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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.

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.

Speech pathology services have not been traditionally provided within school classroom settings. This chapter will describe the service-delivery options for provision of speech pathology services in classroom settings. A review of select research related to the efficacy of these services is included as applied examples for educators.

Washington's Statewide Virtual Reference (VRS) Project began in 2001, following some early adapters, but also at a time when most libraries and states still were considering the merits, possibilities, and pitfalls of the service. This chapter follows the development and implementation of a virtual reference (VR) service, along with support activities such as training, marketing, and assessment, in several collaborative library alliances across Washington State; describes unexpected opportunities, and plans for future sustainability. It ends with an analysis of experiences, successes, and failures, along with plans for the future based on the many things that were learned.

The main purpose of this chapter is to examine the attitudes and behaviors of digital consumers in omnichannel world. For this purpose, in order to understand the behavior of digital consumers, literature review has been made. The transformation of traditional consumers into digital consumers has been examined within the framework of marketing periods. What are the new types of consumers and demographic and psychographic characteristics of these, and how they are segmented in the market are important issues. Another important issue is how digital environmental factors affect digital consumers when shopping online. Purchasing processes of digital consumers and their behaviors, which channels they use and how they make purchasing decisions play an important role in understanding digital consumer behaviors. After the purchasing decision, it is examined whether digital consumers will transfer their experiences to other consumers, satisfaction and loyalty experiences, and whether they will buy again in digital environmental.