Haim Mendelson

Graduate School of Business
Stanford University
Stanford, CA 94305-5015
Telephone (650) 725-8927
Fax (650) 725-7979
E-mail Address: Mendelson_Haim@gsb.stanford.edu

 

CONSULTING EXPERIENCE

• The American Stock Exchange

• The Analysis Group

• Bain & Company

• Bausch & Lomb

• Chicago Board of Trade

• Chicago Board Options Exchange

• Credit Management Services

• Eastman Kodak Company

• Gordon Capital Corporation

• Invensys

• The Israel Telecommunications Agency

• JP Morgan

• KPMG Consulting

• Meliora Research Associates

• Microsoft

• Mid-America Institute for Public Policy Research

• The National Association for Attorneys General - Antitrust

• The New York Stock Exchange

• Osler, Hoskin & Harcourt

• Pomeranz, Levy, Haudek, Block & Grossman

• Rochester Gas and Electric

• ScotiaMcLeod Inc.

• The Tel-Aviv Stock Exchange

• UniForum

• H. Warshow & Sons

• Xerox Corporation

Served as Chief Systems Analyst of the Logistic Information Systems Center of the Israel Defense Force.

PAST AND PRESENT ADMINISTRATIVE RESPONSIBILITIES

Co-Director, Center for the Study of Electronic Business and Commerce, Stanford Business School

Director, Electronic Commerce Executive Program, Stanford Business School

Director, Information Strategy for Competitive Advantage, Stanford Business School

Co-Director, Strategic Uses of Information Technology, Stanford Business School

Co-Director, Strategy and Entrepreneurship in the Information Technology Industry, Stanford Business School

INFORMS Editorial Selection Committee, Information Systems Research

Honor Code Committee, Stanford Business School

Area Coordinator, Operations, Information and Technology Area, Graduate School of Business, Stanford University

Leader, Technology, Organizations and Markets Research Module, Stanford Computer Industry Project

Dean's Advisory Group, Graduate School of Business, Stanford University

Executive Committee, Stanford Computer Industry Project

Stanford University Senate Committees:

        Distributed Information and Computing Environment Committee

        Chairman, C-ACIS Subcommittee on Administrative Computing

        Steering Committee, Core Financial Systems

Stanford Information Technology Infrastructure Advisory Group

Restructuring and Administrative Systems Oversight Group, Stanford University

Steering Committee, Stanford Institute of Manufacturing and Automation, Stanford University

Computing Board of Directors, Graduate School of Business, Stanford University

International Advisory Board, The New Interdisciplinary University of Law, Management and Technology

Area Coordinator, Information Systems Area, William E. Simon Graduate School of Business Administration, University of Rochester

Director, IBM Program of Support for Education in the Management of Information Systems, William E. Simon Graduate School of Business Administration, University of Rochester

International Advisory Board, Department of Information Systems and Computer Science, National University of Singapore

Organized the Second Bay Area Information Systems Research Symposium

Five-year review committee for the Decision Sciences Department, The Wharton School, University of Pennsylvania

University Committee of Tenure and Privileges, University of Rochester

Policy Committee, William E. Simon Graduate School of Business Administration, University of Rochester

Committee on MBA Programs, William E. Simon Graduate School of Business Administration, University of Rochester

Ph.D. Committee, William E. Simon Graduate School of Business Administration, University of Rochester

Committee on Educational Policy, William E. Simon Graduate School of Business Administration, University of Rochester

Editorial Board, Information Systems Research

Editorial Board, Information Age Economy

Associate Editor, Manufacturing & Service Operations Management

Associate Editor, Management Science

Associate Editor, MIS Quarterly

Associate Editor, Communications of the Association for Computing Machinery

Associate Editor, Organizational Computing and Electronic Commerce

Edited Special Issues of Information Systems Research, Journal of Organizational Computing and Electronic Commerce, Management Science

ACM Transactions on Database Systems, The American Economic Review, Communications of the Association for Computing Machinery, Computers and Operations Research, Computing Reviews, Decision Support Systems, Econometrica, Economic Inquiry, Financial Management, IEEE Transactions on Software Engineering, Information Processing Letters, Information Systems Research, The International Economic Review, Journal of Banking and Finance, Journal of Business, Journal of Economic Behavior and Organization, Journal of Economic Dynamics and Control, Journal of Finance, Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Journal of Macroeconomics, Journal of Money, Credit, and Banking, Journal of Organizational Computing, Marketing Science, Mathematics of Operations Research, McGraw-Hill Book Company, Management Science, Manufacturing and Service Operations Management, MIS Quarterly, National Science Foundation, Naval Research Logistics Quarterly, Operations Research, The RAND Journal of Economics, Review of Economic Studies, Review of Financial Studies, Scandinavian Journal of Economics.

