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We propose a novel method of forecasting the level of informed trading at merger announcements. Informed traders typically take advantage of their knowledge of the forthcoming merger by trading heavily at announcement. They trade on positive volume or informed buys for cash mergers and negative volume or informed sells for stock mergers. In response, market makers set wider spreads and raise prices for informed buys and lower prices for informed sells. As liquidity traders trade on these prices, our vector autoregressive framework establishes the link between informed trading and liquidity trading through price changes. As long as the link holds, informed trading may be detected by measuring levels of liquidity trading. We observe the link during the −1 to +1 period for cash mergers and −1 to +5 period for stock mergers.

This chapter concentrates on sales negotiation and reveals that negotiating agreements on goods and services among the Igbo traders involves demystifying many complexities – such as nature of persuasion, trust and communication patterns between traders, among other concerns. To aid our understanding, the authors surveyed three Igbo-dominated markets including Computer Village, Ikeja – dealing in the sales of phone accessories; Tejuosho Market – dealing in the sales of clothing materials; and Ojuelegba Market – dealing in the sales of vehicle spare parts. The authors concluded that the negotiation pattern and approach adopted by the Igbo trader often depends on several variables, including the product, the market, the buyer, the individual trader and other invisible circumstances surrounding the bargaining process. When negotiation breakdown arises, the Igbo traders have a well thought-out strategy that can be adopted to address the situation and persuade future bargains.

Why, despite clear economic incentives, did eighteenth-century slave traders fail to defend their business interests against the abolition campaign? We focus on the outport of Bristol as a case in point. Our main argument is that slave traders lacked an organizational basis to translate their economic interests into political influence. Supporting evidence from merchant networks over the 1698–1807 period shows that the Society of Merchant Venturers offered such an organizational site for collective political action. Members of this chartered company controlled much of Bristol’s seaborne commerce and held chief elective offices in the municipal government. However, the Society evolved into an organization that represented the interests of a closed elite. High barriers to entry prevented the slave traders from using the Society as a vehicle for political mobilization. Social cohesion among slave traders outside the chartered company hinged on centrally positioned brokers. Yet the broker positions were held by the few merchants who became members of the Society, and who eventually ceased their engagement in slave trading. The result was a fragmented network that undermined the slave traders’ concerted efforts to mobilize against the political pressure of the abolitionist movement.

This chapter suggests that the key to entrepreneurial success lies in the ability to maintain trust-based networks and respect social norms. In elaborating this proposition, this chapter draws on the results of an exploratory study of 30 Nigerian traders to demonstrate how using an ‘institutional’ lens provides new insights into the influence of trust and indigenous norms on entrepreneurial behaviour. The concept of morality which presupposes an understanding of entrepreneurial behaviour is introduced to offer a supple and adaptable explanation for how actors rely on social norms to build trade networks. At the centre, trust was found to be indispensable to networks relationships and necessary for enforcing sanctions. The results facilitate a rich understanding of how a range of trust-based networks relationships and hybrid indigenous norms underpin entrepreneurial behaviour in Nigeria. The study contributes by providing well founded insights into the entrepreneurship within an African context.

The existing literature on emotion regulation strategies provides important insights with regards to intrapersonal strategies for emotion regulation. However, in pointing out the limitations of intrapersonal emotion regulation models, it has been suggested that emotion regulation is not confined to intrapersonal processes and the complex social networks that humans form are intricately connected to their emotions. The previous work on financial traders has recognized the relevance of emotions in trading, focusing only on intrapersonal emotion regulation strategies. In this chapter, drawing on the author’s previous research on emotions in trading as well as existing research on social sharing of emotions and interpersonal emotion regulation, interpersonal emotion regulation strategies in the work of financial traders are identified. In doing so, an existing definition of interpersonal emotion regulation is extended and it is argued that while the pursuit of a regulatory goal is paramount, the benefits of interpersonal regulation may be achieved even in the absence of live social interaction, as long as labeling of the affective state takes place. The chapter concludes with a model summarizing intra–interpersonal emotion regulation processes.

Purpose — The purpose of this chapter is to study the pattern of rogue trading, paying special attention to the aspects of the dishonest behavior of perpetrators.Design/methodology/approach — The chapter discusses selected cases of rogue trading that received the largest coverage by the mass media.Findings — No unique pattern of rogue trading schemes can be identified; however, certain similarities can be brought up based on the discussed cases. There are many aspects of dishonesty involved in fraudulent trading besides illicitness of unauthorized trading as such.Research limitations/implications — The chapter is based largely on a literature review and available data on the instances of rogue trading; probably, there is a vast amount of rogue trading cases undisclosed in order to draw a bigger picture.Originality/value — We apply the framework of white-collar crime process by McKay, Stevens, and Fratzl (2010) in order to clarify whether rogue trading schemes match the development of a typical white-collar crime. Conclusions are built on the analysis of several cases.

Purpose – This chapter examines the interactions among wholesale betel nut traders within Papua New Guinea’s (PNG’s) flourishing, contemporary, and indigenous betel nut trade. It explores the nature of the “social embeddedness” of the trade and how particular “place-based” practices and ideas shape people’s engagements with markets.Methodology/approach – Multisited ethnographic research focused on betel nut traders.Findings – This chapter highlights how local ideas about sociality and exchange shape the copresent rivalry and companionship that characterize interactions among Mt. Hagen’s betel nut traders. Traders travel long distances and take great risks to buy betel nut. They travel together, share resources, and trade in the same places, and through this they become part of one another’s social networks. This creates the expectation that traders will cooperate, consider other traders in their actions, contribute to each other’s safe-keeping, and act collectively in their interactions with producers. This does not preclude competition, however. Traders compete for profits, but the competiveness of their interactions is also influenced by a concern for status. This copresence of companionship and rivalry, which pervades Hagen sociality more broadly, is central to shaping the trade as a whole.Originality/value of the chapter – Betel nut is the most important domestic cash crop in PNG, and selling betel nut is a prominent livelihood activity for rural and urban people. This chapter reports some of the findings of the first detailed study of the betel nut trade in PNG.

This research examines stock traders' disposition effects and contrarian/momentum behavior in the Taiwan Stock Exchange (TWSE). Specifically, we first investigate disposition effects across all trader types and then examine the relationships between disposition effects, trader types, and order characteristics. Next, we explore contrarian and/or momentum behavior and analyze the relationships among the contrarian/momentum behavior, investor type, and order characteristics. Finally, the links among trader types, order characteristics, and investment performance are detected. This chapter yields the following findings. (1) Individual investors exhibit the strongest disposition effects compared to other investors. (2) Foreign investors, investment trusts, and individual investors tend to use large orders to sell loser stocks. (3) Investment trusts are inclined to be momentum traders, while individual investors tend to perform contrarian strategies. (4) Institutional aggressive and large orders perform better than individuals' orders. (5) The performance of foreign investors' selling decisions is better than that of retail investors.

By drawing on ethnographic fieldwork conducted amongst waste-pickers and recycling traders in the waste paper, plastic and scrap metal sectors, and engaging with literature from economic anthropology and history, as well as archival sources, this paper documents changing perceptions of just price, morality and fairness in the Turkish recycling market. The paper suggests that multiple markets imply multiple prices, which are contingent and contested. When dealing with price mechanisms largely outside their control, actors tend to associate a fair price with the going market price, rather than factors such as state regulation. Approaches to morality and assessments of fairness become more ambiguous when prices are mediated by actors’ own practices. These range from gift relations to paternalism, envy and deception.