Updating the estimation of the supply of storage

An updated supply of storage is estimated to reflect recent developments in the literature. This study adds a measure of price variability, specifically implied volatility. It also adds a measure of the call‐option value to sell stocks before the end of the storage period, specifically a measure developed by Heaney (2002). The model is estimated for U.S. soybean stocks carried between crop years. A quadratic relationship is found between stocks to use ratio and implied volatility. A statistically significant, inverse, linear relationship is found between the storage‐cost–adjusted spread and the estimated call‐option value. This finding is consistent with the much debated idea that convenience yield is a return to storage that can offset losses from storage when intertemporal price spreads are negative. © 2006 Wiley Periodicals, Inc. Jrl Fut Mark 26:657–676, 2006     

5个不朽的法则

最先出现的摩尔定律又衍生出半导体工业的其他几个基本法则 Brian Halla,美国国家半导体公司首席执行官第一次听说摩尔定律是在1975年,那一年EB刚刚创刊,当时他还是英特尔公司的一名年轻工程师;Aart De Geus,Synopsys公司首席执行官于1979年的一次技术研讨会上首次听说摩尔定律,当时他还在读研究生;T.J.Rodgers,赛普拉斯半导体公司首席执行官也是1979年才首次从戈登·摩尔那里听说摩尔定律.     

The Employment and Output Effects of Changing Patterns of Afforestation in Scotland

This paper considers the economy‐wide output and employment effects of the shift in forest expansion away from coniferous plantations towards broadleaf and native species. Four different woodland types are distinguished within a Scottish input‐output table and demand and supply multipliers estimated to show the total effects on the economy of a 100 hectare increase in the land area devoted to each type as well as a switch in land from agriculture. Results suggest that the output and employment effects of new native woodlands and farm woodlands are greater than those generated by planting additional coniferous woodlands of equivalent size. In addition, an increase in the area of these policy‐driven woodland types is likely to have positive effects, even when the expansion impinges onto agricultural land of average productivity. It is thus argued that the traditional economic objectives of forestry policy have not been compromised in the drive towards multi‐benefit woodlands.