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The study initially examined the immediate effects that conglomerate acquisitions have on the beta level of conglomerate and nonconglomerate acquiring firms, An analysis was then made of the long-run beta trends of firms that actively engage in conglomerate mergers. The results of the short-term comparative analysis have indicated that systematic risk behavior tends to be responsive in varying degrees to major conglomerate merger activity—with betas changing as a function of the combined premerger values and ρ² measures showing improvement upon acquisition. At the same time, the regression results clearly revealed that the responsiveness of β to premerger marketrelated variables was considerably greater for the nonconglomerate firms. In contrast, the results of the comparative long-term analysis suggested that the differential effects of conglomerate merger activity on systematic risk are more of a marginal or limited nature. That is, unless the firm conducted extensive merger activity, the long-run performance of β and ρ² indicated that conglomerate mergers have only contributed to increased absolute and relative systematic risk levels—the same pattern exhibited by the nonconglomerate, nonmerging sample. [ABSTRACT FROM AUTHOR]

In testing hypotheses, researchers are almost always faced with the problem of isolating the effect of certain variables. This is a particularly acute problem in the social sciences, where the absence of an experimental environment means that researchers must resort to statistical methods of adjustment. [ABSTRACT FROM PUBLISHER]

The article presents a comparative perspective of the relation between police and political change studied in three nations representing three continents. The nations studied were Great Britain, France, Germany, Italy, India and the U.S. In relation to this, the structure of the national system, manner of exercising accountability over the police and professional image are discussed. It is stated that the image of the policeman differs from country to country dramatically. In Great Britain, the image is one of honesty and trustworthiness. In Germany, the policeman is viewed as honest, rigid, and unapproachable. French policemen are distrusted although admired for their efficiency. Italian policemen are disliked, distrusted and avoided. Police authority and political power are generally concentrated at same points in the political system. It is stated that policemen affect political life not only directly through their actions but also by the manner in which they handle their duties. The manner in which police accountability is assured fits national political systems. It is concluded that ideological fashions might be no less destructive than professional ones of serious research into the relation between the police and politics.