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The study examines not only the methods for eliminating stale or abnormal prices but also strategies for enhancing liquidity in the KOSPI 200 index options market, for compensating the defects of V-KOSPI 200.

First, introducing market making scheme in the KOSPI 200 options market can be the direct solution to prevent temporary fluctuations and spikes of the index arising from abnormal orders and to alleviate unnatural low variability (level) of the index through decreasing the use of stale market prices (model prices).

Second, if weekly options underlying KOSPI 200 index are available for trading and investor interest in the weeklys are surged, Korea Exchange can enhance V-KOSPI 200 to include series of KOSPI 200 weekly options. The inclusion for at least 5~6 weekly options available for trading allow V-KOSPI 200 to be calculated with KOSPI 200 index option series that most precisely match the 30-day target time-frame for expected volatility that the Index is intended to represent.

Along with these strategies for enhancing liquidity in the KOSPI 200 index options market, the study suggests the methodology which can prevents temporary fluctuations and spikes of the index by substituting stale or abnormal prices for normal prices.

Staling, the progressive non‐microbial deterioration of quality, is influenced by baked product fat, sugar and moisture levels. Although 50 percent sugar replacement with an acesulfame‐K‐dextrose blend, and/or 50 percent fat replacement with dried plum puree, produces acceptable oatmeal and chocolate chip cookies within one day of baking, flavor and texture changes with continued storage are unknown. The purpose of this paper is to profile three oatmeal and chocolate chip cookie formulations.

Three oatmeal and chocolate chip cookie formulations (control, reduced‐in‐fat (50 percent) and reduced‐in‐fat and sugar (50 percent)) were profiled 1, 3, 5 and 7 days post‐bake by a trained sensory panel (n=8) using the Spectrum®‐approach on 0‐15 point linescales; three replicates were obtained. Water activity was determined on six replicates. Data were analyzed with PROC Mixed and PDIFF (p<0.05).

Water activity increased with modification; increases (aW<0.60) do not support microbial growth. Day 1 flavor and texture reformulation effects mirror those previously reported. Storage effects across all formulations (p<0.05) on oatmeal and chocolate chip cookie sensory attributes are within one linescale unit. Different significant (p<0.05) formulation×storage interactions suggest staling patterns differ with cookie type. Water activity increased during storage for chocolate chip cookies only; practical significance is questionable. Panelists' comments suggesting oxidative effects for both controls by day 5 are consistent with water activity.

Consumption of products with improved nutritional profiles can assist consumers in bringing their diets in‐line with dietary recommendations. Maximizing benefits requires continued selection of modified rather than non‐modified products. Technical issues (sensory characteristics, nutritional profile and storage convenience) do not appear to limit consumer selection of these reformulated cookies.

The purpose of this paper is to evaluate the effects of alternative ingredients in three different gluten-free breads (GFBs) available in the UK market with regard to their quality attributes and consumer preference.

Three different GFB samples purchased from a UK retailer were visually assessed. Their quality attributes and consumer acceptability were analysed via an untrained taste panel (n=35) on Day 1. Texture was compared using a texture analyser on Days 1 and 8, to examine the differences between samples and the effects of ingredients towards staling.

Results from visual inspection showed that ingredients affected the appearance of samples, in terms of crumb structure, and both crumb and crust colour. Firmness and springiness were significantly different (p<0.05, p=0.007) between samples on Days 1 and 8 although no significant difference existed within each individual sample. Sensory analysis showed no significant differences between samples with respect to denseness, chewiness, crumbliness, dryness and overall preference.

The ingredient combination in each bread differed, and thus it is not clear if the results are due to the incorporation of individual ingredient or a combination of them.

Results of this study will help food industry to make an easier decision on gluten-free ingredients.

It will help people with coeliac disease and those who wish to remove gluten from their diets.

Overall, the study showed that the use of different ingredients affected the appearance, firmness and springiness of three GFBs available in the UK market. However, it did not affect denseness, chewiness, crumbliness, dryness or consumer preference. This indicates that a number of ingredient combinations are possible in the manufacturing of acceptable GFB.

