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Article
Publication date: 17 February 2012

John F. Pinfold and Danyang He

The purpose of this paper is to investigate the July 2007 introduction of a pre‐close call auction on the New Zealand stock market and its effect on share pricing quality…

Abstract

Purpose

The purpose of this paper is to investigate the July 2007 introduction of a pre‐close call auction on the New Zealand stock market and its effect on share pricing quality and market manipulation.

Design/methodology/approach

Market quality was tested using the methodology of Pagano and Schwartz, which is based on changes in market model R2s. Closing price manipulation is detected by comparing mean bid‐ask spread characteristics of the periods before and after the introduction of the pre‐close call auction.

Findings

The closing call auction improves the quality of share pricing and reduces the incidence of market manipulation.

Practical implications

The paper confirms the effectiveness of the changes made to the method of closing the market for all firms in the market.

Originality/value

The paper extends knowledge of the effectiveness of closing call‐auctions. It is the first study in a low‐liquidity market and of shares with very low liquidities. Such markets have lower pricing quality and are more vulnerable to market manipulation. The study establishes the effectiveness of closing auctions in this environment.

Details

Journal of Financial Regulation and Compliance, vol. 20 no. 1
Type: Research Article
ISSN: 1358-1988

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Article
Publication date: 1 February 1900

An appeal under the Food and Drugs Acts, reported in the present number of the BRITISH FOOD JOURNAL, is an apt illustration of the old saying, that a little knowledge is a…

Abstract

An appeal under the Food and Drugs Acts, reported in the present number of the BRITISH FOOD JOURNAL, is an apt illustration of the old saying, that a little knowledge is a dangerous thing. In commenting upon the case in question, the Pall Mall Gazette says: “The impression among the great unlearned that the watering of the morning's milk is a great joke is ineradicable; and there is also a common opinion among the Justice Shallows of the provincial bench that the grocer who tricks his customers into buying coffee which is 97 per cent. chicory is a clever practitioner, who ought to be allowed to make his way in the world untrammelled by legal obstructions. But the Queen's Bench have rapped the East Ham magistrates over the knuckles for convicting without fining a milkman who was prosecuted by the local authority, and the case has been sent back in order that these easygoing gentlemen may give logical effect to their convictions.”

Details

British Food Journal, vol. 2 no. 2
Type: Research Article
ISSN: 0007-070X

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Article
Publication date: 1 December 1964

THERE have been official links for the past twelve years between the Institute of Incorporated Work Study Technologists and Time and Motion Study. Many of its members have…

Abstract

THERE have been official links for the past twelve years between the Institute of Incorporated Work Study Technologists and Time and Motion Study. Many of its members have been valued contributors to our pages and the Institute has had editorial space for its news.

Details

Work Study, vol. 13 no. 12
Type: Research Article
ISSN: 0043-8022

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Article
Publication date: 1 January 2008

Mei Qiu and John Pinfold

US studies show significant price effects when shares enter or leave an index during index revisions. Studies on other markets generally yield similar results with smaller…

Abstract

Purpose

US studies show significant price effects when shares enter or leave an index during index revisions. Studies on other markets generally yield similar results with smaller price reactions. This study aims to examine the price effects resulting from revisions to the Australian S&P/ASX 100 and 300 indices.

Design/methodology/approach

The event study methodology is used to examine abnormal price and volume effects around the announcement dates and implementation dates of index revisions.

Findings

In contrast with studies on US index changes, this study shows no abnormal returns for additions to or deletions from the S&P/ASX 100 index and only a weak effect for the S&P/ASX 300, which showed a median abnormal return of  + 1.06 per cent on the implementation date for additions and −2.78 per cent for deletions.

Research limitations/implications

These results give a cautionary warning to those who wish to speculate on the changes to index constituents on the Australian market, or other similar markets where the strength of the index effect has not been clearly quantified.

Originality/value

This study adds to the body of knowledge on the index effect by providing Australian evidence.