CASE STUDIES AND INDUSTRY NOTES

Amazon.com: Marching To Profitability

Amazon.com: Retailing in the Cloud

America Online: Gateway to the Internet

Ameritrade

Apple and the Music Wars

British Petroleum

Broker.com

Business Value of Information Systems at Intel

CheckFree

Dell Direct

Edward Jones

E-Greetings Network

Electronic Procurement

ERP Overview

Going... Going... Gone! -- Consumer Auctions

Google

HP North American Distribution Organization: The Pilot

HP North American Distribution Organization: The Rollins

i-mode: Weaving an "Analog" Web

Internal Revenue Service

Kodak and Consumer Photography

Meebo

Metcalfe's Law and Network Effects

Mobi TV

Navigating the Alphabet Soup: Wireless Technology and Applications Primer

Netflix

Netscape

Nordstrom and Zappos

Note on Internet Technology

Online Advice and Guidance

Online Search

Other People's Money

PayPal

PayPal: Following the Acquisition

Retail Payments Primer

RFID Primer

Skype Technologies, S.A.

Speeding Tickets: Information Technology and Travel Distribution

Tesco Delivers

The Charles Schwab Corporation

Value Disciplines: Three Case Examples

Webvan: The New and Improved Milkman

"Service Provider Competition: Delay-Cost Structure, Segmentation and Cost Advantage," (with M. Afanasyev), Manufacturing & Service Operations Management, forthcoming (2009).

"Securities Valuation: Trading Costs and Liquidity Risk," (with Y. Amihud and L. Pedersen), Cambridge University Press, forthcoming (2009).

"Liquidity Premium," (with Y. Amihud), Encyclopedia of Quantitative Finance, Wiley, forthcoming (2009).

"Product-Line Competition: Customization vs. Proliferation," (with A. Parlakturk), Management Science, Vol. 54 (2008), pp. 2039-2053.  

"Competitive Customization," (with A. Parlakturk), Manufacturing & Service Operations Management, Vol. 10 (2008), pp. 377-390. 

"Divide and Conquer: Competing with Free Technology Under Network Effects," (with D. Lee), Production and Operations Management, Vol. 17 (2008), pp. 12-28. 

"Liquidity, the Value of the Firm, and Corporate Finance," (with Y. Amihud), Journal of Applied Corporate Finance, Vol. 20 (2008), pp. 32-45.

"Do It Yourself IT," Foreword: Special Issue on IT Solutions, Mitsubishi Systems Journal, Vol. 82 (2008), pp. 1-2.

"Adoption of Information Technology Under Network Effects," (with D. Lee), Information Systems Research, Vol. 18 (2007), pp. 395-413. 

"Strategic Spot Trading in Supply Chains," (with T.I. Tunca), Management Science, Vol. 53 (2007), pp. 742-759.

"Business-to-Business Electronic Markets: Does Trading on New Information Create Value, and for Whom?," (with T.I. Tunca), Managing in the Information Economy, Annals of Information Systems, Vol. 1 (2007), pp. 209-230.

"Stock and Bond Liquidity and its Effects on Prices and Financial Policies, " (with Y. Amihud), Finanical Markets Portfolio Management, Vol. 20 (2006), pp. 19-32.

"Liquidity and Asset Prices," (with Y. Amihud and L. Pedersen), Foundations and Trends in Finance, Vol. 1 (2005), pp. 269-364.

"Priority Auctions vs. Uniform Pricing in a Queueing System with a Generalized Delay Cost Structure," (with P. Afeche), Management Science, Vol. 50 (2004), pp. 869-882.

"Strategic Trading, Liquidity and Information Acquisition," (with T. Tunca), Review of Financial Studies, Vol. 17 (2004), pp. 295-337.

