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While most of the literature on asset pricing examines the cross section of stock and bond returns, little attention has been devoted to the analyse of the trade-off between risk and return in futures markets. Since, alike stocks and bonds, futures contracts qualify as investments on their own, the purpose of this thesis is to remedy this problem by addressing three issues related to the unconditional and conditional cross section of expected futures returns. Chapter II investigates the presence of a futures risk premium and, ultimately, the validity of the normal backwardation theory in the context of constant expected return asset pricing models and argues that the inconsistency in the literature stems from methodology problems that might result in incorrect inferences regarding the applicability of the normal backwardation theory. With methodologies free from these problems, we show that, while producers and processors of agricultural commodities transfer their risk to one another at no cost, hedgers are willing to pay a premium to induce speculators to enter financial and metal futures markets. Chapter III looks at the integration between the futures and underlying asset markets. While we fail to reject the hypothesis that the prices of systematic risk in futures markets are equal to those in the underlying currency and equity markets, we present new results that the futures and commodity spot markets are segmented. Such results are of primary importance to investors who use constant expected return asset pricing models to adjust the risk-return trade-off of their portfolio and evaluate portfolio performance. The remainder of the thesis investigates the degree of efficiency with which futures contracts are priced. Since futures returns are predictable using information available at time t-1, the purpose of chapters IV, V. and VI is to analyse whether the variation in expected futures returns reflects rational pricing in an efficient market or is the result of weak-form market inefficiency. In this respect, chapter IV investigates the profitability of a trading rule based on available information and concludes that the implemented investment strategy does not generate any abnormal return on a risk and transaction cost adjusted basis. Chapter V looks at the link between the time-varying futures risk premia and the economy and demonstrates that the information variables predict futures returns because of their ability to proxy for change in the business cycle. Finally, chapter VI makes use of time-varying asset pricing models to analyse the relationship between the predictable movements in futures returns and the conditional cross section of expected futures returns. The results indicate that conditional versions of asset pricing models capture most of the predictable movements in futures returns. Hence the predictability of futures returns seem to mirror the change in the consumption-investment opportunity set over time. Chapters V and VI also raise some interesting observations that have not been evidenced to date in the literature on predictability. First, the time-variation in the expected returns of currency and agricultural commodity futures is not consistent with the evidence from the stock and bond markets and with traditional theoretical explanations of the trade-off between risk and expected return. Second, chapter VI demonstrates that shift in the sensitivities of futures returns to the constant prices of covariance risk accounts for most of the predictable movements in futures returns. This result is somehow surprising since the change in the prices of risk is the main source of predictability in the stock and bond markets.

This thesis explores labour market processes in urban India. Investigating large and persistent differentials in urban unemployment rates across the Indian states, we find that regions with higher wage push or better amenities have higher unemployment rates, controlling for labour force composition. The differentials are maintained by rural-urban migration rather than by barriers to inter-state migration. Our investigation of wage determination yields evidence of imperfect competition in the labour market which is not simply 'institutional'. Indian firms pay efficiency wages which induce sufficient productivity gains to pay for themselves. After identifying the long and short run structural processes in the labour market, we consider recent aggregate trends in India's factory sector. There was negative employment growth in the 1980s even as output growth touched record levels. Our analysis suggests that this had less to do with wage growth, as proposed by the World Bank, and more to do with increasing work intensity, encouraged by wage incentives, improved infrastructure and increased competition. Considerable slack was inherited from the past, evidence of which flows from the wage and production function estimates. We find that increased labour utilization raises capacity utilization. This is important because Indian industry has chronically carried large excess capacity. A breakthrough in total factor productivity growth accompanied declining employment in the 1980s and has been interpreted as the reward of deregulation in this decade. Existing studies mismeasure productivity growth by neglecting labour utilization (hours) and assuming perfectly competitive product markets. We produce new estimates at the aggregate and industry levels. A natural ceiling to hours worked moderates bad news on the employment front and good news on the productivity front. Our analyses are expected to contribute to the evaluation of current and controversial policy changes in India.

Following a review and evaluation of previous research in the field of international migration for employment, it is argued that the extent to which such migration is beneficial depends critically on how it is organized and by whom. The development of Jordan's traditional image as a regional labour supplier is traced from the early twentieth century and is explained largely in terms of a response to repeated economic and political crises. A case study of the Kuwait labour market is used to demonstrate the recent (post-1978) collapse in Jordanian labour migration and to establish the changing character of the international labour market. The central role assumed by international emigration for employment in the Jordanian economy and the problems; and policy constraints which that places on labour market management are illustrated. An attempt is made to identify scarce skills and to assess the development and utility of the government's policy response towards labour shortages. The scale and characteristics of labour inflows into the Jordanian labour market are established. This reveals the complex role of immigrant workers in an emigrant economy and demonstrates the need for a substantial revision of the 'replacement' labour migration model. The parallel themes of primary labour emigration and secondary labour immigration are explored in a detailed case study of local labour markets and agricultural development in the East Jordan Valley. A concluding chapter summarises the problems of manpower planning and of labour market information: gathering under conditions of heightened uncertainty.

