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The market for mergers and takeovers, often referred to as the market for corporate control [Manne (1965)], has always attracted the attention of investors and researchers because takeovers represent corporate investment decisions on a scale several times larger than the normal, ongoing, growth‐maintaining capital outlays by the typical value‐maximising firm. Although the theoretical justifications for such corporate actions are reasonably well understood, the true motives for the mergers and the strategies adopted by acquiring firms to consummate them can be complex and diverse in scope. Corporate acquisitions can therefore have widespread effects on the wealth of various groups of agents involved in the market for corporate control.

This study examines the stock market reactions to an involuntary adjustment to loan‐loss reserves by the write‐downs of Argentinean loans by major banks with Argentinean loan exposure. This event has escaped investigation in the empirical literature of the LDC debt crisis. A seemingly unrelated regression study, rather than a Brown and Warner (1980) event study, is employed to investigate two pairs of hypotheses, namely the new‐information vs. information‐leakage hypothesis and the rational‐pricing vs. investor‐contagion hypothesis, using daily stock market data. Sample banks are grouped into three portfolios (highly exposed multinational banks, mildly exposed regional wholesale banks and unexposed or nominally exposed regional consumer banks) to test the investor‐contagion effect. The results indicate that the stock market adjusts quickly to new information, thereby providing evidence of semi‐strong‐form market efficiency. Unlike previous research, this research finds strong evidence for an investor‐contagion effect.

Increases in stockholder wealth around leveraged recapitalization (recap) announcements are related more to reductions in the firm's financial slack than improvements in operating efficiency. Moreover, while recaps significantly reduce the firm's workforce and asset base, they do not improve operating profitability. These results support the argument (often espoused by non‐finance writers) that the market for corporate control is inefficient and, in many cases, outright destructive. Alternative systems of corporate governance should be explored.

This study examines the price behavior of a sample of Canadian bank stocks surrounding the announcement by Citicorp of a large increase in their provision for loan losses induced by their exposure to debt of lesser developed countries in general and their exposure to Brazilian debt in particular. Both the US and Canadian reactions were positive but the magnitude of the Canadian abnormal returns was higher than the US. Both responses differ from the UK negative reaction. The UK response is attributed to a substantive difference in tax policy.

The empirical evidence on mergers and takeovers indicates that positive gains due to mergers and takeovers ac‐crue almost entirely to the target firms. While average abnormal returns to target firms are invariably positive, returns to bidding firms are negative in case of mergers and not significantly different from zero in case of takeovers (see Jensen and Ruback [1983] and De and Mathur in this issue for a review of the empirical evidence). That acquiring firms should offer the shareholders of the target firms such handsome rewards and accept marginal returns for themselves is one of the unresolved problems in the context of mergers and takeovers.

Researchers often attempt to assess how different features and content will improve the experience of web site users. One assessment technique is to measure the attitude toward the site. A common version of this measure is the Chen and Wells attitude toward the site scale. The purpose of this paper is to determine if there is a difference in performance between that scale and the less used Bruner and Kumar scale so that researchers might use the better of the two related, but different, published scales.

Analysis is done on survey data from an experiment utilizing three different experimental groups that all completed surveys with both the Chen and Wells and the Bruner and Kumar attitude toward the site scales. Scales are assessed for loading and reliability, as well as measures compared for equivalence within groups and used within partial least squares (PLS) models to compare overall model fit.

In all tests, the Bruner and Kumar scale is better than, or equivalent to, the Chen and Wells scale in each comparison.

The research implication is that the Bruner and Kumar scale would be a better choice when selecting scales for future research projects.

Although Bruner and Kumar had previously performed comparisons of the two scales, in a follow‐up article, this is the first paper to compare the two scales between three different groups and demonstrate how the two different scales would perform within the same conceptual model using PLS structural equation modeling. It will help researchers select the best scale for attitude toward the site.

This paper represents a discussion of transfer pricing (TP). Key factors are identified and propositions developed from tax accounting and other perspectives. Stages of the TP decision process are identified along with the critical factors directly affecting sales and a TP audit. Propositions are derived which show relationships among these variables and tax rates, competition, and TP methodologies. Finally, academic research implications are suggested.

This paper develops more specific details on how natural mental‐function might evolve within a wholly‐material brain system, depending entirely on “self‐organization” operating within á reasonably consistent environment. It is assumed that mental development can, in principle, be explained in detailed mechanistic terms. The attempt is then made to give the outlines of such an explanation, drawing on existing physiological knowledge, and considerations of the practical “design” difficulties which such a system would necessarily have to face. RNA‐like codeable strings are seen as the basic memory elements (rather than adaptable synapses). “Concepts” are explained as Piagetian mental models, built up in explained stages due to interaction with the real object, and encoded on the linear elements. Coordination between these elements is seen as biochemical but with the added available intermediary of electrically mediated signals, allowing coordination at a distance. The likelihood that subsequent developmental periods may recapitulate the same overall strategy is considered.

It is possible to say that an expert in any field of knowledge can be expected to know particular things and techniques. This can be said of a stone mason, a physicist or a midwife. The expertise consists of a notional core of knowledge and skills (i.e. applied knowledge). Such expertise arguably can be found in other experts in the same field, although there will be idiosyncrasies of approach and valuation and quite probably divergencies in what is considered “right” and “wrong”.

The following is an annotated list of materials dealing with orientation to library facilities and services, instruction in the use of information resources, and research and computer skills related to retrieving and using information. The thirteenth annual such review in Reference Services Review, the article covers items in English published in 1986. A few items are without annotations because the compiler was unable to secure copies of them for this review.