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21 – 30 of over 323000This chapter investigates the impact change of the composition of market agents on the timing of the arrival of information in Bursa Malaysia. The price discovery role of futures…
Abstract
This chapter investigates the impact change of the composition of market agents on the timing of the arrival of information in Bursa Malaysia. The price discovery role of futures trading on the spot market is examined through three distinct sub-periods: pre-crisis, crisis and after capital controls. For this purpose, the Johansen Cointegration (1988, 1991) and VECM and Granger causality are used. The analysis shows that there is no significant long-run relationship. As for short-run, the results show futures lead spot. However, futures’ lead is shorter in pre-crisis and crisis periods where foreign institutional investors dominate. This study deduces that the significant change in the composition of market agents could contribute to the variation of lead–lag relationship.
Lucy Budd, Steven Griggs and David Howarth
This chapter examines the torsions and blind spots that structure the contemporary debate on the politics and policy of aviation. It also generates different scenarios for the…
Abstract
Purpose
This chapter examines the torsions and blind spots that structure the contemporary debate on the politics and policy of aviation. It also generates different scenarios for the future of air travel, which can help to unblock the current impasse about the perceived costs and benefits of aviation and its attendant infrastructural needs.
Originality
This chapter characterises and evaluates the competing frames that organise the contested realities of air transport. By mapping out the current fault lines of aviation politics and policy, the chapter is also able to delineate four main scenarios regarding the future of aviation, which we name the ‘post-carbon’, ‘high-modernist’, ‘market regulation’ and ‘demand management’ projections respectively.
Methodology/approach
The chapter problematises and criticises the existing literature, policy reports and stakeholder briefings that inform the contemporary standoff in UK aviation policy. It uses the definition of sustainable development as a heuristic device to map and identify the fault lines structuring contemporary debates on aviation futures. It then builds upon this analysis to delimit four different scenarios for the future of flying.
Findings
The chapter analyses the contested realities of aviation politics. It re-affirms the political nature of such divisions, which in turn structure the rival understandings of aviation. The analysis suggests that the identified fault lines are constantly reiterated by competing appeals to ambiguous and contradictory evidence-bases or policy frames. Ultimately, the chapter claims that any significant reframing of aviation policy and politics rests on the outcome of political negotiations and persuasion. But it also depends on the broader views of citizens and stakeholders about the future challenges facing society, as well as the way in which governments and affected agents put in place and coordinate the multiple arenas in which a dialogue over the future of aviation can be held. Aviation futures cannot be reduced to the narrow confines of the technical merits or claims surrounding the feasibility of policy instruments.
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Thomas Derek Robinson and Jessica Andrea Chelekis
This conceptual paper diagnoses the fundamental tensions between the social temporality of sustainability and the individual temporality of marketing in the Dominant Social…
Abstract
Purpose
This conceptual paper diagnoses the fundamental tensions between the social temporality of sustainability and the individual temporality of marketing in the Dominant Social Paradigm. We propose the notion of ‘existentialized sustainability’ as a possible way forward.
Methodology/approach
We take the Heideggerian perspective that death may bring individual and societal time into a common framework. From here, we compare anthropological and consumer culture research on funerary rites in non-modern societies with contemporary societies of the DSP.
Findings
Funerary rites reveal important insights into how individuals relate to their respective societies. Individuals are viewed as important contributors to the maintenance and regeneration of the group in non-modern societies. In contrast, funerary rites for individuals in the DSP are private, increasingly informal, and unconnected to sustaining society at large. This analysis reveals clear parallels between the goals of sustainability and the values of non-modern funerary rites.
Social implications
We propose the metaphor of a funerary rite for sustainability to promote consciousness towards societal futures. The idea is to improve ‘quality of death’ through sustainability – in other words, the ‘existentialization of sustainability’. This opens up a possible strategy for marketers to actively contribute to a societal shift towards a New Environmental Paradigm (NEP).
Originality/value
The Heideggerian approach is a novel way to identify and reconcile the epistemic contradictions between sustainability and marketing. This diagnosis suggests a way in which marketing can address the wicked problem of global sustainability challenges, perhaps allowing a new spirituality in consumption.
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Charnwut Roongsangmanoon, Andrew H. Chen, Joseph Kang and Donald Lien
Empirical evidence of the hedging pressure risk premium exists only in the futures contracts with delivery-related options. Since hedging pressure is supposed to exist for all…
Abstract
Empirical evidence of the hedging pressure risk premium exists only in the futures contracts with delivery-related options. Since hedging pressure is supposed to exist for all futures contracts, the empirical evidence raises an interesting empirical question: whether the hedging pressure risk premium is in fact the risk premium associated with the delivery-related options. This chapter contains an empirical test of the non-redundancy between the two related but alternative sources of non-market risks. For the test, we employs a futures risk premia model in which the expected futures returns contain the market risk premium (proxied by the equity market risk premium) and two non-market risk premia (proxied by the hedging pressure effect and by the delivery risk premium reflected in the returns of futures options, respectively). Our main finding is that both the hedging pressure and the delivery risk premia are non-redundant and statistically significant for futures contracts with delivery-related options. This finding implies a substantial degree of segmentations between these futures markets and the underlying asset markets.
