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The paper aims to examine the Russian stock and bond markets for evidence of calendar anomalies in the first decade of the twenty-first century including a monthly seasonality, weekday seasonality, and a turn-of-the-month (TOM) seasonality. The study is motivated by interest in the Russian transition to a free market economy and provides an opportunity to examine an important emerging market in the process of transition, while adding to the extensive body of research on calendar anomalies.

Parametric and non-parametric tests are used to examine two Russian stock indices and two Russian bond indices for evidence of persistent calendar patterns in daily returns. The paper also includes in the study a US bond index and US stock index.

There is strong evidence of a persistent monthly pattern (but no January effect) and strong evidence of weekday seasonality (but no Monday effect) in the Russian bond market. There is also strong support for a TOM effect in the Russian and US stock and bond markets.

The stock return data cover a ten-year period covering two recessions, two bull markets, and two bear markets, including the 2008 crisis. The bond market data are limited to six years of data and the results may be biased by the time period analyzed.

This is the first study, to the knowledge, that extensively examines the Russian stock and bond markets for evidence of calendar anomalies and finds a significant monthly pattern in Russian bonds.

This study seeks to examine the market returns of five domestic real estate investment trust (REIT) indices to determine whether they exhibit a turn‐of‐the‐month (TOM) effect.

A test is carried out for the TOM effect by employing a battery of parametric and non‐parametric statistical tests that address the concerns of distributional assumption violations. An OLS regression model compares the TOM returns with the rest‐of‐the‐month (ROM) returns and an ANOVA model examines the TOM period while controlling for monthly seasonalities. A non‐parametric t‐test examines whether the TOM returns are greater than the ROM returns and a Wilcoxon signed rank test examines the matched‐pairs of TOM and ROM returns.

A TOM effect in all five domestic REIT indices is found: real estate 50 REIT, all‐REIT, equity REIT, hybrid REIT, and mortgage REIT. More specifically, the six‐day TOM period, on average, accounts for over 100 per cent of the monthly return for the three non‐mortgage REITs, while the ROM period generates a negative return. Additionally, the TOM returns are greater than the ROM returns in 75 per cent of the months.

The data are limited to five‐years of daily returns and five different indices. Thus, the results could be biased on the selected time period.

These results are important to REIT portfolio managers and investors. Domestic REIT markets experience a TOM effect from which investors and portfolio managers can benefit.

The daily returns of all five major domestic REIT indices are examined. Data are evaluated which include daily returns after the passage of the REIT Modernization Act of 1999 that resulted in numerous changes for REITs. Whether the TOM effect can be detected with both parametric and non‐parametric tests is examined.

A GOOD deal of fuss has been occasioned by the barring of several novels by the Libraries Association recently. Into the pros and cons of the matter—which have been over‐canvassed already—we do not propose to enter in detail: these circulating libraries and their customers can be left to reconcile their own differences of opinion. It is, however, unfortunate that a few commercial circulating libraries, when combining to form an association, should have chosen a title that was bound to be confused with that of the Library Association.

This study aims to examine the market returns of the Ukrainian stock and bond markets to determine whether they exhibit calendar anomalies including the January effect, weekend effect, and turn‐of‐the‐month (TOM) effect. Ukraine provides an opportunity to examine the efficiency of an emerging market, adding to the extensive body of research on calendar anomalies.

Regression analysis is used to examine the relationship between January returns vs non‐January returns, Monday returns vs non‐Monday returns, and TOM returns vs non‐TOM returns. Non‐parametric t‐tests and Wilcoxon signed rank tests are also used to examine TOM returns vs the rest of the month returns.

There is no evidence of a January effect or a weekend effect in the Ukrainian stock and bond markets. However, our results support a TOM effect in the Ukrainian stock market. The mean daily TOM return is 0.35 vs 0.24 per cent for the rest of the month. Additionally, in 63 per cent of the months, the mean daily TOM return exceeds the return for the rest of the month.

