Measuring price discovery between nearby and deferred contracts in storable and nonstorable commodity futures markets

Using price discovery measures, including Putniņš’ (2013) information leadership share and intraday data, we quantify the proportional contribution of nearby and deferred contracts in price discovery in the corn and live cattle futures markets. On average, nearby contracts reflect information more quickly than deferred contracts in the corn market, but have a relatively less dominant role in the live cattle market. In both markets, the nearby contract loses dominance when its relative volume share dips below 50%, which typically occurs when the nearby is close to maturity. Regression results indicate that the share of price discovery is mainly related to trading volume and time to expiration in both markets. In the corn market, price discovery share between nearby and deferred contracts is also related to inverse carrying charges, crop year differences, USDA announcements, market crashes, and commodity index position rolls. Differences between corn and live cattle markets are consistent with differences in the contracts’ liquidity and commodity storability.     

Rational drug use in hospital settings – areas that can be changed

Abstract

Irrational use of drugs occurs at all levels of healthcare. This phenomenon can also be observed in hospitals. Irrational use of a drug contributes to a decrease in the patient's quality of treatment and often causes negative health consequences. For this reason, it is essential to consider methods that can be introduced in hospitals to increase the safety and effectiveness of the drugs used. The article presents selected methods of rationalization of drug management that can be used in hospitals.     

Understanding drivers and outcomes of lurking vs. posting engagement behaviours in social media-based brand communities

ABSTRACT

Social media-based brand communities (SMBBC) are ideal tools to develop Consumer Engagement (CE). Yet, brands do not fully understand whether members are really loyally engaged with the brand and uncertainties remain regarding SMBBC return on investment. Therefore, our aim is to understand what drives CE within SMBBC, to relate it to different CE behaviours and to study its impact on brand loyalty. Data from 213 Facebook users was analysed using PLS-SEM. The study concludes that the drivers for passive/lurking and active/posting behaviours differ and vary according to brand type, with the former revealing a stronger positive association with brand loyalty than the latter. This study also provides valuable insights into CE literature and to brands holding SMBBC, helping them to successfully develop social media strategies.     

The external indebtedness and creditworthiness of countries in the east Asian and pacific region

This article examines recent trends in the East Asia and Pacific region's external indebtedness, debt servicing capability, and creditworthiness. Despite the fact that the East Asia and Pacific region is regarded as the most creditworthy of all developing country regions, there are some indications that if borrowings continue to grow at the current pace, particularly in relation to debt servicing ability, the region may begin to encounter more debt repayment problems. In addition, this paper investigates the relationship between country credit ratings for the twenty largest developing country borrowers and interest rates on new obligations. The observed relationship between country creditworthiness and interest rates, while inverse, was not as strong as financial theory would suggest.     

Schumpeter and reconciling divisive responses to the Bishops' Letter

Idealogically motivated responses to the Bishops' Letter have heightened the divisiveness of subsequent dialogue at the expense of its rigor. Schumpeter's metaphor of creative destruction provides a vehicle for reconciliation between advocates of politics and markets. His most distinguishing characteristic of capitalism extols its productive and dynamic properties. It underscores its relentless and unmanageable side that transforms institutional structures as well. The capitalist engine is driven by a perennial gale that creates and destroys at the same time; thus there is a necessary role for both entrepreneurs and planners in a mixed economy. The bishops' call for collaboration is also subject to the Schumpeterian metaphor. Major process changes without new institutional forms are inconsistent with the historical experience of U.S. pluralist society.David R. Palmer is Assistant Professor of Management at Santa Clara University where he teaches courses in Business Policy and Business and Public Policy. He holds an MBA from the Harvard Graduate School of Business Administration and a Ph.D. in Business and Public Policy from the University of California, Berkeley.     

Strength in diversity? Fiscal federalism among the fifty US states

Fiscal federalism in the USA has a distinctive structure that contrasts sharply with that in most other industrialized nations. Our purpose in this paper is to describe and explore the US “brand” of fiscal federalism. We demonstrate that there is a striking amount of variety in the 50 state fiscal systems and that these differences have prevailed in the face of potentially disruptive forces. The variety we find stems in large part from states having meaningful fiscal autonomy, in particular, the authority to levy taxes. The result is likely higher societal welfare than would ensue without this autonomy.     

Derivation of netput shadow prices under different levels of pest pressure

In this paper, we propose a framework to derive agricultural netput shadow prices that assign values to netputs in terms of their contribution to technical and environmental efficiency. Our modeling approach is based on the dual representation of an event-specific data envelopment model and is applied to a panel dataset of Dutch arable farms. Results show that netput shadow prices vary significantly across pest pressure events, suggesting the relevance to consider the event-specific nature of the production technology when computing them. By revealing the relative importance of pesticides in terms of their contribution to environmental efficiency, this study provides a potential framework for constructing penalties aiming to internalize some portion of the social cost of pesticide use.     

Relationship marketing: Back to basics?

Relationship marketing, however defined, has received considerable attention recently. To its advocates, relational exchange between buyer and seller represents a paradigm shift away from the traditional focus on individual transactional exchanges. Critics of relationship marketing argue that the concept is poorly defined and is merely a new way of describing what businesses have been doing for a long time.

This paper recognizes that the need to develop long‐term relationships between an organization and its customers is becoming greater. It is however questioned whether marketing educators are providing students with the abilities to take a mature approach to relationship marketing issues, in line with the changing nature of employers' business. Suggestions for introducing relationship marketing to the undergraduate syllabus are made at a number of levels, from an additional module for an introductory “principles of marketing course” to a multi‐disciplinary degree majoring in relationship marketing.