2 Of the many frustrations of any editor, surely, avoidable delay is the greatest. And this frustration is almost infinitely compounded when in the interim an unexpected death occurs. Professor Ferguson sent this manuscript as a draft; certain questions which he raised in the accompanying letter would normally have been resolved in the exchange of two or three letters or 'phone calls. I placed one call to learn he was ill; rather than press the query, I delayed. When next I 'phoned, I was shocked to learn of his completely unexpected and therefore all the more untimely death. Because the draft he sent contains so much of his own style and vigor, I have elected to print it in this incomplete form. The points he raised in his letter remain unclarified. In the face of this series of events, I have asked Professor Nell to undertake the task initially given to Ferguson. The two rarely saw things in the same way. Thus, the choice of Nell was not intended to finish Ferguson's incomplete assessment. I mention the foregoing simply to explain the unique treatment in these review essays. Of Charles Ferguson's death so little can be said-he was an ebullient souil, and a man of significant originality. -M. P.

Quarterly earnings, Interim reporting, Price reaction, Volume changes

Earnings smoothing, Accounting Changes, EPS, Performance patterns

Accounting History, Algorist, Abacist, Bookkeeping

Journal Article Prices for Individual Consumption, Quantity Indicators for Collective Consumption Get access E. Malinvaud E. Malinvaud Direction de la Prévision, Paris Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 39, Issue 4, September 1972, Pages 385–405, https://doi.org/10.2307/2296508 Published: 01 September 1972

The federal deposit insurance system of the United States was instituted as a result of severe financial crises in the United States and was intended to prevent the recurrence of some of the evils of such crises, specifically those resulting from bank deposit losses. Since the Federal Deposit Insurance Corporation (FDIC) was established in 1934, the United States has not experienced banking panics or harmful effects on the economy due to widespread destruction of bank deposits. As a result, there is a fairly widespread feeling that the present deposit insurance system has been a success. If prevention of panics and large-scale deposit destruction are the only criteria for success, this judgment may be justified, although, if the insurance system uses resources, it must be proved that panics and deposit losses would be unacceptably frequent or large in its absence.

Weeden & Co.'s business is that of making markets. We do it in many different types of securities and we take considerable inventory risk in the process. As market makers we learn to be direct in our dealings. “My market is 62 bid; offered at 62½.” “I can offer 5,000 at 62½ net.” The pace and the pressures of the marketplace tend to make us impatient with those who speak in vague terms, who mask their intentions, or who do not know the facts.

A mail questionnaire was sent to random samples of members of the Institute of Chartered Financial Analysts, the American Institute of Certified Public Accountants, and the American Accounting Association. The questionnaire asked the respondent to rank the three alternatives in their order of preference. The results of the study show that a majority of the respondents in each group preferred the Arthur Andersen & Co. proposal3

Again the distinction is drawn, but is it really so clear? Consider, for example, the standard cost system in a manufacturing firm. This system supplies information which is useful for some decision-making purposes. But, underlying each standard input cost is an implied decision about the kind and amount of resource to be used and the nature of the market in which it is to be purchased. Behind each input/output relationship is an implied decision regarding the technical conditions under which the process should operate and the rate at which employees should work. In order to obtain solutions to one set of problems-those for which the output of a