The data are limited to five‐years of daily returns and two different Ukrainian indexes. Thus, the results could be biased by the time period analyzed. The results are important for portfolio managers and investors as they can benefit from the TOM effect, but not the January effect and weekend effect.

This is the first study to our knowledge that has extensively examined the calendar anomalies in the Ukrainian stock and bond markets.

EXCEPT in two instances, the important recent appointments in public libraries have been by way of promotions of the principal assistants. In some of these cases the choice has been a good one, justified by the qualifications and experience of the candidate. There is something to be said for such advancements. A man who has been trained in a library can bring to its management a local experience of undeniable value. On the other hand, it is usually in library systems which have only a mediocre record that such appointments are made; and, unless the new men are quite exceptional, they bring no new ideas or methods to the service. A universal adoption of “ promotions from staff ” would soon mean universal stagnation. The practice should be advocated of throwing open appointments. The ratepayers are entitled to the services of the best available librarians; and library workers should not find avenues of progress definitely closed to them by home‐raised men. We look forward to the time when the promising librarian may hope to progress by graduated stages through assistantship to a small librarianship, then to a larger and finally to a really large office. Such is the ideal way.

Scholars who advocate for equity-oriented educational practices have argued that the accountability era in the USA, now in place for two decades, has failed in its intended goal to improve student performance for traditionally marginalized student populations. This study aims to use a sociocultural lens to trace how a century-old conceptualization of reading – that discrete skills comprise comprehension and that multiple-choice questions can measure mastery of those skills – predominates today’s standardized reading tests.

This essay draws on the authors’ collective experiences as literacy educators, school leaders and researchers.

The authors critique two beliefs rooted in Eurocentric thinking borne from a long-held conceptualization of reading – that logical reasoning and the right background knowledge can promote achievement on standardized tests. The authors link the critique to their lived experiences and situate test design features in the broader sociopolitical educational landscape. Then, by presenting examples from an urban public high school, the authors encourage educational leaders to revisit the potential of authentic assessments as complex and meaningful activities that foster the critical thinking necessary for participating in democracy.

Committing to authentic assessments takes the work characteristic of transformative school leadership, especially serving diverse student populations: A clear and ambitious vision that centers social justice and cultural relevance, frequent, shared opportunities for professional growth and shared norms for instructional practice and student growth.

This essay encourages educational leaders, researchers and policymakers to revisit the potential of authentic assessments as tasks that can surpass external measures in informing teachers about how students’ develop their literacy in school.

In a world where commerce and culture are still somewhat estranged, the purpose of this paper is to show that high culture’s supreme exponents were commercially minded masters of marketing.

Historically situated, the paper adopts a biographical approach to the making of modernism’s literary masterworks. It focuses on Ezra Pound, T.S. Eliot and James Joyce, who were responsible for the modernist classics, Ulysses and The Waste Land.

The analysis identifies five fundamental marketing principles that appear paradoxical from a traditional, customer-centric standpoint, yet are in accord with latter-day, post-Kotlerite conceptualisations. The marketing of modernism did not rely on “modern” marketing.

If, at the height of the anti-bourgeois modernist movement, the “great divide” between elite and popular culture was bridged by marketing, there is no reason why contemporary culture and commerce cannot collaborate, co-operate, co-exist, coalesce.

The paper complements prior studies of “painterpreneurs”, by drawing attention to the marketing of literary masterworks.

Encyclopædia Britannica was the leading provider of encyclopedias in the English language, but after sales declined rapidly in the early 1990s the company was forced to file for bankruptcy. Many different organizational and market factors contributed to this crisis, such as the diffusion of the PC, the invention of Encarta, the technical challenges of moving text to electronic formats, and the difficulties of inventing a new format while also operating the leading seller of books. Looking back, what could the company have done differently?

To illustrate important themes on a leading firm's response to technical opportunities and threats; teach students about technological waves, technological disruption, and different concepts of obsolescence; and examine strategic concepts such as attacker's advantages and skunk works.