Partially overlapping time series: a new model for volatility dynamics in commodity futures

In commodity futures markets, contracts with various delivery dates trade simultaneously. Applied researchers typically discard the majority of the data and form a single time series by choosing only one price observation per day. This strategy precludes a full understanding of these markets and can induce complicated nonlinear dynamics in the data. In this paper, I introduce the partially overlapping time series (POTS) model to model jointly all traded contracts. The POTS model incorporates time‐to‐delivery, storability, seasonality and GARCH effects. I apply the POTS model to corn futures at the Chicago Board of Trade and the results uncover substantial inefficiency associated with delivery on corn futures. The results also support two theories of commodity pricing: the theory of storage and the Samuelson effect. Copyright © 2005 John Wiley & Sons, Ltd.     

Is collaboration paying off for firms?

Practitioners, academics, and consultants are all calling for firms to drop their guard and collaborate with their business partners. At best, reports to date are mixed. Does collaboration work? Can firms do better? This research indicates the answer is yes to both questions, but managers must do more to reap long-term gains by formalizing relationships. Executives at many of today 's most successful companies provide important insights as to how this can be accomplished.     

Land contamination risk management in Cameroon: A critical review of the existing policy framework

Land affected by contamination from human activities has been identified as a major environmental problem in developed countries and there are established mechanisms for identifying, prioritising, characterising, assessing and remediating the land so that risks to human health and environmental receptors are minimised. However, comparative mechanisms and approaches for sustainable land management are often lacking in developing countries such as Cameroon. This paper presents a critical review of the existing policy framework in Cameroon in relation to environmental management, particularly land contamination.It is established that in Cameroon, there is an acute lack of comprehensive information on land contamination from economic development and industrialisation, inadequate legal and institutional framework, weak enforcement capacity and unsatisfactory coordination between various stakeholders towards sustainable land management practices. The coastal town of Douala, which has the highest level of industrial activity in the sub region is used to demonstrate how dealing with land contamination is a public health priority and requires attention in the context of sustainable development. The United Kingdom (UK) regulatory policy framework on land contamination risk management is used to show how land contamination issues and risk management approaches, including conceptual site models, could be introduced into the sustainability discourse in Cameroon. A number of recommendations including proposals for a radical overhaul of the current regulatory policy framework are formulated and presented. Specifically, the creation of an independent Cameroon Environment Protection Agency (CEPA) that will be the main regulatory body responsible for developing and implementing the policy proposals in this paper is advocated.     

Understanding wine tourism in China using an integrated product-level and experience economy framework

Wine tourism in China is an emerging market. This study addresses two research questions: the product offering and the tourist experience in this market. Findings of an exploratory study using netnography were examined by combining product levels theory and the experience economy model. The resulting proposed theoretical framework identified the status of China's wine tourism market as situated in the infancy stage. Results revealed the core product needed more customers’ involvement, and enrichment of the augmented product, to best position the wine destinations. While, enhancing educational, entertainment, and escapist experiences would benefit the whole experiences and increase future loyalty.     

‘Jesus,take the wheel’: the appeal of spiritual products in satiating concerns about randomness

ABSTRACT

Why are consumers drawn to spiritual products? Leveraging theorising regarding the psychological need to perceive the world as orderly and non-random, we posit that products imbued with religious/spiritual significance help manage concerns about randomness and uncontrollability (e.g. when a product is unreliable or exposes the consumer to random uncontrollable processes). When randomness concerns were salient, religious consumers showed increased desire to attach religious significance to secular objects (e.g. having item blessed, physically attaching a religious symbol). For spiritual consumers, spiritual products (vs. non-spiritual physically equivalent products) were seen as having (i) non-material efficacy (i.e. efficacy not bound to the purely material world) and (ii) unfalsifiable efficacy (i.e. efficacy that is immune to contrary evidence). Evidence is found across a variety of religious and spiritual contexts.     

Why Are Health Care Managers Biased Against Hiring Service Providers With Tattoos?

Although health care managers often prefer to hire employees without tattoos, the source of this bias is unclear. One explanation is that tattoos are associated with being less responsible. An alternative explanation is that managers are concerned tattoos will hurt their organization's image. A sample of 187 dentists were shown a picture of a dental hygienist either with no tattoo, a small tattoo, or a large tattoo, and then asked about the hygienist. Results show that dentists do not associate tattoos with irresponsibility but are concerned about the fit of tattoos with the image of the practice. This means that dentists make hiring decisions based on stereotypes about customer stereotypes.     

Arbitrage,cointegration, and the joint dynamics of prices across discrete commodity futures auctions

Underlying the search for arbitrage opportunities across commodity futures markets that differ in market structure is the idea that the futures prices for similar commodities that are traded on different exchanges adjusted for differences in currency, delivery time (if any), location, and market structure are equal. This article examines price linkages in competing discrete commodity futures auction markets. We find no evidence of cointegration of futures prices of similar commodities traded on two contemporaneous discrete auction futures exchanges in Asia. We also find no evidence of arbitrage activities across these two Asian exchanges, though this does not preclude arbitrage activities with North American continuous auction markets. This lack of cointegration may be due to nonstationarities in the trading cost component. © 1999 John Wiley & Sons, Inc. Jrl Fut Mark 19: 799–815, 1999