Gábor Király, Zsuzsanna Géring, Alexandra Köves, Sára Csillag and Gergely Kováts
The chapter aims to reflectively discuss a participatory research project concerning the future of higher education in Hungary. This project can be understood as an ongoing…
Abstract
The chapter aims to reflectively discuss a participatory research project concerning the future of higher education in Hungary. This project can be understood as an ongoing methodological experiment which attempts to engage teachers and students, in order to reveal how key stakeholders think about the future of higher education. In line with this, this methodologically oriented chapter shows how different participatory methodologies can be combined in a so-called backcasting framework. This approach starts by describing the present situation, then moves beyond the present conditions so as to identify the cornerstones of an ideal future state. On the one hand, the chapter gives a detailed introduction to how our participatory research process was set up and what particular methodologies we used during this process. On the other hand, it critically reflects on the methodological and ethical challenges involved.
Leigh Plunkett Tost, Morela Hernandez and Kimberly A. Wade-Benzoni
We review previous research on intergenerational conflict, focusing on the practical implications of this research for organizational leaders. We explain how the interaction…
Abstract
We review previous research on intergenerational conflict, focusing on the practical implications of this research for organizational leaders. We explain how the interaction between the interpersonal and intertemporal dimensions of intergenerational decisions creates the unique psychology of intergenerational decision-making behavior. In addition, we review the boundary conditions that have characterized much of the previous research in this area, and we examine the potential effects of loosening these constraints. Our proposals for future research include examination of the effect of intra-generational decision making on intergenerational beneficence, consideration of the role of third parties and linkage issues, investigation of the effects of intergenerational communications and negotiation when generations can interact, examination of the role of social power in influencing intergenerational interactions, investigation of the interaction between temporal construal and immortality striving, and exploration of the ways in which present decision makers detect and define the intergenerational dilemmas in their social environments.
Don N. MacDonald and Hirofumi Nishi
This chapter develops a no-arbitrage, futures equilibrium cost-of-carry model to demonstrate that the existence of cointegration between spot and futures prices in the New York…
Abstract
This chapter develops a no-arbitrage, futures equilibrium cost-of-carry model to demonstrate that the existence of cointegration between spot and futures prices in the New York Mercantile Exchange (NYMEX) crude oil market depends crucially on the time-series properties of the underlying model. In marked contrast to previous studies, the futures equilibrium model utilizes information contained in both the quality delivery option and convenience yield as a timing delivery option in the NYMEX contract. Econometric tests of the speculative efficiency hypothesis (also termed the “unbiasedness hypothesis”) are developed and common tests of this hypothesis examined. The empirical results overwhelming support the hypotheses that the NYMEX future price is an unbiased predictor of future spot prices and that no-arbitrage opportunities are available. The results also demonstrate why common tests of the speculative efficiency hypothesis and simple arbitrage models often reject one or both of these hypotheses.
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Margie Foster, Hossein Arvand, Hugh T. Graham and Denise Bedford
In this chapter, the authors make the case that preserving and curating knowledge for the future involves more than changing methods and tactics or extending our current…
Abstract
Chapter Summary
In this chapter, the authors make the case that preserving and curating knowledge for the future involves more than changing methods and tactics or extending our current applications and technology to support knowledge capital. It means changing the way we think about the future. It means envisioning multiple futures where various elements may be known or unknown – a four-future quadrant. First, the authors explain what it means to think strategically in multiple known and unknown futures. Next, the chapter presents ideas for strategic thinking about future knowledge preservation and curation. Finally, the authors consider using the four futures to develop a flexible and relevant knowledge preservation and curation strategy.
This chapter explores the multifaceted present-day social and cultural constructions of adolescence in a Nordic Atlantic society, the Faroe Islands. Based on young people’s…
Abstract
This chapter explores the multifaceted present-day social and cultural constructions of adolescence in a Nordic Atlantic society, the Faroe Islands. Based on young people’s perspectives and narratives, this chapter delves into the transition from youthhood to adulthood in the context of a small-scale, family-oriented society in shift. Drawing on sociological theoretical writing about “waiting” and “waithood” in relation to the (often temporally extended or delayed) transition from adolescence to full adulthood in a globalizing world, as well as social anthropological studies of future-making, my aim is to outline the new futural orientations of contemporary adolescence with focus on aspirations for work and family life. Young people, the chapter argues, are waiting and navigating in a society with multiple parallel temporalities: When to marry? When to get children? When to earn your own money and have your own home? These and many other questions define waithood in contemporary society, which is characterized by an increasingly precarious avenue toward promising futures resonating the socially accepted ways of performing adulthood. In the Faroe Islands, an island society with roughly 54,000 inhabitants, young people’s waiting is very often also a question of staying or leaving, that is, mobility and migration strategies. The waiting entails pace as a strategy for the future (Eisenstein, 2021). Adolescent islanders aim to “hit the right pace” in their future imaginaries. This chapter contributes to sociological discussions on the social construction of adolescence with focus on the meaning of time and temporalities. It relies on empirical material from extensive qualitative studies in the Faroe Islands.
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Maria Alejandra Gonzalez-Perez
This chapter provides a brief overview of the need to study sustainable futures. It provides an outline of the importance of inventing futures in the third decade of the…
Abstract
This chapter provides a brief overview of the need to study sustainable futures. It provides an outline of the importance of inventing futures in the third decade of the twenty-first century. It offers conceptual tools for building sustainable futures scenarios and discusses the importance of long-term thinking in business, government and society. This chapter is divided into four sections. Section One presents the opportunities to invent futures and the role of long-term scenarios. Section Two describes the contest for reimagination and the reinvention of futures. Section Three provides the historic background of the evolution of scenario methodology. Section Four offers a concise introduction to futures studies and futurology. Finally, a short preamble on the empirical research on Sustainable Futures for Latin America and the Caribbean considers climate change.
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