Contract modifications and the basis behavior of live cattle futures

The purpose of this study was to assess the basis behavior of the Live Cattle Futures contract at the Chicago Mercantile Exchange (CME) before and after the 1995 contract changes. Additionally, an alternative method of basis calculation utilizing weighted mean futures prices versus settlement futures prices was compared to determine which method provides a better representation of the basis level. Within a regression model with heteroskedascity error framework, we found that the level of nearby basis in the period after June 1995 has shifted lower and the average monthly open interest of net commercial long positions has substantially increased after the contract modifications. These empirical results are consistent with the notion that more long activity entered the market in response to the contract modifications. Additionally, an alternative (new) measure of basis calculation (cash price minus weighted mean futures price) produced similar results to two other commonly used measures. In conclusion, the 1995 contract changes have neither increased nor decreased the volatility of live cattle basis. © 2004 Wiley Periodicals, Inc. Jrl Fut Mark 24:557–590, 2004     

迷上酒吧的理由

有人比喻酒吧是水泥城市的天窗，“人们迫不及待地探出头，试图逃脱逼仄的空间，哪怕得到片刻的欢娱。”而在成都，在迷上——一个酒吧，富有想象力的名字将欢娱变成了前戏：人们夜夜笙歌，长久缠绵悱恻。[编者按]     

循环经济的投入产出分析

本文运用投入产出理论对循环经济进行了量化分析，首先，在模型中将循环经济部门从生产部门和消除污染部门中分离开来，在投入不变的条件下，运用循环经济下的各种经济指标来研究新的投入产出关系。其次，通过比较研究的方法，来分析循环经济对整个国民经济的影响程度及对其效果进行评价。最后本文还探讨了在不引入循环生产部门的情况时循环经济的投入产出关系。     

论电力行业的企业管理创新

自1993年开始，全国电力企业管理现代化创新成果评审委员会已进行了8届成果评审，评出电力行业的优秀管理成果300余项，有几项还获得了全国企业管理现代化创新成果奖。这些管理成果表明电力企业在管理上突破了一些难点、热点问题的障碍，代表了电力行业的管理水平。从全行业涌现出来和正在申报的管理创新成果看，管理创新是企业管理者创造性地认识、掌握和运用管理规律的能力。企业管理者和经营者创造和运用管理创新成果，将会以最佳的投入获得最好的回报。     

E-banking comes to town: Exploring how traditional UK high street banks are meeting the challenge of technology and virtual relationships

UK high street banks are continuing to extend the choice of channel through which customers can manage their moneycolon; an obvious example is e-banking. They have been keen to exploit technological advances and changing customer attitudes to alternative channels. Additionally, competition from leaner new market entrants has provided an added incentive to adopt new approaches. In the light of such developments, it is worth reflecting on the changing nature of the bank–customer relationship. This paper suggests that banks are finding it difficult to manage relationships effectively due, in large measure, to the sheer volume of customer data generated by new interactive, technology-based channels. Paradoxically, it seems that the more data banks have about customers the less likely they are to know them on a personal level. It is further suggested that channels such as e-banking potentially reduce the level of personal contact between bank and customer to the extent that a ‘virtual’ relationship develops. This paper concludes that, given the tendency towards ‘virtualisation’, it is inconceivable that bank–customer relationships will become any more intimate in the future. Indeed, a greater degree of personalisation in customer communication may be the very best that banks are able to offer.