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The purpose of this paper is to compare the relative performance of TV sponsorships with the industry standard 30‐second TV spot advertising on achieving common communication goals.

The two media are tested with an experiment using realistic stimuli and target market representative samples and employing six brands as both TV sponsors and TV advertisers.

Ten seconds of TV sponsoring works almost equally as well as 30‐second spots across all measures and brands. While the outright performance differs by type of brand (i.e. high fit versus lower fit, known versus unknown), the relative performance between media does not vary.

The stimuli only gave subjects a brief exposure to each medium. The six stimuli brands, four effect measures, and the Norwegian sample may also not be representative for all types of TV sponsoring/advertising contexts.

Marketing managers can use the results to better allocate their communication spending between TV spot advertising and TV sponsorships, by determining which medium offers better value in achieving communication goals.

To the authors' knowledge, the comparison is the most realistic and controlled experiment in this area, with high levels of internal and external validity.

The purpose of this paper is to analyze cointegration and causality relationships between spot and futures markets in Turkish foreign‐exchange markets.

The research employs Bounds cointegration test and Toda‐Yamamoto causality test to detect a possible risk transmission between spot and futures markets. Time series of Turkish spot and futures foreign‐exchange markets from January 2, 2006 to March 25, 2008 on a daily basis are used for empirical analysis.

The empirical tests suggest that there is unidirectional causality running from future exchange‐rate market to spot market implying that foreign‐exchange markets have informational efficiency in Turkey.

The paper has originality in both employing Bounds test and Toda‐Yamamoto test to examine the relationship between spots and derivative markets, and in being one of the first empirical papers examining Turkish futures markets. In addition, the paper presents a guide on how Bounds and Toda‐Yamamoto tests can be applied to detect interactions among markets without data stationarity.

The purpose of this paper is to investigate the validity of the cost of carry model by examining the time series properties of the deviation between future and spot prices in the European Union Emissions Trading Scheme (EU-ETS) over the time period 2005-2012. The paper utilizes a non-linear mean reverting adjustment mechanism, and discovers that although deviations of future from spot prices can exhibit a region of non-stationary behaviour, overall they are stationary indicating market efficiency in the trading of carbon permits.

The methodology involves non-linear mean reverting unit root tests.

The findings provide insights into the functioning of the EU-ETS market. They suggest that it is informationally efficient and does not permit arbitrage between spots and futures.

The authors are the first study to examine efficiency in the EU-ETS by investigating the validity of the cost of carry model. The authors are also the only study to look at efficiency in both Phase I and Phase II of the scheme.

This paper aims to apply the heterogeneous autoregressive model of realized volatility (HAR-RV) model to minimum-variance hedge ratio estimation and compares the hedging performance of presenting a model with that of a conventional rolling ordinary-least-square (OLS) hedging model. Moreover, this paper empirically analyzes the relationship between hedging performance and the heterogeneity of investors with different trading frequency in forming the expectation for the spot volatility, futures volatility and the covariance in the market.

Use HAR-RV to form expectations of participants of spots and futures market for the next period volatility based on two parts. One is the current observable realized volatility at the same time scale. The other is the expectation for the next longer time scale horizon volatility. Compare hedging performance with rolling OLS model and HAR-RV model. Present a three-times-scale-length (daily, weekly and monthly) HAR-RV model for the spot and futures returns and volatility to analyze the relationship between the hedging performance and the heterogeneity among participants in each market.

The empirical results show that HAR-RV model outperforms the rolling OLS in terms of variance reduction and expected utility in the out-of-sample period. The results also indicate that the greater variance reduction occurs when investors with different trading frequency have a less heterogeneous expectation for spot volatility and more heterogeneous expectation for futures volatility and the covariance. In addition, the expected utility increases along with lower heterogeneity in spot volatility and higher in futures volatility and the covariance. Hedging performance improves along with decreasing heterogeneity of investors in spot volatility and increasing heterogeneity in futures volatility and the covariance.

