A comment on “A hedging deficiency in eurodollar futures”

Professor Chance's analysis shows that hedge results from eurodollar futures are imperfect; and he credits the futures contract design as being the source of the error. This comment argues that the unanticipated outcomes that Professor Chance evidences stem not from the design of the contract, but rather from improperly sizing hedge transactions. If appropriately sized hedges are used, perfect hedge outcomes in fact, will follow. © 2007 Wiley Periodicals, Inc. Jrl Fut Mark 27:187–193, 2007     

基于置信度的S模式信号随机多位纠错技术

针对现有纠错技术只能对少量随机错误或突发错误进行纠错的不足,提出了一种基于置信度的随机多位纠错方法。该方法在准确进行置信度判断的基础上,通过缩短循环冗余校验（CRC）处理时间或增加并行运算能力以增加纠错位数。同时给出了可运用于工程实际的保守技术和强力技术的联合纠错处理流程。通过解码纠错实验,统计结果表明该置信度判定法则的准确性为98.24%,通过图形处理器（GPU）强力纠错可实现高达83.37%的解码率,通过现场可编程门阵列（FPGA）强力纠错可实现73.66%的解码率,较现有强力纠错技术的纠错能力有较大提高,可增强对航空器监视的连续性。     

THE PURCHASING‐LOGISTICS INTERFACE: A “SCOPE OF RESPONSIBILITY” TAXONOMY

To date, integration research has paid little attention to defining and exploring the interface between purchasing and logistics. This research seeks to catalog the set of joint activities that define this interface, and to analyze the way in which this interface is structured, in terms of how companies assign collective responsibility across the activity set. A cluster analysis of a set of 15 boundary‐spanning activities reveals a preliminary taxonomy of three purchasing‐logistics interface structures: (a) Purchasing‐Dominant; (b) Segregated; and (c) Logistics‐Dominant. The analysis also reveals limited evidence that the choice of purchasing‐logistic interface structure has an influence on supply base performance. In addition, the choice of purchasing‐logistics interface structure appears to be influenced by firm size.     

THE “WHITE SPACE” OF LOGISTICS RESEARCH: A LOOK AT THE ROLE OF METHODS USAGE

This paper examines the use of various research methods by contemporary researchers. The previous six years of articles in a leading logistics journal are examined and classified. The analysis seeks to identify and discuss changes and trends that are occurring in the use of such methods, as well as considering why the current conditions are in place, and what, if any, opportunities exist for logistics researchers given this situation.     

“What is my currency risk?”

Before a company can manage the currency risks associated with doing business abroad, it must clearly identify and define the risks to be managed. This isn't as easy as it seems. There are transactional risks, but there are also hidden risks that don't show up on financial statements.     

船载雷达动态滞后误差修正定轨结果变差问题分析

针对测量船在某型号任务中雷达测量数据在修正动态滞后误差后定轨结果变差的问题,阐述了动态滞后误差产生的原因及误差特性,分析了全球定位系统(Global Positioning System,GPS)数据标定定向灵敏度、轴系参数等对定轨结果的影响,梳理了历次任务数据处理情况,通过对测量数据与GPS数据的系统误差、随机误差比对残差分析,逐项排查问题,定位了雷达测量数据在修正动态滞后误差后定轨结果一致性变差的原因,为后续任务动态滞后误差修正提供了依据。     

Children's relationships with brands: “True love” or “one‐night” stand?

Group and individual interviews were conducted to examine relationships developed between children and brands in the family setting. Children's stories about brands suggest that they develop relationships with a wide range of brands and these relationships are imbedded in the social environment where children live and grow. Interpersonal relationship metaphors were utilized to describe different forms of child–brand relationships. The article concludes that children's relationships with brands serve important functions in their lives and have significant implications for marketers. © 2002 Wiley Periodicals, Inc.     

The “Ethics of Social Ideas” Versus The “Ethics of Marketing Social Ideas”

Can the public make a distinction between the “ethics of social ideas” versus the “ethics of marketing social ideas”? This question was empirically assessed via a survey research design. The evidence strongly suggests that individuals cannot totally separate the social idea from the marketing technique used to promote the idea. Also it was found that some social issues are more likely to foster strong ethical concerns than others. The implications of this research are discussed.     