"The Value of Trading Consolidation: Evidence from the Exercise of Warrants," (with Y. Amihud and B. Lauterbach), Journal of Financial and Quantitative Analysis, Vol. 38 (2003), pp. 829-846. 

"Information Technology and Trader Competition in Financial Markets: Endogenous Liquidity," (with S. Dewan), Management Science, Vol. 47 (2001), pp. 1581-1587.

"An Extreme-Value Model of Concept Testing," (with E. Dahan), Management Science, Vol. 47 (2001), pp. 102-116. 

"Organizational Architecture and Success in the Information Technology Industry," Management Science, Vol. 46 (2000), pp. 513-529.

"Crossing Networks and Dealer Markets: Competition and Performance," (with T. Hendershott), Journal of Finance, Vol. 55 (2000), pp. 2071-2116.

"The Liquidity Route to a Lower Cost of Capital," (with Y. Amihud), Journal of Applied Corporate Finance, Winter 2000, pp. 8-25.

"Computer Laws," Encyclopedia of Computer Science, Fourth Edition, 2000, pp. 960-963.

"Introduction to the Special Issue on the Information Technology Industry (with S. Whang), Management Science, Vol. 46 (2000). 

Survival of the Smartest: Managing Information for Rapid Action and World Class Performance, (with J. Ziegler), Wiley and Sons, 1999.  Japanese translation: Diamond, 2000.  German Translation: Gabler Verlag, 2001.  Spanish Translation: Planeta de Agostini Profesional y Formacion, S.L.  Audio tape: Audio-Tech, 2000. 

"Industry Clockspeed:  Measurement and Operational Implications," (with R. Pillai), Manufacturing and Service Operations Management, Vol. 1, No. 1 (1999), pp. 1-20.

"Number of Shareholders and Stock Prices:  Evidence from Japan," (with Y. Amihud and J. Uno), Journal of Finance, Vol. 54 (1999), pp. 1169-1184.

"The Internet Channel Revolution: The Case of Charles Schwab," (with S. Dewan), Chapter 11 in: Creating Value in Financial Services: Strategies, Operations and Technologies, (E. Melnick, P.R. Nayyar, M.L. Pinedo and S. Seshadri, eds.), Kluwer Academic Publishers, 2000, pp. 195-218.

"Clockspeed and Informational Response:  Evidence from the Information Technology Industry," (with R. Pillai), Information Systems Research, Vol. 9 (1998), pp. 415-433.

"The Information Industries: Introduction to the Special Issue," (with K. Kraemer), Information Systems Research, Vol. 9 (1998), pp. 1047-1050.

"Information-Age Organizations, Dynamics and Performance," (with R. Pillai), Journal of Economic Behavior and Organization, Vol. 38 (1999), pp. 253-281.

"Information Technology and Time-Based Competition in Financial Markets," (with S. Dewan), Management Science, Vol. 44 (1998), pp. 595-609.

"Market Microstructure and Securities Values: Evidence from the Tel Aviv Stock Exchange," (with Y. Amihud and B. Lauterbach), Journal of Financial Economics, Vol. 45 (1997), pp. 365-390.

"Information and Organization for Horizontal Multimarket Coordination," (with K. Anand), Management Science, Vol. 43 (1997), pp.1609-1627.

"Pricing for Market Segmentation in Data Networks," (with P. Afeche), Proceedings of the Association for Information Systems.

"Approximate Representation of Probabilistic Data in Expert Systems," (with S. Sarkar and V. Storey), European Journal of Operations Research, Vol. 94 (1996), pp. 488-504.

"A New Approach to the Regulation of Trading Across Securities Markets," (with Y. Amihud), New York University Law Review, Vol. 71 (1996), pp. 1411-1466.

"Modeling vs. Forecasting: The Case of Information Systems Spending," (with V. Gurbaxani), Information Systems Research Vol. 5 (1994), pp. 180-190.

"Free Access Policy for Internal Networks," (with P. S. Giridharan), Information Systems Research, Vol. 5 (1994), pp. 1-21.

"Information Systems and the Organization of Modern Enterprise," (with E. Brynjolfsson), Journal of Organizational Computing, Vol. 3 (1993), pp. 245-255.

"Multimarket Trading: A Self-Regulatory Proposal," (with Y. Amihud), Global Equity Markets: Technological, Competitive, and Regulatory Challenges, R. A. Schwartz and I. Walter (eds.), Irwin, 1994, pp. 342-351.

