The trading mechanism, cross listed stocks:A comparison of the Paris Bourse and SEAQ-International

This paper studies the behaviour of returns for a sample of cross-listed stocks, listed on both the Paris Bourse and SEAQ-International in London. The aim of the paper is to discover which market adjusts to fundamental news more quickly, the home market of Paris or SEAQ-International. We find that prices in London adjust to changes in their fundamental value more slowly than Paris prices, despite the ability to quickly arbitrage between the two markets. We suggest that this finding may reflect the type of trading, which takes place in the two markets and differences associated with the reporting of large trades. We also estimate the amount of noise present in the two markets and show that the Paris market is more noisy than London. © 2003 Published by Elsevier B.V.

Partnership and organizing:an empirical assessment of two contrasting approaches to union revitalization in the UK

The Trades Union Congress (TUC) in Britain has been advocating two contrasting approaches to union revitalization namely: ‘labour—management partnership’ and ‘union organizing’. Using a case study of a public services union this article examines empirically the prospects of union revival offered by these two contrasting approaches. Public services with relatively high union density should offer better prospects for union revival through partnership. However, the authors’ findings indicate that even in public services, partnership was not associated with management’s support for union recruitment, better facility time provisions for union representatives, lower worker grievances or union membership gains. Rank-and-file organizing, on the other hand, was associated with lower worker grievances, greater worker satisfaction with the union, higher worker involvement in union activities and union membership gains. Overall, the findings question the ‘mutual gains’ assertions of partnership advocates and lend support to the critics of partnership who propose an alternative organizing approach to union revitalization.