Bias and backwardation in natural gas futures prices

This paper tests the fair‐game efficient‐markets hypothesis for the natural gas futures prices over the period 1990 through 2003. We find evidence consistent with the Keynesian notion of normal backwardation. Regressing the future spot prices on the lagged futures prices and using the Stock‐Watson (1993) procedure to correct for the correlation between the error terms and the futures prices, we find that natural gas futures are biased predictors of the corresponding future spot prices for contracts ranging from 3 to 12 months. These results cast a serious doubt on the commonly held view that natural gas futures sell at a premium over the expected future spot prices, and that this bias is due to the systematic risk of the futures price movements represented by a negative “beta.” We also find evidence for the Samuelson effect. © 2005 Wiley Periodicals, Inc. Jrl Fut Mark 25:281–308, 2005     

What is “Normal” East-West trade?

The reduction of grain shipments and the export ban for computers imposed by the US Administration in response to the Soviet occupation of Afghanistan was supplemented, late in February 1980, by prohibition of deliveries of phosphates to the Soviet Union. President Carter has not yet urged the western industrialized states to participate in economic sanctions against the USSR, but a comprehensive embargo is still under discussion. In this connection it is not only the expediency of an embargo against the Soviet Union which is at issue, but the question how the East-West trade is to be conducted and what is, in the long run, to be regarded as normal in this field.     

入世十年国际贸易摩擦正常可控

入世十年来,尽管面临不少困难和问题,但中国遭遇的国际贸易摩擦总体处于比较正常的、可控的状态,为中国外贸发展创造了一个较为友好、宽松、稳定和可预期的贸易环境,推动了全球贸易自由化在曲折中前进。     

丙烷压缩机非正常停机时入口分离器液位超高的分析和处理

主要介绍了丙烷制冷系统发生非正常停机时,经常造成丙烷压缩机入口分离器液位超高报警。为满足再次开机条件,必须对其液相进行排放。不仅造成我厂的能源损耗,而且直接影响收率和产量。通过改变操作方式和在丙烷压缩机防喘后增加单向阀的措施,从而改善了不利局面,达到了再开机前减少排放丙烷,起到了降耗增效的目的。     

我国高师地理专业旅游地理教学改革探索

本文主要论述了我国高师地理专业旅游地理教学改革的依据,并集中阐述了旅游地理教学在课程设置、教材建设、教学方法以及师资建设中存在的主要问题,同时根据实际情况,对我国高师地理专业旅游地理教学提出了有效的构想,体现了旅游地理教学改革的必要性。     

Normal Values and Average Values

This essay discusses the implications of the idea that the Keynesian premise implies deviations between the normal and the average degrees of utilization. A system of equations called the ``average system'' is proposed for the study of average values, as distinct from normal values, by way of a hypothetical steady- state growth path for each sector. A long-period implication of the short-period under-utilization of productive capacity is presented in terms of a two-sector model.     

Chinese ODI Continues New Normal Growth

Having likely overtaken FDI in 2014,Chinese outbound direct investment(ODI)should see continued double-digit growth in 2015,which will widen the gap further,according to a recent report released by KPMG’s Global China Practice.The annual report,titledChina Outlook 2015,says Chinese outbound direct investment is set     

Cross-border E-commerce Ushers in New Normal

After continuous development in the past decade,China’s cross-border e-commerce has finally taken shape.As the global economy slumped in 2020,China’s cross-border e-commerce sales rose against the negative trend.The COVID-19 pandemic has quickly changed the buying habits of all consumer groups.     

限额设计与工程造价控制

工程设计是整个工程的灵魂。选择合理的设计方案,推行限额设计,对于缩短工程建设工期,有效控制工程造价,提高经济效益起着重要作用。     

透视中国环境治理新常态

2015年新年伊始,一份"上市公司污染源在线监测风险排行榜"悄然面世。这份看上去并不炫目的榜单却即刻引发了有关企业、机构、投行、NGO,甚至是政府部门的积极反应。榜单实际是一份根据客观资料整理的排名,由中国上市公司社会责任研究中心与公众环境研究中心联合发布。榜单信息是根据28个省级环保部门官方网站对外公开的重点污染源自行监测数据计算出的环境风险指数,重点考虑了企业在线污染源环境监管     

Normal Injustices and Morality in Complex Organizations

This paper applies theory and research examining errors in complex organizational systems to the problem of individual and collective morality in organizations. It is proposed that because of the nature of complex organizations, unjust outcomes can (and will) result from organizational actions even when all organization members have acted responsibly. The argument that complex organizations are therefore immoral is considered and rejected. Instead, the paper argues that morality in complex organizations begins with "heedful interrelating" among individual organization members. The paper concludes with a discussion of organizational processes and structures that promote heedful interrelating.     

新常态下的县域商贸工作思考

在长三角地区中,52个县和县级市的县域消费市场规模占地区总量的30%。新常态下,县域商贸工作要加强市场调研,突出营造良好营商环境,推进"互联网+流通"行动,注重特色商业街区和社区服务网络建设等五个重点,抓住个性化、多样化消费新趋势,着力提升县域消费增长新动力,使消费继续在推动长三角地区经济发展中发挥基础性作用。     

Normal utilization rate in the Sraffa framework

This paper deals with the normal utilization rate in the Sraffa framework. It further presents two arguments about the utilization controversy surrounding the neo-Kaleckian theory of growth and distribution: First, it shows that the normal utilization rate is generally not independent of demand and the growth rate, and this result does not rely on the neo-classical production function and other restrictive assumptions. Second, it argues that endogenizing the normal utilization rate is not a general solution for the utilization controversy.     

关于运用正态分布法计提固定资产折旧的探讨

折旧是对固定资产成本或价值的合理分摊或转移，而折旧方法决定着分摊或转移的数额，因此从某种程度上决定着分摊和转移的合理性，所以折旧方法的选择非常重要。技术经济学基本原理认为固定资产折旧是固定资产使用效能的函数，固定资产使用效能的发挥基本上符合正态分布，因此借以引入了正态分布折旧法，确定固定资产使用效能的正态分布函数。