Since institutional investors typically hedge their risks by using asset liability management and derivatives instruments against market risk, it is estimated that institutional investors in a representative stock market such as the London Stock Exchange lost only 10% of the value of their assets in the 1987 crash. In the absence of such hedging the effect of the crash and the resultant liquidity crunch would have been far greater.

A number of economists suggest that markets are efficient, but this efficiency is merely assumed. In this regard, Batten points out that, "There is no actual proof. It is virtually impossible to test for market efficiency since the 'correct' prices cannot be observed. To get over this hurdle, most tests examine the ability of information-based trading strategies to make above-normal returns. But the results of such tests do not

As Mokoaleli-Mokoteli et al. (2009) point out, though, previous research has confirmed that while it is accurate to suggest that analysts provide optimistic reports on the majority of the stocks they include in their analytical portfolios, such recommendations do not routinely affect the market in any substantive way. According to these researchers, "After accounting for risk and transaction costs, investors do not earn better than average returns from following

The payee's endorsement is then forged and a criminal represents himself as the payee (Check fraud (http://www.ipsboston.com/pdcfpps_typesofcheckfraud.htm)." In addition to the above methods of fraud, criminals often write checks on a close account and it takes time for the corporation receiving the check to find out that the account has been closed. Criminals also open bank accounts using either fraudulent identification or by assuming the identity of others and commit fraud

If police officers are not sufficiently deterred by the prospect of evidence being suppressed at a hearing where a person's liberty is in jeopardy, it is a fortiori that they will not be deterred by the possibility of suppression at a civil forfeiture hearing where only the person's property is in jeopardy. Law enforcement officials have much to gain in the outcome of the issues raised in Scott, and will

Education: The Intolerance of Zero Tolerance Zero Tolerance Policies in Public Schools One has only to turn on the television, log onto the Internet, or glance at a newspaper to see that violence is everywhere in our society. The nightly news is dominated by one act of depravity after another: murders, rapes, and violent assaults, among others. Hate crimes send shockwaves through seemingly peaceful communities. A cross is burned in a field, a