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The purpose of this paper is to investigate how the announcement and implementation of short sales and margin trading regulation affects Chinese stock returns and trading volume. On 31 March 2010, the Chinese regulators launched a pilot programme, allowing short sales and margin trading for 50 Shanghai Stock Exchange and 40 Shenzhen Stock Exchange stocks.

This paper uses an event study approach to compare market model abnormal returns (ARs) of the pilot firms with two distinct matched firm samples. A volume event study is also conducted to examine abnormal trading activity surrounding the key events in the pilot stocks.

Negative ARs follow both the announcement and implementation of short selling and margin trading. This suggests the negative impact of short sales dominates the positive impact of margin trading on an average. Volume also declines, which is consistent with uninformed investors’ seeking to avoid trading against informed traders.

The paper appears to be the first to address the impact of both the announcement and implementation of short selling and margin trading rule changes on returns and liquidity using individual stock data.

The aim of this study is to empirically identify crucial dimensions of security management in the container shipping sector in Taiwan and assess their impacts on security performance.

Data for this study were collected by questionnaire survey. An exploratory factor analysis was performed to identify crucial security management dimensions in the container shipping sector. Multiple regression analysis was then performed to examine the effect of security management on the security performance.

Four crucial security management dimensions were identified: facility and cargo management; accident prevention and processing; information management; and partner relationship management. Multiple regression analysis revealed that information management and partner relationship management had significant positive effects on safety performance, whereas partner relationship management had a significant positive effect on customs clearance performance.

This study primarily focuses on the effect of security management on security performance. Future research could identify the drivers and barriers to comply with supply chain security initiatives.

Container shipping firms can improve safety and customs clearance performance by focusing security management efforts on facility and cargo management, accident prevention and processing, information management, and partner relationship management.

Government administrators or other authorities may want to consider using crucial container shipping security management dimensions as criteria for assessing security performance in container shipping firms.

This study presented is the first to assess the effect of security management on security performance in the container shipping sector. Particularly, partner relationship management is found to be the key dimension for supply chain security success.

Faced with increasing competition, the ability to secure and optimise global logistics operations should be regarded as a competitive advantage. In the context of the hitherto little explored field of security and safety programmes, the purpose of this paper is to examine how an Authorised Economic Operator (AEO) certificate may affect the creation of a competitive edge for a freight forwarder.

By using the resource-based view as a theoretical background and a qualitative analysis using an interview grid inspired by the balanced scorecard, this research identifies resources and capabilities linked to the AEO certification.

The findings show two specific groups of resources that contribute to the creation of a competitive advantage. The first category is a process-type resource obtained through the AEO certification, which leads to more formalised and better-executed processes. The second relates to the freight forwarder’s knowledge, know-how and relational skills.

This research is developed in a logistics service provider context. It should be equally applied in other contexts and with other methods to provide generalisability.

Considering its contribution to an area of study currently under research, the findings may be useful to practitioners as a decision support tool to assess the value of the AEO certification.

This paper comes in the context of a yet little explored field, despite practitioners’ questions about custom certifications.

To explain a joint effort by the national securities exchanges to implement a Tick Size Pilot program. The pilot program would widen the minimum quoting and trading increments for certain small cap stocks.

The article reviews the Tick Size Pilot plan generally, discusses how the final plan differs from proposed plan, describes securities that will be affected by the plan, and the various test groups under the plan.

Pilot program is designed to provide the SEC with empirical data regarding the impact that tick size may have on the trading of small cap stocks.

Exchanges will be required to adopt rules to implement the pilot program. Broker-Dealers will be required to adopt written policies and procedures to comply with the pilot plan when quoting and for trading.

Practical guidance from experienced securities lawyers. The article describes the operation of the new pilot program.

This purpose of this paper is to provide insight through analysis of the data collected from a pilot study, into the decision-making process used by organizations in cybersecurity investments. Leveraging the review of literature, this paper aims to explore the strategic decisions made by organizations when implementing cybersecurity controls, and identifies economic models and theories from the economics of information security, and information security investment decision-making process. Using a survey study method, this paper explores the feasibility for development of a strategic decision-making framework that may be used when evaluating and implementing cybersecurity measures.

A pilot study was conducted to evaluate the ways in which decisions are made as it relates to cybersecurity spending. The purpose of the pilot study was to determine the feasibility for developing a strategic framework to minimize cybersecurity risks. Phase 1 – Interview Study: The qualitative approach focused on seven participants who provided input to refine the survey study questionnaire. Phase 2 – Survey Study: The qualitative approach focused on information gathered through an online descriptive survey study using a five-point Likert scale.

The literature review identified that there is limited research in the area of information security decision making. One paper was identified within this area, focusing on the research completed by Dor and Elovici [22]. This exploratory research demonstrates that although organizations have actively implemented cybersecurity frameworks, there is a need to enhance the decision-making process to reduce the number and type of breaches, along with strengthening the cybersecurity framework to facilitate a preventative approach.

