The objective of the paper is to ascertain the influence of shares derivatives trading on the Malaysian stock market. Johansen-Juselius’ co-integration test reveals signs of increasing integration between these cash and futures markets over time. The Granger causality test indicates that the stock index futures Granger causes the cash index with no feedback in the reverse direction during perio...

The Term Structure of Interest-Rate Futures Prices We derive general properties of two-factor models of the term structure of interest rates and, in particular, the process for futures prices and rates. Then, as a special case, we derive a no-arbitrage model of the term structure in which any two futures rates act as factors. The term structure shifts and tilts as the factor rates vary. The cro...

The Federal Reserve implements monetary policy by making discrete adjustments to its target for the federal funds rate. Such adjustments are believed to have significant implications for other short-term interest rates, so considerable resources are expended on forecasting the timing and magnitude of the Fed’s next move. Many analysts, both inside and outside of the Federal Reserve System, look...

Abstract The concept of Society 5.0 and Industry is not a simple chronological continuation or alternative to 4.0 paradigm. aims place human beings at the midpoint innovation, exploiting impact technology results with technological integration improve quality life, social responsibility sustainability. This ground-breaking perspective has common points objectives United Nations Sustainable Deve...

Drawing on literatures documenting the experience of physicians in both European and American societies, a new theoretical framework for explaining variations in the professional power of physicians is provided. Most studies of professions have used professional organization as the principal explanatory variable, with state policy and the organization of civil society as secondary mediating fac...

Some students of futures markets believe that the volatility of futures prices increases as the futures contract nears maturity (see Telser, 1956; Segall, 1956; and Samuelson, 1965). Samuelson offers an explanation for the existence of the variability effect as reviewed in Section 1 of the paper. His hypothesis about the behavior of futures prices requires that the stochastic process characteri...

To hold the mixed futures directly decide whether people can better profit in the futures trading of futures price, so it is more and more important to study the situation of futures price. In view of this situation, this article studies the degree of correlation and its classification of eight kinds of material which take the date provided by the Shanghai futures exchange for promise, it true ...

In this paper we study the possible role of managed futures in portfolios of stocks, bonds, and hedge funds. We find that allocating to managed futures allows investors to achieve a very substantial degree of overall risk reduction at, in terms of expected return, relatively limited costs. Apart from their lower expected return, managed futures appear to be more effective diversifiers than hedg...

Futures are a program abstraction that express a simple form of fork-join parallelism. The expression future (e) declares that e can be evaluated concurrently with the future’s continuation. Safe-futures provide additional deterministic guarantees, ensuring that all data dependencies found in the original (non-future annotated) version are respected. In this paper, we present a dynamic analysis...