“That’s Interesting!” in Entrepreneurship Research

In order for a work on entrepreneurship to be published and attract attention, it must be interesting. The aims of this study are to understand why entrepreneurship scholars perceive entrepreneurship studies as interesting, what they consider interesting, and how they distinguish themselves from management scholars in their perception of interestingness. The study is based on responses from 915 entrepreneurship scholars. Our results contribute to empirically nuancing the dimensions that scholars perceive as interesting, and also to identifying groups of entrepreneurship scholars that perceive interestingness in different ways, and to demonstrating the similarities and differences between entrepreneurship and management scholars.     

Advertising “like a girl”: Toward a better understanding of “femvertising” and its effects

This paper investigates the impact of femvertising (female empowerment advertising). More specifically, it hypothesizes that femvertising (vs. traditional portrayals of females in advertising) will reduce ad reactance among a female target audience, and that this in turn will enhance ad and brand attitudes. The results of three experimental studies indicate that this is indeed the case, and that the results hold across print and digital media, for five different product categories, and for femvertising focusing on challenging female stereotypes in terms of physical characteristics as well as the roles and occupations used to portray women in advertising. Although previous studies of the effects of female portrayals tend to focus on social comparison and self‐identity, the current paper considers the role of psychological reactance to (more or less) stereotypical portrayals in explaining these effects. The results suggest that marketers have much to gain from adapting a more proactive and mindful approach to the female portrayals they use in their ads.     

Attribution Effects of Time Pressure in Retail Supply Chain Relationships: Moving From “What” to “Why”

Retail supply chains must be responsive to consumer demand and flexible in adapting to changing consumer preferences. As a result, suppliers are often expected to deal with time pressure demands from retailers. While previous research demonstrates that time pressure can have longer term relational costs that reduce collaborative behaviors and overall relationship quality, this mixed‐methods study goes further by accounting for attribution effects to explain why the time pressure occurs. Specifically, supplier perceptions for the reason of time pressure being within or beyond a retailer's control, rather than time pressure itself, appear to have a stronger effect on relational outcomes. By investigating time pressure through the lens of attribution theory, this research opens a new inquiry of research that moves away from examination of outcomes themselves (the “what”), to examining “why” the outcome occurred.     

“Me” versus “We” in moral dilemmas: Group composition and social influence effects on group utilitarianism

The paper is one of the first empirical attempts that builds on the moral dilemmas and group rationality literature to explore the way in which group composition with respect to group members’ individual choices in moral dilemmas and social influence processes impact on group moral choices. First individually and then, in small groups, 221 participants were asked to decide on 10 moral dilemmas. Our results show that emergent group level utilitarianism is higher than the average individual utilitarianism, yet, lower than the highest individual utilitarianism within groups. We also show that average individual utilitarianism positively predicts group utilitarianism while group fragmentation in individual utilitarianism has a negative effect on group utilitarianism. Next to group composition, minority influence processes explain additional variance in group utilitarianism, cognitive dissent having a positive influence, while normative deviance a negative influence on group utilitarianism. Majority influence has no significant influence on group utilitarianism. Finally, our results show that the relationship between group fragmentation in individual utilitarianism and emergent group utilitarianism is mediated by the two forms of minority influence.     

基于CRC纠错与迭代干扰消除的星载AIS接收机

为了提升星载船舶自动识别系统（AIS）的卫星接收性能,提出了一种采用4 b循环冗余校验（CRC）纠错与迭代干扰消除算法的星载AIS接收方案。针对星载AIS系统中多路信号碰撞明显的情况,首先,通过分析星载AIS系统中CRC错误类型,采用比特反转的方式进行纠错;其次,对纠错后的序列进行AIS数据重构,采用迭代干扰消除方法消除重构信号,并将余下信号作为输入信号再次进入系统进行解调。仿真结果表明,和传统的CRC纠错系统相比,针对典型的两路信号碰撞情况,基于4 b CRC校验与迭代干扰消除的星载AIS系统能够带来1~2 dB的误码率增益,对星载AIS系统的性能提升有重要指导意义。     

Aligning employees through “line of sight”

