EDITORIAL: TAX REFORM AND SIMPLIFICATION

Major tax reform to simplify the UK tax system is possible. Merging income taxes, social security taxes and corporation tax into only a single flat-rate of tax on all incomes would be a radical start. Avoiding taxes on income and expenditure which are 'too high' requires major reductions in government spending, mainly on the welfare state. Given the political will, over a period of years we really can hugely improve the UK tax system.     

Thought leadership in investment banking: The beginning of a new era

The paper argues that although considerations such as industry consolidation, the role of lending and the effects of technology are still important in shaping the future of investment banking, sustainable competitive advantage necessitates that emphasis is also placed on thought leadership. This entails quite a radical change in terms of the way in which the industry approaches the problem of competition and requires emphasis on value creation for all the constituent parts of the industry: corporations, investors, the banks themselves and research departments. Accordingly, the paper provides a rationale for this change and provides inter alia a range of examples to illustrate how thought leadership could lead to a fundamental change in the future of the investment banking industry.     

A play-the-winner-type urn design with reduced variability

We propose a new adaptive allocation rule, the drop-the-loser, that randomizes subjects in the course of a trial comparing treatments with dichotomous outcomes. The rule tends to assign more patients to better treatments with the same limiting proportion as the randomized play-the-winner rule. The new design has significantly less variable allocation proportion than the randomized play-the-winner rule. Decrease in variability translates into a gain in statistical power. For some values of success probabilities the drop-the-loser rule has a double advantage over conventional equal allocation in that it has better power and assigns more subjects to the better treatment. Acknowledgments. I thank Stephen Durham, the associate editor, and the referees for their helpful suggestions.     

Effect Sizes in Qualitative Research: A Prolegomenon

The American Psychological Association Task Force recommended that researchers always report and interpret effect sizes for quantitative data. However, no such recommendation was made for qualitative data. Thus, the first objective of the present paper is to provide a rationale for reporting and interpreting effect sizes in qualitative research. Arguments are presented that effect sizes enhance the process of verstehen/hermeneutics advocated by interpretive researchers. The second objective of this paper is to provide a typology of effect sizes in qualitative research. Examples are given illustrating various applications of effect sizes. For instance, when conducting typological analyses, qualitative analysts only identify emergent themes; yet, these themes can be quantitized to ascertain the hierarchical structure of emergent themes. The final objective is to illustrate how inferential statistics can be utilized in qualitative data analyses. This can be accomplished by treating words arising from individuals, or observations emerging from a particular setting, as sample units of data that represent the total number of words/observations existing from that sample member/context. Heuristic examples are provided to demonstrate how inferential statistics can be used to provide more complex levels of verstehen than is presently undertaken in qualitative research.