From this study, we find that the momentum premia are universally positive and statistically significant across 16 different momentum trading strategies in the Chinese Class A share market. By defining the time periods following UP and DOWN market states according to prior 12 or 24-month average Chinese Class A share market returns, we show that the momentum premia of different momentum strategies over time periods following UP market state eclipse those found over time periods following DOWN market state in the Chinese Class A share market for the whole sample period from January 1996 to December 2008. Furthermore, by employing 7 different factors—firm size, firm age, analysts’ coverage, return volatility, dispersion in analysts’ earnings forecast, trading volume, the quality/strength of corporate governance (free float ratio)—to gauge the degree of firm-level information uncertainty, we evidence that the information uncertainty has an amplifying effect over the momentum premium, and the amplifying effect is more pronounced over time periods following DOWN market state. The results from the sub-period analysis revolving the inception of two Chinese financial market regulatory reforms—1) July 1st, 1999 the implementation of the new P.R.C. security law; 2) July 3rd, 2003 the opening of the Chinese Class A share market to qualified foreign institutional investors (QFII) dismiss the doubt that our findings could be sample time periodspecific. Compared with the tradition FF3F model, the Wang & Xu (2004)’s version of the FF3F model, with the value effect factor of the traditional FF3F model supplanted by residual free float ratio (proxy for the quality/strength of firm-specific corporate governance), exhibits more explanatory power over the momentum premia yet still fails to fully rationalize the momentum premia found in this study. This research fills the gap in the literature and expands the understanding of the momentum premium by offering empirical evidence of the dynamics of the momentum premia amid market swings, the impact of information uncertainty over momentum premia as well as the impact of information uncertainty over momentum premia amid market swings in the context of the Chinese stock market. The results from this study can potentially provide an important reference point for international and domestic investors in adjusting investment strategies and portfolio positions, or fishing for investment diversification opportunities in a financial market with volatile market condition such as the Chinese stock market.

Small enterprises are a major source of livelihood for most people in the developing world. Their ability to grow is however, undermined by credit constraints. This has often been attributed to the lack of registered property ownership which is argued to make property insecure and unacceptable to lenders. Though several studies have been conducted on the relationship between property registration and credit access, the focus is usually on the demand side mainly involving households and the agricultural sector. Furthermore, no studies have compared the developed and developing countries. Finally, the exact nature of , the credit constraint amongst businesses in countries such as Ghana for instance is not known. This research therefore, set out to conduct a demand-side study into the nature of the credit constraint amongst small businesses in Ghana and a supply-side investigation of the influence of registration on small businesses access to credit. The multi methodology was deemed most suitable approach for the investigation of the objectives of the study. The quantitative approach was first used to investigate the objectives. Part of the initial findings was validated through the quantitative approach whilst the other part was validated through the qualitative approach. The results show amongst other things that the existing credit constraint is almost entirely a supply side problem. The supply side study showed that in Ghana, unregistered property is not eligible for use as collateral but this is applicable only to the universal banks (UBs) and not the microfinance institutions (MFIs). That said, the possession of registered property title was not found to influence the loan terms that businesses are offered neither was there evidence that it guarantees access to credit. Even though in England the eligibility of property was not dependent on whether it is registered or not, lenders also did agree that the possession of registered property does not guarantee credit access neither does it influence the credit terms businesses are offered. It was concluded that since majority of small businesses in Ghana seek credit from MFIs, the lack of registered property titles does not constitute a major barrier to credit access. The I main barriers to credit access identified are the poor repayment ability and high risk of default amongst others.

Everest and Blanc (E&B) is at a crossroad. It grew from a ‘mom and pop’ operation into a small professional firm and plateaued. Thus, there is a desire to bring about operation efficiency, followed by expansion of the company. In order to be successful, a systematic decision making process is necessary to ensure a high probability of success, and able to pinpoint dysfunctions early for improvement. In addition, implementing processes need careful consideration and progress monitoring. This study was founded on these premises using M2 mode research methodology to establish an optimal structural course of action by surveying paradigms of management theories and concepts. The study began with an exposition on research methodologies and focused on the M2 research mode. It continued on with considering operations topics (micro concerns), extending to general issues (macro concerns) in conjunction with management theories and concepts. Finally a decision making model was shaped and applied to E&B. During the process, several important decisions were made, grounded on the findings on the research, such as relocating the corporate office anticipating expansion. Overall, the changes introduced, the process of change, the decision-making process, and implementation were all effective. The decision making model, SOMM, Strato Operation Management Model, is an extension of both Ansoff’s and Anthony’s management models together with the decision-making process. The emphasis is on the relationship of the system structure’s characteristics where it is symbolized by a matryoshka representing the three management modules (Strategic Management, Management Control and Planning and Tactical Operation) nesting within each other. Relating to the overall strategic and management control and planning competency, the workhorse is a combination of defensive and offensive approaches together with evaluation methodologies to capture emerging and unintended strategies and to control performance; whereas the tactical operation process is to bring about efficiency and effectiveness. These are new knowledge and policies cast into members of E&B. It is, therefore, fundamental that careful interventions are necessary to cause changes by motivation and to align goal congruency. Further, the inquiry had specifically focused on the needs of E&B, it did not preclude application to other organizations. For academics, it may be an engaging topic for further empirical studies advancing knowledge in management and operations. With respect to a wider world application, it was also concluded that the findings for E&B are applicable and adaptable to other professional and business concerns as innovative tools to their problems and issues.