Stock offerings in a different institutional setting: the Swiss case, 1973-1983

This paper analyzes the stock price effect of equity issues in Switzerland. There, insiders are not legally prevented from using their information for personal trades, and security offerings are with almost no exception rights issues. Unlike what we find for a comprehensive sample of U.S. rights issues and a sample of U.S. general cash offerings, a significant majority of firms experiences a positive monthly announcement effect. The average abnormal return itself, however, is not significant. Also, we find evidence inconsistent with infinitely price-elastic demand functions for common stock, as well as some evidence that offer prices convey new information.

How fit turns into misfit and back: institutional transformations of pastoral commons in African floodplains

We enlarge the notion of institutional fit using theoretical approaches from New Institutionalism, including rational choice and strategic action, political ecology and constructivist approaches. These approaches are combined with ecological approaches (system and evolutionary ecology) focusing on feedback loops and change. We offer results drawn from a comparison of fit and misfit cases of institutional change in pastoral commons in four African floodplain contexts (Zambia, Cameroon, Tanzania (two cases). Cases of precolonial fit and misfit in the postcolonial past, as well as a case of institutional fit in the postcolonial phase, highlight important features, specifically, flexible institutions, leadership, and mutual economic benefit under specific relations of bargaining power of actors. We argue that only by combining otherwise conflicting approaches can we come to understand why institutional fit develops into misfit and back again. Key Words: African floodplains; governance; institutional change; institutional fit; New Institutionalism; pastoral commons