Search results

Taking global economic integration into consideration, this study investigates the effects of the imposition of the tariff. For every tariff increase, a percentage of the trade volume is reduced. This means, there is a tradeoff between globalization and restricted trade. This chapter presents empirical evidence from the European Union and the Sub-Saharan Africa region using annual times series for the period, 1980–2019. Result indicates that with coefficient of 4.31 percent, the tradeoff in European Union is higher than Sub-Saharan Africa region with coefficient of 2.66 percent. Implied is that developing countries are more likely to suffer more from the negative effect of globalization due to trade restrictions than the developed countries of the world. This is an indication that whether in developed or developing countries, a tradeoff exists between globalization and restricted trade. Hence, the imposition of tariffs and counter-tariffs is capable of shutting down globalization.

Volume-based liquidity ratios suffer from potential measurement bias due to share restriction and may misrepresent actual liquidity. To address this issue, the authors develop two modified metrics, the free-float liquidity and the alternative free-float illiquidity ratios. These measures are well suited to estimate liquidity in the presence of trading constraints, as can be found in closely held/state-owned entities, IPOs/SEOs with lockup restrictions, dual-class share structures and family-owned businesses.

The authors modify the turnover illiquidity ratio, where the number of outstanding shares is scaled by the public free float, and use natural log transformation to normalize free-float liquidity. Our dataset is composed of daily observations for US stocks included in the S&P 500 index over the 2015–2018 period. To test the validity of free-float (il)liquidity ratios, the authors perform a correlation analysis for various liquidity metrics. To examine their empirical efficiency, the authors employ pooled OLS regression models for family firms as a subsample of liquidity-constrained entities, relying on five different identifiers of family-owned businesses.

The authors’ empirical testing indicates that the proposed free-float (il)liquidity ratios compare favorably with other volume-based methods, such as Amihud's ratio, liquidity ratio and turnover ratio. For the subsample of family organizations as a restricted-share setting, the authors report significant coefficients for our free-float measures across all the family firm identifiers used. In particular, as free-float decreases with progressive family influence, the advanced ratios capture an increase (decrease) in perceived liquidity (illiquidity) that is absent in the other benchmarks.

This study allows the authors to inform the ongoing debate on the management and governance of publicly listed companies with various impediments to trade. Traditional measures understate illiquidity (overstate liquidity) as the fraction of free trading shares is limited by design or circumstances. The authors’ proposed free-float metrics offer informational gains for family leaders to aid in their financing decisions and for non-family outsiders to guide their investment choice. As a constrained free float inhibits price discovery processes, the authors discuss how restricted stock issuers may alleviate the attendant negative effects on governance and information opacity.

The purpose of this paper is to investigate consumers, family-run small businesses (small- and medium-sized enterprises (SMEs)) and their employees’ perceptions and attitude towards reform of the Sunday Trading Act in Britain.

A multi-method approach was employed to collect data in this study. Semi-structured interviews were conducted with 27 family-run small business owners/managers, 25 employees and 30 consumers. A survey was also conducted amongst 385 consumers and 279 employees. A convenience sampling method was used to collect data. Interview data were analysed by using content analysis and survey data were analysed by using descriptive statistics.

The results demonstrate considerable support for extending Sunday trading hours. Most of the arguments against the reform were found to be redundant. The findings suggest that in contemporary Britain, the restricted Sunday trading hours are perceived to be outdated and inconvenient.

The findings demonstrate that a paradigm shift is needed to meet and understand the changing market conditions. This exploratory study is limited to the UK. Future research will be extended to other European countries.

This is the first academic study to investigate the current debate regarding the deregulation of the Sunday trading hours. This study highlighted the psychographic changes and socio-economic demand in the marketplace. Sunday trading offers different types of benefits to consumers, employees and SMEs. The study proposed an original model that categorised these benefits into three major levels: primary benefits, ancillary benefits and ultimate benefits.

The purpose of this article is to analyze the SEC enforcement staff's recent scrutiny of the roles and responsibilities of securities firms for the protection of confidential information.

The article reviews the SEC's implementation and enforcement of section 15(f) of the Exchange Act and section 204A of the Advisers Act. Part I discusses the legislative history of these provisions and reviews SEC and staff pronouncements relating to procedures for the protection of material nonpublic information. Part II discusses the potential consequences, from an enforcement perspective, of a firm's failure to satisfy the requirements of section 15(f) or section 204A. Part III describes the SEC's enforcement program in this area and distills guidance for securities firms from the SEC's actions.

