A new look at the forward premium “puzzle”

We decompose the spot and forward rates into (permanent) nonlinear trend components and (transitory) stationary components. We examine the unbiasedness of the permanent (transitory) component of the forward rate in predicting the permanent (transitory) component of its corresponding future spot rate. The transitory component of the future spot rate under reacts to the transitory component of the forward rate. However, the permanent component of the forward rate is an unbiased predictor of the permanent component of the future spot rate. A robust nonlinear cotrending relation is also found between the forward and future spot rates and the hypothesis of the forward‐rate unbiasedness is sustained in the long run. These results suggest that the forward rate better explains the long‐term behavior of the future spot rate. Simulation analysis shows that if the transitory component of the forward rate fully predicts the transitory component of the future spot rate, the forward premium puzzle disappears. © 2010 Wiley Periodicals, Inc. Jrl Fut Mark 31:599–628, 2011     

Who we are and what we do: A profile of marketing academics in UK universities

This paper explores the professional identity of marketing academics in UK universities by focusing on two aspects, i.e. (1) their background characteristics and (2) the activities typically pursued by them. Specifically, the characteristics of marketing academics are explored in terms of demographic profiles, educational background and career structures, while activity patterns provide insights into the composition and length of the working week, research record and the relative importance of outside sources of income.     

The complexity of food choices in an everyday context

This study aims to understand the complexity of food choices in an everyday household context. The qualitative data are based on homemakers’ (n = 18) context‐specific accounts of their choice of milk brand, i.e. milk varieties with different fat contents (noted in a 4‐day qualitative food diary and a semi‐structured interview based on the diary). These accounts were considered an approximation of real food choices in households. The necessity of making compromises between contradictory expectations makes food choices, as well as milk brand choices, problematic. The homemakers' accounts involve various levels affecting household activities. At the individual level, the most important motive of choice is the taste and practical use of a product. At the level of households, the traditions stemming from one's childhood and the social aspect of acknowledging other family members’ taste preferences are important. The influence at the level of society and culture leads towards healthier choices, e.g. by providing examples of new, healthier food habits. Here, the special nature of everyday knowledge is emphasized as context dependent. This provides a complementary view to the more traditional, cognitive views of studying the relationship between knowledge of nutrition and food choices. Choices are determined not only by stimulus, cognition or societal structures, but are also constrained by everyday conditions, as well as by the activities of other people.     

让泰迪熊在网上冲浪

乐高玩具的CEO说：＂孩子可以用积木搭建自己的王国,而网络除了一堆数字还有什么？＂很多新一代玩具设计师证明：这是个多么缺乏想象力的疑问啊!