This timely volume brings together professors of finance and accounting from Japanese universities to examine the Japanese stock market in terms of its pricing and accounting systems. The papers report the results of empirical research into the Japanese stock market within the framework of new theories of finance. Academics, professionals, and anyone seeking to understand or enter the Japanese market will applaud the publication of this practical, informative volume.

Having gathered data from the late 1970's through 1984, the authors analyze the market's behavior and the applicability of two major theoretical pricing models -- the Capital Asset Pricing Models and the Efficient Market Hypothesis -- to that market. Chapter 1 provides background statistical evidence on the behavior of monthly returns on Tokyo Stock Exchange common stocks. Chapter 2 discusses an empirical test of the capital asset pricing model. Chapter 3 examines evidence on the price performance of unseasoned new issues. The authors also examine the Japanese accounting disclosure system: Chapter 4 deals empirically with the information content of the annual accounting announcements and related market efficiency. The next chapter presents empirical evidence on the relationship between unsystematic returns and earnings forecast errors. Next, empirical research into the usefulness to investors of the disclosure system is examined. Finally, Chapter 7 presents several interesting questions and topics for future research on the Japanese stock market.

Horizontal inequalities are root causes of violent conflict in Africa. Yet, people take actions not because of statistical data on inequalities, of which they might not be aware, but because of injustices they perceive. This volume analyses the results of original surveys with over 3,000 respondents in African cities and towns, exposing clear discrepancies between objective inequalities and people's subjective perceptions. The contributors examine experiences in country pairs and probe into the reasons why neighbouring countries, sharing common historical traits, sometimes took contrasting pathways of peace and violent conflict. Combining quantitative analysis and qualitative anatomy of historical experiences of conflict and reconciliation in Rwanda, Burundi, Ghana, Cote d'Ivoire, South Africa, Zimbabwe, Uganda, Tanzania, Kenya and Nigeria, the study brings forward a set of policy recommendations for development practitioners. This work further addresses the issue of institutional choice and reveals how sustainable power-sharing and decentralisation contribute to political stability in Africa.

Horizontal inequalities are root causes of violent conflict in Africa. Yet, people take actions not because of statistical data on inequalities, of which they might not be aware, but because of injustices they perceive. This volume analyses the results of original surveys with over 3,000 respondents in African cities and towns, exposing clear discrepancies between objective inequalities and people's subjective perceptions. The contributors examine experiences in country pairs and probe into the reasons why neighbouring countries, sharing common historical traits, sometimes took contrasting pathways of peace and violent conflict. Combining quantitative analysis and qualitative anatomy of historical experiences of conflict and reconciliation in Rwanda, Burundi, Ghana, Cote d'Ivoire, South Africa, Zimbabwe, Uganda, Tanzania, Kenya and Nigeria, the study brings forward a set of policy recommendations for development practitioners. This work further addresses the issue of institutional choice and reveals how sustainable power-sharing and decentralisation contribute to political stability in Africa.