Due to the need and interest of gluten-free products for celiac disease (CD) patients, the study aims to estimate the effect of the substitution of rice flour with millet flour in the presence of sweet lupin and sweet potato powder in gluten-free blends and the impact of the produced blends on gluten-free flat bread quality.

Seven gluten-free blends (B1, B2, B3, B4, B5, B6 and B7) were prepared with different percentages of rice flour (50–80%) and millet flour (5–35%), 10% sweet lupin and 5% sweet potato powder. Physicochemical analysis and particle size of gluten-free blends were evaluated. The resulted gluten-free bread samples were analyzed for chemical composition, color parameters and staling as well as sensory evaluation.

Results indicated that substitution of rice flour with millet flour increased protein, fat, ash, crude fiber, calcium, zinc and iron contents of flour blends, while total carbohydrates content, water holding capacity (WHC) and oil holding capacity (OHC), bulk density, L*, a* and b* values were decreased with increasing millet flour substitution. In addition, substitution with millet flour significantly increased (p < 0.05) protein, fat, ash and crude fiber contents and affected color parameters and staling of produced bread.

As a researchers, the authors need more statistical data about type, needs, age and numbers of CD patients in worldwide and in Egypt to create a specific products for each of them. Besides, the collaboration between researchers, breeders, nutritionist and food manufactures are very vital to add new gluten-free crops.

New gluten-free products will be launched in markets with affordable price.

The children with CD, especially Egyptians suffer from a shortage of varied, inexpensive and suitable gluten-free bread to achieve their needs. So the current work may help them to be satisfied.

Rice flour could be substituted up to 10% with millet flour without adverse effect on the sensory attributes of gluten-free bread and this may assist CD patients to discover a diversity of gluten-free blends.

The paper seeks to examine fair values provided by the Australian Stock Exchange (ASX) and reported daily in the Australian Financial Review to determine whether they violate fundamental option relationships.

Values reported in the Australian Financial Review from 4 January 2005 to 31 March 2005 are examined.

The results document that between 1 and 2 per cent violate the most fundamental option relationships, specifically the requirement for call and put option values to increase as term to expiry increases, and for call (put) option values to increase (decrease) as exercise price decreases. Further, the magnitude of these violations is too large to be explained solely by the bid‐ask spread. They are, nevertheless, consistent with staleness. Further, in nearly 30 per cent of cases these fair values violate the basic put‐call parity relationship. The type of these violations is also consistent with these values being stale.

Simple screens should be included to remove fair values that breach the most basic relationships.

The paper is the first to highlight flaws in fair values provided by the Australian Stock Exchange (ASX) and reported in the Australian Financial Review.

The purpose of this paper is to study performance and market timing ability of equity real estate investment trusts (REITs).

The authors use classical regression‐based framework and their multi‐index, multifactor, and conditional extensions to jointly detect asset selectivity and market timing ability of equity REITs and their subcategories. These results are then validated by a nonparametric test.

It is found that equity REITs in aggregate have some housing market timing ability. Various equity REIT subcategories perform differently: office REITs can discover underpriced properties, while retail, industrial, and office REITs have poor timing ability. Nonparametric tests confirm that equity REITs do not have ability to predict real estate market movements.

Research in REIT performance evaluation is still limited to the asset selectivity aspect. This paper intends to fill this gap by providing empirical evidence of market timing ability of equity REITs using an array of parametric and nonparametric methods.

Valuation of portfolio securities continues to hold the limelight in the arena of mutual fund regulation. For the last four years, mutual fund regulators have repeatedly emphasized the need to adopt or revise procedures to address valuation issues that address modern market conditions resulting from such forces as globalization and the development of derivatives and other exotic securities.

The purpose of this paper is to evaluate some common bread improvers (normally used for 100 per cent wheat bread) for their effect on the quality attributes of wheat-cassava (90:10) composite bread.

Four commonly used bread improvers (ASA, ABT, EDC and PTB) in Nigeria were evaluated for their effect on the baking potential of wheat-cassava (90:10) composite flour. Bread samples were baked from wheat-cassava (90:10) composite flour, with and without bread improvers. Changes in dough height during fermentation, oven spring, yield and specific volume of bread samples were determined. Bread samples were also evaluated for their sensory and staling characteristics.

