Weekday variations in short-term contrarian profits in futures markets

This article documents and examines weekday patterns in short-term contrarian profits in futures markets. The Lo and Mackinlay (1990) methodology is used to construct contrarian portfolios and to compute daily contrarian profits. Contrarian portfolios are formed using daily closing prices and are based on the previous day's performance relative to a benchmark. Contrarian profits are measured over subsequent half-day intervals. The empirical results suggest that there are weekday patterns in short-term contrarian profits in futures markets. On average, contrarian profits are largest on Fridays, followed by those on Wednesdays, and smallest on Mondays. For currency futures, however, contrarian profits are largest on Mondays and smallest on Fridays.     

Can Futures and Options Markets Hold the Milk Price Safety Net? Policy Conflicts and Market Failures in Dairy Hedging

U.S. Department of Agriculture's Dairy Options Pilot Program promoted hedging by producers, and was a test case for similar programs in other agricultural industries. Rapidly shifting milk pricing policies impeded quantitative hedging evaluations while the program was active. Hedging appears capable of reducing price variance by 50–60% in most regions, and favors large, sophisticated producers in heavy cheese manufacturing regions. Forward contracting or price insurance products may offer lower transaction costs and attract more small-scale producers. Ballooning milk deficiency payments and milk's prominent role in trade-distorting payments suggest an ongoing need to promote private price risk management tools.     

Sensory evaluation and consumer acceptance of carbohydrate-based fat replacers in biscuits

The effect of three different carbohydrate-based fat substitutes in a baking powder biscuit was studied. The various fat replacers were substituted for fat in the biscuit formula at a rate of 33%, 66% and 100%. The biscuit variations were assessed by objective and sensory measurements. Comparable objective and sensory results indicated that crust colour was lightened significantly with increased use of the individual fat substitute. Tenderness decreased as substitute use increased when biscuits were rated by the sensory panel, but opposite results were obtained by the texture analyser. Objective analysis indicated that an increase in use of the fat substitute produced a moister biscuit, which was in agreement with the sensory panel. Consumer location testing rated the biscuits as moderately acceptable, but data did indicate a willingness for a product of this type to become available in the marketplace. The overall results do indicate that a fat substitute can be a viable additive in the basic biscuit, but there is a maximum at which the substitute can be used for fat and still produce an acceptable product.     

Perspectives of service consumers: their multiple roles and challenges

The unique characteristics of services — i.e. intangibility, perishability, inseparability and heterogeneity — add risk, challenge and complexity to the tasks involved in being a service consumer. In response, service consumers assume six important roles, labelled: Targets, Partners, Quasi-Employees, Service Itself, Reporters and Quality Inspectors. The successful implementation of these roles relies heavily upon consumer skills that vary from consumer to consumer. Implications of being a service consumer are discussed and specific recommendations are offered to service consumers.     

Partially defatted soy flour effects on sensory and physical characteristics of baked products

Physical and sensory characteristics of quick breads (e.g. muffins) formulated to contain 0%, 40%, 50% or 60% of partially defatted soy flour substituted for wheat flour were evaluated. As defatted soy flour levels increased, muffin batter linespread, baked volume, peak height at the crown and lightness (L* value) decreased while baked product air cell number, redness and yellowness (a* and b* values), crust surface unevenness, graininess, aftertaste, tenderness and moistness increased. Results indicate that partially defatted soy flour substituted for wheat flour at high levels in muffins adversely affected both physical and sensory characteristics.     

COMMENTS ON ‘THE GLOBAL IMBALANCES: WHAT IS THE PROBLEM?’, THE 2007 WINCOTT LECTURE,GIVEN BY MAX CORDEN

The view that the United States will be able to run significant deficits for a long time is convincing. However, the proposition that it makes sense for foreigners to invest in the USA because of the high returns is questionable. The value of their US assets is at risk from dollar depreciation, inflation and government sequestration. Accordingly, there is a danger that foreign investors will cut and run, causing a brutal and swift adjustment.     

Does Aid Improve Public Service Delivery?

The expected increase in aid to Africa will put a big challenge for public service delivery. This paper provides an analysis of the effects of the volume and volatility of aid on education, health, water and sanitation outcomes, taking also into account the institutions related to public service delivery, including freedom of press, corruption, and decentralization, using a simultaneous equation model. Overall the share of Official Development Assistance (ODA) that is provided for education and health seems to have a positive impact on outcomes in these sectors, whereas total aid seems to be negatively associated. Aid volatility is associated with better outcomes in sanitation, water, and infant mortality, contrary to expectations. JEL no. H4, H5, H7, I1, I2, L9, O2