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The increase in international trade, the advances in technology, the growing importance of the emerging markets are the main factors that have contributed to the explosion of counterfeiting experienced in recent years, estimated to be valued at about 5-7 per cent of the world trade. The luxury industry in Italy has been particularly hard hit and most brands nowadays are urgently looking for demand-side and supply-side strategies to track and control the phenomenon. The aim of this paper is to provide a supply chain view of counterfeiting and illegitimate trade phenomena, in a supply chain risk management perspective, to define and illuminate the interaction of the legitimate and the illegitimate supply chains.

The paper introduces the LISC model to represent and include all the illegitimate trade phenomena under analysis such as pure counterfeiting, factory overruns, grey and parallel market, supply chain infiltrations, product diversion and sale of stolen goods

The interrelations between legitimate and illegitimate supply chains are crucial to approach counterfeiting issue and define which illegitimate trade paths are more harmful to companies and customers.

The first limitation of the work is that the illegitimate trade categories defined in this paper mainly rely on data and phenomena collected from secondary sources that have not yet been directly observed by the authors. The second one is that a specific focus on high-end fashion industry was employed throughout this work: further analysis for evaluating the applicability and the significance of the illegitimate trade in other industries is still pending. The final limitation stems from the fact that it will be necessary to investigate the implications and the applicability of the model to the illegitimate on-line trade.

During the course of the MI-FIDO project, the model and the selection rules identified for illegitimate trade family classification were used as a basis for defining the rules for anomalies detection to be included in a “track and trace” system developed the project team currently under with a major Italian fashion brand.

To the authors ' knowledge, this is the first work that attempts to present a concise and systematic approach to luxury illegitimate trade from a supply chain perspective. Understanding which legitimate-illegitimate supply chain interactions are the most damaging will help fashion luxury and other industries to battle the counterfeiting phenomenon more effectively

From a supply chain perspective, counterfeiting is only part of a wider phenomenon defined as “illegitimate trade,” which includes supply chain infiltrations, factory overruns, gray and parallel markets, retail service counterfeiting and shoplifting. Although different forms of illegitimate trade can be observed, companies address them mainly through legal action, overlooking other counterstrategies such as technology adoption, supply chain integration and communication campaigns. This paper aims to understand which illegitimate trade phenomena are the most common and damaging to high-end fashion firms, identifying the counterstrategies that companies leverage the most and assessing the effectiveness of the counterstrategies.

A survey was conducted to address the above-mentioned research goals. It was targeted at Italian high-end fashion companies and 112 usable questionnaires were collected.

Empirical evidence shows that the most common illegitimate trade events are pure counterfeiting and parallel/gray markets. Various forms of illegitimate trade can co-exist and are correlated, but each of them calls for a targeted bundle of countering strategies. A synergic relationship among strategies is also observed.

This paper addresses the issue of counterfeiting and illegitimate trade with a holistic approach, highlighting the necessity of an interfunctional approach within the company as a condition for effectively countering these problems.

The production, distribution and consumption of counterfeit goods have been increasing at an alarming rate. Current legislation addresses the supply side of the problem, but not the demand side of the problem. The purpose of this paper is to examine, empirically, factors affecting consumer demand for counterfeit goods were analyzed.

The economic theory of consumer demand provided the theoretical framework. Data were collected from students enrolled at a major mid‐western university, and logistic regression was used to estimate demand functions for counterfeit goods.

The results indicated that student sensitivity to the counterfeit problem did not significantly deter the purchase of counterfeit goods.

Educators in textiles and apparel should have a vested interest in providing education about counterfeiting, resulting in students with greater sensitivity to the issue.

The production, distribution and consumption of counterfeit goods have been increasing at an alarming rate. Current legislation addresses the supply side of the problem, but not the demand side of the problem. Consumer education may be a feasible approach for addressing the demand side of the problem.

The purport of the Money Laundering Decree No. 3 1995 (hereinafter referred to the the Decree) is visible in three perspectives. The first part prohibits money laundering in all its ramifications. The second part stipulates punishments for the various categories of principal and accessory offenders whether individual or body corporate. The final part contains the miscellaneous provision dealing with substantive and ancillary powers vested in the Law Enforcement Agencies for the purpose of the implementation of the intendment of the Decree. In this article, an attempt will be made to analyse and scrutinise the general scope of the Decree, powers conferred therein and the resultant impact of the legitimate and illegitimate trade and the possible undue encroachment on the rights of the citizenry. Limitations will be identified and reforms suggested. Before delving into a detailed examination of the provisions of the Decree, a general introduction as to the meaning and contents would be helpful and necessary.

Although it has been recognised that many entrepreneurs operate in the informal economy, little is so far known about their reasons for doing so. The purpose of this paper is to begin to unravel entrepreneurs’ rationales for trading in the informal economy in order to consider what policy measures need to be adopted to facilitate their formalisation.

To do this, the results of an empirical survey are reported conducted in Ukraine during 2006/2007 with 331 individuals who had started-up or owned/managed an enterprise.

Revealing that the rationales for entrepreneurs operating in the informal economy markedly differ according to whether they are wholly or partially informal entrepreneurs operating temporarily or permanently in the informal economy, the result is a call for a move beyond a “one-size-fits-all” policy approach and towards a variegated public policy approach whereby policy measures are tailored to tackling the different types of informal entrepreneurship, each of which operate informally for varying reasons.

No evidence yet exists of whether the rationales for engaging in each type of informal entrepreneurship, and the consequent policy measures that need to be used to formalise each type, are more widely valid. Further research to evaluate this is required.

