There was an article in the "Serials Librarian" regarding
Northwestern's usage of latest entry.  They don't use latest entry for
everything.  Sorry I can't sight vol. and date, but if you have access
to the journal, it shouldn't be too hard to find.  If you can't locate
it, I can check in Columbia's Library Service Library for you.

Joyce Gartrell
Head, Serials Cataloging Dept.
Columbia University Libraries
New York, New York  10027
(212) 854-2714