Charitable life insurance--the ideal deferred gift

As financial pressures on non-profits rise, fund raisers are constantly searching for alternative income sources. Life insurance may be one of them.     

Unionism and the public sector

It is incorrect and misleading to speak of unionization as a ‘human right’. The only human right is ‘self-ownership’, i.e. to pursue goals with one's own abilities but with no force or fraud against others. Government cannot dispense rights, only privileges and protections to some at the expense of others. A minimal degree of coercion exercised by government is unavoidable. But labor unions are not governments. Government has granted significant privileges to unions in the private sector, but such are not appropriate for public sector unions.     

Improving perishable product inventory management using goal programming

The multiple objectives of perishable product inventory management are examined in this paper. These objectives include: (1) satisfying demand by carrying sufficient inventories, (2) holding down inventory carrying costs, (3) keeping the amount of product spoilage (outdating) at an acceptable level, and (4) maintaining quality by using the product while it is still fresh, and (5) keeping the cost of rotation low. Some of the above objectives are in conflict. Thus, certain redistribution policies may help attain one or more of these objectives to a greater extent. Redistribution involves the transfer of the product from outlets where demand is low to outlets where demand is high. A goal programming model for solving redistribution problems is presented. An example is provided and sensitivity analysis is performed in order to determine when redistribution is advantageous. Applicability of the model is discussed.     

The entropies: Some roots of ambiguity

Entropy concepts have developed in four general contexts—thermodynamics, communication theory, statistical information theory and social and life sciences. These concepts have five distinct mathematical forms. Ambiguity and complexity in utilization of the concept has been heightened by this multi-faceted heritage. Effective utilization may be strengthened by a sharper articulation of entropy through combinations of literal, mathematical and graphical modes of expression. Geography and planning as user disciplines have important responsibilities in enhancing cross-disciplinary communication of this important adisciplinary concept. Implications of these arguments for the social sciences include the need for caution in drawing social analogies from the ambiguous entropy concepts of statistical mechanics; and an indication of the potential benefits of social science models based on the unambiguous entropic constructs of statistical information theory.     

Robustness to the unavailability of data in block designs

We present general results for finding or boundingt _maxB , the maximum number of arbitrary whole blocks of observations which can be removed from a block design, and still leave all of the elementary treatment contrasts estimable. The block sizes may be larger than the number of treatments. The results are applied to BBDs, reinforced BIBDs and BBDs, BTIBDs, and a series of variance balanced incomplete block designs with two block sizes. Also given for most of these designs, are results fort _max, the maximum number of arbitrary, scattered observations that can become unavailable, and still leave all of the elementary treatment contrasts estimable.The work was undertaken while Dr. Whittinghill was visiting Ohio State University, and supported by a grant from the Natural Sciences Division, Colby College, Waterville, Maine.     

Testing equality of variances in the analysis of repeated measurements

The problem of comparing the precisions of two instruments using repeated measurements can be cast as an extension of the Pitman-Morgan problem of testing equality of variances of a bivariate normal distribution. Hawkins (1981) decomposes the hypothesis of equal variances in this model into two subhypotheses for which simple tests exist. For the overall hypothesis he proposes to combine the tests of the subhypotheses using Fisher's method and empirically compares the component tests and their combination with the likelihood ratio test. In this paper an attempt is made to resolve some discrepancies and puzzling conclusions in Hawkins's study and to propose simple modifications.
The new tests are compared to the tests discussed by Hawkins and to each other both in terms of the finite sample power (estimated by Monte Carlo simulation) and theoretically in terms of asymptotic relative efficiencies.     

Determinants of the stock price reaction to leveraged buyouts

This paper investigates the determinants of leveraged buyout activity through the use of an abnormal return premium from the time of the first announcement through the final trading day. Consistent with the free. cash flow theory, firms with either high free cash flow or low Tobin’s q have higher abnormal returns. However, the returns to firms with both high free cash flow and low Tobin’s q are lower than firms with just one of these characteristics. Firms which substantially increase leverage and management buyouts with high insider ownership prior to the buyout have lower abnormal returns. Firms with lower risk, and therefore greater debt capacity, have higher abnormal returns.     

BOOK REVIEWS AND NOTES

Book reviews in this article: G.D.H. COLE AND INDUSTRIAL DEMOCRACY: A REVIEW: The World of Labour Introduction by John Lovell G.D.H. COLE AND INDUSTRIAL DEMOCRACY: A REVIEW: Self-Government in Industry Introduction by J. G. Corina G.D.H. COLE AND INDUSTRIAL DEMOCRACY: A REVIEW: Workshop Organisation Introduction by A. I. Marsh WORKPLACE INDUSTRIAL RELATIONS: Building: Teamwork or Conflict? by L. G. Bayley The Management of Wage Payment Systems by Alan Gillespie Labour Relations on the Docks by M. Jackson ORGANIZATIONAL BEHAVIOUR: Social Psychology of the Work Organisation by A. S. Tannenbaum Organisational Problems in European Manufacture by T. D. Weinshall LABOUR ECONOMICS: Manpower Economics by E. B. Jakubaus and Neil A. Palomba Labour Economics by J. E. King Unemployment and Wage Inflation with Special Reference to Britain and the U.S.A. by J. Taylor UNEMPLOYMENT: Regional Unemployment Differences in Great Britain by P. C. Cheshire Interregional Migration Models and their Application to Great Britain by R. Weeden The Changing Pattern of Employment—Regional Specialisation and Industrial Localisation in Britain by M. Chisholm and J. Oeppen Men Out of Work—A Study of Unemployment in Three English Towns by M. J. Hill, R. M. Harrison, A. V. Sargeant and V. Talbot Do The Poor Want To Work? A Social-Psychological Study of Work Orientation by L. Goodwin Marienthal: The Sociography of an Unemployed Community by M. Jahoda, P. F. Lazarsfeld and H. Zeisel b