Magister Legum - LLM / This study is on the insider trading framework of Tanzania. The researcher has made enquiries whether the Tanzania legal framework governing insider trading provides strong enough enforcement mechanisms, including remedies and measures against malpractices found on the securities market to attract investor confidence. Critical analysis is done of the Capital Markets and Securities Act, 79 of 1994 (RE 2002) in conjunction with an investigation into the Capital Markets and Securities Authority (CMSA) a body corporate charged with the duties among others, of protecting the integrity of the securities market and maintaining surveillance over securities to ensure orderly, fair and equitable dealings in securities. The researcher uses a comparative approach from other jurisdictions considered as international best standards of the English and South African insider trading legislation. Discussions on the study are presented in chapters. Chapter one is the general introduction to the Study. It is the reproduction of the research proposal. Chapter Two is on the overview of insider trading framework of Tanzania. An analysis is made on the provisions of the Capital Market and Securities Act, 79 of 1994 (RE 2002). It is revealed that the enforcement mechanisms are inadequate and ineffective. The Capital Market and Securities Act, 79 of 1994, (RE 2002) neither defines nor provides the interpretation to legal concepts such as insider, inside information and publication. Civil remedies and criminal penalties provided in the Tanzania Capital Market and Securities Act, 79 of 1994, (RE 2002) are inadequate for deterrent purposes to combat insider trading practices. In chapter three the researcher examines the Capital Market and Securities Authority (CMSA) in terms of fulfillments of its roles, functions, and powers. It is submitted that the CMSA and the DSE have never contributed much to resolving the problem of securities market abuses. Chapter four extend the study to the English and South Africa insider trading legislation considered as international best practice and therefore comparable. The researcher has observed that flaws in areas of prohibition, enforcements, defences and the lacuna on identified concepts of insider trading make the Tanzanian insider trading legislation remain more symbolic than real in terms of its efficiency to combating insider trading practices. Chapter five provides the conclusions and recommendations on the study. The researcher has provided recommendations on curbing the problem of insider trading in Tanzania, including repealing and enacting a new strong and effective insider trading legislation.

The master's thesis deals with the design of the proposed automatic trading system especially for daily trading on the currency markets. The aim of the thesis is to create a complex theoretical basis, in the practical part of the work to use the knowledge to create a suitable automatic trading system. The thesis focuses on the technical analysis of the currency markets. The proposed system will be optimally optimized to maximize profitability and stability with application to the most liquid currency pairs.

Cette thèse aborde deux sujets de recherche dans le cadre du même projet. La première voie de recherche, expliquée en détail au chapitre 3, est une approche de modélisation relative à la dynamique de confiance dans une société en réseau. La seconde voie de recherche, décrite au chapitre 4, est une approche expérimentale visant w étudier les décisions humaines lors de l’échange d’un actif avec une croissance moyenne positive par période dans un environnement de laboratoire contrôlé. Un des liens communs entre ces deux thèmes est l’action collective, qui joue un rôle déterminant dans de nombreux phénomènes, par exemple la dynamique de la panique, les faillites et par conséquent le risque systémique. C’est pourquoi, j’espère que ce travail contribuera à l’étude des phénomènes d’actions collectives, en particulier dans la finance quantitative, où les conclusions spécifiques du modèle de confiance et l’expérience de trading en laboratoire mentionnés ci-dessus pourront être utilisées dans leur état actuel. / This thesis reports on two different research topics belonging to the same project. The first research avenue, which is thoroughly explained in chapter 3, is a modelling approach to the dynamics of trust in a networked society. The second, whose description can be found in chapter 4, is an experimental approach to study human decisions when people trade an asset with a positive average growth per period in a controlled laboratory environment. One of the common links between these two topics is collective action, which is a key player in a number of phenomena, for example in the dynamics of panic, bankruptcies and, consequently, systemic risk. Therefore, the author hopes that this work will contribute to the study of collective action phenomena, especially in the field of quantitative finance, in which it is more likely that the specific findings from the above mentioned trust model and trading experiment can be used in their present form.

