An empirical investigation of the effect of rights issue announcements on share returns and the determinants of abnormal returns on the Kuala Lumpur Stock Exchange

This thesis examines the effect of rights issue announcements on stock prices by companies listed on the Kuala Lumpur Stock Exchange (KLSE) between 1987 to 1996. The emphasis is to report whether the KLSE is semi strongly efficient with respect to the announcement of rights issues and to check whether the implications of corporate finance theories on the effect of an event can be supported in the context of an emerging market. Once the effect is established, potential determinants of abnormal returns identified by previous empirical work and corporate financial theory are analysed. By examining 70 companies making clean rights issue announcements, this thesis will hopefully shed light on some important issues in long term corporate financing. Event study analysis is used to check on the efficiency of the Malaysian stock market; while cross-sectional regression analysis is executed to identify possible explanators of the rights issue announcements' effect. To ensure the results presented are not contaminated, econometric and statistical issues raised in both analyses have been taken into account. Given the small amount of empirical research conducted in this part of the world, the results of this study will hopefully be of use to investors, security analysts, corporate financial managements, regulators and policy makers as well as those who are interested in capital market based research of an emerging market. It is found that the Malaysian stock market is not semi strongly efficient since there exists a persistent non-zero abnormal return. This finding is not consistent with the hypothesis that security returns adjust rapidly to reflect new information. It may be possible that the result is influenced by the sample, consisting mainly of below average size companies which tend to be thinly traded. Nevertheless, these issues have been addressed. Another important issue which has emerged from the study is that there is some evidence to suggest that insider trading activity existed in this market. In addition to these findings, when the rights issue announcements' effect is compared to the implications of corporate finance theories in predicting the sign of abnormal returns, the signalling model, asymmetric information model, perfect substitution hypothesis and Scholes' information hypothesis cannot be supported.

Dangerous brown men:exploiting sex, violence and feminism in the 'war on terror'

Why is the public presentation of the war on terror suffused with sexualised racism? What does this tell us about ideas of gender, sexuality, religious and political identity and the role of the state in the Western powers? Can we diffuse inter-ethnic conflicts and change the way the West pursues its security agenda by understanding the role of sexualised racism in the war on terror? In asking such questions, Gargi Bhattacharyya considers how the concepts of imperialism, feminism, terror and security can be applied, in order to build on the influential debates about the sexualised character of colonialism. She examines the way in which western imperial violence has been associated with the rhetoric of rights and democracy - a project of bombing for freedom that has called into question the validity of western conceptions of democracy, rights and feminism. Such rhetoric has given rise to actions that go beyond simply protecting western interests or securing access to scarce resources and appear to be beyond instrumental reason. The articulations of racism that appear with the war on terror are animated by fears and sexual fantasies inexplicable by rational interest alone. There can be no resolution to this seemingly endless conflict without understanding the highly sexualised racism that animates it. Such an understanding threatens to pierce the heart of imperial relations, revealing their intense contradictions and uncovering attempts to normalise violent expropriation.

Violence against women in Ethiopia

Investigating the experience of violence against women and exploring women's coping strategies is a crucial component of re-tailoring the provision of services for victims/survivors. This article explores violence against women in the context of culture, theory of fear of violence and literature on spaces perceived to be 'safe' or 'dangerous' by women victims/survivors of violence in Ethiopia. To collect the relevant data, we conducted 14 semi-structured interviews with Ethiopian women who are victims/survivors of violence and three interviews with gender experts in Ethiopia. Our group of women suffer in 'silence' and confide only in friends and relatives. They did not resort to institutional support due to lack of awareness and general societal disapproval of such measures. This contrasts with claims by experts that the needs of these women are addressed using an institutional approach. Culture, migration status and lack of negotiating power in places of work are key factors when considering violence. The majority of the respondents in this study occupy both public and private spaces such as bars and homes and have experienced violence in those spaces. The social relations and subsequent offences they endured do not make spaces such as these safe. Education of both sexes, creation of awareness, sustainable resource allocation to support victims/survivors, ratification of the Maputo protocol and effective law enforcement institutions are some of the practical strategies we propose to mitigate the incidence of violence in Ethiopia. © 2010 Taylor & Francis.