Consistency among trading desks

We consider a bank having several trading desks, each of which trades a different class of contingent claims with each desk using a different model. We assume that the models are arbitrage-free. A practical question is whether a bank using several models can be arbitraged. Surprisingly it can happen that in some cases there must be an arbitrage. We discuss conditions under which the bank trades without offering arbitrage.The second-named author is grateful for support from NSERC Discovery grant 504316. An earlier version has been presented in the seminars at Fields Institute (2003), Cambridge University (2003) and IMA (2004); the authors thank for fruitful discussions. The authors also thank the referee for helpful comments.     

Modelling the Stochastic Dynamics of Volatility for Equity Indices

The paper develops a class of continuous timestochastic volatility models, which generate asset price returnsthat are approximately Student t distributed. Using thecriterion of local risk minimisation in an incomplete marketsetting, option prices are computed. It is shown that impliedvolatility smile and skew patterns of the type often observed inthe markets can be obtained from this class of stochasticvolatility models.     

Patriarchy,family structure and the exploitation of women's labor

The authors present a case for including the patriarchal model into the analysis of female labor force participation in the United States. They argue that only if it is assumed that the division of labor and distribution of goods and services are structured to benefit the male head of the family can various trends be explained, including the low relative income of women compared to men, the increase in female labor force participation without a corresponding increase in household work by men, and the increasing number of divorces initiated by women despite the fact that divorce increases female poverty.     

PLANNING THROUGH EXCLUSIVE DIALOGUE: BASIC LESSONS WE CAN LEARN FROM THE PRIVATE ESTATE

Empirical evidence suggests that private estates where land is managed as a multi-tenant property by a single private company with a continuing interest in the value of that property tend to be better run than estates that are subdivided into multiple parcels of separately managed land with the commons managed via some form of political decision-making. Public policy, particularly in the UK, has hindered the growth of successful multi-tenant private estates.     

Exploring the utility of current performance measures for changing roles and practices of ambulance paramedics

This article explores the relationship between the changing roles of ambulance paramedics, the causes of increasing call outs in the UK and in other countries and the need for improvements in process and outcome measures to reflect these changes. It also reflects on the application of ‘Lean’ techniques to the modernization of ambulance services, although with some scepticism. Moreover, it is contended that changing roles have moved far in advance of existing performance measures, contributing to misunderstandings between healthcare professionals and service users.     

The Impact of the GFC on Sectoral Market Efficiency: Non‐linear Testing for the Case of Australia

This paper investigates the efficiency of the Australian stock market during the period of volatility and disruption associated with the Global Financial Crises (GFC). Furthermore, the investigation seeks to observe any divergence in market efficiency between industry sectors that demonstrate differing economic performance across the period. Spanning a time period of 2000–2015, the data are split into three periods of distinct economic conditions: a pre‐crisis period of relatively high growth, the GFC period of disruption and contraction, and a post‐GFC period of relatively low growth. Five sector indices listed on the Australian Securities Exchange are analysed to search for evidence of market efficiency (Real Estate, Consumer Discretionary, Financials, Materials, and Metals and Mining). A range of non‐linear tests are applied in order to systematically investigate the structure of the market in each sector. The results highlight the cointegrated nature of non‐linearity across related sectors, and also demonstrate that different industries within the same economy can reveal highly diverse patterns of non‐linearity and market efficiency in response to financial crisis.     

Along came a mega-event: prospects of competitiveness for a 2010 FIFA World Cup™ host city

South Africa's hosting of the 2010 FIFA World Cup? came at a time when countries and cities worldwide were increasingly competing for this sought-after status. The benefits and challenges of such an event have received significant attention from researchers and practitioners alike. No tourism destination is guaranteed long-term competitiveness by being offered the once-off opportunity to host a major international event. This study aimed to determine whether a mega-event would make a greater or lesser contribution to the long-term competitiveness of the host destination given the extent to which it was being addressed at a strategic level. Existing literature on destination competitiveness and mega-events was studied to identify relevant issues that would have to be addressed at this level. Primary and secondary qualitative data were collected from a host city on the eve of the 2010 FIFA World Cup? to place these issues into perspective. The empirical findings indicate how a mega-event can contribute to the competitiveness of a destination if it forms part of a broader event strategy; if the necessary leadership is in place; and stakeholder roles have been clarified.     

Once upon a time there was a consumer…: stories of magic and the magic of stories

ABSTRACT

This paper explores how the centrality of narrative to people’s understandings of the world, and the power of stories of enchantment in particular, colour consumer culture. Specifically, it analyses the ways in which fantastic themes of magic and heroism are used in the discourses of marketing scholars and practitioners, as well as consumers to shape views of consumption and marketing. It further illuminates the role that marketers and consumers each have in imbuing consumption with a sense of enchantment and situates this phenomenon within the dominant neoliberal ideology. Finally, it discusses implications for marketing theory and for practices aimed at reducing excessive consumption related to such enchantment.     

“奇绝”好品牌

你没有时间去认识所有把“你好”作为个性签名的人,也没有时间尝遍所有拥有“经典口味”的茶。一个好的品牌故事永远行走在风险的边缘,斥退贪欲,拒绝平庸。