"Liquidity, Trading Costs and Asset Prices: Implications for Japan," (with Y. Amihud, Restructuring Japan's Financial Markets, (Ingo Walter and Takao Hiraki, Eds.) Irwin, 1993, pp. 61-78.

"The Use of Secondary Analysis in MIS Research," (with V. Gurbaxani), in: The Information Systems Research Challenge: Survey Research Methods, (Kenneth L. Kraemer, Editor), Harvard Business School Press (1991), pp. 71-106.

"Transaction Taxes and Stock Values," (with Y. Amihud), in: Kenneth Lehn and Robert Kemphuis, eds., Modernizing U.S. Securities Regulation Economic and Legal Perspectives, Irwin, 1993, pp. 477-500.

"User Delay Costs and Internal Pricing for a Service Facility," (with S. Dewan), Management Science, Vol. 36 (1990), pp. 1502-1517.

"An Integrative Model of Information Systems Spending Growth," (with V. Gurbaxani), Information Systems Research, Vol. 1 (1990), pp. 23-46.

"Optimal Incentive-Compatible Priority Pricing for the M/M/1 Queue," (with S. Whang), Operations Research, Vol. 38 (1990), pp. 870-883.

"Trading Mechanisms and Value Discovery: Cross-National Evidence and Policy Implications," (with Y. Amihud), Carnegie-Rochester Conference Series on Public Policy, Vol. 34 (1992), pp. 105-134.

"Liquidity, Asset Prices and Financial Policy," (with Y. Amihud), Financial Analysts Journal, November/December 1991, pp. 56-66.

"How (Not) to Integrate the European Capital Markets," (with Y. Amihud), European Financial Integration (A. Giovannini and C. Mayer, editors), Cambridge University Press, 1991, pp. 73-100.

"Volatility, Efficiency and Trading: Evidence from the Japanese Stock Market," (with Y. Amihud), Journal of Finance, Vol. 46 (1991), pp. 1765-1789.

"An Empirical Analysis of Software and Hardware Spending," (with V. Gurbaxani), Decision Support Systems, Vol. 8 (1992), pp. 1-16.

"Liquidity, Maturity and the Yields on U.S. Government Securities," (with Y. Amihud), Journal of Finance, Vol. 46 (1991), pp. 1411-1426.

"Liquidity and Asset Prices," (with Y. Amihud), Financial Markets and Portfolio Management, Vol. 5 (1991), pp. 235-240.

"Market Microstructure and Price Discovery in the Tokyo Stock Exchange," (with Y. Amihud), Japan and The World Economy, Vol. 1 (1989), pp. 341-370. Reprinted in: Japanese Financial Market Research, W. Bailey, Y. Hamao and W. T. Ziemba (eds.), North Holland Publishing Co.

"Liquidity and the 1987 Stock Market Crash," (with Y. Amihud and R. A. Wood), Journal of Portfolio Management, Vol. 16 (1990), pp. 65-69.

"Explaining Intra-Day and Overnight Price Behavior: Comment," (with Y. Amihud), Journal of Portfolio Management, Vol. 16 (1990), pp. 85-86.

"Stock Market Microstructure and Return Volatility: Evidence from Italy," (with Y. Amihud and M. Murgia), Journal of Banking and Finance, Vol. 14 (1990), pp. 423-440.

"Microstruttura della Borsa," (with Y. Amihud and M. Murgia), Rivista della Borsa. Vol. 1, No. 5, 1990, pp. 7-19.

"Call Auction and Continuous Auction: Effects on Market Volatility and Liquidity," (with Y. Amihud), Finanza Imprese e Mercati , Vol. 1 (1989), pp. 393-419.

"Index and Index-Futures Returns," (with Y. Amihud), Journal of Accounting, Auditing and Finance, Vol. 4, December 1989, pp. 415-431.

"Liquidity and Cost of Capital: Implications for Corporate Management," (with Y. Amihud), Journal of Applied Corporate Finance. Vol. 2, Fall 1989, pp. 65-73. Reprinted in: The New Corporate Finance, D. H. Chew, Jr. (ed.), McGraw Hill, New York, 1993.

