Why Can't I Trade? Exchange Discretion in Calling Halts*,†

Stock exchanges are important intermediaries in how firm information enters price. Trading halts are a key tool, often exercised at the exchanges' discretion, to prevent extraordinary price volatility when new information arrives. We investigate how exchanges use discretion and whether the discretion alters the effectiveness of the halts. We provide evidence consistent with halts reflecting the preferences of listed firms rather than the stated exchange objectives (i.e., minimizing excess volatility and off-equilibrium trades). Furthermore, when exchanges exercise more discretion (unexplained by firm and information characteristics), the halts are less effective. Specifically, halts with more discretion are less likely to resume trading with efficient prices and are more likely to have been called unnecessarily (i.e., little to no price movement during the halt). These findings are consistent with exchanges using halts to cater to listed firms rather than to meet exchange objectives such as minimizing excess volatility or avoiding trades at off-equilibrium prices.     

The effects of agricultural policy on supply and productivity: Evidence from differential changes in distortions

Incentives in agriculture are highly distorted. It has long been argued that these distortions were a key explanation for differences in supply and productivity across countries, but the empirical evidence is limited. We revisit this issue using data on policy distortions across 63 countries for the period 1961–2011. We estimate the effects of differential changes in agricultural distortions across countries on supply and productivity. We highlight concerns in our analysis and previous work about endogeneity that biases the estimated effect downward—countries that lose comparative advantage are likely to increase support for agriculture. We address these concerns by including country and region-time fixed effects, along with a rich set of controls. Overall, we find evidence that enhanced incentives through policy changes can increase the rate of production growth, with about half of the increase due to productivity increases. This result is strongest in Sub-Saharan Africa where anti-agricultural policies on exports were reduced and in Europe where pro-agricultural policies on imports were reduced, driven largely by external pressure. Endogeneity appears to be strongest in Asia where countries have followed the typical pattern of raising support for agriculture during industrialization due to a rising farm-urban income gap.     

Managing heritage attractions: marketing challenges at sensitive historical sites

Historical sites now feature strongly as sites of visitation. However, such sites are often connected with historical events, which are sensitive to visitors and thus highly contentious when utilised in the development of tourism. The paper, from the perspective of the visitor, examines some of the critical issues that generally determine the nature of visitation at sensitive historical sites. The issues identified are the visitor's emotional state at the site, prior expectations of the site and what is to be learnt and perception of site presentation and interpretation. They also include the primary visitor objective to learn about the site, the ease with which access to the site can be obtained and the existence of social experiences between relevant visitor groups that may be extended to the site. The issues identified place significant challenges on how marketers communicate with potential visitors and other stakeholders of the site and require the marketing function to take cognisance of the different emotional states of visitors. Similarly, the nature of the packaging of the site, the channels of visitor access to be encouraged and how pricing is to be used as a marketing tool in a way that it is appropriate for the different groups of visitors to the site, all present unique marketing challenges. Copyright © 2002 John Wiley & Sons, Ltd.     

Learning from failure: A systematized review

International Journal of Technology and Design Education - Iteration and improvement are important attributes of design, tacitly indicating that failure is also a part of the process. There are...     

Measuring price fairness and its impact on consumers’ trust and switching intentions in microfinance institutions

Journal of Financial Services Marketing - Although price fairness has been intensively studied for decades, the measurement of its multidimensionality has not yet reached any consensus. Its impact...