GLS estimation with correction for autocorrelation is used to examine the performance of 72 UK Investment Trusts in four non-overlapping five-year samples, 1974 to 1993, using measures of 'timing', and 'selectivity'. Abnormal performance on both indicators is found to be weak, with very little persistence. Patterns of significant selectivity and timing are found to reverse after the first period. Negative timing performance is found for around one third of trusts in the last three sample periods, and strong negative correlations are observed between timing and selectivity for all periods. Various interpretations of these findings are given.

The, Performance of 92 UK investment trusts was analysed over the period 1975 to 1993 using the Sharpe Treynor and Jensen measures ofportfolio performance. A very high degree of correlation was found betweenthe measures. Even without correction for transactions costs funds did not on average outperform the market, although a few individual funds appeared to do so. Fund rankings by the Sharpemeasure showedsignificant intertemporal persistence, especially in the income-producing group of funds, which needs further investigation. claims to persistent high rankings. In a large-scale study of the US fund management industry Lakonishok et al. [1992] suggest that there may some

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This paper explores a simple model of labor-market adjustment where intersectoral transfer in response to terms-of-trade shocks involves both sector-specific skill acquisition and workplace disruption. Externalities arise because the marginal migrant does not consider the congestion costs imposed on intramarginal migrants or the disruption costs imposed on the incumbent workers in both sectors. While these externalities give rise to a case for temporary adjustment assistance, the analysis does not support the use of trade measures such as tariffs.

Two clients troubled by preoccupying thoughts were treated by a version of thought-stopping described by Wolpe (1969) which has been infrequently reported so far. The frequency of spontaneous intrusive thoughts as they occurred within sessions was found to be a useful measure of clinical outcome, but it is suggested that careful control and definition of variations in procedure is necessary in order to eliminate spurious results. Treatment was found to produce an improvement which was maintained at follow-up.