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Regulators require banks to employ value‐at‐risk (VaR) to estimate the exposure of their trading portfolios to market risk, in order to establish capital requirements. However, portfolio‐level VaR analysis is a high‐dimensional problem and hence computationally intensive. This article presents two new portfolio‐based approaches to reducing the dimensionality of the VaR analysis.

OWING to the comparatively early date in the year of the Library Association Conference, this number of THE LIBRARY WORLD is published so that it may be in the hands of our readers before it begins. The official programme is not in the hands of members at the time we write, but the circumstances are such this year that delay has been inevitable. We have dwelt already on the good fortune we enjoy in going to the beautiful West‐Country Spa. At this time of year it is at its best, and, if the weather is more genial than this weather‐chequered year gives us reason to expect, the Conference should be memorable on that account alone. The Conference has always been the focus of library friendships, and this idea, now that the Association is so large, should be developed. To be a member is to be one of a freemasonry of librarians, pledged to help and forward the work of one another. It is not in the conference rooms alone, where we listen, not always completely awake, to papers not always eloquent or cleverly read, that we gain most, although no one would discount these; it is in the hotels and boarding houses and restaurants, over dinner tables and in the easy chairs of the lounges, that we draw out really useful business information. In short, shop is the subject‐matter of conference conversation, and only misanthropic curmudgeons think otherwise.

WE write on the eve of an Annual Meeting of the Library Association. We expect many interesting things from it, for although it is not the first meeting under the new constitution, it is the first in which all the sections will be actively engaged. From a membership of eight hundred in 1927 we are, in 1930, within measurable distance of a membership of three thousand; and, although we have not reached that figure by a few hundreds—and those few will be the most difficult to obtain quickly—this is a really memorable achievement. There are certain necessary results of the Association's expansion. In the former days it was possible for every member, if he desired, to attend all the meetings; today parallel meetings are necessary in order to represent all interests, and members must make a selection amongst the good things offered. Large meetings are not entirely desirable; discussion of any effective sort is impossible in them; and the speakers are usually those who always speak, and who possess more nerve than the rest of us. This does not mean that they are not worth a hearing. Nevertheless, seeing that at least 1,000 will be at Cambridge, small sectional meetings in which no one who has anything to say need be afraid of saying it, are an ideal to which we are forced by the growth of our numbers.

The purpose of this paper is to analyse company‐specific factors associated with adoption of risk‐based auditing. It seeks to explore the role of internal auditing in enterprise risk management (ERM).

Findings are drawn from a questionnaire survey, sent in 2006, to all 96 chief internal auditors who were members of the Institute of Portuguese Internal Auditors.

In planning an annual schedule of audits, the adoption of a risk‐based approach is statistically significant in international firms (p≤0.05) and companies listed on the Portuguese stock market (p≤0.10). There is a strong (but not significant) association between risk‐based annual audit planning and entities which are private, in the finance sector, and large. In planning each audit engagement, adoption of a risk‐based approach is correlated positively with entity size. Internal auditing is more proactive in the implementation of ERM in smaller organisations, and is more important in the finance industry and the private sector.

A better understanding emerges of factors associated with the adoption of risk‐based auditing, together with an enhanced appreciation of the role of internal auditing in ERM.

The paper reveals the specific characteristics of companies that are associated with the adoption of risk‐based approaches in the internal audit process. It is the first paper published about risk‐based internal auditing in Portugal.

In this quasi‐experimental study we investigate value congruence and demographic dissimilarity among group members as factors which influence various types of conflict within workgroups. We also examine whether it is beneficial for members to be different or alike, to agree or disagree, in order to foster work group productivity. Results indicate that visible individual demographic differences (i.e., sex, age) increase relationship conflict, while informational demographic differences (i.e., education) increase task‐focused conflict. Value congruence of members decreased both relationship and task conflict, and the specific content of the values held by members influenced performance. Specifically, both detail and outcome group value orientations increased objective performance; outcome, decisiveness, and stability orientations increased perceptions of high performance; and both decisiveness and supportiveness orientations increased the satisfaction level of group members while a team orientation decreased individual member satisfaction in this sample.

Gives a brief description of nanotechnology and outlines various on‐going nanotechnology projects in the UK and USA.