Position limits for cash‐settled derivative contracts

Cash settlement of derivative contracts makes them susceptible to manipulation by traders who expect to close large positions upon final settlement. Cash settlement also increases underlying volatility when hedgers unwind their hedges if they have no incentives to control their trading costs. Limits on the positions that traders can carry into final settlement can be used to mitigate associated economic inefficiencies when surveillance is insufficient. This article develops a model that regulators can use to set these limits that is based upon microstructure theory. The empirical findings indicate that existing position limits are largely inconsistent with those suggested by the model. © 2005 Wiley Periodicals, Inc. Jrl Fut Mark 25:945–965, 2005     

The ‘new public management’ and the reform of public services to agriculture in adjusting economies: the role of contracting

This paper outlines the conditions under which contracting of different types succeeds in the provision of public services to agriculture. It observes that performance contracting has been widely attempted in adjusting countries but generally with little success, since it is demanding of resources, flexibility and motivation in government under conditions where these are scarce. Examples are drawn from agricultural marketing. Given the largely private nature of the services to agriculture currently provided by the state, the long-term reform strategy should be market development. Contracting out and management contracting may have a role in this strategy, particularly in better managed adjusting economies.     

Modeling ethical attitudes and behaviors under conditions of environmental turbulence: The case of South Africa

This study explores the impact of environmental turbulence on relationships between personal and organizational characteristics, personal values, ethical perceptions, and behavioral intentions. A causal model is tested using data obtained from a national sample of marketing research professionals in South Africa. The findings suggest turbulent conditions lead professionals to report stronger values and ethical norms, but less ethical behavioral intentions. Implications are drawn for organizations confronting growing turbulence in their external environments. A number of suggestions are made for ongoing research. Michael H. Morris became the Fletcher Jones Chair in Entrepreneurship at the University of the Pacific, Stockton, CA in 1993. He received his Ph.D. in Marketing. He is the author of two books and over forty articles in academic journals, including the Journal of International Business Studies, the Journal of Business Research, the Journal of Management, and the Journal of the Academy of Marketing Science. Dr. Morris' principal research interests include entrepreneurial behavior, industrial marketing strategy, and pricing.Amy Seidel Marks has been a Senior Lecturer in Marketing at the GSB UCT since 1989. She holds a Ph.D. in Marketing from the Kellogg Graduate School of Management, and has worked in the areas of consumer behavior analysis and social marketing for 20 years. During her time in South Africa she has conducted numerous research projects in areas such as AIDS prevention, tobacco control and iodine deficiency, and has also served as a consultant to national projects in tuberculosis drug compliance, tobacco control and adult education.Jeff Allen received his doctorate from the University of Kentucky. He is currently an Assistant Professor of Marketing at the University of Central Florida, Orlando, Florida, Dr. Allen has published in various national and international academic journals on topics of social responsibility, marketing ethics, and health care marketing. Newman S. Perry, Jr. is Professor of Management, School of Business and Public Administration at the University of the Pacific in Stockton California. He has just completed Business, Government, and Society: Managing Competitiveness, Ethics, and Social Issues published by Prentice-Hall and previously coauthored a book on strategic management.     

A new system to finance the United Nations

The end of the Cold War has not delivered a peace dividend but, paradoxically, a peace penalty on the United Nations. This article argues that revision of the existing funding arrangements is inadequate and that a radical restructuring of the financial system is a prerequisite for successful multilateralism.     

Ethics in education: A comparative study

This study reports the results of a survey designed to assess the impact of education on the perceptions of ethical beliefs of students. The study examines the beliefs of students from selected colleges in an eastern university. The results indicate that beliefs which students perceive are required to succeed in the university differ among colleges. Business and economics students consistently perceive a greater need for unethical beliefs than students from other colleges. Michael S. Lane is an Associate Professor of Management at West Virginia University. He is the coauthor of Corporate Goal structures and Business students: A Comparative Study of Values, Journal of Business Ethics (1989). Dietrich L. Schaupp is Professor of Management at West Virginia University. He is the coauthor of Pygmalion Effect: An Issue for Business Education and Ethics, Journal of Business Ethics (1988).     

Human capital and the internationalisation of venture capital firms

We examine the neglected area of internationalisation by VCs. Using a representative sample of 195 VCs, we show that the decision of a European VC firm to invest internationally is driven by its human resources. Having more VC executives in general and more VC executives with previous international experience in specific, results in a higher probability of investing internationally. In contrast, more VC executives with experience in the VC industry or with an engineering background lead to a higher probability of remaining domestic.     

Seasonality and non-linear price effects in scanner-data-based market-response models

Scanner data for fast moving consumer goods typically amount to panels of time series where both N and T are large. To reduce the number of parameters and to shrink parameters towards plausible and interpretable values, Hierarchical Bayes models turn out to be useful. Such models contain in the second level a stochastic model to describe the parameters in the first level.     

Individual rights and organizational theory

Rights are very important concepts in everyday life. And they are especially important to participants in organizations. Yet, our theories of organization and management have largely ignored rights — stressing, instead, other concepts, such as goals, roles, etc. This article describes the historical significance of rights and their relevance in understanding social behavior. The advantages of a right-based organizational theory (versus traditional goal-based theories) are discussed.This article draws on the author's forthcoming book,A Social-Contract Theory of Organizations (University of Notre Dame Press, 1988).