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Following the Supreme Court’s 1988 decision in Basic, securities class plaintiffs can invoke the “rebuttable presumption of reliance on public, material misrepresentations regarding securities traded in an efficient market” [the “fraud-on-the-market” doctrine] to prove classwide reliance. Although this requires plaintiffs to prove that the security traded in an informationally efficient market throughout the class period, Basic did not identify what constituted adequate proof of efficiency for reliance purposes.

Market efficiency cannot be presumed without proof because even large publicly traded stocks do not always trade in efficient markets, as documented in the economic literature that has grown significantly since Basic. For instance, during the recent global financial crisis, lack of liquidity limited arbitrage (the mechanism that renders markets efficient) and led to significant price distortions in many asset markets. Yet, lower courts following Basic have frequently granted class certification based on a mechanical review of some factors that are considered intuitive “proxies” of market efficiency (albeit incorrectly, according to recent studies and our own analysis). Such factors have little probative value and their review does not constitute the rigorous analysis demanded by the Supreme Court.

Instead, to invoke fraud-on-the-market, plaintiffs must first establish that the security traded in a weak-form efficient market (absent which a security cannot, as a logical matter, trade in a “semi-strong form” efficient market, the standard required for reliance purposes) using well-accepted tests. Only then do event study results, which are commonly used to demonstrate “cause and effect” (i.e., prove that the security’s price reacted quickly to news – a hallmark of a semi-strong form efficient market), have any merit. Even then, to claim classwide reliance, plaintiffs must prove such cause-and-effect relationship throughout the class period, not simply on selected disclosure dates identified in the complaint as plaintiffs often do.

These issues have policy implications because, once a class is certified, defendants frequently settle to avoid the magnified costs and risks associated with a trial, and the merits of the case (including the proper application of legal presumptions) are rarely examined at a trial.

The economic doctrine of market efficiency plays an essential role in securities fraud litigation. In lawsuits alleging violations of SEC Rule 10b-5, the plaintiffs typically must argue that the market for the relevant security is efficient, and therefore that the “fraud on the market” doctrine applies. However, the term “market efficiency” is often applied imprecisely. In this chapter, we discuss properties of efficient markets that have been proposed in academic research, legal scholarship, and case law. We explore what must be assumed about capital markets for each of these properties to hold. We then ask how, in practice, each property could be rebutted.

Since the introduction of product certification in the 1980s, fair trade has grown apart from its social justice roots and the focus has steadily shifted away from calls for institutional market reform, corporate accountability, and fair prices, and toward a celebratory embrace of poverty alleviation and income growth through market integration and business partnerships. This paper examines fair trade's narratives of poverty and partnerships, focusing on the brand communication strategies employed by influential fair trade organizations and businesses. These are compared with how fair trade coffee producers in southern Mexico understand and practice partnership, demonstrating some of the ways in which the latter resist narrative framings which position them as entrepreneurial businesspeople first and cooperativistas second. The business partnerships between coffee buyers and producers are highly asymmetrical, and the partnerships that matter most for the Oaxacan coffee farmers are not with global businesses and certifiers, but instead with each other and their producer organizations. These relationships did not originate with fair trade, although, they are, in part, sustained by this system which supports democratically organized producer groups, the sharing of technical and market information, and communal management of the fair trade premium. In contrast to the organizations that certify and market their products, the paper demonstrates how farmers regard their precarious economic circumstances as an issue of social justice to be addressed through increased state support rather than market empowerment. The analytical juxtaposition of farmers' attitudes with fair trade organizational priorities contributes to the expanding literature examining how fair trade policies are experienced on the ground.

This paper aims to analyze the legal framework of land degradation in Asia and provide market shared liability as a new theory to solve a problem regarding the difficulty for judges to determine the percentage of compensation for corporations responsible for land degradation. This paper aims also presents a theory to solve the problem of the vacuum of legal responsibility theory, which can make corporations proportionally responsible in terms of causing land degradation.

This was done through legal research methods, mainly with systematical interpretation. The approach used in this paper is conceptual, statute and comparative approach.

By analyzing the related legal norms, it can be understood that in Asian countries, such as Indonesia, Thailand and Malaysia, there are regulations regarding land degradation. However, the regulations in these countries are not specific and tend to focus on nature conservation, which has an impact on handling land degradation. Therefore, it needs special regulation to deal with land degradation. One of the things that need to be regulated about land degradation is a market shared liability.

This research is limited to regulation in the Asia region. By analyzing the regulation, this paper will provide an analysis about the land degradation regulation mechanism in Asia and give an analysis about market shared liability as one of the solution to handling land degradation. Having the same ground rules will create synergies between countries in Asia to handle land degradation.

This paper is the first systematic legal research comparing regulations from three nations in Asia on land degradation and the first paper to provide market shared liability as a solution to handling land degradation.

