Liquidity Considerations in Estimating Implied Volatility

Option markets have significant variation in liquidity across different option series. Illiquidity reduces the informativeness of the price. Price information for illiquid options is more noisy, and thus the implied volatilities (IVs) based on these prices are more noisy. In this study, we propose weighting schemes to estimate IV, which reduce the importance attached to illiquid options. The two indexes using liquidity weights are SVIX, which is a spread‐adjusted volatility index, and TVVIX, which is a traded volume weighted VIX. We find SVIX outperforms TVVIX, the conventional schemes such as the traditional VXO, or vega weights, and volatility elasticity weights. © 2012 Wiley Periodicals, Inc. Jrl Fut Mark 32:714‐742, 2012     

Application of an environmental psychology model to in-store buying behaviour

Although the influence of the environment on behaviour has long been acknowledged by many environmental psychologists, not many studies have been done in a retailing context, and so far no study can provide a framework to determine how environmental cues might impact on store patronage. The main objective of this study is to explore the relationship between environment and human behaviour in a retailing context by adopting the Mehrabian Russell Model (M-R Model) so as to test the predictability and applicability of the model through measurement of the information load, the emotional states induced and the approach-avoidance behaviour of shoppers in two types of CD stores in Hong Kong. The findings show that in-store environment stimuli (expressed in terms of information rate) are positively related to the level of pleasure experienced in the store. In turn, environment-induced emotional states in the store are positively related to in-store shopping behaviour. Therefore, shopping behaviour favourable to retailers can be induced through manipulation of the store's atmospheric elements. The findings show that the in-store environment is dynamic in nature and the model is not as simple as that predicted by Mehrabian and Russell in a one-way direction. In-store behaviour also has positive effects on the pleasure felt in the store and the in-store rating of environmental stimuli.     

Planning Histories and Practices of Circulating Urban Knowledge

This symposium creates and stimulates new dialogue and cross‐disciplinary exchange between planning theorists and geographers in researching the transfer of urban policy and planning models, ideas and techniques. The symposium challenges a restricted historical focus in much of the emerging geographical literature on urban policy mobilities by drawing on a rich tradition within planning history of exploring and documenting the trans‐urban travel of planning ideas and models over the last 150 years. It is argued that this longer‐term perspective is required to highlight important historical continuities and institutional legacies to contemporary urban policy circuits and pathways and to question what is particularly new, distinct and innovative about an intensification in the travel of urban ideas, plans and policies over the past decade — and the accompanying scholarly interest in them. The symposium also uses the emphasis on particular details and specific experiences within planning histories to foreground and develop approaches, particularly from recent geographical scholarship, that investigate the contingent and embodied practices and wider epistemic contexts that enable — or hinder — contemporary policy transfer.     

天津如何塑造国际滨海旅游名城

旅游业是新世纪发展最快和最有潜力的行业。旅游经济将成为天津最重要的经济增长点。那么,在加入WTO后全新的国际经济、政治、文化、安全和激烈竞争的大环境中,天津地区应该怎么样在WTO的机遇中求得迅速发展、在公平的竞争中不断壮大呢?我将和天津人民一起探讨如何塑造有特色和竞争优势的天津城市品牌。 城市品牌面临挑战 实际上世界上的知名旅游城市品牌在新经济高速发展的今天都面临着新的挑战。像巴黎、纽约、东京等著名的旅游城市都开始感到了新的旅游经济带来的冲击。旅游人数的下滑,停留日期的减少和购     

情定迈阿密——Coppertone女孩和她的小狗标识重新闪耀

这是和Andy Warhol的汤罐一样出名的标志。12月的迈阿密,晴朗的夜晚,Jerry Begins微笑的看着全面翻修的Coppertone女孩带着淘气的咬着她泳衣的可卡犬再次回到城市的MIMO区。Jerry的父亲有家公司Tropicalites,最初是建造和安装标志符号,帮助协调和宣传防晒产品的标志,现在位于比斯坎湾大道北侧7300.     