"The Effects of Computer-Based Trading on Volatility and Liquidity," (with Y. Amihud), in Henry C. Lucas, Jr. and Robert A. Schwartz (eds.), The Challenge of Information Technology for the Securities Markets: Liquidity, Volatility, and Global Trading, Dow Jones-Irwin. 1989, pp. 59-85.

"The Effects of Beta, Bid-Ask Spread, Residual Risk and Size on Stock Returns," (with Y. Amihud), Journal of Finance, Vol. 44, June 1989, pp. 479-486.

"MIS and the Economics of Organization," Proceedings of the Twenty-Second Hawaii International Conference on System Sciences, Kona, Hawaii, 1989, Vol. III, pp. 87-88.

"Inventory Behavior and Market Power," (with Y. Amihud), International Journal of Industrial Organization, Vol. 7, 1989, pp. 269-280.

"Cost Trends and the Information Revolution," Proceedings of The 1988 International Conference on Economics and Management, Tokyo, Japan, 1988, pp. 71-75.

"Liquidity, Volatility and Exchange Automation," (with Y. Amihud), Journal of Accounting, Auditing and Finance, Vol. 3, Fall 1988, pp. 369-395.

"Liquidity and Asset Prices: Financial Management Implications," (with Y. Amihud), Financial Management, Spring 1988, pp. 5-15.

"Testing for Quantile-Preserving Spreads," Applied Stochastic Models and Data Analysis. Vol. 4, 1988, pp. 115-125.

"Economies of Scale in Computing: Grosch's Law Revisited," Communications of the Association for Computing Machinery, Vol. 30, 1987, pp. 1066-1072.

"Competing Reference Disciplines for MIS Research," Proceedings of the Eighth International Conference on Information Systems, Pittsburgh, Pennsylvania, 1987, pp. 455-458.

"Software and Hardware in Data Processing Budgets," (with V. Gurbaxani), IEEE Transactions on Software Engineering, Vol. SE-13, September 1987, pp. 1010-1017.

"Trading Mechanisms and Stock Returns: An Empirical Investigation," (with Y. Amihud), Journal of Finance, Vol. 42, 1987, pp. 533-553. Reprinted in: Microstructure: The Organization of Trading and Short Term Price Behavior, Hans R. Stoll (editor), The International Library of Critical Writings in Financial Economics, Elgar, 1999.
                    
"Quantile-Preserving Spread," Journal of Economic Theory, Vol. 42, 1987, pp. 334-351.

"Are Trading Rule Profits Feasible?" (with Y. Amihud), Journal of Portfolio Management, Vol. 14, Fall 1987, pp. 77-78.

"Consolidation, Fragmentation and Market Performance," Journal of Financial and Quantitative Analysis, Vol. 22, 1987, pp. 189-207.

"Stock's Liquidity a Key Factor," Democrat & Chronicle, March 2, 1987.

"Asset Pricing and The Bid-Ask Spread," (with Y. Amihud), Journal of Financial Economics, Vol. 17, 1986, pp. 223-249. Reprinted in: Empirical Research in Capital Markets, G. William Schwert and Clifford W. Smith (editors), McGraw Hill, 1991.

"Getting Your Money's Worth From Information Systems," Simon Research Review, Fall 1989, pp. 9-13.

"Liquidity and Stock Returns," (with Y. Amihud), Financial Analysts Journal, Vol. 42, May/June 1986, pp. 43-48.

"Incomplete Information Costs and Database Design," (with A. Saharia), ACM Transactions on Database Systems, Vol. 11, 1986, pp. 159-185.

"Physical Design for a Direct-Access File with Random Insertions and Deletions," (with U. Yechiali), Computers and Operations Research, Vol. 13, 1986, pp. 489-505.

"Performance Analysis of a Direct-Access File," (with U. Yechiali), Teletraffic Analysis and Computer Performance Evaluation. O.J. Boxma, J.W. Cohen and H.C. Tijms, (eds.) North Holland, 1986, pp. 477-487.

"Lattice Path Combinatorics and Linear Probing," Journal of Statistical Planning and Inference, Vol. 14, 1986: pp. 79-93.

"Computerized Exchange: An Integrative Approach," (with Y. Amihud), Rochester Management Review, Summer 1986, pp. 1-4.

"Pricing Computer Services: Queueing Effects," Communications of the Association for Computing Machinery, Vol. 28, 1985, pp. 312-321.

