Interim dividend cuts and omissions in the UK

UK firms that cut or omit interim dividends during the period 1986–1993 are studied. Price reactions to cuts and omissions were found to be significantly negative and stronger for initial reductions. Future earnings variables were found to be predictable from interim dividend reductions. Gearing, company size and interim earnings change variables were found to have explanatory power for the decision to determine whether to cut or omit an interim dividend.     

Should the payment of bribes overseas be made illegal?

In a recent contribution to this journal Professor A. Argandona explored the general characteristics of corruption and their implications for the corporate sector. Against this background this paper examines one specific form of corruption: the payment of bribes usually by agents of private firms to civil servants and politicians overseas. The paper focuses specifically upon current attempts by western states to criminalise overseas bribery and the problems such efforts are likely to face. Emphasising the centrality of the demand for corrupt payments as well as their supply, the paper concludes by highlighting a pivotal relationship between bribery on the one hand and the abuse of human rights on the other.     

Quality options and hedging in Japanese Government Bond Futures markets

Quality options for Japanese Government Bond Futures contracts are analysed using a discrete trinomial tree approach based upon a two-factor Heath, Jarrow, and Morton (1990b) model. The impacts of the quality option on hedging effectiveness are investigated. In general, the pure quality option is found to be relatively small and, while the quality option does not have a dramatic impact upon hedging, accounting for the quality option can improve the performance of optimal hedging strategies.     

Discrimination in public recreation: Attitudes toward and participation of females

Historically, women have been discriminated against in a number of ways. In recreation, the same is true. This study, carried out among Ontario recreation administrators, reveals male‐female differences in wages, responsibility, participation and programs. A number of alternatives and suggestions for change, including both legislation and economic sanction, are given in the report, along with a number of possible directions for future research.     

Lower tick sizes and futures pricing efficiency: evidence from the emerging Malaysian market

We provide robust evidence of the impact on spot market liquidity and the pricing efficiency of FBM-FKLI index futures following the introduction of lower tick sizes for the stocks listed in the Bursa Malaysia. Our findings show a significant increase in unexpected trading volume and the speed of mean reversion of the futures mispricing. We find that the increase in the unexpected trading volume of the underlying stocks helps in reducing inter-market price discrepancies. The findings offer new evidence that lowering of tick sizes improves pricing efficiency in the Malaysian futures market.