This article evaluates the performance of the Guttman‐Kaiser criterion in determining the number of significant components or factors in a correlation matrix

Stratification is a feature of the majority of field sample designs. In the early stages of multi-stagesample procedures the population is often small so that the number of stratification factors which may be employed is limited. The use of cluster analysis allows any number of stratification factors to be incorporated in producing a "specified" or "best" number of strata. An application of the technique in a four-stage design for the selection of a sample of motorists in Birmingham is discussed.

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The object of this study was the investigation of the nature of market discount arising on a cross-section of newly quoted equities in the London new issue market. Such a discount or premium of market over issue price indicates a discrepancy between the equity valuation established for the firm with its advisors on the one hand and, on the other, that subsequently revealed by the Stock Market in its early dealings in the share. It may be considered to arise as a result of error or uncertainty in the pricing process or of certain systematic elements which lead to the fucing of the issue price at a level which will provide, in effect, a discount for applicants at that price. The purpose of our analysis was to examine the extent to which this phenomenon is influenced by systematic factors, in particular, the size of firm or issue. A large part of our research necessarily reexamined previous work by other researchers, most notably, Merrett, Howe and Newbould (l), on the efficiency of the London new issue market in establishing values for new equity issues by previously unquoted firms. In this respect our work has had to test for the continued influence of those systematic characteristics of the issuing process or the firms themselves that were a feature of previous work. One aspect which is particularly important is, of course, the significance of alternative methods of issue, which Merrett, Howe and Newbould found to be strongly related to the level of discount.

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