This paper considers the heterogeneity of participants in spot and futures market, the authors apply HAR-RV model to MVHR estimation and compare the hedging performance of presenting a model with that of conventional rolling OLS hedging model, providing more evidence in hedging literature. This paper analyzes in depth the relationship between hedging performance and the heterogeneity in the market.

It has become an ongoing debate whether Indian commodity futures markets can accommodate farmers. The purpose of this paper is to examine whether Indian commodity futures markets help rationalize farmers’ price expectation. The study starts with questions on the efficiency and other roles of commodity futures markets.

From a sectoral standpoint and economic importance, the study considers pepper, coffee, and natural rubber (NR) futures and spot markets. The efficiency of futures markets, divergence/convergence and causality between futures and spot markets have been studied by employing co-integrations, error correction and causality models. The sample period of the data are taken from the inception of futures trading. These three commodities are also compared on the basis of trading at the futures markets vs spot markets.

Analysis shows that though pepper futures market is informationally efficient in price discovery, while coffee and NR spot markets do the process faster. Pepper and coffee futures and spot prices exhibit the convergence; NR shows a sign of divergence. Unidirectional causality from pepper futures to spot market is observed wherein the former was weakly exogenous to the latter and while, bidirectional causality is observed in coffee and rubber. Coffee spot appears weakly exogenous while this remains inconclusive in the case of NR.

The authors analyzed the futures markets in rationalizing the spot market price in three plantation crops in India. In order to make the study more generalizable, further research is warranted in other commodities including those prices of which are government regulated.

The paper is unique in terms of understanding the interaction or interrelationship between futures markets and spot markets and drawing inferences about the role of futures markets in price formation in plantation commodities like pepper, coffee and NR.

The purpose of this paper is to investigate the long‐term and short‐term asymmetric effects of the price transmission relationships between agricultural futures and the agriculture index in China.

The paper adopts a threshold autoregressive (TAR) model and momentum‐TAR (M‐TAR) model that test the prices of futures and spots in the special trading system.

The paper indicates that during different stages of the economic cycle, agricultural futures and the agriculture index exhibit different correlations. During the initial stages of economic upturns and downturns, the addition of futures of agricultural products helps to diversify risk. In contrast, during the late stages of economic upturns and downturns, such additions do not really help to diversify risk. Soybean meal futures and the agriculture index are more strongly correlated with each other. If investors use soybean meal futures to predict the trends in the agriculture index, they will obtain more accurate conclusions.

The soybean futures have leading effects in a single range and a lower correlation with the agriculture index. This paper provides a point of reference for investors devising investment strategies and for the Chinese Government in its execution of macro‐control policies. It provides a clear review about the estimation methods. It also provides information about China's soybean, soy meal industry.

The paper contains updated information about China's soybean and soybean meal trading. It uses new estimation methods (TAR, M‐TAR) to examine the co‐integration between soybean, soybean meal and the agricultural index.

Market efficiency leads to transparent and fair price discovery of commodity markets, thus enhancing the value chain for competitive benefit. The purpose of this paper is to investigate the market efficiency of Indian agricultural commodities at spot, futures and mandi markets apart from exploring price risk management in these markets.

This study uses Johansen co-integration, vector error correction model and granger causality for analyzing market efficiency of the nine most liquid agricultural commodities across three markets, namely, spot, futures and mandi. All these nine commodities are traded on National Commodity and Derivatives Exchange.

The statistical results indicate price discovery exists in the mandi market and spot market leading to futures prices. Mandi price returns are seen to negatively influence futures returns in the case of cotton seed, guar seed and spot returns in the case of jeera, coriander and chana. For castor seed, the three markets are seen to have no long run relationship. The results of Granger causality reveal short run relationship between all the three markets in the case of soybean seed and coriander. In these commodities, prices in all three markets are capable of predicting the prices in the other markets. For the case of cottonseed, Rape Mustard seed, jeera, guar seed, the results indicate unidirectional causality between the mandi markets and the other two markets.

These results shall facilitate policymakers to explore intervention through integrated agri-platform (IAP) in price discovery and market efficiency.

The results of this study are useful in understanding the price discovery of mandi markets and its role in the spot and futures market. Agricultural commodities price discovery depends upon the integration of all these three markets. Introduction of IAP as described in the paper shall facilitate price risk management apart from improving the efficiency of price discovery.

