Shorter reviews

Crush, Jonathan and James Wilmot (eds.) Crossing boundaries: mine migrancy in a democratic South Africa Smith, Michael Peter (ed.) Marginal spaces: comparative urban and community research, volume 5 Harrington, J.W. and B. Wharf Industrial location: principles, practice and policy King, Desmond Separate and unequal. Black Americans and the US Federal government     

What has foreign exchange market intervention since the Plaza Agreement accomplished?

We review the conduct and scale of official intervention by monetary authorities in the U.S.A., Japan, and West Germany since the Plaza Agreement. Relative to trading volume and the stock of internatonally traded assets denominated in foreign currencies, intervention is small-scale and sporadic, hence at best limited to transitory effects. It does not appear to reduce volatility of daily exchange rates. Monetary authorities gamble that they will not suffer losses on their foreign currency holdings. Evidence in favor of sterilized foreign exchange market intervention as a way of conveying information to the private sector is far from convincing. Since changes in relative monetary growth rates are sufficient to alter bilateral exchange rates, monetary authorities can achieve their exchange rate preferences with domestic monetary policy, but at the cost of possible distortionary effects on monetary growth rates, domestic interest rates, and international capital flows.     

The "Ethics" of Ethical Investing

There appears to be an implicit assumption by those connected with the ethical investment movement (e.g., ethical investment firms, individual investors, social investment organizations, academia, and the media), that ethical investment is in fact ethical. This paper will attempt to challenge the notion that the ethical mutual fund industry, as currently taking place, is acting in an ethical manner. Ethical issues such as the transparency of the funds and advertising are discussed. Ethical mutual fund screens such as tobacco, alcohol, gambling, and the military are preliminarily examined to better determine whether they can actually be defined as "ethical" screens as opposed to merely social, political, or religious screens. A code of ethics for ethical investment is constructed by which ethical mutual fund firms can be audited for ethical compliance.     

'Invisible' resource: women for boards

Despite the increased appearance of women on corporate boards in recent years, only 1.8% of the directors of the top 1,300 boards are women. Almost without exception, these women have been highly "visible" for their achievements in government, education, and nonprofit circles. But there are hundreds of other high achievers who are not so visible. The problem for chairmen and nominating committees is two-fold: (1) identifying and selecting the best of this "unknown" but talented pool of candidates and (2) defining and communicating their expectations from women.     

DICTIONARY OF SCOTTISH BUSINESS BIOGRAPHY

A nthony S laven and S ydney C heckland (eds.) Dictionary of Scottish Business Biography (1860–1960), Volume I. The Staple Industries.     

Privatization: Reflections on the Eastern European experience

Opinions expressed in this paper are strictly personal.     

Degree performance of Economics students in UK universities: absolute and relative performance in prior qualifications

We exploit individual‐level data on full cohorts of UK university leavers who were enrolled for an Economics degree during the period 1984–85 to 1992–93 or the academic year 1997–98. We analyse the determinants of degree performance and find that performance depends not only on prior qualifications as measured by A‐level scores, for example, but also on the individual student's ranking (based on their A‐level scores) within their cohort at their university. The students' performance is also enhanced by having previously studied mathematics, although there is no benefit from the prior study of Economics. We find that attendance at an Independent school has a negative effect on degree performance, and that there are comparatively few social class background effects. Females are more likely than males to obtain a good degree.     

Clustering in the futures market: Evidence from S&P 500 futures contracts

We document trade price clustering in the futures markets. We find clustering at prices of x.00 and x.50 for S&P 500 futures contracts. While trade price clustering is evident throughout time to maturity of these contracts, there is a dramatic change when the S&P 500 futures contract is designated a front‐month contract (decrease in clustering) and a back‐month contract (increase in clustering). We find that trade price clustering is a positive function of volatility and a negative function of volume or open interest. In addition, we find a high degree of clustering in the daily opening and closing prices, but a lower degree of clustering in the settlement prices. © 2004 Wiley Periodicals, Inc. Jrl Fut Mark 24:413–428, 2004