Underlying this paper is the conviction that it is of utmost importance that business ethics should indeed become an integral part of business culture in all, and therefore also in developing countries. It is not to be denied that business ethics has to a much larger extent become part of the business culture in developed countries than in developing countries. In this paper, I first of all wish to provide an explanation for the fact that business ethics is fighting an uphill battle in becoming part of the business culture in developing countries. Secondly I want to give a thumbnail sketch of the preconditions that have to be fulfilled in order to stimulate the development of a moral business culture in developing countries. In order to achieve these goals I will focus mainly on Africa, and more specifically on South Africa.

In this paper I try to enlarge the scope of the questions commonly treated in business ethics. I first argue that not motives but action structures should form the basis of our analytical endeavours. I then distinguish three basic structures in human action: self-directed, other-including and other-directed actions. These structures, when linked with the concepts of interests and legitimate claims or rights, lead to a taxonomy of moral behaviour in business that I describe as, respectively, transactional, recognitional and participatory ethics, three distinct realms of moral behaviour, each characterized by a specific set of moral principles and a special relation between moral agents. My contention is that, up to now, analysis in business ethics has largely been focused on issues in the field of recognitional ethics. The discipline itself as well as ethical practices in business may greatly profit by paying explicit attention to market morality and transactional ethics as well as to the non-enforceable we-alliances of a participatory ethics, increasingly possible and needed in present-day civil society.

Consistent with Connolly's (1989), (1991) evidence, this study finds that sample size and/or error term adjustments render U.S. day-of-the-week effects statistically insignificant. In contrast, day-of-the-week effects in seven European countries and in Canada and Hong Kong are robust to individual sample size or error term adjustments, and day-of-the-week effects in five European countries survive the simultaneous imposition of both types of adjustments. In most countries where day-of-the-week effects are robust, however, the effects are statistically significant in not more than two weeks out of the month. These findings are inconsistent with explanations of the day-of-the-week effect based on institutional differences or on the arrival of new information. Thus, in the absence of other potential explanations already dismissed by Jaffe and Westerfield (1985), evidence in this study further complicates the international day-of-the-week effect puzzle.

The 39 experiments reported here examine the impact on trading profits and on market performance of awarding special trading privileges to some traders and not others. In call market experiments, the last-mover and orderflow access privileges are both modestly profitable and neither impairs market performance. In continuous market experiments, quicker access to orderflow information is quite profitable and more detailed access is possibly profitable; both privileges seem to enhance market performance slightly. By contrast, privileged marketmaking is extremely profitable and greatly impairs market performance.

This paper examines the relation between managerial ownership and the probability of being a target firm, and the impact of managerial ownership on target shareholder returns. The paper finds that targets have lower managerial ownership than either their industry counterparts or randomly selected nontargets. Managerial ownership is significantly lower in contested compared to uncontested offers, and in unsuccessful compared to successful cases. Managerial ownership is significantly related to abnormal returns in contested cases that are ultimately successful. The results are consistent with a positive impact of managerial ownership where it is used to negotiate, but not ultimately block, an acquisition.