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Volatility has become a traded commodity, and the value of extricating the implied volatility for a given underlying asset’s market value from observed option premia has long been recognized. This contribution offers a least-squared error approach based on Standardized Options that offers the potential to overcome the well-known problem of “smiles and frowns.”

Surging global natural disasters provide incentive for risk-reducing policies and strategies. In this light, the African Union (AU) engaged a multi-stakeholder policy formulation process between 2002 and 2006, to develop a continent-wide disaster risk reduction (DRR) strategy. Drawing from secondary data, this chapter assesses the process and applies qualitative analysis instruments to critically assess the AU’s disaster policy. Linkages to the 2005 international Hyogo Framework for Action (HFA) are also highlighted. The analysis reveals that Africa’s policy formulation process was belated for over a decade, with respect to international expectations. The formulation process was however largely African owned and led, culminating in a strategy document that reflected African contextual reality at the time, and aligned well with HFA fundamental goals. The applied multi-stakeholder approach enhanced a spirit of participation across levels and was central to the largely successful policy formulation process. However, targeted policy outcomes were not explicit, and poorly formulated indicators marred short- and long-term policy evaluation. Based on these results, we conclude that the African-wide DRR policy formulation processes were belated but participatory, systematic and very successful. Belated policy formulation reflects an initial inertia on the African continent, justified by past negative policy experiences and the desire to succeed. A replication of this policy formulation approach in Africa is recommended, albeit exercising more caution on policy timing, the elaboration of better monitoring and evaluation instruments and criteria. Participation should further embrace modern, risk-free (anti-COVID-19-friendly) information and communication technologies.

Using a GED-GARCH model to estimate monthly data from January 1990 to February 2022, we test whether gold acts as a hedge or safe haven asset in 10 countries. With a downturn of the stock market, gold can be viewed as a hedge and safe haven asset in the G7 countries. In the case of inflation, gold acts as a hedge and safe haven asset in the United States, United Kingdom, Canada, China, and Indonesia. For currency depreciation, oil price shock, economic policy uncertainty, and US volatility spillover, evidence finds that gold acts as a hedge and safe haven for all countries.

We compare the finite sample power of short- and long-horizon tests in nonlinear predictive regression models of regime switching between bull and bear markets, allowing for time varying transition probabilities. As a point of reference, we also provide a similar comparison in a linear predictive regression model without regime switching. Overall, our results do not support the contention of higher power in longer horizon tests in either the linear or nonlinear regime switching models. Nonetheless, it is possible that other plausible nonlinear models provide stronger justification for long-horizon tests.

A recent study reported Black women are frequently labeled unprofessional due to hair presentation, 1.5 times more likely to be sent home citing “unprofessional hair,” and 80% likely to alter their natural hair texture (Dove, 2019) through chemicals or heat to fit into organizational norms. Meanwhile, conversations about hair discrimination and bias remain whispers in The Ivory Tower. Despite this study, contemporary research regarding higher education and the politics of Black women, Black hair, and hair texture is sparse. The lack of representation in higher education organizations and lack of literature suggest that Black, higher education professional women are at risk of experiencing chilly work environments that could impact belonging, career trajectory, and earning potential. Some individuals outside the African Diaspora may consider the notion of a physical characteristic, like hair, to be insignificant, let alone a salient identity for Black women. However, my experience as a higher education practitioner and scholar states differently. I assert higher education institutions continue to perpetuate and reproduce oppressive dynamics that specifically target Black women and Black hair when hair discrimination and bias are left out of the conversation to address diversity and inclusion concerns. This chapter introduces a historical context of Black hair discrimination; explores my lived experiences navigating Black hair, hair texture, and professionalism in higher education; outlines challenges for higher education institutions and prioritizes Black women alongside diversity and inclusion efforts.

This chapter tests the market risk and economic policy uncertainty (EPU) of five Asian stock market returns and finds positive and significant intertemporal relations between excess stock returns and conditional volatility/downside risk. The results support positive risk-return relations across five Asian markets after controlling for the lagged dividend yield and the change in EPU ( Δ EPU). The evidence strongly indicates that excess stock returns are negatively correlated with the Δ EPUs. This finding holds true not only for the domestic market but also for external sources. The negative effect of Δ EPU is more profound from the US and global markets as compared with those from the Europe, Japanese, and domestic markets and suggests that a pathway to forming an optimal strategy for portfolio risk management depends on developing an effective hedging strategy against the impact of Δ EPUs from US/global markets.

This essay explores the reactions within police departments toward sexual harassment scandals. The study describes and analyzes reported cases of sexual harassment and misconduct in police departments to discern citizen narratives and political consequences for elected officials. This assessment hypothesizes that political leadership is an essential element in establishing organizational cultures that combat sexual harassment in local governments. The article contributes to the knowledge about possible gaps in agenda setting, especially for a policy area in which knowledge and problem definitions continue to evolve.

Purpose – This chapter discusses the promise of and challenges to providing effective and culturally responsive trauma-focused mental health services to immigrant and refugee youth and their families within school settings.

Design/methodology/approach – This chapter utilizes “practice-based evidence” to outline successes and address the barriers associated with the implementation of school-based, trauma-focused, evidence-based interventions in four immigrant or refugee-dense cities: Los Angeles, Chicago, Minneapolis, and Boston.

Findings – Making cultural adaptations to identified trauma interventions that were consistent with community priorities, cultural norms, and values resulted in more accessible programs and greater engagement in treatment services.

Practical implications – The strategies tested in these real-world settings contribute to the development of culturally competent trauma-informed services for immigrant and refugee youth and their families. Mental health providers and program developers will better understand the need for multilevel engagement strategies and for culturally driven modifications when employing evidence-based programs with immigrant and refugee youth.

Originality/value – This chapter adds to the scarce evidence about useful methods to engage immigrant and refugee youth and families in treatment and to increase the likelihood of positive outcomes.