This is the first paper to start to move beyond a “one size fits all” policy approach when considering how to facilitate the formalisation of entrepreneurs in the informal economy.

Observes that variances in standards for and interpretations of intellectual property rights (IPR) around the globe remain one of the great challenges for marketers and stakeholders of the marketing paradigm. Attempts to distil the issues surrounding IPR and its protection, and to examine the phenomenon of IPR violations within a framework of social dilemmas. In so doing, describes and provides examples for some of the problems associated with IPR violations. Contends that much work is still to be done, if it is hoped to implement a global system for IPR protection that serves the best long‐term interests for the largest number of society’s stakeholders. Concludes with opportunities for further research.

This paper aims to evaluate whether early‐stage entrepreneurs and the established self‐employed in rural communities trade off‐the‐books and whether this tendency varies across deprived and affluent rural localities.

Face‐to‐face interviews were conducted with 350 households in both affluent and deprived rural communities in England.

In both the affluent and deprived rural communities surveyed, wholly legitimate enterprises represent just the tip of the iceberg. Beneath the surface is a large hidden enterprise culture of both registered businesses trading off‐the‐books and unregistered wholly off‐the‐books enterprises. However, the preponderance of both early‐stage entrepreneurs, as well as the established self‐employed to trade off‐the‐books is greater in deprived than affluent rural communities, intimating that deprived rural communities are perhaps relatively more enterprising and entrepreneurial than is currently recognised.

These findings are based on a small‐scale study of five English rural communities. Further studies are now required to evaluate whether similar findings are replicated elsewhere.

The paper reveals that legitimising the hidden enterprise culture in deprived rural communities could be an important but so far untapped means of promoting enterprise and economic development.

Evaluates the extent of informal entrepreneurship in rural communities and how this varies spatially.

The purpose of this paper is to examine the divers and facilitators of money laundering in Ethiopia. Specifically, it looks at the risk factors that existed in the country’s economic and political system, which provide an appealing environment for money laundering to grow.

This qualitative study relies on primary data generated from interviewees drawn from the National Bank of Ethiopia, Ethiopian Financial Intelligence Center, Ethiopian Customs Commission, selected financial institutions and certain non-financial businesses and professions and law enforcement agencies, as well as secondary data from government reports, media press, statutes and other online and offline sources.

This study finds that the risk factors for the growth of money laundering in Ethiopia are highly reliant on the country’s economic and political system. Accordingly, the nature of Ethiopia’s economy, which is cash-intensive, loosely regulated economic growth and the raise associated criminality, the development of underground banking activities, scarcity of foreign currency reserves and the existence of societal demand for illicit goods and services are all risk factors for the growth of money laundering. The raise of an elite cartel model type of systematic corruption, limited institutional capacity to prevent and suppress money laundering and the absence of a national identity card system are also identified as risk factors for the rife of money laundering in Ethiopia. Moreover, the geopolitical location of the country, its porous borders, limited cross-border cooperation and information sharing add further fuel to the vulnerability of the country to money laundering and associated predicate offense.

To the best of the author’s knowledge, this paper provides a first-of-its-kind analytical perspective on the risk factors for the raise of money laundering in Ethiopia.

This paper aims to provide unique empirical findings exploring the impact of the UK’s post-Brexit Economic Strategy to boost trade with developing countries on the UK banking sector’s ability to manage trade-based money laundering risks.

Exploratory research design that used structured literature review, followed by semi-structured interviews with key subject matter experts employed by large UK banks.

Both banks and law enforcement struggle to prioritise trade-based money laundering (TBML) intelligence discovery due to deficient skills, resources, technology and lack of strong regulatory stimulus. The regulated sector calls for the UK anti-money laundering (AML) reform that would better incentivise TBML deterrence, yet the Government underestimates the money laundering risks while trading with high-risk jurisdictions post-Brexit.

The findings are based on a small sample of six semi-structured interviews with difficult to access population of key subject matter experts. Despite the small sample, participants provided well-articulated and informed insights.

The UK’s post-Brexit Economic Strategy to boost trade with developing countries downplays the TBML risks it carries. The findings should alert UK banks, law enforcement and the Government who will collectively bear the responsibility to effectively manage TBML while enabling smooth trading.

The research provides unique perceptions of UK banks’ senior subject matter experts on managing TBML threats from opportunistic criminals.

The purpose of this paper is to examine the stock price movements for existence of informed trading prior to a merger announcement for the companies listed on the emerging markets of India for the period from 1996 to 2010.

This study applies several event study methodologies and regression analyses to analyze the stock price movement surrounding a merger announcement. The paper divides mergers in two different types: industry merger cases and non-industry merger cases and in two different time periods: recession and boom.

The results show that the information held only by insiders’ works its way into prices. The paper finds strong evidence of insider trading in the case of industry mergers and mergers during recessions.

The results from this study have immediate policy implications for India and other developing markets as the paper provides the type of mergers and time periods when merger announcements are more susceptible to insider trading.

The paper extends the literature on mergers and insider trading by analyzing firms trading on a developing capital market, which, unlike the developed markets, is characterized by inadequate disclosure and a weaker enforcement of securities regulations. The results support this notion and recommend Indian securities market regulators to tighten the lax regulations. In addition, the author document the divergence in price reaction to the merger announcements for different types of mergers: industry mergers and non-industry mergers, as well as for mergers during different market conditions: recession vs booming capital markets.