Results showed that dough height during fermentation did not change significantly (p<0.05) and crumb colour, firmness, taste and aroma were unaffected by addition of bread improvers; but oven spring, yield, specific volume, bread shape, crust colour, texture and overall acceptability of bread were significantly different (p>0.05). All the bread improvers except ABT extended the shelf life of wheat-cassava (90:10) composite bread for a period of 24-48 hours.

Bread improvers normally used for 100 per cent wheat bread could be used effectively for wheat-cassava (90:10) composite bread without an adverse effect on quality of bread.

Bread makers need little or no additional training to handle wheat-cassava (90:10) composite flour for bread making process hence, Nigeria can sustain her policy of using wheat-cassava composite flour for baking without any serious technical problem.

On May 12th the case for the abolition of night baking from the operatives' point of view was placed before the Committee appointed by the Government to investigate the subject under the chairmanship of Sir WILLIAM MACKENZIE. MR. BANFIELD, the General Secretary of the Union of Operative Bakers, Confectioners and Allied Workers, said there was a general demand for legislation prohibiting night work. Bakers looked old before their time, and the Chairman of the Richmond Tribunal had stated that no baker passed A1 had ever been before him. Witness urged that new bread was not so important as the health of the night worker, although new bread could be supplied under a system of day work. The only ground for night work was that it was in the interests of certain employers, but he said that 80 per cent. of the employers had enough ovens and plant to carry on a system of day work. He suggested the prohibition of night baking between the hours of 11 p.m. and 5 a.m., with legal provision for an extension of the prohibited hours at intervals. He added that 90 per cent. of the operative bakers would prefer day work. Continued night work was bad for the health of the baker. The returns showed that the rate of mortality from bronchitis among working bakers was abnormally high. This was due to the constant change from a heated atmosphere to a cooler one. The mortality from phthisis was slightly higher than the average, while the figures for suicide were considerably higher than the average Replying to the Chairman, MR. BANFIELD said that there need be no increase in the price of bread if night baking was prohibited, as any expense which might be occasioned to the employer could come out of the profits the employer now put into his pocket, instead of using it to extend his plant. His experience was that the bulk of the bread was not sold till late in the afternoon. Witness desired the abolition of the order prohibiting the sale of bread less than twelve hours old. He said that if the order was rigidly enforced it would itself solve the problem of night baking. He did not think, however, that there was sufficient justification for continuing the order, which, in his opinion, should be revoked and replaced by an enactment prohibiting night‐baking. The order, he said, was fairly extensively ignored, simply because, in his opinion, the local food committees refused to prosecute, or would not inspect. MR. CANNON, the owner of fifty bakers' shops in working districts of London, declared that the waste of bread resulting from the order prohibiting the sale of bread less than twelve hours old was enormous. The Food Controller in introducing the order, had introduced a new business—the stale bread industry, which consisted in the buying up of stale bread. He was not prepared to say what was done with it but it was not being used as bread. A strike of bakers would be futile as it would simply mean that housewives would bake their own bread, and after a little practice they would do it better than any baker.

The purpose of this paper is to examine the extent to which emotional experiences mediate the relationships between employees’ perception of considerate and/or tyrannical leadership behaviors and their work engagement and intention to leave the organization. The notion of symmetric and asymmetric relationships between specific kinds of leadership behavior, emotional reactions, and followers’ attitudinal outcomes is also examined.

Employing a survey design, the variables were assessed in a cross-sectional sample of 312 employees.

The study confirmed the notion of symmetric relationships between specific kinds of leadership behavior, emotional reactions, and followers’ attitudinal outcomes. Contrary to the general notion that “bad is stronger than good,” the results indicated that positive emotions were equal or stronger mediators than the negative ones regarding the two outcomes measured in the present study.

The paper is, to the authors’ knowledge, the first paper which examines simultaneously how constructive and destructive leadership styles, and positive and negative affects, are related to employee attitudes outcomes, and evokes a discussion when bad is stronger than good or vice versa regarding leadership outcomes.