To the best of the knowledge, this is the first study considering mandi, spot and futures prices in the price discovery process in India. In addition, this study found the role of mandi markets in serving the economic function of price discovery and price risk management. Hence, suggests for policy intervention for Indian agricultural commodities to manage price risk.

There is a distinct separation of price discovery from pricing power in China's sugar spot and futures markets. The purpose of this paper is to identify the reasons and provide plausible explanations for this stylized phenomenon. Therefore, the research may deepen the understandings of the operational mechanisms and internal efficiency of China's sugar spot and futures markets.

The authors analyze the historical spot and futures price time series from China's sugar spot market and China's Zhengzhou Commodity Exchange (CZCE) within a co‐integration framework.

It is found that China's sugar spot market has the pricing power, even though the futures market leads the spot market in price discovery. The phenomenon of observed separation of price discovery in spot market from pricing power in futures market may be caused by: irrational speculation in CZCE sugar futures market; oligopoly and local government politics; or the operational efficiency of the wholesale spot market, especially for its comparative advantages of information accessibility in the sugar producing areas. The results are compared with other empirical findings in many other commodities markets to obtain deeper understandings.

The paper uncovers and provides the earliest econometric evidence of the observed stylized phenomenon and also provides plausible explanations for this phenomenon.

The paper aims to study the impact of the introduction of Nifty index futures on the volatility of the Indian spot markets by use of econometric models.

The study considered six measures of volatility, the dynamic linear regression model, and the GARCH models to investigate volatility in National Stock Exchange (NSE) Nifty prices both before and after the onset of futures trading.

The GARCH analysis confirmed no structural change after the introduction of futures trading on Nifty, and found that whilst the pre‐futures sample was integrated, the post‐futures sample was stationary. Spot returns volatility is found to be less important in explaining spot returns after the advent of futures trading in NSE Nifty.

The results imply that futures markets serve their prescribed role of improving pricing efficiency and improve the quality of information flowing to spot markets. This will enable investors to prudently structure their strategies investing in both spot and futures markets.

This study is an original piece of work towards exploring the impact of the introduction of futures trading on cash market volatility in an emerging economy like India.

This paper aims to make a comparative study on the latest version of green campus evaluation standard between China and America: Green Campus Evaluation Standard (GB/T51356-2019) and the sustainability tracking, assessment and rating system (STARS 2.2). The differences of evaluation methods and contents are analyzed and their respective characteristics and advantages are sorted out, so as to promote the development of sustainable campus evaluation standards.

The research mainly adopts the method of comparative study, which is carried out from three dimensions, namely, the related policies development of campus construction and world university sustainable rankings; the content of evaluation standards (including evaluation methods and evaluation categories and scores); the characteristics and current application of standards.

There are great differences between the evaluation standards of China and America in organization and participation mode, evaluation method and content. Public engagement, energy and campus engagement are the hot spots. Buildings, energy, food and dining and investment and finance will become the focus of sustainable campus in the future. Specific optimization strategies of key points, evaluation method and content and organization and participation mode of Chinese standard are put forward.

This paper clarifies the advantages and disadvantages of the current global sustainable campus, and provides the basis for the next stage of construction policy. At the same time, it is helpful for all countries, especially China, to formulate construction guidelines that not only meet their own actual needs but also conform to the trend of global sustainable campus development.

The connotation of sustainable campus is enriched, and the evaluation standards of sustainable campus are improved. The development of sustainable campus is promoted, so as to realize the sustainable development goals.

This research expands the scope of the study to the whole campus, rather than just one aspect of campus buildings. It compares the evaluation standard of green campus in China with STARS in the USA, and no longer compares leadership in energy and environmental design for schools. It discusses the campus building’s energy conservation while paying attention to the campus green consciousness, green management and green planning. Based on the relevant data currently used by STARS in the global evaluation, this paper analyzes the hot spots and shortcomings of the current global sustainable campus construction and puts forward some optimization suggestions for China’s green campus evaluation system.