Details

Managerial Finance, vol. 34 no. 1
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 1 January 2003

FAYEZ A. ELAYAN, JAMMY S.C. LAU and THOMAS O. MEYER

Incentive‐based executive compensation is regarded as a mechanism for alleviating agency problems between executives and shareholders. Seventy‐three New Zealand (NZ…

Abstract

Incentive‐based executive compensation is regarded as a mechanism for alleviating agency problems between executives and shareholders. Seventy‐three New Zealand (NZ) listed companies are used to examine the relationship between executive incentive compensation schemes (ICS) and firm performance. The results suggest that neither compensation level nor adoption of an ICS are significantly related to returns to shareholders or ROA. However, there is a statistically significant relationship between Tobin's q and both CEO compensation and executive share ownership. Further, the evidence suggests the recent compensation disclosure requirements in NZ are not yet stringent enough to allow adequate analysis of the link between ICSs and corporate performance.

Details

Studies in Economics and Finance, vol. 21 no. 1
Type: Research Article
ISSN: 1086-7376

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Book part
Publication date: 8 June 2020

Dawn Edge, Amy Degnan and Sonya Rafiq

Several decades of mental health research in the UK repeatedly report that people of African-Caribbean origin are more likely than other ethnic minorities, including the…

Abstract

Several decades of mental health research in the UK repeatedly report that people of African-Caribbean origin are more likely than other ethnic minorities, including the White majority, to be diagnosed with schizophrenia and related psychoses. Race-based inequalities in mental healthcare persist despite numerous initiatives such as the UK’s ‘Delivering Race Equality’ policy, which sought to reduce the fear of mainstream services and promote more timely access to care. Community-level engagement with members of African-Caribbean communities highlighted the need to develop culturally relevant psychosocial treatments. Family Intervention (FI) is a ‘talking treatment’ with a strong evidence-base for clinical-effectiveness in the management of psychoses. Benefits of FI include improved self-care, problem-solving and coping for both service users and carers, reducing the risk of relapse and re-hospitalisation. Working collaboratively with African-Caribbeans as ‘experts-by-experience’ enabled co-production, implementation and evaluation of Culturally adapted Family Intervention (CaFI). Our findings suggests that a community frequently labelled ‘hard-to-reach’ can be highly motivated to engage in solutions-focussed research to improve engagement, experiences and outcomes in mental health. This underscores the UK’s Mental Health Task Force’s message that ‘new ways of working’ are required to reduce the inequalities faced by African-Caribbeans and other marginalised groups in accessing mental healthcare. Although conducted in the UK (a high-income multi-cultural country), co-production of more culturally appropriate psychosocial interventions may have wider implications in the global health context. Interventions like CaFI could, for example, contribute to reducing the 75% ‘mental health gap’ between High and Low-and-Middle-Income counties reported by the World Health Organization.

Details

The International Handbook of Black Community Mental Health
Type: Book
ISBN: 978-1-83909-965-6

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Article
Publication date: 19 August 2009

Gottfried Asamoah, Sabu Varughese, Salman Mushtaq, Linda Butterworth, Abu Abraham and Jason Luty

Tackling discrimination, stigma and inequalities in mental health is a major UK government objective. Surveys have suggested that mental health services are…

Abstract

Tackling discrimination, stigma and inequalities in mental health is a major UK government objective. Surveys have suggested that mental health services are institutionally racist. Most research has focused on stigma associated with schizophrenia despite well‐documented prejudice against people with other psychiatric disorders.The aim of this study was to assess stigmatised attitudes towards people from two ethnic groups with substance use disorder and learning disability. The 20‐point Attitude to Mental Illness Questionnaire (AMIQ) was used to assess stigmatised attitudes. A representative panel of members of the general public were randomised to receive a questionnaire with a picture of a European or African‐Caribbean man and a fictitious description of alcoholism (first round) or Down's syndrome (second round) six months later. Results were received for over 198 subjects (response rate 79‐84%). There was no difference between the score for the African‐Caribbean vignette or the European vignette for either alcoholism (mean AMIQ score 0.43 standard error = 0.39; n = 100 Vs 0.98 standard error = 0.53; n = 110; effect size r = 0.11; p = 0.2059;) or learning disability (mean 1.71 standard error = 0.22; n = 100 Vs 1.98; standard error = 0.30; n = 98; effect size r = 0.07; p = 0.2559).The study showed that ethnic origin had no significant difference on stigmatised attitudes towards someone with alcoholism or learning disability. Although a larger study would have increased power to detect a statistically significant difference it seems unlikely that a difference of the observed magnitude would be of any practical relevance.

