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We aim to examine two issues. First, we intend to identify the best performing expected return proxies. Second, we investigate whether the expected return proxies for individual stocks can track the corresponding realized returns during extremely good or extremely bad times of the economic environment related to business conditions, stock market valuation and broad market performance.

We construct four sets of expected return proxies, including: (1) characteristic-based proxies; (2) standard risk-factor-based proxies; (3) risk-factor-based proxies that allow betas to vary with firm characteristics and (4) macroeconomic-variable-based proxies. First, we estimate expected returns for individual stocks using newly developed methods and evaluate the performance of these expected return proxies based on the minimum variance criterion of Lee et al. (2020). Second, we regress expected return proxies and realized returns on indicator variables that capture the extreme phases of the economic environment. Then we compare the estimated coefficients from these two sets of regressions and see if they are similar in magnitude via formal hypothesis testing.

We find that characteristic-based proxies and risk-factor-based proxies that allow betas to vary with firm characteristics are the two best performing proxies. Therefore, it is important to allow betas to vary with firm characteristics in constructing expected return proxies. We also find that model-based expected return proxies do a reasonably good job capturing actual returns during extremely bad and extremely good phases of business cycles measured by leading economic indicators, consumer confidence and business confidence. However, there is a large gap between the adjustment of model-based expected returns and realized returns during extreme episodes of stock market valuation or broad market performance.

We examine four types of expected return proxies and use the newly developed methodology as in Lee et al. (2020) to see which one is the best. In addition, we document whether model-based expected returns from individual stocks adjust partially or fully to keep pace with actual returns in response to changing economic conditions. No prior studies have examined these two issues.

This paper aims to investigate the effect of UK building society demutualisation on levels of efficiency at the largest five commercial banks in the UK.

This research utilises data envelopment analysis (DEA) within a rarely adopted windows framework to analyse efficiency. The study also incorporates a novel risk proxy in the profit‐orientated approach to determine DEA input/output which proves a useful innovation to the methodology.

The overall aggregate results suggest that converting building societies outperformed their bank counterparts in all areas of efficiency and that scale efficiency dominates pure technical efficiency. Interestingly, the results also indicate that the level at which institutions continue to find economies of scale had increased when compared to previous research.

The period of building society demutualisation offers an empirical opportunity to examine deregulation upon market participants. It is felt that this study offers academics, regulators and participants within the financial services environment an insight into the efficiency impact of deregulation.

Prior to the events of 11th September, 2001, international cooperation in the field of global financial crime prevention was already well established. Prompted by separate initiatives led by the United Nations Organisation and the Basel Committee in the late 1980s, the creation in 1989 of the Financial Action Task Force on Money Laundering (FATF) by the G7 countries set in place an international body to coordinate anti‐money laundering measures across 26 countries and jurisdictions. Subsequently, and prompted by the creation of the FATF, other regional interstate organisations in western and eastern Europe, across the Americas and the Caribbean, and also in Asia, have drafted similar anti‐money laundering standards for their respective countries. In turn, these interstate regulatory initiatives have been complemented by parallel business‐led ‘voluntary’ initiatives, such as the example of the Wolfsberg Anti‐Money Laundering Principles designed to promote greater transparency across the banking sector.

In 2002, it was estimated that occupational fraud and abuse cost organizations $600 billion, or roughly 6 per cent of their revenues. While there are various ways a company can protect itself from becoming a victim of fraud, one solution toward which many companies are turning is the use of fraud examiners to help monitor and detect fraudulent activities within their organizations.

Martin’s Big Words: The Life of Dr Martin Luther King, Jr is a timeless book well-known among K-6 teachers, students, librarians and book-lovers throughout the USA. This multi-award winning picture book provides readers with insight into Dr Martin Luther King Jr’s life and the oppression and progress of African Americans before and during an era known as the modern US Civil Rights Movement (CRM). The biography outlines the period’s equity issues, and serves as a springboard for this upper elementary lesson. While Dr King played an iconic role, there were many other individuals involved in the CRM, most of whom students do not know. The purpose of this paper is to offer varying perspectives related to lesser known CRM leaders, protesters, advocates, perpetrators and bystanders.

Technology is incorporated through online research, videos and productions; thus, students actively engage in making connections to various individuals’ points of view, those both supportive and oppositional. Students conduct research while responding to higher-order, critical-thinking questions regarding groups and forces of the CRM. Then, they expand knowledge through jigsaw research activities by collecting information, responding to inquiry questions and presenting relevant evidence-based information about CRM contributors, perpetrators and bystanders.

This is a National Council for the Social Studies (NCSS) Notable Tradebook Lesson Plan.

This is a NCSS Notable Tradebook Lesson Plan.

Chester Whitney Wright (1879–1966) received his A.B. in 1901, A.M. in 1902 and Ph.D. in 1906, all from Harvard University. After teaching at Cornell University during 1906–1907, he taught at the University of Chicago from 1907 to 1944. Wright was the author of Economic History of the United States (1941, 1949); editor of Economic Problems of War and Its Aftermath (1942), to which he contributed a chapter on economic lessons from previous wars, and other chapters were authored by John U. Nef (war and the early industrial revolution) and by Frank H. Knight (the war and the crisis of individualism); and co-editor of Materials for the Study of Elementary Economics (1913). Wright’s Wool-Growing and the Tariff received the David Ames Wells Prize for 1907–1908, and was volume 5 in the Harvard Economic Studies. I am indebted to Holly Flynn for assistance in preparing Wright’s biography and in tracking down incomplete references; to Marianne Johnson in preparing many tables and charts; and to F. Taylor Ostrander, as usual, for help in transcribing and proofreading.

All items listed may be borrowed from the Aslib Library, except those marked, which may be consulted in the library.

Journalism is concerned with the reporting, writing, editing, broadcasting and the photography of news. Editorial or print journalism is limited to writing, editing and reporting and it is one factor in the ever‐growing list of diverse opportunities open to the modern day journalist. Photojournalism, radio and television broadcasting, editorial and newspaper cartoons, public relations and telecommunications are other aspects. All of these are part of “mass media” or “mass communication,” phrases that will be repeated throughout this article. Other areas considered part of the mass media are cinema, advertising, book publishing and sometimes photography.