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The purpose of this paper is to investigate the immediate impact of firm-specific announcements on the trading volume of individual and institutional investors on the Australian Securities Exchange (ASX), during a period when the market becomes fragmented.

This study uses intraday trading volume data in five-minute intervals prior to and after firm-specific announcements to measure individual and institutional abnormal volume. There are 70 such intervals per trading day and 254 trading days in the sample period. The first 10 minutes of trading (from 10.00 to 10.10 a.m.) is excluded to avoid the effect of opening auction and to ensure consistency in the “starting time” for all stocks. The volume transacted during five-minute intervals is aggregated and attributed to individual or institutional investors using Broker IDs.

Institutional investors exhibit abnormal trading volume before and after announcements. However, individual investors indicate abnormal trading volume only after announcements. Consistent with outcomes expected from a dividend washing strategy, abnormal trading volume around dividend announcements is statistically insignificant. Both individual and institutional investors’ buy volumes are higher than sell volumes before and after scheduled and unscheduled announcements.

The study is Australian focused, but the results are applicable to other limit order book markets of similar design.

The results add to the understanding of individual and institutional investors’ trading behaviour around firm-specific announcements in a securities market with continuous disclosure.

The results add to the understanding of individual and institutional investors’ trading behaviour around firm-specific announcements in a securities market with continuous disclosure.

These results will help regulators to design markets that are less predatory on individual investors.

An understanding of the social entrepreneurial behavior of key stakeholders in Participatory Irrigation Management (PIM) is of vital importance to the socioeconomic growth of a country. The term social entrepreneurship or social enterprise is relatively new to Sri Lanka just as it is with many other developing countries. Social entrepreneurs are those who solve social and environmental problems that hinder social inclusion, economic integration, and sustainable development. Though many entrepreneurs are operating across the different agricultural sectors for many years, the exact nature of social entrepreneurial behavior among them is still unknown. As an agricultural economy-based country, PIM policy encompassing many strategies has been implemented in Sri Lanka to eradicate poverty and hunger in society. Therefore, this chapter aims to focus on the socioentrepreneurship of five key stakeholders in PIM and to provide empirical evidence of their activities in the area of the Bata-atha branch canal in the Walawe irrigation scheme, Sri Lanka, where PIM has been implemented. This chapter finds that the establishment of the Bata-atha farm by the Ministry of Agricultural Development and the irrigation management of Bata-atha tail-end branch canal under the organizational efforts of the Agunukolapelessa block office of Mahaweli Authority of Sri Lanka presents a good example of an innovative and supportive farm management system that contributes to significant improvements in the socioeconomic situation of the vulnerable farming community. Moreover, this chapter shows that the collective action of active farmer organizations and successful sole proprietors in the area constitute social entrepreneurial behavior that contributes to the social transformation. This chapter concludes with a discussion of the implications this has for the irrigated agricultural sector and the need for further research to identify the potential for continued development by fostering the practices of socioentrepreneurship in the country.