"Random Competitive Exchange: Price Distributions and Gains From Trade," Journal of Economic Theory, Vol. 37, 1985, pp. 254-280.

"An Integrated Computerized Trading System," (with Y. Amihud), in: Market Making and the Changing Structure of the Securities Industry, Lexington Heath, 1985, pp. 217-235.

Discussion of "Rip-offs, Lemons and Reputation Formation in Agency Relationships: A Laboratory Market Study," Journal of Finance, Vol. 40, 1985, pp. 820-823.

"Stock Liquidity: A Key Determinant of Stock Returns," (with Y. Amihud), Rochester Management Review, Winter 1985.

"Analysis of Linear Probing with Buckets," Information Systems, Vol. 8, 1983, pp. 207-216.

"Price Smoothing and Inventory," (with Y. Amihud), Review of Economic Studies, Vol 50, 1983, pp. 87-98.

"Multiperiod Sales-Production Decisions Under Uncertainty," (with Y. Amihud), Journal of Economic Dynamics and Control, Vol. 5, 1983, pp. 249-265.

"Market Behavior in a Clearing House," Econometrica, Vol. 50, 1982, pp. 1505-1524.

Book Review of Software Engineering Economics by Barry W. Boehm, Computing Reviews, Vol. 23, 1982, pp. 333-334.

"Asset Price Behavior in a Dealership Market," (with Y. Amihud), Financial Analysts Journal, Vol. 38, May/June 1982, pp. 50-59.

"Analysis of Extendible Hashing," IEEE Transactions on Software Engineering, Vol. 8, 1982, pp. 611-619.

"Linear Probing and Related Problems," Applied Probability-Computer Science: The Interface, Vol. II, Birkhauser, 1982, pp. 253-268.

On "A Multivariate Statistical Model for Data Base Performance Analysis" (Discussion of Christodoulakis' paper), Applied Probability-Computer Science: The Interface, Vol. II, Birkhauser, 1982, pp. 34-37.

"A Batch-Ballot Problem and Applications," Journal of Applied Probability, Vol. 19, 1982, pp. 144-157.

"Optimal Consumption Policy Under Uncertain Income," (with Y. Amihud), Management Science, Vol. 28, 1982, pp. 683-697.

"The Output-Inflation Relationship: An Inventory-Adjustment Approach," (with Y. Amihud), Journal of Monetary Economics, Vol. 9, 1982, pp. 163-184.

"Relative Price Dispersion and Economic Shocks: An Inventory Adjustment Approach," (with Y. Amihud), Journal of Money, Credit and Banking, Vol. 14, 1982, pp. 390-398.

"Optimal Policies for Data-Base Reorganization," (with U. Yechiali), Operations Research, Vol. 29, 1981, pp. 23-36.

"Controlling the GI/M/I Queue by Conditional Acceptance of Customers," (with U. Yechiali), European Journal of Operations Research, Vol. 7, 1981, pp. 77-85.

"On Permutations with Limited Repetition," Journal of Combinatorial Theory: Series A, Vol. 30, 1981, pp. 351-353.

"A Stochastic Allocation Problem," (with J.S. Pliskin and U. Yechiali), Operations Research, Vol. 28, 1980, pp. 687-693.

"Dealership Market: Market-Making with Inventory," (with Y. Amihud), Journal of Financial Economics, Vol. 8, 1980, pp. 31-53.

"A New Approach to the Analysis of Linear Probing Schemes," (with U. Yechiali), Journal of the Association for Computing Machinery, Vol. 27, 1980, pp. 474-483.

"Performance Measures for Ordered Lists in Random Access Files," (with U. Yechiali), Journal of the Association for Computing Machinery, Vol. 26, 1979, pp. 654-667.

"Optimal Storage Allocation for Serial Files," (with J.S. Pliskin and U. Yechiali), Communications of the Association for Computing Machinery, Vol. 22, 1979, pp. 124-130.

"Performance Analysis of the Chaining Method for Random-Access Addressing," (with U. Yechiali), in: Chandy, K. M. And M. Reiser (eds.), Computer Performance, North-Holland, Amsterdam, 1977, pp. 341-261.

"Optimal Inventory Policies Under Uncertainties in Output," (with Y. Amihud), The Israel Review of Business Economics, Vol. 2, 1977, pp. 19-26.