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Insider dealing has been in the public eye for many years now. The impact of Big Bang and the growth of financial conglomerates has, however, propelled the practice to the very forefront of regulatory concern. Regulators are faced with a dilemma: financial conglomerates bring with them many economic benefits, but they also accentuate the problem of insider dealing, in that the greater availability of inside information within these open ended financial houses, increases the scope for its misuse. Regulators must ensure that the regulation imposed does not overly impede the benefits to be gained from conglomeration; yet they must ensure that regulation is sufficiently stringent to provide a fair market place. The Chinese Wall - a self-styled mechanism consisting of policies procedures designed to stop the flow of inside information within financial conglomerates - is singled out for special treatment. The legal and policy problems associated with the use of the mechansim are reviewed. These revolve around two main issues: (i) Is the Wall an effective policy device to rebut allegations of insider dealing in a financial conglomerate where Arm A is dealing in shares in Company X while arm B has information pertaining to Company X. (ii) If the Chinese Wall actually works, does the operation of the mechanism give rise to breach of fiduciary obligations ie. to what extent does the operation of the Chinese Wall in conglomerates modify traditional fiduciary law. The conclusion reached is that the Chinese Wall offers regulators the best solution to the problem of conflicts of interest and obligation in fully fledged financial conglomerates. The Wall must, however, be 'strengthened' to prevent, for example, a coroprate fiduciary dealing for its own account where another department within the conglomerate has a material interest in the transaction. At common law, the courts ought to, and probably would, accept this approach. However in an action brought under the SIB rulebook, and the rulebooks made thereunder, it would seem that the courts are bound to accept a Wall per se (ie. without being strengthened) as valid. To the extent that this differs from what ought to be the position at common law, the SIB rulebook should be modified. A tentative import of economic analysis is used to complement the largely legal analysis. In this way it is hoped to gain a better grasp of the policy issues under study.

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This study investigates stock market anomalies in the Kuala Lumpur Stock Exchange (KLSE), Malaysia, with some comparisons with three other Far-Eastern markets, namely the Stock Exchange of Singapore (SES), the Stock Exchange of Thailand (SET) and the Stock Exchange of Hong Kong (SEHK). The main anomaly investigated is overreaction in the KLSE. Seasonality and firm size effects, which are usually associated with the overreaction effect, are also examined individually, and in the context of the overreaction effect. The impact of time-varying risk on overreaction is also investigated. First, stock market seasonality across four markets - KLSE, SES, SET and SEHK- is examined. The evidence suggests the existence of December and January effects in Singapore and Hong Kong respectively. A Chinese New Year effect is observed in all countries except Thailand. Next, stock market overreaction in the KLSE is investigated. Two portfolios of extreme stocks (based on their past 3-year excess returns) are formed, and their performance is measured in the next three years for evidence of overreaction. The initial results are consistent with overreaction; winner (loser) portfolios, which outperform (underperform) the market in the prior period, underperform (outperform) the market in the next period. The reversal in performance is more dramatic for losers. Further analyses show that risk and size factors cannot explain fully the observed phenomenon. A seasonal pattern is revealed in the excess returns of winners and losers; there is a pronounced February effect in both. Moreover, the February effect is observed to be greater for smaller firms. Lastly, a post-script chapter is included whereby the effect of the recent Asian economic turmoil on the markets, and on KLSE overreaction, is looked at. It is found that several months into the crisis, both winners and losers underperform the market.

International finance is often understood to be a rational practice, taking place within an autonomous, coherent and clearly bounded structure. This thesis questions the naturalness implied by such understandings of the international financial system. It argues that the contingencies and ambiguities of financial history have been largely written out of the discipline of International Political Economy (IPE) in general and the study of international finance in particular. The thesis presents a detailed account of the conceptual histories that enable us to think of a domain called finance. It does so in terms of a 'genealogy,' the concept offered by French philosopher Michel Foucault to denote a historical study that resists being a linear and frictionless account of the emergence of modern practices. A genealogy of finance discusses the continggeenntt emergence of fi'n ancial thought, thus arguing that no logical or evolutionary trajectory for the development of fi' nancial rationality was implicit in history or human nature. The thesis analyses a range of archival materials debating the emerging fin ' ancial sphere in London and NewYork, beginning with the birth of the credit economy in seventeenth-century England and proceeding into to the 1990s. The analysis' looks at political contestations over understandings of time and money, the gendered discourse of credit and credibility, the proper meaning of the free market, understandings of financial crisis, the morality of speculation, the differences between gambling and fin' ance, and the imagination of fi' nance as a rational and scientific practice. The thesis emphasises how these political controversies assume, in' yoke and debate a subject called 'fin ' ancial man.' The debates analysed in this thesis have shaped the regulatory and institutional structures of modern in ' ternational fin ' ance. In an era when fin ' ancial practices are closed off from democratic politics through the assertion that fin' ance is too specialist for broad-based public debate, the exposure of contingencies and ambiguities in financial practices must be regarded as a political critique.

This thesis develops an alternative to the neo-classical approach to redundancies. The study assumes that the employment relation is not reducible to the labour contract and, therefore, cannot be subjected exclusively to the monetary exchange. It focuses on the intermediate formal and informal institutions that, by entering the process of wage determination and regulating the relationship between capital and labour, constitute a critical factor in explaining industrial and employment change. In doing so, it suggests a complementarity between macro-economic perspectives (e.g. the Keynesian approach, the Schumpeterian theory and Marxist perspective), preference models on industrial unemployment and the insights of the old institutionalist tradition. Industrial restructuring and redundancies are conceptualised as institutionally constructed processes and geographically situated. Rather than envisaging the convergence of firms towards a single, uniform form of restructuring synonymous with redundancies, the thesis holds that corporate adjustments are neither uniform, nor the result of profit maximising behaviours. Redundancies are subject to the actions and strategies of individuals and groups that influence the process of wage determination and, through it, the definition and the pursuit of profitability and efficiency. By considering institutional relations, shaped by external factors, cultural conditions and sedimented practices, the thesis highlights the spatial specificity of restructuring processes and redundancies. The thesis explores processes of corporate restructuring and redundancies in two industrial areas, Teesside (UK) and Brindisi (I), by drawing upon the evidence from two industries: the chemicals and the clothing sectors. Contrary to market-centred analyses, the evidence shows that similar economic pressures have generated different responses in the two sectors and among companies of the same sector. In addition, by focusing on the local environment in which companies are embedded, the thesis reveals how place-specific social and historical practices represent important variables to explain redundancy processes in the two areas.

Typescript. / Thesis (Ph. D.)--University of Hawaii at Manoa, 1984. / Bibliography: leaves [244]-250. / Photocopy. / Microfilm. / xv, 250 leaves, bound maps 29 cm