Details

Ethnicity and Inequalities in Health and Social Care, vol. 2 no. 2
Type: Research Article
ISSN: 1757-0980

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Article
Publication date: 4 December 2019

John Wainwright, Mick McKeown and Malcolm Kinney

The purpose of this paper is to explore experiences of survivors of the mental health system regularly attending a mental health resource centre predominantly but not…

Abstract

Purpose

The purpose of this paper is to explore experiences of survivors of the mental health system regularly attending a mental health resource centre predominantly but not exclusively focussed on needs of the BAME community.

Design/methodology/approach

In total, 25 participants took part in a qualitative research study regarding their experiences of mental health and racism, alternative mental health support and struggles in the local black community.

Findings

Issues of race, place and space were central to the experiences of BAME mental health survivors. Participants emphasised the importance of place-based support in their everyday life, with the service provided engendering a sense of belonging conducive to coping with various struggles. Race and racism were also central to these daily struggles and the place of Liverpool 8 was at the core of notions of identity and belonging. The space within the centre provided a sanctuary from the combined discriminations and exclusions attendant on being BAME survivors of the mental health system.

Practical implications

Attention to matters of place and space appears crucial to the articulation of appropriate support.

Social implications

Place is salient to understanding the intersecting identities/experience of racism and mental health discrimination, constituting the basis for a concept of placism; associated with exclusions from feeling safe and included in everyday public places (including within the black community) with the exception of the welcoming and unconditionally accepting space of the centre.

Originality/value

This paper is the first to inquire into place-based experiences of alternative black mental health support. Placism is a novel construct that merits further inquiry and theoretical development.

Details

International Journal of Human Rights in Healthcare, vol. 13 no. 1
Type: Research Article
ISSN: 2056-4902

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Article
Publication date: 12 January 2015

Silvio John Camilleri

– The purpose of this paper is to empirically investigate whether call auctions which batch orders for simultaneous execution, may restrain stock market volatility.

Abstract

Purpose

The purpose of this paper is to empirically investigate whether call auctions which batch orders for simultaneous execution, may restrain stock market volatility.

Design/methodology/approach

The authors use high-frequency data to investigate volatility changes following the suspension of opening and closing call auctions on the National Stock Exchange (NSE) of India in 1999. The authors evaluate this issue by considering both modelled and realised volatility. Using a GARCH approach the authors model intra-day volatility for the trading days preceding and succeeding the auction suspension. The authors also scrutinise return distributions to look for volatility changes during different parts of the day.

Findings

When interpreted collectively, the empirical results suggest that the auction suspension was followed by reduced volatility particularly in the middle of the trading day and at the closing.

Practical implications

Given that auctions are often incorporated in trading systems with the aim of curtailing volatility, the main conclusion, that the auction suspension was followed by lower volatility, has important practical inferences. Auctions cannot be automatically relied on to reduce volatility. The intricacies of the auction protocol and their interaction with ancillary market microstructure features may impact on auction efficacy.

Originality/value

The paper adopts a novel approach towards assessing the effectiveness of auctions by considering an unusual occurrence of an auction suspension. The empirical setting enables a clear comparison of the respective regimes since these periods do not materially differ in other subsidiary aspects. This is a noteworthy factor, since the empirical contexts considered in prior studies, often feature several simultaneous changes.

Details

Managerial Finance, vol. 41 no. 1
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 1 June 2008

Hilary Mairs and Nick Arkle

The widespread provision of evidence‐based psychosocial interventions (PSI) for people who experience psychosis and their families requires that the mental health…

Abstract

The widespread provision of evidence‐based psychosocial interventions (PSI) for people who experience psychosis and their families requires that the mental health workforce has access to educational and training programmes in these treatment approaches. Such training has been available in England since 1992 when the first PSI programmes were established at The Institute of Psychiatry, London and The University of Manchester. While training is now more widely available (Brooker, 2002), little is known about the extent and distribution of training across England, or of the detail of individual programmes. To remedy this, the NIMHE National PSI Implementation Workgroup conducted a survey of university accredited PSI education/training in January 2006.Twenty‐six courses were represented in the returns from the eight regions served by CSIP regional development centres. This paper presents the findings of this survey and discusses the current provision of PSI training in England in 2006.

Details

The Journal of Mental Health Training, Education and Practice, vol. 3 no. 2
Type: Research Article
ISSN: 1755-6228

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