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The purpose of this paper is to review three papers in this issue and contribute new results on commodity futures prices and volume using wavelet analysis.

The paper uses time series econometrics including variance ratio tests, fractional integration estimators, and wavelet transforms.

The role of time horizon is emphasized in the discussion of the three papers, and wavelet methods are shown to be a useful tool to better understand time horizon-specific risk. Moreover, changes in the time horizon of futures trading are documented and discussed.

In addition to discussing three papers on quantitative finance for agricultural commodities, this paper also looks at how the analysis and management of short-term and long-term risk may differ. To this end, wavelet transform-based time series methods are reviewed and applied.

The duration of an innovation process, from new idea to new business, may take many years. This makes it necessary to incorporate a vision of the future. The Cyclic Innovation Model (CIM) shows that aspects such as multiplicity (looking at multi-fold futures) and multidimensionality (looking at different aspects of the future) should be taken into account. Looking at the different actors involved in CIM, the future should be researched with an open mind (meaning that the transition path to the future should be kept wide open) and different time horizons should be taken into account.

Longer life expectancy brings a new phenomenon: senior entrepreneurship. Whereas starting a business involves investing energy, time, money or other types of resources, ageing is somewhat incompatible with these terms. Research on the impact of time perception on the entrepreneurial process is rather scarce. Considering the lack of knowledge related to the impact of time perception on the entrepreneurship process, this study aims to answer the following research question: how does temporal perception influence the entrepreneurial process?

Senior entrepreneurs are the most relevant category of individuals from which the impact of time perception could be observed, as they are objectively closer to the end of their careers than younger entrepreneurs. Therefore, longitudinal research was conducted by interviewing five senior entrepreneurs at 4-year intervals.

Results show that there are two types of temporal perception in entrepreneurship: temporal perception of the entrepreneur's career and temporal perception of the enterprise's development. When these two-time perspectives are not synchronized with the entrepreneur's vision, the entrepreneur develops strategies for seeking to re-establish synchronicity between the temporal perspective (TP) of their entrepreneurial career and that of the business development. The senior entrepreneur is distinguished from a traditional entrepreneur by a limited TP of their entrepreneurial career combined with the notions of bridge employment and generativity.

The number of cases under study did not allow us to examine every possible type of situation. The sampling of the cases under study did not offer great diversity in terms of gender, as the study had only men. However, the range of ages at startup, from 50 to 65 years, provides greater diversity, as does the range of business segments that included the service, manufacturing and retail food industries.

Entrepreneurs with a limited career time perspective correspond to senior entrepreneurs, while others who have an open career prospect, regardless of their age, correspond to any other form of an entrepreneur. This study has also been able to identify that an entrepreneur who realizes their limited entrepreneurial career horizon and perceives a temporal purpose of their company in the service of the involved parties tends to plan the entrepreneurial exit phase.

Future is rarely explicitly addressed or problematized in business network research. This study aims to examine the possibilities of developing a business actor’s future orientation to network studies and imports ideas and concepts from futures research to support the development.

The study is conceptual and interdisciplinary. The authors critically analyze how extant studies grounded in the sensemaking view and process research approach integrate future time and how theoretical myopia hinders the adoption of a future orientation.

The prevailing future perspective is restricted to managers’ perceptions and actions at present, ignoring the anticipation and exploration of alternative longer-term futures. Future time is generally conceived as embedded in managers’ cognitive processes or is seen as part of the ongoing interaction, where the time horizon to the future is not noticed or is at best short.

To enable a forward-looking perspective, researchers should move the focus from expectation building in business interaction to purposeful preparation of alternative future(s) and from the view of seeing future as enacted in the present to envisioning of both near-term and more distant futures.

This study addresses the growing need of business actors to anticipate future developments in the rapidly changing market conditions and to innovate and change business practices to save the planet for future generations.

This study elaborates on actors’ future orientation to business markets and networks, proposes the integration of network research concepts with concepts from futures studies and poses new types of research questions for future research.

The purpose of this paper is to investigate whether levels-classified fair values of US banks based on SFAS 157: Fair Value Measurements, as recognised in the quarterly financial statements of the banks over the period from 2008 until 2015, have predictive value in relation to the banks’ future financial performance measured by operating cash flows and earnings over a three-quarter horizon period. In addition, we consider whether the global financial crisis (GFC) impacted the relationship between SFAS 157–based levels‐classified fair values and bank future financial performance.

We develop hypotheses connecting the net levels-classified bank fair values based on SFAS 157 with banks’ future financial performance. We test the hypotheses by estimating three-period quarters’ ahead forecasting models. We also use these models to test for the impact of the GFC on the relationship between the fair values and future financial performance.

Our findings suggest that the levels-classified net fair values based on SFAS 157 have predictive value in relation to future cash flows for banks. There is significant variation, across the levels, in the predictive value of levels-classified net fair values for future performance. Our findings indicate that the GFC has limited impact on the predictive value for cash flows, but the GFC had a significant adverse impact on earnings, and, with allowance for the effect of the GFC, the Level 2 net fair values have predictive value for the future earnings.

The study provides the first direct empirical evidence on the relationship between the SFAS 157 levels-classified quarterly bank fair values recognised in publicly available financial statements and banks’ future performance. Our results are consistent with the findings from earlier research (Ehalaiye et al., 2017) using annual data disclosed in the supplementary notes to the financial statements of US banks based on SFAS 107. The study, makes a significant contribution to the question of frequency of reporting and to the disclosure vs recognition debate. The study has implications for policy makers, regulators and accounting standards setters such as the Securities and Exchange Commission and the Financial Accounting Standards Board in evaluating the use of fair value measurement in financial reporting.