The purpose of the paper is to examine the law and how it has been utilised in fostering proper functioning of global markets within member countries and globally. The term “law” in this context refers to international law, whose primary function is to regulate activities of sovereign States and organisations created by a group of States. The Statute of the International Court of Justice 1907, which has been ratified as a treaty by all UN nations, provides the most authoritative definition of the sources of international law to date (Schachter, 1991). Under Article 38 of Statute of the International Court of Justice 1907, there four main sources of international law such as treaties, international customs, general principles of law recognised by civilised nations and judicial decisions of International Court of Justice and other internationally accepted tribunals. They are the materials and processes out of which the rules and principles regulating the international community are developed and sustained. The term “global Village” was coined by a Canadian scholar by the name of Marshall McLuhan to describe the contraction of the globe into a village because of advances in internet communication technology and increased consciousness and enhanced transport systems (McLuhan, 2003). The current “global village” is manifested by the growing interconnectedness of economies which has enhanced the ability of states to interact economically, politically and socially. It operates in a way that seems to defy common definitions such as delimitations of national borders and states. The global system has created shared synergies such as free movement of workers, capital, good and services. However, it has created varied challenges for individual states given that challenges in one part of the globe can easily navigate into the system to infest other countries including those that have nothing to do with its causes. This dichotomy is highlighted by the debt crisis in the Eurozone member countries which has been simmering since 2009 but has recently bubbled to the surface by the crisis in Greece. The challenges in Greece as well in other deeply integrated countries have not been confined within individual countries or regions but have had a domino effect farther afield due to the growing interconnectedness of economies. There are dualities in the global system manifested by the fact that developed countries are endowed with the means, and, therefore, they have requisite capacity to harness the law and markets easily as opposed to their counterparts in least developed countries (LDCs), where this leverage is non-existent. Less-developed economies are so described because they lack requisite capacity and cannot compete as efficiently as their counterpart in developed countries. This has translated into ambivalence and half-heartedness in some states attitude to embrace market discipline wholeheartedly. The foregoing challenges have been exacerbated by the tenuous legal systems, lack of robust infrastructure, oversight institutions and corruption, especially in the LDCs cohort. The paper utilises empirical data to evaluate the role of law in fostering the relationship between states and markets. In other words, are the rules governing global markets effectively working to ensure a harmonious co-existence of markets, states and various stakeholders? Can the recent global crises such as the debt crisis in Greece mean that the global village is in quandary? Is there any village that is devoid of challenges or they are part and parcel of life? The paper utilises empirical examples in both developed and developing countries to evaluate the current state of the contemporary global village in search for answers to the foregoing nagging questions.

The paper adopts a selective review approach in analysing the most appropriate materials for inclusion in its analysis. It is an empirical study based on the most recent global developments such as the global financial crisis, the debt crisis in European Union (EU) to gains insights into the interplay of the relationship between law and markets and the occasional disharmony between these two regulatory domains.

The issues examined in this paper provide significant insights into the dynamics of the global village, law and markets. It has delineated that for markets to work effectively, the state needs to remain in the loop and to keep an arm’s length relationship with the market because it will have to come in to pick the pieces when things go wrong. The law cannot be pushed to the sidelines because it will have to provide the instruments for states and markets to operate efficiently within their respective regulatory domain. There is no state, including North Korea (not as open as other economies in Asia), which can close its door entirely to markets. Experience has demonstrated that law is more than rules which govern societies but a way of life such that a society is as developed as is its legal system. The State needs to use the leverage of the law and to take centre stage for markets to remain viable and relevant. Recent crises such as the debt crisis in Greece or the global financial crisis before provide lessons for proponents of the global market system to learn so that it can proportionately distribute benefits and not challenges.

The global market system has imposed varied challenges on states at the scale never envisaged before. Some of the theoretical premises relating to the paper were based on secondary data sources and were evaluated based on a small sample of cases. The author, therefore, extrapolated that the law seems to have been relegated to the sidelines to not interfere with markets. The paper has evaluated the current global market system in the context of contemporary challenges in Europe and in other regions; it would have been better to explore examples from other regions. It is evident that the state and the market are two sides of the same coin – they are embedded in each other, and their relationship complimentary and will have to co-exist. They need to work in tandem because the market needs the state and the state needs the market. Meanwhile, both the state and the market need the law as an equalizer to ensure they are regulated according to engendered rules. It appears that the disharmony between the state and the market is because of the fusion of law and politics which often results in overlapping interests. The recent global financial crisis and the frantic efforts of EU government to bail out debt distressed countries like Greece have implied that governments will need to maintain an arms-length relationship with markets. When the state lets its hands off, literally speaking, in the author’s view, markets will veer off course.

