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The purpose of this paper is to summarize and provide excerpts from a two‐day roundtable on securities lending and short selling hosted by the Securities and Exchange Commission (SEC) on September 29‐30, 2009.

The paper provides summaries and participants' comments from two days of SEC commissioner's questions and panel discussions. Day one – securities lending: Panel 1 – overview of securities lending; Panel 2 – securities lending and investor protection concerns; Panel 3 – improving securities lending for the benefit of investors; Panel 4: the future of securities lending and potential regulatory solutions. Day two – short selling: Panel 1 – controls on “naked” short selling; Panel 2: making short sale disclosure more meaningful.

Many pension and mutual funds view securities lending as an investment activity. Securities lenders see cash collateral as an important risk. FINRA and the SEC have considered the need for increased transparency and the possible benefits of a central counterparty for securities lending. The securities lending market is highly regulated, including through requirements imposed by Regulation T, 15c3‐3, 15c3‐1, Regulation SHO, and ERISA guidelines. The SEC has considered “hard locate” and “pre‐borrow” requirements for short sales, which some market participants believe would be uneconomical. An estimated 50 percent of fails are from ETFs. The SEC has considered enhanced disclosure requirements for short sales, both anonymous and public, their possible effects on fraud prevention and market efficiency, and any harm they could do to market makers.

The paper provides a discussion by regulators and industry experts on the most important current regulatory issues related to securities lending and short selling.

The paper seeks to provide an alternative and possibly controversial examination of the contemporary anti‐money laundering regulatory phenomenon. It is intended to challenge existing givens and to pose an alternative and challenging view of the reasons and the motives behind the imposition of the international laws and regulations dealing with money laundering.

The paper contains the views of one man who has spent most of his working life examining the money laundering question and it is a single alternative view based upon personal experience.

The findings are not enunciated in the sense that there are research outcomes. It is a question for the reader to interpret and accept or reject the writer's viewpoint.

The paper seeks to encourage a more questioning and agnostic view of current anti‐money laundering practice, with the aim of stimulating more debate on a topic which has for too long been the captive of a small coterie of government agencies.

The paper is challenging in that it represents a complete counter‐blast to every accepted conventional wisdom on money laundering. It is a viewpoint piece.

No one needs help to get into trouble At the beginning of 1975 that is a quotation to be remembered by people as far apart as ex‐President Nixon, ex‐Lord Mayor of London Sir Dennis Lowson, and Fred who cleans our offices—but never satisfactorily.

The purpose of this paper is to provide a comprehensive initial evaluation of the changing issuer objective and partial price adjustment hypotheses as applied to carve‐out parent initial and three‐year returns for the period 1988‐2006.

Using five primary variables: the percentage of the subsidiary retained by the parent, the ratio of offering size to parent market capitalization, filing range adjustments, the percentage of the offering used to retire subsidiary debt or to pay dividends, and the CBOE volatility index to predict initial and three‐year returns, the paper shows that ex ante variables can predict carve‐out parent initial and three‐year returns.

The paper shows that public information known prior to the offer date influences 7.52 percent of the variation in announcement, 5.57‐38.31 percent of the variation in ex‐date and 6 percent of the variation in three‐year market‐adjusted equity carve‐out parent returns.

This study makes several contributions to the literature. Although prior studies focus on ex post determinants of equity carve‐out returns, this study is the first to explore ex ante predictors of equity carve‐out parent returns. The implications of these results are that publicly available information known prior to the carve‐out offering date can influence market‐adjusted initial and three‐year parent carve‐out returns and can explain 6‐17 percent of the variation.

Despite the importance of sustainability, some conservative religious groups do not believe and support climate change. There is a continuous debate on the role of religion on people’s attitudes toward the environment. Hence, the purpose of this paper is to (1) explore the impact of consumers’ religious orientation on motivation and commitment toward recycling; (2) examine the impact of economic motivation, commitment and love for nature toward intention to recycle; (3) investigate the mediating effect of motivation, commitment and love for nature on the relationship between consumer religiosity and their intention to recycle; and (4) examine the impact of consumers’ intention toward its subsequent behavior.

Using convenience sampling methods, participants were recruited through an online survey platform (MTurk). The total completed respondents are 827 participants.

The results show consumers’ religiousness influence their motivation, commitment and love for nature. This study shows that consumers with high intrinsic and extrinsic religiousness are more likely to be motivated by economic motivation. Being religious does not make consumers more environmentally friendly.

This study did not separate religion and between religious and non-religious consumers. Each religion may perceive environments differently. Future research may investigate each religion separately.

This paper has several contributions: (1) it contributes to the debate on the impact of religiousness on consumers’ attitudes toward sustainable-related behavior such as recycling. Does it matter? (2) the results show the most effective way to increase people’s intention to recycle; and (3) the results of this study will have implications for government, religious institutions on how to increase positive attitude toward the environment especially among religious consumers.

The next month or two behind us and this decade will have passed, to merge in the drab background of the post‐war years, part of the pattern of frustration, failure and fear. The ‘swinging sixties’ some called it, but to an older and perhaps slightly jaundiced eye, the only swinging seemed to be from one crisis to another, like the monkey swinging from bough to bough in his home among the trees; the ‘swingers’ among men also have their heads in the clouds! In the seemingly endless struggle against inflation since the end of the War, it would be futile to fail to see that the country is in retreat all the time. One can almost hear that shaft of MacLeodian wit christening the approaching decade as the ‘sinking seventies’, but it may not be as bad as all that, and certainly not if the innate good sense and political soundness of the British gives them insight into their perilous plight.

General and Historical Works, Nevins, Allan. The Gateway to History. Chicago: Quadrangle Books, 1963.

The purpose of this article is to present an inside look at the history of a little‐known but interesting initiative in the marketing field, one that involved the infusion of marketing thought into public policy decision‐making in the USA. It aims to trace the interesting tale of how marketing academics came to be included in the activities of the US Federal Trade Commission (FTC) through the FTC's “Marketing Academic Consultancy Program” (MACP) during the 1970s. This story also aims to include descriptions of the contributions made by those marketing academics and how those scholars were later phased out of the FTC.

An autobiographical approach is used since each of the authors was personally involved in the MACP. As participants in the program and as scholars whose careers were thereafter tremendously affected by that participation, these personal accounts provide considerable insight into the impact on both FTC operations and on marketing academic thought itself.

Over the decade of the 1970s some 30 marketing academics participated in this program, with considerable impact on both FTC operations and on marketing academic thought itself. Reflecting positive impact within public policy, for example, was a massive increase in the FTC budget for marketing and consumer research activities – from essentially zero at the start of the program to some $ 1 million in 1978. Benefits also flowed back into academia, as this program formed a prime basis for the development of today's “Marketing and Society” research area.

Although there are histories of the FTC, this is an original, first‐hand account of a little‐known era during which marketing academics and public policy decision‐makers were given a unique opportunity to work together and learn from each other. It offers personal insights into the workings of this innovative program and the benefits that accrued for both the FTC and for the marketing discipline.