Search results

A GOOD deal of fuss has been occasioned by the barring of several novels by the Libraries Association recently. Into the pros and cons of the matter—which have been over‐canvassed already—we do not propose to enter in detail: these circulating libraries and their customers can be left to reconcile their own differences of opinion. It is, however, unfortunate that a few commercial circulating libraries, when combining to form an association, should have chosen a title that was bound to be confused with that of the Library Association.

This study aims to examine the market returns of the Ukrainian stock and bond markets to determine whether they exhibit calendar anomalies including the January effect, weekend effect, and turn‐of‐the‐month (TOM) effect. Ukraine provides an opportunity to examine the efficiency of an emerging market, adding to the extensive body of research on calendar anomalies.

Regression analysis is used to examine the relationship between January returns vs non‐January returns, Monday returns vs non‐Monday returns, and TOM returns vs non‐TOM returns. Non‐parametric t‐tests and Wilcoxon signed rank tests are also used to examine TOM returns vs the rest of the month returns.

There is no evidence of a January effect or a weekend effect in the Ukrainian stock and bond markets. However, our results support a TOM effect in the Ukrainian stock market. The mean daily TOM return is 0.35 vs 0.24 per cent for the rest of the month. Additionally, in 63 per cent of the months, the mean daily TOM return exceeds the return for the rest of the month.

The data are limited to five‐years of daily returns and two different Ukrainian indexes. Thus, the results could be biased by the time period analyzed. The results are important for portfolio managers and investors as they can benefit from the TOM effect, but not the January effect and weekend effect.

This is the first study to our knowledge that has extensively examined the calendar anomalies in the Ukrainian stock and bond markets.

This study seeks to examine the market returns of five domestic real estate investment trust (REIT) indices to determine whether they exhibit a turn‐of‐the‐month (TOM) effect.

A test is carried out for the TOM effect by employing a battery of parametric and non‐parametric statistical tests that address the concerns of distributional assumption violations. An OLS regression model compares the TOM returns with the rest‐of‐the‐month (ROM) returns and an ANOVA model examines the TOM period while controlling for monthly seasonalities. A non‐parametric t‐test examines whether the TOM returns are greater than the ROM returns and a Wilcoxon signed rank test examines the matched‐pairs of TOM and ROM returns.

A TOM effect in all five domestic REIT indices is found: real estate 50 REIT, all‐REIT, equity REIT, hybrid REIT, and mortgage REIT. More specifically, the six‐day TOM period, on average, accounts for over 100 per cent of the monthly return for the three non‐mortgage REITs, while the ROM period generates a negative return. Additionally, the TOM returns are greater than the ROM returns in 75 per cent of the months.

The data are limited to five‐years of daily returns and five different indices. Thus, the results could be biased on the selected time period.

These results are important to REIT portfolio managers and investors. Domestic REIT markets experience a TOM effect from which investors and portfolio managers can benefit.

The daily returns of all five major domestic REIT indices are examined. Data are evaluated which include daily returns after the passage of the REIT Modernization Act of 1999 that resulted in numerous changes for REITs. Whether the TOM effect can be detected with both parametric and non‐parametric tests is examined.

In a world where commerce and culture are still somewhat estranged, the purpose of this paper is to show that high culture’s supreme exponents were commercially minded masters of marketing.

Historically situated, the paper adopts a biographical approach to the making of modernism’s literary masterworks. It focuses on Ezra Pound, T.S. Eliot and James Joyce, who were responsible for the modernist classics, Ulysses and The Waste Land.

The analysis identifies five fundamental marketing principles that appear paradoxical from a traditional, customer-centric standpoint, yet are in accord with latter-day, post-Kotlerite conceptualisations. The marketing of modernism did not rely on “modern” marketing.

If, at the height of the anti-bourgeois modernist movement, the “great divide” between elite and popular culture was bridged by marketing, there is no reason why contemporary culture and commerce cannot collaborate, co-operate, co-exist, coalesce.

The paper complements prior studies of “painterpreneurs”, by drawing attention to the marketing of literary masterworks.

Encyclopædia Britannica was the leading provider of encyclopedias in the English language, but after sales declined rapidly in the early 1990s the company was forced to file for bankruptcy. Many different organizational and market factors contributed to this crisis, such as the diffusion of the PC, the invention of Encarta, the technical challenges of moving text to electronic formats, and the difficulties of inventing a new format while also operating the leading seller of books. Looking back, what could the company have done differently?

To illustrate important themes on a leading firm's response to technical opportunities and threats; teach students about technological waves, technological disruption, and different concepts of obsolescence; and examine strategic concepts such as attacker's advantages and skunk works.