The partnership research design could be expanded to facilitate quantitative and qualitative techniques in parallel with equal weight, leveraging qualitative techniques, an interview study, case study and grounded theory. In-depth data collection and analysis can be completed to facilitate a broader data collection which will provide a representative sample and achieve saturation to ensure that adequate and quality data are collected to support the study. Quantitative analysis through statistical techniques (i.e. regression analysis) taking into account, the effectiveness of cybersecurity frameworks, and the effectiveness of decisions made by stakeholders on implementing cybersecurity measures.

This exploratory research demonstrates that organizations have actively implemented cybersecurity measure; however, there is a need to reduce the number and type of breaches, along with strengthening the cybersecurity framework to facilitate a preventative approach. In addition, factors that are used by an organization when investing in cybersecurity controls are heavily focused on compliance with government and industry regulations along with opportunity cost. Lastly, the decision-making process used when evaluating, implementing and investing in cybersecurity controls is weighted towards the technology organization and, therefore, may be biased based on competing priorities.

The outcome of this study provides greater insight into how an organization makes decisions when implementing cybersecurity controls. This exploratory research shows that most organizations are diligently implementing security measures to effectively monitor and detect cyber security attacks. The pilot study revealed that the importance given to the decisions made by the CIO and Head of the Business Line have similar priorities with regard to funding the investment cost, implementing information security measures and reviewing the risk appetite statement. This parallel decision-making process may potentially have an adverse impact on the decision to fund cybersecurity measures, especially in circumstances where the viewpoints are vastly different .

Cybersecurity spend is discussed across the literature, and various approaches, methodologies and models are used. The aim of this paper is to explore the strategic decision-making approach that is used by organizations when evaluating and implementing cybersecurity measures. Using a survey study method, this paper explores the feasibility for development of a strategic decision-making framework that may be used when evaluating and implementing cybersecurity measures.

If aeroplanes and passengers, as well as property and people on the ground are to be protected, potential perpetrators of aviation terrorism must be prevented from breaching security checkpoints and gaining access to ‘secure’ airport areas and to aircrafts. Given the interconnectedness of the air transportation system, a sufficiently high level of security must be provided throughout the entire system. In this chapter we examine terrorism issues relevant to airline and airport security internationally, a topic that has received much attention since 9/11. Understanding the key issues is crucial in evaluating the various methods of regulating and providing aviation safety and security. The purpose of this chapter is to review the key features of the Aviation and Transportation Security Act and the characteristics of the resulting security policy. Then we examine terrorism, previous terrorists' acts against aviation as well as current and future aviation threats. A summary of our major points completes the chapter.

The purpose of this summary is to provide excerpts of selected Financial Industry Regulatory Authority (FINRA) Regulatory Notices and Disciplinary Actions issued in April, May, and June 2010.

The paper provides excerpts from FINRA Regulatory Notice 10‐18, Master Accounts and Sub‐Accounts; 10‐22, Regulation D Offerings; 10‐23, Trade Reporting and Compliance Engine (TRACE); 10‐24, Trade Reporting; 10‐27, Customer Complaint Reporting; and 10‐30, Trading‐Pause Pilot Program; provides summaries of selected disciplinary actions.

(10‐18) If a firm has notice that the sub‐accounts of a master account have different beneficial ownership (but does not know the identities of the beneficial owners) or the firm is privy to facts and/or circumstances that would reasonably raise the issue as to whether the sub‐accounts, in fact, may have separate beneficial owners, then the firm must inquire further and satisfy itself as to the beneficial ownership of each such sub‐account. (10‐22) A broker‐dealer has a duty – enforceable under federal securities laws and FINRA rules – to conduct a reasonable investigation of securities that it recommends, including those sold in a Regulation D offering. (10‐23) On February 22, 2010, the SEC approved the second major proposed expansion of TRACE to include Asset‐backed Securities as TRACE‐Eligible Securities, to require the reporting of Asset‐backed Securities transactions and to establish reporting fees. (10‐27) Starting on July 1, 2010, the beginning of the third calendar quarter, firms must use revised and new product codes to report statistical information regarding written customer complaints relating to annuities and life settlement products. (10‐30) On June 10, 2010, FINRA began a pilot program in which it will halt trading otherwise than on an exchange with respect to securities included in the S&P 500® Index where the primary listing market has issued a trading pause due to extraordinary market volatility. Selected disciplinary actions: FINRA announced that it has settled charges with two additional firms relating to the sale of auction rate securities (ARS) that became illiquid when auctions froze in February 2008. FINRA announced that it has fined five broker‐dealers a total of $385,000 for the illegal sale of more than 8 billion shares of penny stock on behalf of their customers.

