This dissertation is divided into an introductory chapter and four essays. Chapter one discusses the importance of the study and describes the development and growth of the market as well. The first part (Chapters 2 & 3) examines stock returns behaviour and trading activity around earnings announcements. The second part (Chapters 4 & 5) examines price impact asymmetry and the price effects of block trades in the market microstructure context. Each essay addresses some aspects of market microstructure and stock returns behaviour in order to aid researchers, investors and regulators to understand a market which lacks research coverage. The research provides empirical evidence on issues such as the efficiency of the market, information asymmetry, liquidity and price impact of block trades. In first part of the thesis, event study and regression analysis were used to measure the price reaction around earnings announcements and to examine trading activity, information asymmetry and liquidity. In second part the determinants of the price impact of block trades were examined with regard to trade size, market condition and time of the day effects using transaction data. Liquidity and information asymmetry issues of block trades were also studied in this part.

China’s status as the world’s top destination for foreign direct investment and the largest trading nation is likely to attract more international firms seeking market entrance, and increase the speed of expansion by those already present in the market. Its progress in reaching this point has been accompanied by significant changes in laws and regulations. This study sets out to understand the events of foreign market entry to emerging markets experiencing recurring changes in laws and regulations, and asks the research question: How may institutional change in the host market influence the market entry behaviour of the firm over time? Based on retrospective longitudinal case studies of DeLaval, Elekta and Höganäs from 1980 to 2010, the findings show that institutional change taking place in the host market plays a signal role that enables firms to recognise the availability and accessibility of market opportunity. Firms also make market commitment accordingly to capture the market opportunity recognised. Additionally, institutional change comes in different forms (transitional change and turbulent change), and plays out differently in various industries and at various points in time. They also have varying influences on market opportunity in terms of the source through which it is recognised (structural opportunity and relational opportunity), and the direction in which market commitment is made (commitment toward the host market, relationships, and organisational integration). Furthermore, depending on the point in time, the relations among institutional change, market opportunity, and market commitment may change. While a consistent level of institutional change encourages firms to recognise structural opportunity, the escalation of institutional change over time seems to influence firms to form stronger relationship commitment with local actors and leads to stronger recognition of relational opportunity. This study’s findings imply that recurring institutional changes in emerging markets have an overarching impact on foreign market entry of the firm, and needs to be understood from a long-term perspective. Foreign firms that have acquired experience in emerging markets over time face less of a threat from ongoing institutional changes. Actively engaging in the host market and remaining alert to information from various sources will enable firms to recognise market opportunity in emerging markets.

Businesses have realised that they cannot appeal to all consumers in the marketplace. Consumers are too numerous, geographically wide-spread, and too varied in their needs and buying practices. Furthermore, the business& themselves vary widely in their abilities to serve different segments of the market. Businesses consequently conduct market segmentation to identify the parts of the market that it can best serve and most profitably. Therefore, the goal of this study was to determine the actual target markets of selected retailers by means of the Living Standards Measure (LSM) tool, and to recommend improved marketing strategies based on the Media Groups Measure (MGM) tool. The objectives of the study were to describe market segmentation by emphasising its importance and discussing the market segmentation process. Further objectives include explaining the application of the LSM- and MGM-tools in identifying target markets and selecting media to reach these target markets, and to conduct an empirical investigation on the application of the LSM tool for the selected retailers. A market segmentation strategy concentrates the business' marketing efforts on consumers who have a similar interest in the business' values. Therefore, market segmentation enables the business to identify consumer needs more accurately. The aforementioned assists the business in creating a basis for developing products to satisfy consumer needs. The basis is developed by the identification of the attributes that are of value to consumers. Market segmentation furthermore assists in the development of an effective marketing mix, tailored to the business' strategy and objectives. A proper marketing mix can determine the promotional appeal, media choices, and the prices consumers are willing to pay. The LSM and MGM are only two of the variety of segmentation tools that can be used to segment a heterogeneous market. The LSM is a relatively new and unknown instrument - in comparison with other segmentation tools - and was specifically developed for the South African market. It is furthermore a multivariate segmentation tool, consisting of 29 household variables, which excludes discriminators such as race and income. The MGM-tool is used to obtain media consumption information on market segments. Its primary function is to assist businesses in selecting media that are most effective in reaching their target markets. The most important conclusions of this study are that the current target markets of Shoprite Checkers and Pick 'n Pay in Potchefstroom differs from their actual target markets. Gender and age do not differentiate shoppers significantly, and although race and income are not included as differentiators in the LSM index, these two variables correlate strongly with the various LSM-groups. Some of the most important recommendations include: The headquarters of both retailers should consider developing differentiated marketing strategies for stores in different locations. Shoprite Checkers and Pick 'n Pay (in Potchefstroom) should both target SU-LSM groups 6 to 10. Both retailers should adapt their marketing efforts in order to provide for the local market in Potchefstroom. The recommendations will enable the retailers to enhance their business and marketing efforts, and accordingly satisfy the needs of their customers. / Thesis (M.Com. (Marketing))--North-West University, Potchefstroom Campus, 2005.