No-till management for agronomic crop production is recognized as an effective practice to regain a portion of soil organic matter lost following decades of cultivation. Increasing soil organic matter sequesters C, conserves organic N and concomitantly improves soil quality. Objectives of this research were to: i) quantify C sequestration rate and N conservation with duration of continuous no-till; ii) measure C stratification with continuous no-till as an indicator of soil quality; and iii) evaluate the Illinois soil N test (ISNT) for its value to predict fertilizer N needs of corn in Virginia. Objectives i and ii were achieved by collecting soil samples from 63 production fields in the Virginia Coastal Plain that were managed using continuous no-till from 0 to 14 yrs. No-till management resulted in sequestration of 0.308 ± 0.280 Mg C ha⁻¹ y⁻¹ and conservation of 22.2 ± 21.2 kg N ha⁻¹ yr⁻¹ (0-15 cm). The C stratification ratio (0-2.5 cm: 7.5-15 cm) increased with increasing duration of continuous no-till (0.133 ± 0.056 yr⁻¹) due to the accumulation of organic matter at the soil surface indicating improved soil quality with continuous no-till management. Objective iii was addressed by conducting 29 on-farm fertilizer N response trials in major corn producing areas of Virginia with the duration of continuous no-till management ranging from 0 to 25 yrs. The ISNT values were significantly related to yield without fertilizer N (r² = 0.57; p<0.001) and relative yield (r² = 0.64; p<0.0001). We also found that the ISNT extracted a relatively consistent percentage of total soil N (16.3 ± 0.73 %) suggesting it is a poor indicator of labile N. Total soil N values did almost as well as the ISNT in predicting yield without fertilizer N (r² = 0.53; p = 0.0002), and equally well predicting relative yield (r² = 0.64; p<0.0001). Results do not suggest the ISNT is useful for measuring mineralizalbe N or improving fertilizer N recommendations in Virginia cropping systems. / Ph. D.

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Our result suggests a momentum effect in the index futures market that we find an abcdrmal return in some specific situations after deducting the transaction costs and tax in the simulation. All positive profits concentrate on short-term observing periods and short-term holding periods in momentum strategy. There is an obvious tendency that the profits slump through the increase of observing periods and the increase of holding periods. And the standard deviation of the profits goes larger as the holding periods extend. The momentum effect would still show in a shorter time period but a lower magnitude when we set the return criterion smaller. This phenomenon concurs with our expectation and implies that the behavioral theories can explain some parts of the momentum effect. In some cases the reversal profits are stronger in long-term observing periods but the standard deviation of it becomes very large and makes it difficult to implement. Other cases the profits are significant in short-term observing periods by intermediate or long-term holdings and long-term observing becomes disappointed. It needs more tests for a larger sample size to capture the characteristics of reversal phenomenon and acquire the parameters that can seize the reversal effect.

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The final thesis will focus on explanation of basic knowledge regarding futures contracts trading and possible ways of trading them as the basis for the analytical part. Analytical part is based on real-time trading of stock, currency, index and commodity futures during several days and intraday trading. In several time periods we will focus on the results of portfolio made by these futures traded on american stock markets. In the end we will compare the results of trading with the opportunity cost of the investor and evaluate his behavior on the futures market.

The Kyoto Protocol allows for the development of an international emissions-trading system. This led to the formulation of various mechanisms, namely Joint Implementation (JI), the Clean Development Mechanism (CDM) and Emissionstrading (ET). Given the potential emission-reduction targets in 2012 for developing countries, and in particular for South Africa, the objective of this study is identifying the current implementation of the CDM project cycle steps, as well as assessing the appropriateness of them. Constraints, bottlenecks and opportunities, are identified and suggestions for improvement are made, in order to improve the body of scientific knowledge. From the literature survey, and from discussions with experts in the field, it appears as if the benefits and issues identified, corroborate international findings. Benefits for countries hosting CDM projects include improved balance of payment, technology transfer and replacement of inefficient technology. Commonly occurring concerns, are that baseline setting, additionality and the entire CDM project cycle is complex. Resource and time constraints could jeopardize projects. Transaction costs have been prohibitive, further compounded by lack of initial upfront funding. Bureaucracy from the CDM executive board has frustrated attempts to implement projects. Lack of methodologies, as well as huge risk and cost in developing new methodologies have been obstacles for project developers, while clear guidelines on monitoring, governance and additionality have been conspicuously absent. Suggestions for improvement have been regular baseline revision and standard assessment procedures, application of the gold standard and an additionality tool. Issues that seem to be uniquely particular to South Africa are the slow adoption of large companies to accept the benefits of CDM, difficulty in convincing company executives to embark on CDM projects, as well as unwillingness to delegate authority to technical staff. Another notable pattern is a mismatch of opinion between scientists, academics and business. South Africa uniquely, produces 90% of its energy from fossil fuels, which could limit the adoption of CDM. Lack of institutional knowledge and experience is concerning, as well as ethics and little collaboration amongst stakeholders. Innovative suggestions for improvement have included a weighting for sustainable development indicators, benchmarks to simplify baselines, sink projects to be excluded owing to their risk, sellers clearing houses, industrial gases to be excluded, and programmatic CDM. Another important suggestion is that taxation of CDM credits should be abandoned, and the restrictive Public Finance Management Act to be improved. The proposed study has attempted to highlight some of these significant issues, with the view to improving the current knowledge and advance the possibility of alleviating some of these burdening issues.