Articles within this issue are also published continuously at: http://www.mcb. co.uk/jmd.htm along with archive material (where available), which comprises full text for articles published after 1994 and abstracts supported by document delivery for articles published from 1989 to 1993.

This study examines the economic performance of target and bidding companies where the target successfully defended a hostile takeover bid in the period 1975–1984. Returns to shareholders in both target and bidding companies are measured for the six months preceding the bid, and for the twenty‐four months after the bid. The study finds that the significant gains obtained by shareholders in the target company around the time of the bid announcement are not lost after the failure of the bid. In apparent defiance of the efficient market hypothesis abnormal returns continue for the two years after the bid. As for the bidding company, the small positive abnormal returns to its shareholders are also sustained after the bid.

Access to this document was granted through an Emerald subscription provided by emerald-srm:239791 [] For AuthorsIf you would like to write for this, or any other Emerald publication, then please use our Emerald for Authors service information about how to choose which publication to write for and submission guidelines are available for all. Please visit www.emeraldinsight.com/authors for more information. About Emerald www.emeraldinsight.comEmerald is a global publisher linking research and practice to the benefit of society. The company manages a portfolio of more than 290 journals and over 2,350 books and book series volumes, as well as providing an extensive range of online products and additional customer resources and services.Emerald is both COUNTER 4 and TRANSFER compliant. The organization is a partner of the Committee on Publication Ethics (COPE) and also works with Portico and the LOCKSS initiative for digital archive preservation.This issue of Managerial Finance is devoted to modern portfolio theory which has evolved since the pioneering work of Markowitz in 1952. Before the development of modern portfolio theory investors and their advisers used the "traditional approach" to investment management and portfolio selection.

No abstract

The application of human resource accounting requires the measurement of the firm's investment in recruitment, selection, training and development. Our objectives in this article are firstly to familiarise readers with the methods proposed in the literature by which this measurement may be achieved, and secondly, to consider the implications of this recent development in financial reporting for the personnel function. The significant effect on annual accounts is demonstrated in a research application of human resource valuation in the Football League.