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     

CATALOG RETAILER IN‐STOCK PERFORMANCE: AN ASSESSMENT OF CUSTOMER SERVICE LEVELS

The purpose of this article is to study the level of “in‐stock” customer service performance being offered in the catalog channel of distribution. The article provides benchmark information for the catalog industry. More importantly, the article serves as one test of the effectiveness of the modern supply chain, where the expectation is for near perfect orders. Customer service levels are studied by using an empirical observation methodology in which catalog retailer's in‐stock performance was measured. Comparisons are made across item type, season, retailer type, and days from catalog receipt. Overall, items were out‐of‐stock during 15.9% of all checkpoints, compared to an 11.8% stock‐out rate in an earlier study of bricks and mortar retailers.     

Building Brands through Brand Alliances: Does a Second Ally Help?

Several papers have been published demonstrating the positive effects a single, reputable ally has on evaluations of a focal brand. Interestingly, little research has been published examining the effects of multiple brand allies. We examine the effect of an alliance with two, one, or zero well-known brand allies on evaluations of a previously unknown focal brand. The presence of a single brand ally significantly increased perceived quality and hedonic and utilitarian attitudes. While multiple alliances improved focal brand evaluations relative to the no ally condition, the second ally did not increase evaluations relative to the single ally condition.     

Wastewater reclamation through a combination of natural systems (infiltration-percolation and constructed wetlands): a solution for small communities.

The decision on technologies used for reclaiming wastewater appears as important as a consequence of the implications on the economic, environmental and health conditions of societies. The problem arises when deciding how to deal with wastewater in small communities, because the costs of implementing and operating small, intensive wastewater treatment plants are unacceptable and can lead to financing and operation problems. Extensive treatment systems can be a good solution, where space is available. This paper presents the combination of two soft technologies (infiltration-percolation and constructed wetlands) to treat and reclaim wastewater. The obtained results show that the infiltration-percolation effluent presents a quality enough to be reused for irrigation of industrial crops, nurseries, fodder, cereals and oleaginous seeds, ornamental flower production; industrial cooling; impoundments, water bodies, and streams for recreational use in which the public's contact with the water is not permitted; and irrigation of forested areas, landscape areas and restricted access areas. Moreover, the combination of infiltration-percolation and constructed wetlands increases the list of final reclamation to the following: irrigation of pasture for milk or meat animals, crops for canning industry, crops not raw-consumed, fruit trees except by sprinkling, aquaculture; and aquifer recharge by localised percolation through the soil.     

Comparison of the efficacy of oxidative processes and flocculation for the removal of colour from Eop effluent.

Up to 30% of the released colour arising from bleached kraft pulp and paper production comes from the alkaline extraction stage. This waste stream can therefore be readily targeted to remove colour at source in mills where improved colour management is required. The efficacy of five advanced oxidative treatment and physico-chemical technologies in removing colour from a typical Eop stage effluent was compared. The most effective oxidative treatment was peroxymonosulphate (79% colour removal in 15 minutes). Ozone and TAML treatments removed 74% and 58% of colour respectively within 30 minutes. In comparison, hydrogen peroxide alone was only able to remove 35% of the colour over 4 hours. Coagulation with polyaluminium chloride achieved 89% colour removal within 5 minutes. However, this treatment produced an undesirable sludge, and may cause toxicity in the treated wastewater. Overall, colour removal ability of the five technologies ranked from highest to lowest was polyaluminium chloride > peroxymonosulfate > ozone > TAML > hydrogen peroxide. Other factors, such as operating costs, feedstock modification and capital infrastructure, also need to be taken into account when selecting the most suitable colour management option.     

The structure of marketing channel relationships

Distribution channel research has been advanced in recent years by contributions based on the political economy paradigm, transaction cost analysis, and relationship marketing. Drawing on these bodies of thought, we propose a new conceptualization of the structure of marketing channel relationships. Relationship structure is defined in terms of decision-making structure and operational integration. The proposed model of channel structure antecedents and consequences is consistent with the major research paradigms but extends beyond simple categorical assemblages of constructs to provide an ordered set of relationships based on theory and empirical research. This conceptualization reconciles some apparent contradictions in the literature and provides a clear focus for structure, process, and performance research in channels. He received his Ph.D. in marketing from Louisiana State University. He has published in the areas of marketing channels, retailing, and logistics. His work has appeared in theJournal of Marketing Research, Journal of Marketing, Journal of Retailing, Journal of Business Research, Journal of Marketing Channels, International Journal of Physical Distribution and Materials Management, Journal of Marketing Education, and others. He served as the managing director of public relations with the Federal Express Corporation before entering the Ph.D. program at Alabama. He holds a B.B.A. in accountancy from the University of Mississippi and an M.A. in marketing from the University of Alabama.     

HEDGING INTEREST RATE RISK UNDER TERM STRUCTURE EFFECTS: AN APPLICATION TO FINANCIAL INSTITUTIONS

In this paper we investigate the use of the structured full rank model for hedging the balance sheet of a financial institution. Simulation results suggest that the optimal hedge is insensitive to changes in parameter estimates. In addition, we hedge a portfolio of Treasury bills using both the full information covariance matrix and the structured covariance matrix. We then contrast these results with those obtained from a duration-based model. Empirical results suggest that the structured full rank model is generally more effective in hedging applications than either the full information model or duration-based model.     

Evaluating the stabilisation degree of digested sewage sludge: investigations at four municipal wastewater treatment plants.

Further reduction of volatile suspended solids (VSS) during a post-stabilisation step was applied to evaluate the stabilisation degree of digested sewage sludge. For this purpose digested sludge was collected at four municipal wastewater treatment plants (WWTPs) and further stabilised in lab-scale chemostat reactors either under anaerobic or aerobic conditions. Experimental results showed that even in adequately digested sludge a consistent amount of VSS was degraded during aerobic post-stabilisation. It seems that aerobic conditions play a significant role during degradation of residual VSS. Additionally, specific VSS production (gVSS/peCOD110.d) as well as specific oxygen uptake rate were shown to be suitable parameters to assess the degree of sludge stabilisation at WWTPs. Fourier transform infrared spectroscopy was used to reveal changes in the sludge composition. Spectra of treated and untreated sludge samples indicated that the major component of residual VSS in stabilised sludge for instance consisted of biomass, while cellulose was absent.     

Ecological problems of the Amu Darya delta

Translated from Gidrotekhnicheskoe Stroitel'stvo, No. 3, pp. 6–8, March, 1992.