Aligning employees with the firm's larger strategic goals is critical if organizations hope to manage their human capital effectively and ultimately attain strategic success. An important component of attaining and sustaining this alignment is for employees to have a “line of sight” (LOS) with their organization's strategic objectives. In this article, we illustrate how the translation of calculated firm goals into tangible results requires that employees not only understand the organization's strategy, but also accurately appreciate what actions are aligned with realizing that strategy. Using recent empirical evidence, theoretical insights, and tangible examples of exemplary firm practices, we provide thought-leaders with a comprehensive view of LOS by showing how it can be created, how it can be enhanced or stifled, and how it can be effectively managed. Further, we integrate LOS with current thinking on employee alignment to help managers more effectively benefit from understanding human capital potential.     

“Made in Country” Versus “Made in County”: Effects of Local Manufacturing Origins on Price Perceptions

Consumers often use an array of extrinsic and intrinsic attributes to infer product quality and to assess monetary sacrifice. However, literature reveals little about how and if consumers would use information on product's manufacturing origins differently if it was national rather than local. In two studies, the role played by uncertainty in judgments of the quality of locally made products is examined. It is shown that when consumers are motivated to process information and quality ratings are high, local identity effects are elicited and monetary sacrifice perceptions are diminished. These results suggest that favorable quality ratings need to be prominently featured when promoting locally made products, and that locally made products are preferred to national ones only when quality is not a concern.     

The ethical consequences of “going dark”

The adoption of hyper‐strong encryption for mobile devices, such as the iPhone, has reignited debate about the need for exceptional access and the relative priority of privacy rights. Many software programs and algorithms are not neutral but “value‐laden,” and unbreakable encryption software virtually absolutizes the right to privacy, though it has justified limits in ethics and law. High tech companies have resisted any exceptional access solutions and generally opposed cooperation with law enforcement agencies for the sake of protecting the data of their customers. We argue that this strategy is ethically flawed based on the priority of the right to physical security over the right to privacy along with the need to ensure peace and order in the name of the common good. To support this line of reasoning we amplify the undifferentiated conception of the common good presented in the literature and sketch out the grounds for limiting rights based on the need to conform to the just requirements of the public order in a democratic society. The discussion culminates in a proposal for an exceptional access scheme that has the potential to minimize risk to innocent users.     

INSTITUTIONAL ECONOMICS: SURVEYING THE ‘OLD’ AND THE ‘NEW’

This paper surveys and compares the literature on the ‘new’ institutionalism (North, Williamson, etc.) with that of the ‘old’(Veblen, Commons, Mitchell). A criterion for distinguishing these two schools is suggested, along with criticisms of the limitations of each. The ‘new’ institutionalism is associated with methodological individualism and the idea that the individual should be taken as given. Particular attention is paid to ‘new’ institutionalist treatments of markets and firms. The paper moves on to examine some ‘old’ institutionalist criticisms of ‘economic man’ as well as some negative features of the ‘old’ institutionalism. On the positive side, the latter is seen to have an ‘evolutionary’ dimension, related to modern work in the area of technological change.     

A note on the superiority of the OLS hedge ratio

Suppose that spot and futures prices are generated from an error‐correction model. This note demonstrates that, although the OLS model is misspecified, it provides a hedge ratio that usually outperforms the hedge ratio derived from the correct error‐correction model. The opposite result is possible only when the postsample incurs a major structural change from the estimation sample. ©2005 Wiley Periodicals, Inc. Jrl Fut Mark 25:1121–1126, 2005     

Financial Knowledge and “Don't Know” Response

We investigate the effect of group characteristics and educational interventions on young respondents' objective financial knowledge level. We examine six questions about personal finance and covariates selected from the 2015 National Financial Capability Study. Because these questions include “Don't Know” or “Refuse” (DK/RF) responses, a simple regression model could cause researchers to reach misleading conclusions if DK/RF responses are not random. Thus, we suggest a binomial‐latent regression model to evaluate the effect of educational interventions and group differences that are hidden in DK/RF responses. The estimation result shows that rejecting financial education opportunities is disadvantageous to obtaining proper financial knowledge. In addition, both formal and informal financial education are less effective in improving objective financial knowledge in our preferred model. We also find few or no gender, income, and age differences in young adults' objective financial knowledge level after controlling for financial education interventions.