The global system has created shared synergies such as free movement of workers, capital, good and services. However, it has created varied challenges for individual states given that challenges in one part of the globe can easily navigate into the system to infest other countries including those that have nothing to do with its causes. States and stakeholders will need to carefully evaluate the impact of global regulatory initiatives to make sure that in adopting them, they are not debased or undermined by those initiatives.

For markets to work properly, the state must remain in the loop and keep an arms-length relationship with the market because it will have to come in to pick the pieces when things go wrong. The law cannot be pushed to the sidelines because it will have to provide the instruments for states and markets to operate efficiently within their respective regulatory domain. There is no state, including North Korea (not as open as other economies in Asia), which can close its door entirely to markets. Experience has demonstrated that law is more than rules which govern societies but a way of life such that a society is as developed as is its legal system. The State needs to use the leverage of the law in providing effective regulatory oversight of markets both domestically and globally.

The paper was written on the basis of recent global crises such as the debt crisis in Greece, Europe, which were evaluated in the narrow context and are objectives of the paper.

Introduction The terms “marketing concept” and “consumer sovereignty” have definite elements in common, but after a certain point they veer in separate directions. The focus of both concepts—the satisfaction of the consumer wants—is the same. The difference between the concepts arises mainly in the means (tools) used for the satisfaction of these wants. Even the origins of the concepts are not without significant meaning. While an academician, Adam Smith, is credited with the origination of the doctrine of consumer sovereignty, a business practitioner, Ralph Cordiner, is usually credited with the origination of the marketing concept. While businessmen have invariably, in their minds, adopted the doctrine of consumer sovereignty, they have moved beyond mere adoption in the case of the marketing concept and have been rationalising the necessity of implementing it in their day‐to‐day operations.

Marketing doctrine (MD) refers to a “firm's unique principles, distilled from its experiences, which provide firm-wide guidance on market-facing choices” (Challagalla et al., 2014, p. 4). Drawing on the knowledge-based view, the purpose of this paper is to develop a model of how MD is used and provide the first quantitative test of its relationship with business success.

The authors advance the understanding of MD by providing a mixed-methods paper. In Study 1, a survey-based quantitative study was used. The final sample comprised 349 internationally active strategic business units (SBUs) of Israeli firms. Data were analysed using structural equation modelling. Study 2 provides insights into the use of MD based on 20 in-depth interviews.

The cross-sectional evidence shows that there tends to be more MD Use in higher-performing firms. The important roles of MD Clarity and MD Knowledgeability as mobilising processes of MD Use are demonstrated. Learning by doing impacts MD Use only through MD Clarity and MD Knowledgeability.

MD is a new strategic tool that can be applied practically. MD may provide a straightforward way of communication between international ventures. MD Use may allow global consistency and flexibility within local markets, simultaneously. Therefore, marketing managers are advised to supplement MD to their portfolio of management tools.

This paper is the first to investigate empirically, through newly developed scales, whether and how MD's core processes (learning by doing, MD Clarity, MD Knowledgeability and MD Use) are related to the success of international ventures.

This paper aims to encourage thinking beyond the limits of obsolete and superficial “warfare marketing” by exploring potentially useful lessons from modern military intelligence and strategy for marketing intelligence and planning.

Key contemporary trends and approaches to strategy are identified in the literature, and used as the basis for discussion of the possibility of productive knowledge transfer between the two fields.

Comparisons of the conventional (linear, rationalistic, analytical) planning approach with unconventional modern approaches (flexible, technological, voluntary and context‐based) suggest some advanced implications for the planning of marketing strategy.

The rethinking of some underlying strategic assumptions is suggested, and the implications discussed within each of the four areas of a proposed framework: marketing doctrine and structures, intelligence and effectiveness, soft resources, and the process of strategic planning.

Presents a more balanced and up to date view of the parallels between strategy and planning in the modern military context and in contemporary marketing practice, with particular respect to the complementary roles of intelligence/technology and human/societal aspects.

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some legal aspects concerning MNEs, cyberspace and e‐commerce as the means of expression of the digital economy. The whole effort of the author is focused on the examination of various aspects of MNEs and their impact upon globalisation and vice versa and how and if we are moving towards a global digital economy.

Two pillars of Western culture are the free market doctrine and democracy. The ability of these pillars to generate behavior that converges to a global ethical system is investigated. The market mechanism is no longer as described by Adam Smith, it is oligopolistic. Strategic architecture is outside the resources of many firms, a value free morality prevails, and government intervenes in the market. People believe that they are better off than in the past. However, the gap between the “haves” and “have‐nots” is widening. Market doctrine does not conform to ethical principles. Market freedom requires choice; it benefits corporations giving rise to three diverging classes in society. This type of imperialism potentially contains the seeds of its own destruction.