Contract modifications and the basis behavior of live cattle futures

The purpose of this study was to assess the basis behavior of the Live Cattle Futures contract at the Chicago Mercantile Exchange (CME) before and after the 1995 contract changes. Additionally, an alternative method of basis calculation utilizing weighted mean futures prices versus settlement futures prices was compared to determine which method provides a better representation of the basis level. Within a regression model with heteroskedascity error framework, we found that the level of nearby basis in the period after June 1995 has shifted lower and the average monthly open interest of net commercial long positions has substantially increased after the contract modifications. These empirical results are consistent with the notion that more long activity entered the market in response to the contract modifications. Additionally, an alternative (new) measure of basis calculation (cash price minus weighted mean futures price) produced similar results to two other commonly used measures. In conclusion, the 1995 contract changes have neither increased nor decreased the volatility of live cattle basis. © 2004 Wiley Periodicals, Inc. Jrl Fut Mark 24:557–590, 2004     

The Dynamics of Productivity: A Decompostion Approach Using Distribution Functions

In this paper we use a micro panel data set of Spanish manufacturing firms to measure the contributions of continuing firms and turnover to total factor productivity growth over the period 1990–1997. The paper proposes an approach to the decomposition of productivity growth that is based on the estimation of productivity distributions. We characterize the dynamics of productivity distributions defining counterfactual distributions and using non-parametric methods. The results we obtain indicate that incumbent firms are the main factor contributing to the change in the productivity distribution. Net entry contributes positively to TFP growth. Finally, changes in the relative weights of incumbent, entering and exiting firms produce a counter-cyclical movement of productivity.     

Fashion consumers and fashion problem recognition style

Consumer spending over the life span of today's 18‐ to 25‐year‐old emerging adults will reach into the $10 trillion range. Emerging adults are a powerful force in shaping demand for consumer products. The problem recognition styles associated with emerging adults can help marketers understand this group of consumers and provide insight into what kinds of products, services, and messages will appeal to them as lifelong consumers. The purpose of this study was to examine differences between men and women and among fashion consumer groups in fashion problem recognition style. Participants were a convenience sample of emerging adult consumers from one Midwestern university in the US, 136 men and 158 women who completed the Measure of Fashion Innovativeness and Opinion Leadership, Fashion Problem Recognition Style Scale, and provided demographic information. Both fashion followers and men reflected a need‐based approach to problem recognition. Both fashion change agents and women reflected a want‐based approach to problem recognition. Male fashion followers differed from all other groups in indicating a need‐based approach to problem recognition. This study built on previous work by examining differences in problem recognition style owing to fashion consumer group and gender. The basic premise behind problem recognition style was validated; that is, actual state (need‐based) vs. ideal state (want‐based) approaches to fashion problem recognition did relate to fashion consumer group membership and gender.     

Bibliometric analysis of the Journal of Consumer Studies and Home Economics, 1977–1983

Two questions formed the structure for examining the formal communication among researchers using the Journal of Consumer Studies and Home Economics (JCSHE) The first question pertained to the interrelationship between the literature published and cited in JCSHE. The second asked what impact the literature published in JCSHE had on authors publishing in other journals. By performing Bradford analysis using the 1,160 journal references cited by authors of 210 articles in the first seven volumes of JCSHE, 26 core journals were identified. JCSHE was ranked second because it was cited 54 times in 37 articles by 29 authors. Through citation analysis 17 citing articles published in 12 journals other than JCSHE were found. Seven of these 17 citing articles were published in other home economics journals.     

COUNTERTRADE AS TRADE CREATION AND TRADE DIVERSION

This paper analyzes countertrade as a special case of a customs union in which the countertrade agreement gives rise (as in customs union theory) to both trade-creating and trade-diverting effects. The net effects on welfare are ambiguous. A detailed case study from Egypt and brief examples from other countries illustrate the relevance of this interpretation .     

Tourism and local economic development: The case of the Highlands Meander

Local economic development (LED) planning is of major policy importance in post-apartheid South Africa. Although issues surrounding LED have attracted considerable policy attention, one neglected theme has been the role of tourism as a lead sector for LED. The aim of this article is to examine the planning and workings of one tourism-led LED initiative in South Africa. The case study is that of the Highlands Meander in Mpumalanga province, where five towns are collaborating in their LED initiatives in order to promote the area's tourism products. A key finding is that this growing tourism initiative is currently not benefiting local black communities. Recommendations are offered for developing a pro-poor tourism initiative.     

Temporary controls on capital inflows

During the past decade a number of countries imposed capital controls that had two distinguishing features: they were asymmetric, in that they were designed principally to discourage capital inflows, and they were temporary. This paper studies formally the consequences of these policies, calibrates their potential effectiveness, and assesses their welfare implications in an environment in which the level of capital inflows can be sub-optimal. In addition, motivated by the fact that these types of controls have often been left in place after the dissipation of the shock that lead to the controls being implemented, the paper evaluates the welfare cost of procrastination in removing these types of controls.