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This paper reports the results of a field study that examined the expectations of users as they relate to the quality of service offered by the information systems (IS) function within organizations. While the results indicate that users have consistently high expectations across organizations, the results also indicate that expectations can differ due to age and gender. The paper discusses the implications of these results, along with ways that management can use this information to better influence user expectations.

This paper examines the pricing of Initial Public Offerings (IPOs) in the secondary market on the first day of aftermarket trading. The focus of this study is on shifts in average returns over time, and does not necessarily address the cross‐sectional implications of a risk/return relation. The focus of the study is to examine the reasonableness of first day trading prices of IPOs. Initial returns of IPOs, issued during the period, January 1, 1999 to June 30, 2000, reached as much as 800 per cent, and the average initial return for the study sample was of 76 per cent. An important question is whether the high initial returns, observed during this time period, are appropriate for the level of risk associated with these new issues. Related to this question is the pricing of these securities by investment bankers (i.e. the offer price) and the pricing of the securities in aftermarket trading (i.e the secondary market). The results of this study indicate the presence of speculative excesses in the initial pricing of IPOs in aftermarket trading during 1999 and part of 2000. Further there is no indication that IPOs are excessively underpriced by investment bankers during the study period, January 1, 1997 through June 30, 2000. The results of this study may be useful to investors in making decisions about purchasing new public securities in the secondary market.

We argue that uninformed subscribers to an initial public offering (IPO) of common stocks are exposed to greater ex ante risk of trading against informed traders in the secondary market because the advent of public trading conveys hitherto private information and thereby mitigates adverse selection. The going‐public firm underprices the new issue to compensate uninformed subscribers for this added secondary market adverse selection risk. We test this market liquidity‐based explanation by investigating the ex‐post consequences of ownership structure choice on the initial pricing and the secondary market liquidity of a sample of initial public offerings on the New York Stock Exchange (NYSE). Consistent with our argument, we find that initial underpricing varies directly with the ex post trading costs in the secondary market. Further, initial underpricing is related positively to the concentration of institutional shareholdings and negatively to the proportional equity ownership retained by the founding shareholders. Finally, the secondary market illiquidity of new issues is positively related to institutional ownership concentration and negatively to ownership retention and underwriter reputation. Thus, the evidence based on our NYSE sample supports the view that the entrepreneurs' choice of ownership structure affects both the initial pricing and the subsequent market liquidity of new issues.

Criticizes previous research on price/earnings ratios (PER) for neglecting their historical links with interest rates and analyses the causal links between interest ratres and the PERs of the Toronto Stock Exchange 300 Index (TSE300) and of seven major Canadian industries 1965‐1997. Explains the methodology and identifies three “distinct PER regimes”: 1965‐1974 (average PER 17.17), 1975‐1982 (average PER 8.92) and 1983‐1997 (average PER 17.2 with a higher standard deviation). Looks at the economic conditions for each period and suggests that current PERs “may not be too high”. Finds a negative correlation between PERs and treasury bill rates, differing between industries; and that the bill rate explains 95 per cent of PER variation for the TSE300, although it is not significant for the gold and silver industry. Adds that divided payout ratios and lower investor risk aversion are positively related to PERs, but that growth rate has a more variable influence. Summarizes the findings and their implications for PER forecasters.

The following annotated bibliography of materials on orienting users to the library and on instructing them in the use of reference and other resources covers publications from 1979. A few items from 1978 were included because information about them had not been available in time for the 1978 listing. Some entries were not annotated because the compiler was unable to secure a copy of the item. The bibliography includes publications on user instruction in all types of libraries and for all types of users from children to adults. To facilitate the use of the list, it has been divided into categories by type of library. Even though the library literature includes many citations to items on user instruction in foreign countries, this bibliography includes only publications in the English language.

My main point is that the 1920s Chicago School got its scholastic or school-like quality primarily from its notion of what a human being is, from its social psychology, and only secondarily from its sociology. These sociologists developed the novel idea that humans are constituted by symbolic or cultural elements, not biological forces or instincts. They applied Franz Boas's discovery of culture to human nature and the self. In particular, they showed that ethnic groups and their subcultures are not biologically determined or driven by fixed instincts. In the 1910s and 1920s, the Americanization movement held that ethnic groups could be ranked on how intelligent, how criminal, and therefore how fit for democracy they were. This powerful movement, the extreme wing of which was lead by the Northern Ku Klux Klan, advocated different levels of citizenship for different ethnic groups. The Chicago sociologists spear-headed the idea that humans have a universal nature, are all the same ontologically, and therefore all the same morally and legally. In this way, they strengthened the foundations of civil liberties. The Chicago professors advanced their position in a quiet, low-keyed manner, the avoidance of open political controversy being the academic style of the time. Their position was nevertheless quite potent and effective. The actual sociology of the school, also quite important, was largely an expression of the democratic social psychology. In addition, the sociology was dignified and elevated by the moral capital of their theory of human nature.