some space to this fundamental question. The simple reply to the question would seem to be “To provide the community with the books it needs.” Such a reply, however, is likely to be regarded as an over‐simplification. Nevertheless, we may adhere to it because the operative word in our definition is “needs” and not “wants.” To discover the needs of a community, which are as manifold as there are people in it, is in itself a formidable task; to supply the books which are likely to satisfy them is a life‐work worthy of the ablest of men. These considerations should never be lost sight of in the attempts which occur from time to time to define a programme of library work. We are the last to believe that our province should be a limited one and we deprecate any attempt to thwart the enthusiasm of any librarian, young or old, who has something constructive to contribute. Our definition, however, is indisputable. The addition to it that the librarian makes was defined years ago in Brown's Manual, which declared his work to be the exploiting of books. A programme then, if there is to be one, is merely of the best methods of exploitation by good technique, tactful advertisement, and a personal service which radiates willingness. The librarian must always beware of the many attempts that are made to harness the library to particular movements, shibboleths or partisan‐ships: the so‐called programmes which endeavour to define a purpose for the library will often be found to be influenced by one of these three evils. The matter thus stated seems trite enough, but it would seem that there is necessity for its fequent re‐statement.

The purpose of this paper is to explore the detection and prevention of elder financial abuse through the lens of a “professional bystander intervention model”. The authors were interested in the decision cues that raise suspicions of financial abuse, how such abuse comes to the attention of professionals who do not have a statutory responsibility for safeguarding older adults, and the barriers to intervention.

In‐depth interviews were conducted using the critical incident technique. Thematic analysis was carried out on transcribed interviews. In total, 20 banking and 20 health professionals were recruited. Participants were asked to discuss real cases which they had dealt with personally.

The cases described indicated that a variety of cues were used in coming to a decision that financial abuse was very likely taking place. Common to these cases was a discrepancy between what is normal and expected and what is abnormal or unexpected. There was a marked difference in the type of abuse noticed by banking and health professionals, drawing attention to the ways in which context influences the likelihood that financial abuse will be detected. The study revealed that even if professionals suspect abuse, there are barriers which prevent them acting.

The originality of this study lies in its use of the bystander intervention model to study the decision‐making processes of professionals who are not explicitly charged with adult safeguarding. The study was also unique because real cases were under consideration. Hence, what the professionals actually do, rather than what they might do, was under investigation.