Baltijos šalių akcijų rinkų istorija yra trumpa, tuo tarpu akcijų kainų ciklų nagrinėjimui bei galimam vėlesniam prognozavimui reikalinga ilgesnė duomenų imtis. Dėl šios priežasties šiame darbe bus siekiama išsiaiškinti ar šių šalių akcijų rinkos elgesys yra panašus į Skandinavijos šalių akcijų rinkų pokyčius. Panašumams ar skirtumams atskleisti teorinėje dalyje buvo nagrinėjami akcijų rinkos cikliškumo charakteristikos, o taip pat ciklų atsiradimo ir jų koreliacijos sąlygos. Antrojoje dalyje šalių ekonominės situacijos nagrinėjimui pasirinkti tokie rodikliai kaip: infliacijos ir BVP dinamika. O akcijų ciklai buvo identifikuojami pagal modifikuotą NBER metodą. Darbe buvo iškeltos trys hipotezės, kurios buvo nagrinėjamos tre�����iojoje darbo dalyje. Panašumas buvo nagrinėjamas trimis aspektais, kurie yra iškeltų hipotezių pagrindas: akcijų rinkos indekso charakteristikos, indeksų pokyčių koreliacija, ekonominių sąlygų akcijų kainų indeksų pakilimo metu panašumas. Patvirtintos buvo tik antroji ir iš dalies trečioji hipotezės. Vertinant bendrai tris hipotezes, Skandinavijos šalių patirtis netinka Baltijos šalių akcijų rinkos tendencijoms prognozuoti, nes egzistuoja daug skirtumų. / The history of stock markets in Baltic states is short, whereas analysis of stock market cycles requires longer time series data. Therefore, the objective of this thesis is to find out whether the behavior of stock market in above mentioned countries is similar to Scandinavian stock market changes. In theoretical chapter of paper work characteristics and conditions of stock market cycles were examined to determine similarities or differences in analyzed countries. Second chapter studies economic background and identifies stock market cycles using NBER method. Three hypotheses were raised based on three aspects of stock market cycles: stock market cycle characteristics, correlations of stock indices’ changes and economic background in light of stock cycles’ peaks. Only second and third hypotheses were proved. Assessing all three hypotheses Scandinavian stock market history is not suitable to make prognosis for stock markets cycles in Baltic states because of lots of differences.

This thesis represents a speculation for the improvement of the Alianza Market located in the city of Torreon, Coahuila, Mexico. Torreon is part of a tri-city entity with a population of 1.2 million residents. The Alianza market was the first marketplace in the city, founded about 100 years ago. The site is located in an area with a high level of poverty across the entire district. Due to corruption and negligence on the part of the government, the social and economic standing of the market has suffered a tremendous decline in the past 30 years. Through the careful study of the existing site, this thesis proposes the reorganization of the market to improve its spatial qualities. The market represents the social and economic heart of its community which is kept alive solely by its members. By proposing the design of a public open square within the market site I intend to provide a space for the celebration of public life. Reviving the market will help to create economic life as well as improve street level life in the surrounding community.

Businesses have realised that they cannot appeal to all consumers in the marketplace. Consumers are too numerous, geographically wide-spread, and too varied in their needs and buying practices. Furthermore, the business& themselves vary widely in their abilities to serve different segments of the market. Businesses consequently conduct market segmentation to identify the parts of the market that it can best serve and most profitably. Therefore, the goal of this study was to determine the actual target markets of selected retailers by means of the Living Standards Measure (LSM) tool, and to recommend improved marketing strategies based on the Media Groups Measure (MGM) tool. The objectives of the study were to describe market segmentation by emphasising its importance and discussing the market segmentation process. Further objectives include explaining the application of the LSM- and MGM-tools in identifying target markets and selecting media to reach these target markets, and to conduct an empirical investigation on the application of the LSM tool for the selected retailers. A market segmentation strategy concentrates the business' marketing efforts on consumers who have a similar interest in the business' values. Therefore, market segmentation enables the business to identify consumer needs more accurately. The aforementioned assists the business in creating a basis for developing products to satisfy consumer needs. The basis is developed by the identification of the attributes that are of value to consumers. Market segmentation furthermore assists in the development of an effective marketing mix, tailored to the business' strategy and objectives. A proper marketing mix can determine the promotional appeal, media choices, and the prices consumers are willing to pay. The LSM and MGM are only two of the variety of segmentation tools that can be used to segment a heterogeneous market. The LSM is a relatively new and unknown instrument - in comparison with other segmentation tools - and was specifically developed for the South African market. It is furthermore a multivariate segmentation tool, consisting of 29 household variables, which excludes discriminators such as race and income. The MGM-tool is used to obtain media consumption information on market segments. Its primary function is to assist businesses in selecting media that are most effective in reaching their target markets. The most important conclusions of this study are that the current target markets of Shoprite Checkers and Pick 'n Pay in Potchefstroom differs from their actual target markets. Gender and age do not differentiate shoppers significantly, and although race and income are not included as differentiators in the LSM index, these two variables correlate strongly with the various LSM-groups. Some of the most important recommendations include: The headquarters of both retailers should consider developing differentiated marketing strategies for stores in different locations. Shoprite Checkers and Pick 'n Pay (in Potchefstroom) should both target SU-LSM groups 6 to 10. Both retailers should adapt their marketing efforts in order to provide for the local market in Potchefstroom. The recommendations will enable the retailers to enhance their business and marketing efforts, and accordingly satisfy the needs of their customers. / Thesis (M.Com. (Marketing))--North-West University, Potchefstroom Campus, 2005.