These are direct excerpts designed to provide a useful digest for the reader and an indication of regulatory trends. The FINRA staff is aware of this summary but has neither reviewed nor edited it. For further detail as well as other useful information, the reader should visit www.finra.org.

The purpose of this paper is to provide selected Financial Industry Regulatory Authority (FINRA) regulatory notices and disciplinary actions issued in July and August 2011.

The paper provides Regulatory Notice 11‐31, July 2011, Credit Default Swaps: Interim Pilot Program on Margin Requirements for Credit Default Swaps; Notice 11‐37, July 2011, Trading Halts Due To Extraordinary Market Volatility: Trading Pause Rule Expanded to All NMS Stocks; Notice 11‐38, August 2011, Application of the SEC's Financial Responsibility Rules in Response to the Downgrade of US Long‐term Credit Rating by Standard & Poor's; Notice 11‐39, August 2011, Social Media Websites and the Use of Personal Devices for Business Communications: Guidance on Social Networking Websites and Business Communications; and selected FINRA disciplinary actions in July and August 2011.

Notice 11‐31: FINRA has extended the implementation of Rule 4240 so that it will expire on January 17, 2012; the Rule established an interim pilot program with respect to margin requirements for certain transactions in credit default swaps. Notice 11‐37: Beginning August 8, 2011, the trading pause pilot rule – currently applicable only to securities included in the S&P 500® Index, the Russell 1000® Index and a list of selected exchange‐traded products (ETPs) – will be expanded to include all National Market System (NMS) stocks. Notice 11‐38: FINRA staff has confirmed with the staff of the SEC that this ratings action by Standard & Poor's does not alter the net capital treatment of these government securities under SEA Rule 15c3‐1(c)(2)(vi)(A) and does not affect the definition of “qualified security” under SEA Rule 15c3‐3(a)(6). Notice 11‐39: Responds to questions regarding the application of Regulatory Notice 10‐06, January 2010, providing guidance on the application of FINRA rules governing communications with the public to social media sites and reminding firms of the recordkeeping, suitability, supervision and content requirements for such communications.

These are direct excerpts designed to provide a useful digest for the reader and an indication of regulatory trends.

Universiti Sains Malaysia (USM) uses different detection technologies and integrated library systems (ILS) at its four libraries located at different sites. Hence, ubiquitous data management system is required in the four libraries to enable real-time data sharing and tracking among the libraries. The paper aims to discuss these issues.

Proof of concept is used to verify the performance of integration between different detection technologies including barcode, high frequency (HF) and ultra high frequency (UHF) radio frequency identification (RFID) as well as Integrated Library Management Utility (ILMU) and Koha ILSs. Five pilot tests are performed to investigate the speed of the borrowing and returning transactions, the efficiency of security gate to detect non-borrowed items, and the reliability of the ubiquitous data management system.

The HF RFID technology and the proprietary library system have been used in many libraries. The current study proves that the integration of the UHF RFID technology and the Koha open-source ILS, which is named as Total Open-Source Library Automation Solution, can be a novel solution and can serve as a guide for other libraries.

In the current phase of library data management system, it is common to integrate various technologies in improving the efficiency of the library system. But, the combination of Koha with UHF RFID into a single ILS for intra-library automation system has not been proven. This shows the importance of the proposed proven proof of concept that proves such integration is suitable to be implemented at USM libraries and other libraries.

The purpose of this paper is to investigate how, if at all, organizational dynamics changed at US airlines after an industry wide modification to mandatory retirement age regulations in 2007. Findings challenge assumptions that society, organizations, and employees will all unequivocally benefit from abolishing mandatory retirement by investigating the impact of age-related policy changes on US airline pilots.

In total, 43 semi-structured interviews were conducted with captains and copilots from US airlines between September 2010 and July 2011. From this data set, two informant subgroups emerged: first, senior captains averaging 59 years of age; and second, junior pilots averaging 43.5 years of age.

Findings revealed that both senior and junior pilots reported retirement age policy changes created an antagonistic environment, pitting employees against each other in competition over scarce resources.

Paper findings are based on empirical materials collected during an 11 month snapshot-in-time between September 2010 and July 2011 and interview data are based on a small subgroup of US airline pilots who self-selected to participate in the study. Therefore, findings are not unbiased and may not be generalizable across all airlines’ pilot workgroups.

Considerable research has been conducted identifying the policy and practice changes that employers need to adopt to retain older workers. However, few studies consider the psychological impact of these age-related workplace changes on employees or the organizational psychodynamics they might trigger.

This paper makes two main contributions. First, through use of the psychoanalytic construct of the Oedipus complex, the paper sheds light on some of the psychodynamic consequences of age-related policy changes. Second, it challenges assumptions about workforce aging and the underlying causes of intergenerational conflict, highlighting ways that policy changes intended to eradicate discrimination against older workers can result in age discrimination against younger employees.