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Article
Publication date: 7 September 2015

Dinesh Kumar Sharma and Meenakshi Malhotra

Guar Seed crop is ruling the Indian International business mainly due to its application as a drilling fluid in shale energy industry concentrated in the USA. One of the…

Abstract

Purpose

Guar Seed crop is ruling the Indian International business mainly due to its application as a drilling fluid in shale energy industry concentrated in the USA. One of the allegations against futures market is its possible role in increasing the volatility of underlying physical market prices. Suspension of guar seed futures contract in 2012 at National Commodity Derivatives Exchange of India (NCDEX)-India, has reignited the controversy and raised an alarm bell to peek into obscure world of Indian commodity derivatives market. Against the backdrop of fiasco in guar futures trading, the purpose of this paper is to investigate whether sudden surge in futures trading volume leads to increase in the volatility of spot market prices.

Design/methodology/approach

Guar seed spot returns volatility is modeled as a GARCH (1, 1) process. Futures trading volume and open interest are segregated into expected and unexpected components. The data are analyzed from 2004 to 2011 using Augmented GARCH model to study the contemporaneous relationship between spot volatility and unexpected futures trading activity and Granger Causality test for examining the dynamic relationship between them and ascertaining causality.

Findings

Augmented GARCH model reports positive relationship between unexpected futures trading volume (UTV) and spot returns volatility, and, Granger Causality flows from UTV to spot volatility. Therefore, when the level of futures trading volume increases unexpectedly, the volatility of spot prices increases pointing toward the destabilizing impact of futures trading. However, hedger’s activity, represented by open interest is not seen to have any causal/destabilizing impact on spot price volatility of guar seed.

Practical implications

The study provides empirical evidence to support the concern of regulators, genuine hedgers and other traders about the presence of excessive speculation and market manipulations perpetrated through futures market that is disturbing the underlying physical market instead of strengthening it by aiding in price discovery and risk mitigation.

Originality/value

There are very few studies which have empirically investigated the temporal relation between volume and volatility in Indian agricultural commodity markets. With guar seed as a special case the present study investigates statistically the impact of futures trading on spot price volatility. In light of the findings of the study, the curb imposed on guar seed futures trading in 2012 was justified.

Details

Agricultural Finance Review, vol. 75 no. 3
Type: Research Article
ISSN: 0002-1466

Keywords

Article
Publication date: 1 March 1989

D.T. Nguyen

This article shows that partial price stabilisation is superior tocomplete price stabilisation in stabilising national export earnings invirtually all situations and is more…

Abstract

This article shows that partial price stabilisation is superior to complete price stabilisation in stabilising national export earnings in virtually all situations and is more likely to stabilise national than world export earnings, in contrast to the findings of an earlier study. It also shows that the kind of partial price stabilisation achievable in practice is almost certain to reduce instability in the export earnings from each commodity for every exporting country.

Details

Journal of Economic Studies, vol. 16 no. 3
Type: Research Article
ISSN: 0144-3585

Keywords

Article
Publication date: 1 October 1960

D.J. Johns and P.C. Parks

The effect of structural damping on panel flutter has received little treatment in the literature but the available information suggests that such an effect may be destabilizing…

Abstract

The effect of structural damping on panel flutter has received little treatment in the literature but the available information suggests that such an effect may be destabilizing. By considering a two‐dimensional, simply‐supported panel and using linear piston theory for the aerodynamic forces an analysis is presented in which the effect of hysteretic structural damping is considered. The main emphasis is on flat unbuckled panels, although a brief investigation of buckled panels is also presented, and it is concluded that there is an interdependence of structural and aerodynamic damping, which in the range of Mach numbers for which piston theory is valid, shows the destabilizing effect of structural damping. This effect is apparently more pronounced at high altitudes. A comprehensive bibliography of panel flutter is also included.

Details

Aircraft Engineering and Aerospace Technology, vol. 32 no. 10
Type: Research Article
ISSN: 0002-2667

Article
Publication date: 13 March 2009

Roger B. Mason and Gavin Staude

The purpose of this paper is to propose that the choice of marketing tactics is influenced by the company's external environment. It aims to illustrate the marketing tactics…

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Abstract

Purpose

The purpose of this paper is to propose that the choice of marketing tactics is influenced by the company's external environment. It aims to illustrate the marketing tactics suggested for a complex, turbulent environment, when marketing and the environment are viewed through a complexity lens.

Design/methodology/approach

A marketing mix model, derived from complexity literature, was assessed via a multiple case study to identify the type of marketing mix suggested for a complex, turbulent environment. The study was exploratory, using in‐depth interviews with two companies in the IT industry.

Findings

The results tentatively confirmed that the more successful company used a destabilizing marketing mix, and suggest that using complexity theory to develop marketing tactics could be helpful in turbulent environments.

Research limitations/implications

The findings are limited by the study's exploratory, qualitative nature and the small sample. Generalizing should be done with care and therefore further research with larger samples and in different environments is recommended.

Practical implications

The paper will benefit marketers by emphasizing a new way to consider future marketing activities of their companies. The model can assist marketers to identify the tactics to use, dependent on the nature of their environment.