This paper uses data acquired from five Baseball statistics websites from the 2006-2010 Major League Baseball seasons to test the effect of increasing information in the Trade Market. Specifically, to test how increasing information affects teams’ preferences in the Trade Market. Player age and service time were used as predictors of team preferences, and an interaction variable between team winning percentage and week of season was used as a predictor of increasing team information. This paper finds that—with significance—the effect of a team’s winning percentage in relation to week in the season a given trade takes place has a negative effect on an acquired player’s tenure and a positive effect on an acquired player’s age. This relationship is likely due to the fact that more successful clubs are looking for established veteran players who can provide immediate help to their Major League team. Conversely, poorly performing clubs are likely looking for younger players who will contribute to their Major League team in future seasons.

This study is concerned with investigating the impact of the monetary policy on the capital markets during the period (1989-2004). Specifically, there are three major objectives of this study: (1) To examine the impact of the money supply on the government bonds and treasury bills (supplies and rates) in Jordan and compare it with Bahrain, (2) To examine the relationship between the treasury bills and the government bonds in Jordan, and (3) To examine the effect of the money supply on the stocks price index in Jordan and compare this impact with the one in Bahrain. To accomplish the objectives of this study, a quantitative approach is employed. The quantitative approach is represented here by the econometric analysis (Time Series Analysis) of documentary secondary data. The research hypotheses were set up to examine the relationship between the money supply and a number of explanatory variables (treasury bills rates and issues, government bonds rates and issues, and stock price index). These hypotheses were tested using time series analysis (VAR method). The analysis was conducted for two countries: Jordan and Bahrain. The data covered the period (1989-2004) monthly data in Jordan, and 2000:9-2004:12) in Bahrain. The tests that have been used in this research in VAR model will include: selection of the lag length, unit root test, granger causality test, variance decomposition, and impulse response function. These tests will be examined by using Eviews (release 5.0) package and RATS (Regression Analysis of Time Series (release 6.0) software. The findings in Jordan revealed that there isn't any relationship between the money supply and the treasury bills rates and government bonds rates. However, there is a positive relationship between the money supply and issuance of the treasury bills and the government bonds. These findings lead to the quantity adjustment in the absence of the price adjustment. Moreover, the results indicate that there is a significant negative relationship between the treasury bills issuance and the government bonds issuance. And the last result in Jordan concluded that there is a positive relationship between the money supply and the stock price index. The finding in Bahrain were different from the findings in Jordan because of the difference in the financial system in the two countries, as Bahrain follows an Islamic financial system whereas Jordan's finanacial system is not an Islamic one. The prohibition of the interst rate in some cases in Bahrain and that Bahrain's economy is more open economy would lead to the conclusion that there isn't any relationship between the money supply and the stock market index and the money market instruments (treasury bills) and that it follows international capital flow adjustment. Also, it is important to mention that Bahrain Monetary Agency has issued Islamic instruments (long and short-term sukuk) beside the conventional instruments.

Univ., Diss. u.d.T.: Sauer, Klaus: Haftung für sekundärmarktbezogene Informationspflichtverletzungen--Frankfurt am Main, 2004.

The purpose of this dissertation is to examine and analyze the banker's acceptance and the bankers' acceptance market. A banker's acceptance is a money market instrument used to finance the export, import, movement, and storage of goods; it begins as a trade draft, and it is termed accepted when a commercial bank guarantees payment. The banker's acceptance represents an historical evolution of the medieval bill of exchange. The banker's acceptance as we know it today first appeared in England in the 1820s. The birth of the banker's acceptance in the United States occurred with passage of the Federal Reserve Act in 1913. A survey was made of the twenty largest U.S. commercial banks in order to determine certain perceived characteristics of the banker's acceptance and the bankers' acceptance market. As a result of the survey, a new money market instrument is suggested. The new money market instrument is to be called a Banker's Acceptance Participation Certificate.