This thesis provides a detailed empirical evaluation of the role and function of the FTSE 100 and FTSE Mid 250 index futures contracts, by considering the interrelated issues of hedging effectiveness and pricing efficiency. The aims of the thesis are outlined in chapter one, with chapter two providing a detailed review of the empirical literature relevant to this study. Chapter three investigates the hedging effectiveness of the FTSE 100 and FTSE Mid 250 index futures contracts in both an ex post and ex ante context. Despite relatively thin trading volume, the FTSE Mid 250 contract is shown to be an important hedging instrument. However, the results demonstrate the hedging effectiveness can only truly be examined by using an ex ante strategy in conjunction with spot portfolios that do not replicate market portfolios. Work into hedging effectiveness is further examined in chapter four using hedge ratios generated within the Extended Mean Gini framework. The results indicate that for both contracts the hedge ratio series are characterised by a step function which is strongly related to the hedger's degree of risk aversion. Chapter five examines the pricing efficiency of the FTSE 100 and Mid 250 contracts. While there were many deviations from fair value, both contracts appear to be quite efficiently priced, with opportunity for index arbitrage rare. Research into the economics of arbitrage is extended in chapter six by investigating the potential for intramarket and intermarket spread trading. While the intramarket spread is found to be very efficiently priced, trading well within its no-arbitrage limits, the intermarket is much less efficiently priced frequently violating its no-arbitrage limits. Chapter seven, provides a summary of the thesis and concluding remarks concerning the relevance of the issues investigated are drawn.

Wise use of information leads to knowledge, and with that knowledge comes power (van der Vegt 1998). The importance of information to marketing success is well documented (Kohli and Jaworski 1990), and recent years have seen a burgeoning academic interest in the area of export market information and research (EMI/R) use (Diamantopoulos and Souchon 1999). This dissertation comprises the results of, and reflections on, an investigation into the EMIR activities of small and medium-sized industrial enterprises in the UK. A review of the literature uncovers the unique, informal and personal nature of these activities. The fieldwork takes a grounded approach, with the first stage consisting of depth interviews conducted among a small sample of manufacturers, as well as among SME export market research suppliers and support organisations. The second stage comprises a quantitative study of industrial SMEs. The research discovers that managers' attitudes to EMI/R, and the internationalism of their backgrounds, are both linked to export information gathering and decision making behaviour, which in turn are linked to export performance. In particular, managers' views of the importance of the role of exporting to their companies, and their commitment of human resources to exporting, are directly and positively linked to export performance. The study finds that SMEs gather export information less than they make export decisions, indicating a paucity of relevant information, and identifies a shortfall between the level and type of EMUR support SMEs needed, and that currently offered by the market research industry and government export support programmes. This dissertation therefore ends with an appeal to all parties (the market research industry, government export promotion agencies and academics) to co-operate in the development of an EMIIR support network appropriate to the special requirements of industrial SMEs.

The central concern in the thesis is the relationship between the 'concept of ideology' and the philosophies, motivations and lived experience of Youth Training Scheme (YTS) trainees and trainers. This incorporates both the application, effects and impact of official ideologies, expressed in youth policy initiatives and ideologies of the wider society. This in turn is related to the cultural and societal reproduction of young people as gendered and class specific workers in a segmented labour market. The empirical data were collected over a 20 month period at two off-the-job training establishments in the city of Surfton in the South West region of Britain and consisted of questionnaires participant observations and interviews. The first part of the thesis critically reviews the social science literature relating to the new vocationalism, the YTS, labour market segmentation and the concept of ideology. This establishes a series of theoretical concerns which are then tested against empirical data. The thesis demonstrates how formalised official ideologies are mediated through the YTS curriculum and affect the philosophies of both the trainers who implement this curriculum and the trainees who receive this curriculum. The thesis illustrates that YTS participants may support, reinterpret or subvert the official philosophies of the YTS by actually bringing meaning into their lived experiences via ideologies associated with their historical, positional, family class and gendered backgrounds. The thesis will show that the trainees learn not so much technical knowledge, but how to acquire the ideological and practical cultural meanings of a series of workers for a segmented labour market, with greater or lesser collusion from their trainers. The thesis contributes to existing knowledge both at the level of data generation and by illustrating a series of complex, refined and subtle ideological mechanisms which contribute further to our understanding of the microsociology of inequality.