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We absorb information presented audiovisually much more rapidly than we do when reading text. Evolution has meant that we are all adapted this way. Moving pictures and the right accompanying sounds can illustrate concepts more clearly and concretely than can words alone. Although reading and listening both allow the person engaged in those activities to use imagination to fill in the missing detail, to communicate a concept clearly often requires moving pictures. Many people have found it impossible to follow recipes, for example, because the text didn t make clear what the cook ought to expect. Watching somebody bake a cake, step by step, however, fills in the missing details. You can see the color and texture of the mixture before it goes into the cake tin. You can see the color of the baked cake. Without this information, many text-based recipes are inadequate instructions on how to reproduce the author s intended confection. Commercial messages are also more attractive and effective when presented as audiovisuals. Audiovisual material is particularly attractive to people who wish to watch passively and have the story told to them. Streaming media technology makes it possible for more of the information we currently access from books to be presented as audiovisuals. In contrast to broadcast television, the on-demand and online nature of the information makes it accessible by anyone, anytime. Access of streaming media material is more akin to going to a library and finding a book than trawling through the program schedules in the hope of finding that what we want to know will be broadcast when we can view it. Streaming media marries the sheer richness and impact of audiovisual presentation with the convenience and access features of a library of books.

of each year, stocks are divided into 10 portfolios based on their BE/ME ratios. Portfolio 1 consists of the stocks with the lowest BE/ME ratios, portfolio 2, 3, 4 . . . consist of groups of stocks with increasing BE/ME ratios, with portfolio 10 consisting of the stocks with the highest BE/ME ratios. The monthly returns for each of the 10 portfolios are measured over 12 months. The following July, each stock s BE/ME ratio is recomputed and stocks are reassigned to the ten portfolios based on their new BE/ME ratios ranging from lowest to highest. Stocks may move from one portfolio to another. The returns for the portfolios are again measured over the ensuing twelve months. The return calculation and sorting process occurs again and again over the 26-year period, and an average return of each of the 10 portfolios is computed. Fama and French further subdivide portfolios 1 and 10 into two portfolios each, resulting in a total of twelve portfolios. Table 2-3 and Exhibit 2-4 present summaries of their findings:

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Avon began by creating a centralized planning function a critical priority Explains John Kitchener, head of the supply chain in Europe, There was no way Avon would achieve its growth targets without a centralized planning group that could see demand and inventory levels across the region and react very, very quickly First, Avon had to create a common database The team spent many months putting in place standardized product codes, descriptions, and other information so that each country was speaking the same language The database gave Avon visibility into sales trends and inventory so that managers could look across the region and see what was happening from both demand and supply perspectives The company also installed Manugistics supply chain planning and scheduling system to support integrated planning and coordination across the whole European region.

Streaming media is a satisfying technology for exploring and navigating through information, since it marries the hyperlinked nature of the Web with the impact and richness of audiovisual media. The viewer can encounter live programs and archive material, without necessarily being

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TABLE 2-3 1992 Fama and French Stock Return Study Portfolios Based on Ascending Book Equity/Market Equity Ratios

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