This paper tests for relationship between Indian GDRs traded in Luxembourg / London and their underlying shares traded in Mumbai at two levels, viz., (a) between the stock prices at two exchanges; and (b) between the volatilities of the stock prices between the two exchanges. The relationship is...

The current study, taking A and H dual listing shares as the participants, aimed to investigate the effect of China’s opening-up policy on the information transmission among dual listing shares. The results indicated that China’s opening-up policy strengthened the integration of...

We undertake a structural analysis of the Hasbrouck unobserved components and the Madhavan, Richardson, and Roomans microstructure models. We map carefully the relationship between the structural parameters and four alternative measures of price discovery: (1) Hasbrouck; (2) Harris-McInish-Wood;...

The present study investigates the impact of dual listing of Australian shares on the NZSE. The results suggest that the average excess return on the day of listing is negative but is statistically insignificant. The negative excess return starts to accumulate before the day of listing and...

This paper addresses the possible impact of rising smallholder incomes on local non-agricultural development in a case study area located in the Eastern Cape province of South Africa. It determines how increased rural incomes are spent on a mix of goods and services, and debates the implications...

Consideration is given to what the big four South African banks have done since the late nineties to open up their lending facilities to the unbanked, taking cognisance of the trends internationally, finally leading to a conclusion as to the most appropriate strategy for the future. The banks'...

The needs to find ways of lifting people out of poverty and to transform the existing patterns of inequality in South Africa are high on the country’s development agenda. Much hope is often vested in education as an opportunity for children from poor households to overcome the disadvantage of...

An existing accounting framework to describe an education system is elaborated and used as a framework for understanding and comparing the resource allocation policies of the South African and Argentinean schooling systems. The comparison highlights how, by paying fewer teachers more (relative...

In regional context, South African students benefit from above average levels of public and private education resources. However, their performance on international tests – including SACMEQII (Southern African Consortium for Monitoring Educational Quality, 2000) – is extremely weak. The...