Optionality and Daily Dynamics of Convenience Yield Behavior: An Empirical Analysis

In this article I empirically examine the daily convenience yield behavior for six commodity markets (crude oil, heating oil, gasoline, wheat, corn, and copper). The results illustrate that convenience yield behavior can be statistically explained within an option pricing framework. However, because one of the assumptions of the standard call option formula is not fully satisfied by the observed convenience yield series, an alternative option—exchange option—may be more appropriate for modeling the daily convenience yield behavior. Furthermore, I empirically test two hypotheses on convenience yield behavior. The results confirm the assertion that the convenience yield is increasing in marginal production costs. In addition, the findings offer limited support for the hypothesis that the convenience yield is decreasing in the serial autocorrelation of spot prices. The observed switch in the sign of regression coefficients as the order of autocorrelation increases is attributed to the probable presence of mean reversion in these markets.     

Social and political components of economic performance for the 1960s: A note on Adelman and Morris' ‘society,politics and economic development’

The influence of a given sociopolitical setting on the subsequent economic performance of the LDCs is examined. For this purpose, non-economic indicators developed by Adelman and Morris and two indices of economic activity, per capita gross national product and per capita energy consumption, are used. Component and regression analysis show that in the short run, a given sociopolitical setting significantly affects subsequent economic activity. The results enable a broadening of some of Adelman and Morris' findings.     

Changing the Size of a Futures Contract: Liquidity and Microstructure Effects

We analyze the relation between contract size and liquidity using data from the respecification of Sydney Future Exchange's (SFE) Share Price Index (SPI) and 90-day Bank Accepted Bill (BAB) futures contracts. Respecification of SPI and BAB contracts presents a unique opportunity to investigate the effects of a change in futures contract size. SFE decreased the size of SPI futures by a factor of four while increasing its minimum tick. The BAB contract was doubled in size with the minimum tick size left unchanged. We find, after controlling for market factors, that the respecification of the SPI futures resulted in higher trading volume, while that of BAB futures decreased trading volume. The results regarding spreads are ambiguous. Based on two cases investigated, we conclude that decreasing the futures contract size was effective in terms of enhancing liquidity while increasing the size resulted in a reduction in liquidity.     

Macroeconomic Drivers of Loan Quality in Turkey

We analyze the drivers of nonperforming loans in the Turkish banking system after the 2000–01 Turkish banking crisis. By constructing a vector autoregression model, we perform dynamic out-of-sample forecasts, which yield quite accurate results compared to the actual data. Since forecasting is a very crucial tool for both policy makers and market players, these results are some of the main strengths and contributions of this study. This article shows various patterns between the economic and financial indicators and the nonperforming loans. One important message obtained from the results is that policy makers should be concerned about the status of the economy and the market expectations to maintain stability in the banking system.     

Determination of teachers’ perspectives and level of readiness towards MOOCs for tolerance education

New opportunities are now provided in individual’s lives due to the development of technology. This has led to changes in educational environments as well as technology, which has removed barriers to participation due to the novelty that it presents for teacher and the learners at the same time. The Massive Open Online Course (MOOC) environment is the best example of this phenomenon where advanced technology is at the forefront and it is an extension of distance learning. By eliminating barriers such as place, time, background and infrastructure, the Massive Online Open Courses act as a guide for lifelong learning and enables learners to achieve rapid development on the, paving the way for learners to obtain certificates and diplomas at their own convenience, provided they have an Internet connection. The aim of this study is to improve a scale that is related to the determination of the teachers’ perspectives and the level of readiness towards traditional Massive Open Online Courses. Also, it will guide people who study in the MOOC field and provide them with future direction.

     

Job creation and temporary emigration: the Albanian experience1

This paper focuses on job flows and unemployment in Albania during the transition from a closed, communist system to an open, free-market economy, and examines the role of emigration in the restructuring of the country. Our theoretical model indicates that in Albania, temporary emigration may have a significant positive effect on hiring in the private sector, reducing unemployment. Using sectoral data on employment, we illustrate the importance of emigration as an alternative for the Albanian labour force, and we measure the extent to which job ‘destruction’ in some sectors of the economy has been compensated for by job ‘creation’ in others. On these grounds, we compare the progress of Albania with other former socialist countries in Europe.     

Self-employment rates and business size: the roles of occupational choice and credit market frictions

Self-employment rates and project size vary greatly across countries. The main message of this paper is that these broad regularities are consistent with an environment in which a common self-employment technology is available worldwide, but where (a) financial intermediation costs and (b) alternatives in “paid” work differ greatly. Our model indicates that alternatives in paid work are crucial for explaining self-employment rates, whereas high financial intermediation costs primarily affect the scale of projects. We also show that credit use is not informative for predicting either rates of self-employment or the scale of self-employment projects.     

On preferences over subsets and the lattice structure of stable matchings

This paper studies the structure of stable multipartner matchings in two-sided markets where choice functions are quotafilling in the sense that they satisfy the substitutability axiom and, in addition, fill a quota whenever possible. It is shown that (i) the set of stable matchings is a lattice under the common revealed preference orderings of all agents on the same side, (ii) the supremum (infimum) operation of the lattice for each side consists componentwise of the join (meet) operation in the revealed preference ordering of the agents on that side, and (iii) the lattice has the polarity, distributivity, complementariness and full-quota properties. Received: 5 March 1999 / Accepted: 12 May 2000     

The Estimation of the Relationships between Water-Natural Gas Usage and Discharge-Emission Permission by Using Binary Logistic Model for the Industrial Establishments

The Thrace region is one of the most important agricultural and industrial regions in Turkey with its plain, deep and productive soil structure. The most important problem is industrial based water and air pollution in this region. In this study, 90 out of 541 establishments that use industrial water in the region were studied representing approximately 17% of the total population. The relationship between water-natural gas usage and discharge-emission permission is estimated by using the binary logistic model. In addition to the economic and social benefits, there are also economic and social losses due to environmental pollution because of the rapid industrialization in the Thrace Region. For example; the rice producers that use Ergene River for irrigation purposes lose efficiency and quality in various levels due to water pollution. According to the research results, an increase in wastewater is a factor that decreases the probability of obtaining discharge permission. Moreover, excessive use of underground water results in decreases in static and dynamic water levels in the region. Because of this result, it is more advantageous for sustainable water management to be directed to the sectors that do not use water for industrial purposes instead of the sectors that use water in their processes.     

The impact of group-oriented values on choice of conflict management styles and outcomes: an empirical study in Turkey

Globalization has led to increased attention to cultural diversity in workforces and its influences on organizational practice. This study examines group-oriented values and their impact on choice of conflict management styles as well as on conflict resolution outcomes in Turkey. Using a sample of 315 managerial personnel from various public and private organizations, this study shows that norms of subordination of personal needs to group interests and beliefs about the effects of personal pursuit on group productivity are the most important predictors of choice of conflict management styles in Turkey. In addition, dominating and obliging styles are associated with individual profits in actual conflict resolution process and integrating style is the primary determinant of satisfaction and relationship building in conflict management. Managerial implications are then discussed on diversity and conflict management training for effective international human resources management.