Sources of Systematic Risk in Futures and Spot Markets: A Study of Market Integration

This article explains the implications of asset market integration for the decision making process of market participants and tests the integration between futures and spot markets. Integration is investigated with respect to the hypothesis that the sources of systematic risk in futures and spot markets command identical risk premia. While the futures and the spot markets for currencies and equities are integrated, we present new evidence that the futures and commodity spot markets are segmented. Such results are of primary importance to investors who use asset pricing models to adjust the risk-return trade-off of their portfolio and evaluate portfolio performance.     

The Catch-22 of Responsible Luxury: Effects of Luxury Product Characteristics on Consumers’ Perception of Fit with Corporate Social Responsibility

The notion of “responsible luxury” may appear as a contradiction in terms. This article investigates the influence of two defining characteristics of luxury products—scarcity and ephemerality—on consumers’ perception of the fit between luxury and corporate social responsibility (CSR), as well as how this perceived fit affects consumers’ attitudes toward luxury products. A field experiment reveals that ephemerality moderates the positive impact of scarcity on consumers’ perception of fit between luxury and CSR. When luxury products are enduring (e.g., jewelry), a scarce product is perceived as more socially responsible than a more widely available one and provokes positive attitudes. However, this effect does not appear for ephemeral luxury products (e.g., clothing). The perceived fit between luxury and CSR mediates the combined effects of scarcity and ephemerality on consumers’ attitudes toward luxury products. This study provides valuable insights that luxury brand managers can use to design their CSR and marketing strategies.     

The Manchester Super Casino: Experience and Learning in a Cross-Sector Social Partnership

The management of cross-sector social partnerships (CSSPs) among government, business, and not-for-profit entities can be complex and difficult. This article considers the importance of organizational experience and learning for the successful development of CSSPs. By analyzing the Manchester Super Casino, this research emphasizes the significant benefits of prior experience with CSSPs that enable partners to learn and develop relationships, skills, and capabilities over time, which then have positive influences on future performance. The result is a refined learning model of the CSSP process that includes key variables for CSSP success. As such, these findings provide a template for managing complex CSSPs from the perspective of the different partner organizations.     

Real‐Time Nowcasting of GDP: A Factor Model vs. Professional Forecasters

We perform a fully real‐time nowcasting (forecasting) exercise of US GDP growth using Giannone et al.'s (2008) factor model framework. To this end, we have constructed a real‐time database of vintages from 1997 to 2010 for a panel of variables, enabling us to reproduce, for any given day in that range, the exact information that was available to a real‐time forecaster. We track the daily evolution of the model performance along the real‐time data flow and find that the precision of the nowcasts increases with information releases and the model fares well relative to the Survey of Professional Forecasters (SPF).     

The psychosocial and financial impact of non-severe hypoglycemic events on people with diabetes: two international surveys

Objectives:

To understand the impact of nocturnal and daytime non-severe hypoglycemic events on healthcare systems, work productivity and quality of life in people with type 1 or type 2 diabetes.

Methods:

People with diabetes who experienced a non-severe hypoglycemic event in the 4 weeks prior to the survey were eligible to participate in a nocturnal and/or daytime hypoglycemia survey. Surveys were conducted in Argentina, Australia, Brazil, Israel, Mexico and South Africa.

Results:

In total, 300 respondents were included in nocturnal/daytime hypoglycemia surveys (50/participating country/survey). All respondents with type 1 diabetes and 68%/62% (nocturnal/daytime) with type 2 diabetes were on insulin treatment. After an event, 25%/30% (nocturnal/daytime) of respondents decreased their insulin dose and 39%/36% (nocturnal/daytime) contacted a healthcare professional. In the week after an event, respondents performed an average of 5.6/6.4 (nocturnal/daytime) additional blood glucose tests. Almost half of the respondents (44%) reported that the event had a high impact on the quality of their sleep. Among nocturnal survey respondents working for pay, 29% went to work late, 16% left work early and 12% reported missing one or more full work days due to the surveyed event. In addition, 50%/39% (nocturnal/daytime) indicated that the event had a high impact on their fear of future hypoglycemia.

Conclusions:

The findings suggest that nocturnal and daytime non-severe hypoglycemic events have a large financial and psychosocial impact. Diabetes management that minimizes hypoglycemia while maintaining good glycemic control may positively impact upon the psychological wellbeing of people with diabetes, as well as reducing healthcare costs and increasing work productivity.     

The impact of spirituality at work on workers’ attitudes and individual performance

This research aims to contribute to a better understanding of the concept of spirituality at work, based on Maslow’s writings, introducing a new dimension, emotional balance and inner peace (EBIP) to enrich the traditional conceptualizations and a new mediator, job resourcefulness, in its relationship with performance. The final goal is to investigate how spirituality at work influences workers’ attitudes. The proposed research model was tested using structural equation modeling and 273 valid questionnaires were collected. According to the literature review and to the concept of spirituality, we concluded that there is room for the new dimension (EBIP), and we found that this new dimension influences job resourcefulness and affective commitment. Job resourcefulness has a strong impact on individual performance and receives the impacts of spirituality at work and affective commitment. Job resourcefulness appears to be a better mediator in the relationship between SW and individual performance.     

Forecasting disability: application of a frailty model

Random changes in individual frailty occur due to the stochastic processes of physical deterioration or environmental influences. This paper implements a stochastic ageing model using maximum likelihood methods and calibrates the model to more than 30 years of historical Australian mortality data in order to examine cohort and gender differences in health-state distributions among older adults. We find that frailty levels have declined over time for both male and female cohorts. Nonetheless, patterns of frailty are different between genders. Older females experience a faster pace of health deterioration than their male counterparts causing them to move quicker into worse states of health. Health states are also more heterogeneous among women than men. Population-level estimates suggest that the number of elderly Australians requiring aged care services will exceed that projected under governmental assumptions by 2050.