The March issue of the Journal of Chemical Technology contains the following article, with every word of which we cordially agree. It is gratifying to find that there is one—if only one—of our scientific Journals which has the courage and the patriotism to speak out and to do so in vigorous terms. The indictment of the flabby persons belonging to the Chemical Profession who by their ineptitude and inertia are condoning the bestial crimes of the modern Huns is well‐timed and thoroughly deserved.

An International Exhibition of Hygiene, Arts, Handicrafts, and Manufactures will be held in the Crystal Palace, Madrid, from September to November next, under the patronage of the Spanish Government. The participation of British exhibitors is particularly desired by the promoters, who state that the attendant expenses will be small. His Excellency the Spanish Minister of Commerce will be the Honorary President; the President of the Committee will be his Excellency the Duke of Tamames and Galisteo, Grandee of Spain, Senator, and ex‐Governor of Madrid. The American war on the one hand, and political changes on the other, have had the effect of seriously damaging the credit of Spain, and many exporters, in view of then existing difficulties, refused to trade until affairs became mere settled. To‐day, however, the Spanish Government are making every effort to restore the economical prosperity of their country. Markets have gained strength, commerce has quadrupled, imports have trebled, and exchange is greatly improved. Well‐advised manufacturers sell in quantity and at good prices, the demand being greater than the supply. Again, the immense natural richness of the Iberian Peninsula, which has not yet received the attention of enterprising and powerful capitalists in any proportion to its value, makes Spain one of those countries where industrial progress is the more certain. The decision to hold this exhibition is evidently a wise one, and considerable advantages may accrue to British manufacturers and merchants taking part therein. There appear to be ample guarantees to show that the undertaking may be supported with every confidence. We understand that all detailed particulars with reference to this important exhibition can be obtained from the Spanish representative in London, Mr. A. DONDERIS, Spanish Arts Exhibition, Compton House, 99A, Charing Cross Road, London, W.C.

The purpose of this study is to analyze the increasingly congenial relationship between business and government that developed in the immediate post Second World War period. This study explores the subtle, but systematic, uses of advertising for propaganda purposes to secure American political and commercial world dominance. It locates the relationship between the US Government and the Advertising Council as key components in a strategy to blur the lines between political and commercial messages. In addition to study the relationship between the two stakeholders, the study identifies some of the implications for both.

Scholarship on the government’s postwar relationships with other organizations is relatively scant and few other scholars have focused on the advertising industry’s role in this transformation. This paper draws on trade periodicals and newspaper accounts, and relies on archival material from the Arthur W Page and the Thomas D’Arcy Brophy collections at the Wisconsin State Historical Society and the Advertising Council’s papers at the University of Illinois. Charles W. Jackson papers, located at the Harry S. Truman Library, and the papers of Office of War Mobilization and Re-conversion, deposited at the National Archives, have also been consulted.

The Advertising Council’s “Peace” and “World Trade and Travel” demonstrate an acceleration of collaboration between business and government that continued into the postwar era. It shows the government’s willingness to trade on the Advertising Council’s goodwill and to blur the lines between political and commercial messages, in what can accurately be characterized as a duplicitous manner. Key conclusion includes a willingness among Washington’s policymakers to propagandize its own citizens, a strategy that it commonly, and disparagingly, ascribed to the Soviet Union, and a Council so willing to appease Washington, that it was putting its own reputation at considerable risk.

This paper is based on a study of two campaigns (“Peace” and “World Trade and Travel”) that the Advertising Council conducted in collaboration with the US State Department. While these were the first campaigns of this nature, they were not the only ones. Additional studies of similar campaigns may add new insights.

Recent political events have brought propaganda and government collusion back on the public agenda. In an era of declining journalism credibility, rising social media and unprecedented government and commercial surveillance, it is argued that propaganda demands scholarly attention more than ever and that a historical study of how the US Government collaborated with private industry and used advertising as a propaganda smokescreen is particularly timely.

This study adds to the scholarship on advertising, PR and propaganda in several ways. First, it contributes to the understanding of the advertising industry’s important role in the planning of US international policy after the Second World War. Second, it demonstrates the increasingly congenial relationship between business and the US Government that emerged as a result. Third, it provides excellent insights into the Adverting Council’s transition from war to peacetime. The heavy reliance on archival material also brings originality and value to the study.

Communications regarding this column should be addressed to Mrs. Cheney, Peabody Library School, Nashville, Tenn. 37203. Mrs. Cheney does not sell the books listed here. They are available through normal trade sources. Mrs. Cheney, being a member of the editorial board of Pierian Press, will not review Pierian Press reference books in this column. Descriptions of Pierian Press reference books will be included elsewhere in this publication.