Sections 15(f) and 204A require brokers, dealers, and investment advisers to “establish, maintain, and enforce written policies and procedures reasonably designed, taking into consideration the nature of such (broker, dealer, or investment adviser's) business, to prevent the misuse” of material nonpublic information. Thus, the statutory terms frame the issues in any SEC investigation. Does the firm maintain written procedures? Are the written procedures reasonably designed to safeguard material nonpublic information? In particular, are the procedures designed with a view toward the specific structure and business activities of the firm? Has the firm taken reasonable steps to enforce its written procedures?

Given the SEC's current enforcement emphasis in this area, it is essential that brokers, dealers, and investment advisers look critically at whether they are taking adequate steps to protect the confidential information they may handle on a daily basis.

The paper presents a practical guide by an experienced enforcement attorney.

This paper looks at some aspects of trade and investment relations between the EU and the countries of central and eastern Europe (CEEC). The approach used is based on a model of trade with, and development of, a frontier by a metropolitan economy developed by Ronald Findlay. Findlay’s model posits the existence of a monopolised supply of an input to the metropolitan economy. Development of the frontier enables the metropolitan economy to break the monopoly. The expansion of outward processing trade between the EU and the CEEC, a form of intra‐industry trade, is a notable feature of economic relations in Europe since the fall of the Soviet empire. This is modelled in the paper as a device whereby a supply side constraint (labour market restrictions) within the EU is relaxed by vertical disintegration of production and relocation outside the EU. This in turn has implications for the incorporation of the CEEC in the EU. While they remain outside the EU they provide regime competition, particularly in the area of labour market policy. The income distribution implications of this competition provides a political basis for moves to extend membership of the EU on the basis of the CEEC’s adopting the acquis communautaire.

Presents findings from a case study looking at African medicine vendors in Durban, South Africa. Compares the culturally repressive apartheid period with the post‐apartheid explosion of self‐realization of the African population. Shows that street vending is still seen as an eyesore and a problem but still plays an important role in the post‐apartheid era as a form of resistance to simplistic African policies.

The search for labour flexibility has assumed great importance in most developed countries and has been the catalyst for the deregulation which has occurred, and continues to occur, in the Australian labour market. However, despite this, the question remains whether deregulation of the labour market in Australia is necessary for the attainment of flexibility since the empirical evidence is inconclusive. Industry representatives from the hospitality sector argue that a high degree of labour flexibility is a vital component in being able to meet market demands and achieve a competitive environment. Using data from a study of 435 registered clubs in the Australian state of NSW, areas of labour flexibility which these hospitality enterprises value are examined. Managers’ perceptions of the impact of awards and trade unions on the ability of the enterprises to achieve labour flexibility in a variety of areas are also examined. It was found that while there was a perception by managers that awards and trade unions did have a moderate to low impact or restriction on labour flexibility, the impact was not perceived to be as great as the proponents of deregulation would suggest. It is argued that registered clubs are choosing not to enter into formal enterprise bargaining because of this perceived low/moderate level of award and trade union impact on labour flexibility.

This paper aims to remind investment firms of the importance of policies, procedures, and supervisory controls to detect the misuse of material, non‐public information.

Summarizes a recent increase in regulatory concern over insider trading and suggests that firms review their “information wall” procedures.

At a minimum, a firm's information wall procedures should include the following elements: surveillance of employee trading; supervision of interdepartmental communications, including “walling off” procedures and procedures for “wall crossings”; a review of proprietary training when the firm is in possession of material, non‐public information; employee training and education, and documentation.

Reviews the key elements of an investment firm's insider trading policies.

Discusses how since 1970, the colonial government in Hong Kong has exercised its wide legal powers over trade union organization and activities in a benevolent manner. Whether the Hong Kong Special Administrative Region government will continue this policy is uncertain: the new government may enforce the trade unions’ legal framework more rigorously. UK trade unions proved themselves reliant and adaptable in the face of a wide raft of legislative “reforms”, brought in by Conservative governments in the 1979 to 1997 period, which laid down strict templates for their internal decision‐making processes. Suggests that the “survival lessons” learned by the UK trade unions during this period of hostile government may be of help to Hong Kong trade unions which face future challenges.