The purpose of this paper is to introduce an integrated three‐phase methodology for forecasting future competency requirements more effectively than existing methods.

The methodology is demonstrated with reference to empirical research conducted by the authors. The methodology consists of three phases: phase 1 – preliminary interviews, phase 2 – questionnaire, and phase 3 – critical incident technique interviews. Outputs from phases 1 and 2 are used to generate a framework through which to elicit future competency requirements during phase 3.

The empirical findings, although included, are incidental to the current paper; they serve solely to illustrate the methodology. As such, the development and demonstration of this methodology are the main “findings” of the paper.

Methodologies for forecasting future competency requirements should adopt structured integrated approaches to improve predictive accuracy.

The methodology is described in sufficient detail so as to enable its practical application by HR professionals and academic researchers alike. Both groups will find this methodology extremely useful.

The paper seeks to improve upon existing methods for forecasting future competency requirements. By addressing the limitations of existing methods, and also by merging previously independent approaches, it provides an innovative integrated methodology of significant value.

The purpose of this paper is to present a simulation‐based approach for modeling multi‐year non‐life insurance risk in internal risk models. Strategic management in an insurance company requires a multi‐year time horizon for economic decision making, for example, in the context of internal risk models. In the literature to date, only the ultimate perspective and, more recently, the one‐year perspective (for Solvency II purposes) are considered.

The authors present a way of defining and calculating multi‐year claims development results and extend the simulation‐based algorithm (“re‐reserving”) for quantifying one‐year non‐life insurance risk, presented in Ohlsson and Lauzeningks, to a multi‐year perspective.

The multi‐year algorithm is applied to the chain ladder reserving model framework of Mack (1993).

The usefulness of the new multi‐year horizon is illustrated in the context of internal risk models by means of a case study, where the multi‐year algorithm is applied to a claims development triangle based on Mack and on England and Verrall. This algorithm has been implemented in an excel tool, which is given as supplemented material.

To the best of the authors' knowledge, there are no model approaches or studies on insurance risk for projection periods of not just one, but several, new accident years; this requires a suitable extension of the classical Mack model; however, consideration of multiple years is crucial in the context of enterprise risk management.

Italian worker cooperatives display a high proportion of profits reinvested into asset locks: there is some literature investigating their function, but little has been said about workers' attitude toward them. In this chapter we therefore investigate what workers' motivations are regarding reinvesting profits into asset locks. We propose to interpret them as a common good and we inquire which factors may increase workers' willingness to contribute to it. We test two arguments that are provided in the literature on collective action: the effect of having a long-time perspective within the cooperative and the effect of displaying “collective” motivations and preferences other than self-regarding. We perform this test by means of a survey among workers of cooperatives affiliated to Legacoop Ravenna in Italy.

We identify a positive effect of both factors, although with some distinction. At a first glance, we find a positive correlation between a longer time horizon and a greater concern for profit reinvestment; when looking closer at the data, we nevertheless see a more complex relationship as two other aspects come into the game: the employment insurance role of worker cooperatives and the “feeling of belonging” that links workers to the firm. The positive effect of this second aspect on the willingness to reinvest into locked assets is strong, although it only appears among worker-members. Moreover, its effect seem to become greater as workers' involvement in decision making increases.

This article aims to contribute to futures theory building by assessing the inherent ontological and epistemological presumptions in foresight studies. Such premises, which are usually embedded in foresight studies, are contrasted with sociological imagination and contemporary social science discourse.

This paper is a conceptual analysis of theoretical assumptions embedded in foresight studies.

Sociological lenses, including concepts like anticipation, latency, time, uncertainty, complexity, ambiguity, change and plurality of images, offer clarity in terms of both futures studies and foresights.

Explicating presumptions embedded in foresight methods helps recognition of how such methods shape the concepts of future and time. This is vital for assessment of the analytical products of foresights studies.

This research contributes to the ambition of linking the theoretical world of futures research and the practical world of foresights closer together by explicating key concepts and implicit assumptions in both fields.

Globally, supply chains compete in a complex and rapidly changing environment. Hence, sustainable supplier selection has become a decisive variable in the firm’s financial success. This requires reliable tools and techniques to enhance understanding on how supplier behavior evolves with time and to select the best sustainable supplier. System dynamics (SD) is an approach to investigate the dynamic behavior in which the system alterations correspond to the system variable changes. Fuzzy logic usually solves the challenges of imprecise data and ambiguous human judgment. The paper aims to discuss these issues.

This work presents a novel modeling approach for integrating information on supplier behavior in fuzzy environment with SD simulation modeling technique. This results in a more reliable and responsible decision-support system. Supplier behavior with respect to relevant sustainability criteria were sourced through expert interviews and simulated in Vensim to select the best possible sustainable supplier. The simulation runs were carried out in four scenarios, namely, past, current, future and average time horizon for four different suppliers. A multi-criteria decision-making model was presented to compare results from the systems dynamics model.

An increase in the rate of investment in sustainability by the different suppliers causes an exponential increase in total sustainability performance of the suppliers. The growth rate of the total performance of suppliers outruns their rate of investment in sustainability after about 12 months.

While a significant work exists regarding supplier selection, little work has been found that investigates how to insure sustainable suppliers maintain their status for a long period of time.