Originality/value

Most work on complexity in marketing has concentrated on strategy, with little emphasis on tactics and the marketing mix. Therefore, the paper is an important contribution to the understanding of marketing mix choices, of interest to both practising marketers and marketing academics.

Details

Industrial Management & Data Systems, vol. 109 no. 2
Type: Research Article
ISSN: 0263-5577

Keywords

Article
Publication date: 11 May 2015

Helen Murphy and Pauline Rafferty

The purpose of this paper is to explore relationships between social tagging and key poststructuralist principles; to devise and construct an analytical framework through which…

1405

Abstract

Purpose

The purpose of this paper is to explore relationships between social tagging and key poststructuralist principles; to devise and construct an analytical framework through which key poststructuralist principles are converted into workable research questions and applied to analyse Librarything tags, and to assess the validity of performing such an analysis. The research hypothesis is that tagging represents an imperfect analogy for the poststructuralist project.

Design/methodology/approach

Tags from LibraryThing and from a library OPAC were compared and constrasted with Library of Congress Subject Headings (LCSH) and publishers’ descriptions. Research questions derived from poststructuralism, asked whether tags destabilise meaning, whether and how far the death of the author is expressed in tags, and whether tags deconstruct LCSH.

Findings

Tags can temporarily destabilise meaning by obfuscating the structure of a word. Meaning is destabilised, perhaps only momentarily, and then it is recreated; it might resemble the original meaning, or it may not, however any attempt to make tags useful or functional necessarily imposes some form of structure. The analysis indicates that in tagging, the author, if not dead, is ignored. Authoritative interpretations are not pervasively mimicked in the tags. In relation to LCSH, tagging decentres the dominant view, but neither exposes nor judges it. Nor does tagging achieve the final stage of the deconstructive process, showing the dominant view to be a constructed reality.

Originality/value

This is one of very few studies to have attempted a critical theoretical approach to social tagging. It offers a novel methodological approach to undertaking analysis based on poststructuralist theory.

Details

Journal of Documentation, vol. 71 no. 3
Type: Research Article
ISSN: 0022-0418

Keywords

Article
Publication date: 10 October 2016

Jaemin Kim, Joon-Seok Kim and Sean Sehyun Yoo

The authors investigate the 2008-2009 short-sales ban in Korea, one of the most comprehensive and restrictive short-selling bans worldwide. The purpose of this paper is to…

Abstract

Purpose

The authors investigate the 2008-2009 short-sales ban in Korea, one of the most comprehensive and restrictive short-selling bans worldwide. The purpose of this paper is to examine: whether the ban stopped a destabilizing effect, if there was any, of short-selling activities; whether the ban improved or deteriorated the informational efficiency or the price discovery process of the stock market; and whether the ban had any impact on market liquidity.

Design/methodology/approach

Multiple regression; vector autoregression analysis; and generalized autoregressive conditional heteroskedasticity analysis.

Findings

The authors find no evidence that short-sales have a market-destabilizing effect and thus, restricting short-selling has a market-stabilizing effect. On the contrary, the short-selling ban is associated with an increase in return volatility and a deterioration of the price discovery process, particularly for the stocks without derivatives traded on them. The authors also find evidence of a liquidity decrease for short-sale intensive stocks. However, the evidence is inconclusive as to whether the market efficiency and liquidity changes are solely the result of the short-sales ban or the compound effects of both the ban and the concurrent progress of the financial crisis.

Originality/value

The literature does not provide a conclusive view on the effects of short-sales or restrictions thereof on the stock market. Also, the existing research on recent worldwide shorting bans often lack empirical scope (e.g. 32 stocks for UK; three weeks for USA). In contrast, the short-sales ban in the Korean stock market, one of the most comprehensive and restrictive short-selling bans worldwide, lasted for eight months for all the listed stocks and is still in effect for financial stocks. The authors find no evidence that short-sales have a market-destabilizing effect and thus, restricting short-selling has a market-stabilizing effect.

Details

International Journal of Managerial Finance, vol. 12 no. 5
Type: Research Article
ISSN: 1743-9132

Keywords

Article
Publication date: 11 December 2020

Arunava Bandyopadhyay, Souvik Bhowmik and Prabina Rajib

Guar Gum (GG) is used in Shale oil exploration. Excessive price increase in the Guar futures market had a spillover impact on Guar spot prices and affected Guar export from India…

Abstract

Purpose

Guar Gum (GG) is used in Shale oil exploration. Excessive price increase in the Guar futures market had a spillover impact on Guar spot prices and affected Guar export from India as Shale oil producers started exploring alternate sources. In this paper, the role of excessive speculation in the futures market, and its adverse impact on the guar-based agri-business ecosystem have been empirically explored.

Design/methodology/approach

Volatility spillover dynamics between WTI crude oil and Guar futures have been explored using bivariate-Granger Causality, BEKK–GARCH models with Wavelet multi-resolution analysis. The wavelet-based models capture the multi-scale features of mean and volatility spillover to identify the effect of heterogenous investment behavior in the time and frequency domain.