ExpertLens: A system for eliciting opinions from a large pool of non-collocated experts with diverse knowledge

The complexity of policy decision-making raises the need to elicit opinions from large and heterogeneous groups of stakeholders with broad and diverse sets of expertise. Existing options for elicitation include small face-to-face panels of experts by using the Nominal Group Technique (NGT), large Delphi panels whose members do not interact with each other face-to-face, and crowdsourcing, which involves an open call for input issued to a large community of people. In an attempt to close the gap between the practical needs of policy makers and the methodological challenges associated with eliciting opinions of large, diverse, and distributed groups, we have developed a new online elicitation system and methodology called ExpertLens. By optimizing the direct interactions of NGT with the larger number of Delphi participants and the wisdom of “selected crowds,” our approach is designed to save on the costs associated with traditional expert panels, while increasing accuracy in elicitation by reducing the potential for group process losses that can occur in large, diverse, and non-collocated panels whose members interact via asynchronous online discussion boards. The ExpertLens approach is iterative, does not require participants to develop consensus, and determines what the group “thinks” by statistically analyzing data collected in all rounds of the elicitation. This paper describes the ExpertLens system and methodology, briefly discusses recent ExpertLens trials, provides conceptual arguments for why it is an appropriate model for eliciting expert opinions, illustrates its main components and analytics by using an infrastructure investment example, and discusses a research agenda for testing the underlying tenets of the ExpertLens approach.     

Assessing professional ethics in tax: A case on uncertain tax positions

We develop and present an ethics case dealing with an uncertain tax position. The case can be used to assess professional ethics as part of an assurance-of-learning (AOL) plan as well as a component of a course grade. We present data on student performance on this case over a 5-year period. Students consider existing ethical frameworks to identify and frame the potential ethical “dilemmas” they might face in addressing whether to countenance a client’s suggested treatment and disclosure of an uncertain tax position. In addition, students evaluate the AICPA guidance and U.S. Treasury standards on taking and reporting uncertain tax positions in the tax return and the FASB and PCAOB standards on reporting and auditing uncertain tax positions in the financial statements. The case allows faculty to assess students’ ability to frame potential ethical dilemmas when clients engage in aggressive tax behavior, to recognize with whom and with what professional reference documents they should consult when an uncertain tax position arises, and to choose among alternative actions when faced with client/preparer conflicts.     

Naturalizing bodies and places: Tourism Media Campaigns and Heterosexualities in Costa Rica and New Zealand

Drawing on feminist, queer and poststructuralist theories of sexuality this article contributes to the field of tourism branding. Research findings on tourism media campaigns-New Zealand’s ‘100% Pure campaign’, and Costa Rica’s ‘No Artificial Ingredients’—illustrate how places and bodies are co-constructed and heterosexualized. We argue that both campaigns employ familiar landscape tropes of ‘nature’, ‘pureness’, ‘wilderness’, and ‘escape’, which discursively construct places and bodies as ‘natural’, ‘exotic’, and ‘romantic’. We draw on ethnographic and interview data to consider the lived experiences of these discourses for tourists and tourism businesses. By paying attention to the sexualized representations made and remade through tourism media campaigns the article challenges hegemonic conceptualizations of sexualities and offers an exciting future research agenda for tourism studies.     

Membership,influence and voice: a discussion of trade union renewal in the French context

Union density in France has fallen to exceptionally low levels, yet unions are able to mobilise millions of supporters against government austerity measures. Some authors therefore argue that the union revitalisation literature overemphasises density over other power resources. The article first confirms the decline of density and the scale of the challenges unions face in organising in the face of restructuring and casualisation. Second, it is argued that unions have retained some policy influence by forming strategic alliances among themselves, although pressures for fragmentation remain strong. Third, unions' mobilising capacity indicates the need to find new ways of coordinating action at all levels. The article thus not only confirms the inadequacy of density alone as a measure of union vitality but also highlights the challenges, and some opportunities, facing unions in hostile economic conditions.     

Communication about a communication technology

As genetically modified (GM) products approach the market stage, the UK government and agro-food industry have faced a suspicious or hostile public. Since 1998 many retail chains have undertaken to exclude any GM-derived ingredients from their own-brand lines. This commercial blockage has intensified pressures for greater precaution, even for a moratorium on cultivating GM crops. Political protest has led to strategies for precautionary commercialization. Government and industry have cooperated to plan a ‘managed development’ of GM crops. Across the agricultural supply chain, industry has devised voluntary guidelines to ensure segregation of GM crops and to limit the spread of GM herbicide-tolerance. In particular UK regulators seek to test the risk that broad-spectrum herbicide sprays could damage wildlife habitats; they have broadened the advisory expertise accordingly. These measures open up the precautionary content to further debate, at both national and EU levels. Market-stage precautions establish a means to test claims that GM crops are environmentally-friendly products. By translating public concerns into broader risk-assessment criteria, the UK procedure involves critics in potentially influencing standards of scientific evidence and environmental harm. This social process has become a prerequisite for legitimizing commercial use.