Predicting financial volatility: High‐frequency time‐series forecasts vis‐à‐vis implied volatility

Recent evidence suggests option implied volatilities provide better forecasts of financial volatility than time‐series models based on historical daily returns. In this study both the measurement and the forecasting of financial volatility is improved using high‐frequency data and long memory modeling, the latest proposed method to model volatility. This is the first study to extract results for three separate asset classes, equity, foreign exchange, and commodities. The results for the S&P 500, YEN/USD, and Light, Sweet Crude Oil provide a robust indication that volatility forecasts based on historical intraday returns do provide good volatility forecasts that can compete with and even outperform implied volatility. © 2004 Wiley Periodicals, Inc. Jrl Fut Mark 24:1005–1028, 2004     

East vis‐à‐vis West: The evolution of work values within China regions

Numerous studies have investigated between‐country cultural differences. However, the subnational cultural differences, particularly in emerging markets, have remained an underexplored research topic despite its importance. Likewise, multiperiod studies in the cross‐cultural management area have also remained an underexplored topic. This study concurrently addresses both of these voids in the literature. Specifically, we examine changes in work values of businesspeople in the economically developed East region and the less developed West region of China over the first decade of the 21st century (2000–2010). Our findings show that, across the eight work values dimensions analyzed in this study, three exhibited static crossvergence, while the other five value dimensions exhibited conforming crossvergence. An implication of these findings is that the dissimilar work values, which had been found across the regions of China of the past century, are moving toward a more countrywide set of homogeneous values among the workforce professionals of China.