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The Financial Services Authority’s (FSA) proposals to revise best execution obligations will involve an extensive departure from existing practices. In particular, achieving the ‘best price’ will no longer be paramount. Firms will have to factor into the best execution equation other direct and indirect costs of trading which are relevant to achieving ‘the best outcome’ or ‘quality of execution’ for the consumer. This will make the assessment far more complex. The existing timely execution rule, making immediacy of execution the benchmark, is likely to be scrapped, to be replaced by an obligation to deal at a time best calculated to deliver the desired result for the customer. The existing SETS ‘safe harbour’ may also be removed and there will be extensive new customer disclosure obligations in relation to firms’ execution policies and procedures, including information as to deal flow through potential individual execution venues, and execution specific disclosures of conflicts of interest. Firms will also be obliged to review at least annually their execution arrangements and make changes if in the interests of their customers, and the FSA proposes rigorous transaction monitoring obligations to ensure that the revised best execution requirements are being met in practice.

There have been several books written on how the great companies became great. Jim Collins, in his book Good to Great, adds a new twist when he attempts to find out if a company can go from being just good to great, and if so, how. Collins compared eleven companies that were able to make the leap from good to great to those that could not and found six distinguishing characteristics that set them apart: Level 5 leaders, first who...then what, confronting the brutal facts, the Hedgehog Concept, creating a culture of discipline, and finally using technology as an accelerator. ECCU is a good company that is striving to become great. While the results need to be tested over time ECCU is an example of a company who has consciously applied the techniques and seen the expected success. Many of the good to great principles can be applied to ones personal life as well as to corporate life.

Whilst accepting the economic necessity for adding extenders to zinc rich paints, there are several problems which need careful consideration.

A selection of organic and inorganic pigments has been evaluated in an epoxy powder coating system and the results are tabulated and discussed.

Features two case studies. The first of these focuses on Royal Mail, provider of a universal delivery service within the UK. Notes how total quality management has evolved within the organization and how the role of internal good practice has underpinned the development of a continuous improvement environment. Identifies the key enablers for the effective transfer of good practice and the process models adopted. The second case study focuses on Texas Instruments Europe, part of the TI Group and a previous winner of the European Foundation for Quality Management Award. Investigates how different sources provide an extensive database of knowledge for the organization wishing to locate best practices. Identifies the approach adopted to best practice sharing in order to remain focused and achieve maximum benefits within the shortest timeframe. The organization has set up its own office of best practice (OBP) to support the best practice drive and the article focuses on how the OBP expertise is deployed to maximum effect within the organization.

As change compels businesses to reconsider corporate performance, whether in the strategic, process, people or systems dimensions of organizational outputs, measurement of the effectiveness of best practice initiatives becomes critical to competitiveness.

A recognition that pockets of business and process excellence existed alongside mediocrity led Texas Instruments to establish a Best Practice Sharing programme under the direction of the Office of Best Practices. The Office of Best Practices, launched in 1994, is a dedicated unit which helps Texas Instruments’ worldwide businesses to identify, access and transfer best practices. TI’s Best Practice Sharing initiative was implemented to provide a mechanism for dialogue between TI leadership and TI employees and to facilitate collaboration based on the company’s strengths and business gaps. The goal is to provide a quicker path to achieving business excellence. In addition to providing these solutions, the Best Practice Sharing project has provided TI employees with a greater sense of the synergies possible across the company and a greater feeling of shared vision. This paper reviews the TI‐BEST programme, the Best Practice Sharing initiative, and examines the lessons learnt and benefits gained from best practices knowledge sharing.

Explores the faking‐good of personality questionnaire results in occupational settings. Identifies three specific lines of research into faking‐good: first, whether it is possible for candidates to fake‐good personality questionnaire results; second, whether faking‐good adversely affects the criterion validity of personality questionnaire results; third, whether candidates actually engage in faking‐good behaviour. Notes, in relation to this third line of enquiry, the lack of information about the views of candidates and potential users of personality questionnaires towards the faking‐good of personality questionnaire results. Proceeds to explore the views of 190 people employed in personnel departments in the North‐West of England towards various issues associated with the faking‐good of personality questionnaire results. These issues include: the ease with which personality questionnaire results can be faked; the ease with which faking‐good can be detected; the extent to which candidates actually fake‐good; the ethics of faking‐good responding. The implications of the study focus on matters such as the face validity of personality questionnaires, the training of test users and the future development of non‐transparent fake‐good scales.

The purpose of this research paper is to study attitudinal responses to the tone of a voluntary disclosure. It is known that tone can affect market response. Existing literature assumes that investors' attitudes mediate these effects, but these attitudinal mediators have not been directly measured. The authors are especially interested in cases where a firm is reporting poor financial results. The purpose is to trace the mechanism and conditions under which tone affects the credibility of a voluntary disclosure.

The authors conducted a 2 × 2 between-subjects study that manipulates financial performance (good/bad) and tone (positive/negative). The attitudinal dependent variable is the credibility of the management discussion, with persuasive intent as a mediator of the effects of tone on credibility.

In the case of bad financial results, a positive tone has a negative effect on credibility as the authors predict. This effect is fully mediated by perceived “persuasive intent”. In the case of good financial performance, credibility is higher when management adopts a positive tone, even though there, too, subjects perceive the persuasive intent.

The research paper establishes a bridge between the communications and finance literature on the effect of tone in voluntary disclosures. The empirical findings provide initial evidence and new detail regarding an attitudinal response (credibility) that the finance literature often assumes is responsible for mediating market responses to voluntary disclosures. One unexpected finding with interesting implications is that positive tone increases credibility in the case of good news. The implication is that a firm may indulge in taking a victory lap to celebrate good news, without harming the credibility of their corporate communications. Additional research is warranted that combines theory and methods from communications and finance, to further elaborate the attitudinal mechanisms behind the market effects of tone in voluntary disclosures.

At the most general level, the original contribution is the creation of a theoretical and methodological bridge between the communications and finance literature, regarding the effect of tone in voluntary disclosures. This research proposes an integrated theoretical framework, in which the concept of incentives shapes the relationships between the firm's financial situation, a disclosure's tone and its credibility. Methodologically, the authors employ an experimental method, which is more typical in the communications literature, to illuminate the attitudinal effects of tone that are frequently mentioned and assumed in the finance literature.

An interview with Zeynep Ton, a professor of practice in the operations management group at MIT Sloan School of Management, about er latest book, The Case for Good Jobs: How Great Companies Bring Dignity, Pay & Meaning to Everyone’s Work.

She believes that leaders can either view their employees as a cost to be minimized, invest little in them and operate with high turnover, or they can see them as drivers of profitability and growth—investing heavily in them, designing their work for high productivity and contribution and therefore operating with low turnover.-- “the good jobs strategy.”

The secret sauce of good jobs strategy is four operational choices—focus and simplify, standardize and empower, cross-train and operate with slack—that improve productivity and contribution and make that higher investment possible.

The competitive costs of low people investment are even higher than the poor operational execution costs.

By making the work better and increasing pay, companies can better attract and keep their talent and enforce high standards, which improve execution and service, uplifting revenue. Few have examined this important topic more closely than Zeynep Ton, a professor of practice in the operations management group at MIT Sloan School of Management, best-selling author of The Good Jobs Strategy: How the Smartest Companies Invest in Employees to Lower Costs and Boost Profits.