Findings

The results provide evidence that excessive speculation in futures markets increases spot market volatility. The results also suggest that the excess presence of short-term investors can destabilize the futures market.

Research limitations/implications

The purpose of the commodity futures market is to support price discovery and risk management. However, speculative practices can destabilize these purposes leading to the failure of the business ecosystem.

Originality/value

The novelty of this paper is twofold. First, it explores the economic linkages between the spot and futures market and tests whether the presence of heterogeneous traders affects the economic linkages. Second, it models the impact of short-term speculative investment on the destabilization of the spot market.

Details

Journal of Agribusiness in Developing and Emerging Economies, vol. 12 no. 1
Type: Research Article
ISSN: 2044-0839

Keywords

Article
Publication date: 12 February 2018

W. Stanly and R. Vasanthakumari

The purpose of this paper is used to study the combined effect of solute gradient and magnetic field on dusty couple-stress fluid in the presence of rotation through a porous…

Abstract

Purpose

The purpose of this paper is used to study the combined effect of solute gradient and magnetic field on dusty couple-stress fluid in the presence of rotation through a porous medium.

Design/methodology/approach

The perturbation technique (experimental method) is applied in this study.

Findings

For the case of stationary convection, solute gradient and rotation have stabilizing effect, whereas destabilizing effect is found in dust particles in the system. Couple stress and medium permeability both have dual character to its stabilizing effect in the absence of magnetic field and rotation. Magnetic field succeeded in establishing a stabilizing effect in the absence of rotation.

Originality/value

The results are discussed by allowing one variable to vary and keeping other variables constant, as well as by drawing graphs.

Details

World Journal of Engineering, vol. 15 no. 1
Type: Research Article
ISSN: 1708-5284

Keywords

Article
Publication date: 12 September 2016

Joonas Rokka and Robin Canniford

Digital technologies are changing the ways in which the meanings and identity of both consumers and brands are constructed. This research aims to extend knowledge of how…

6506

Abstract

Purpose

Digital technologies are changing the ways in which the meanings and identity of both consumers and brands are constructed. This research aims to extend knowledge of how consumer-made “selfie” images shared in social media might contribute to the destabilization of brands as assemblages.

Design/methodology/approach

Insights are drawn from a critical visual content analysis of three popular champagne brand accounts and consumer-made selfies featuring these brands in Instagram.

Findings

This study shows how brands and branded selves intersect through “heterotopian selfie practices”. Accentuated by the rise of attention economy and “consumer microcelebrity”, the authors argue that these proliferating selfie images can destabilize spatial, temporal, symbolic and material properties of brand assemblages.

Practical implications

The implications include a consideration of how selfie practices engender new challenges for brand design and brand management.

Originality/value

This study illustrates how a brand assemblage approach can guide investigations of brands at multiple scales of analysis. In particular, this paper extends knowledge of visual brand-related user-generated content in terms of how consumers express, visualize and share selfies and how the heterotopian quality of this sharing consequently shapes brand assemblages.

Details

European Journal of Marketing, vol. 50 no. 9/10
Type: Research Article
ISSN: 0309-0566

Keywords

Article
Publication date: 25 January 2011

Changqing Bai and Qinyu Xu

The purpose of this paper is to investigate the dynamic stability of liquid hydrogen turbopump rotor system in rocket engine under the effects of seal and internal rotor damping.

Abstract

Purpose

The purpose of this paper is to investigate the dynamic stability of liquid hydrogen turbopump rotor system in rocket engine under the effects of seal and internal rotor damping.

Design/methodology/approach

The dynamic modeling of a liquid hydrogen turbopump rotor system in rocket engine is presented in this paper with the aid of the finite element technique. The mathematical model takes into account the seal hydrodynamic forces described by Muszynska model and the internal rotor damping, viscous damping, and hysteretic damping. The shooting method and Floquet theory are employed to investigate the effects of seal and internal rotor damping on the nonlinear dynamic stability of two turbopump designs, the original and the modified design with a flexible bearing support.

Findings

The numerical results, which are in good agreement with test data, show that the destabilizing effect of internal rotor damping play a key role in the original design. In the modified design, the stability margins are enhanced and the vibration response levels are minimized. The onset speed of instability increases in original design and decreases in modified design as the effects of seal nonlinearities are considered. The predicted results indicate that the seals have a great destabilizing effect in the modified design and the turbine end bearing is the most dangerous hardware in both designs. The system stability analysis shows that the effect of seal length on the system stability is significant comparing with that of seal radius.

Practical implications

The results can be used in the design and operation of a liquid hydrogen turbopump rotor system to improve its stability performance and eliminate its subsynchronous problem.

Originality/value

Since seal and internal damping are two key destabilizing factors in liquid hydrogen turbopumps and the seal nonlinearities are inevitable, the use of nonlinear theory to study their effects on nonlinear stability and dynamic performance can lead to accurate prediction and explain the nature of the subsynchronous motion.

Details

Aircraft Engineering and Aerospace Technology, vol. 83 no. 1
Type: Research Article
ISSN: 0002-2667

Keywords

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