Abstract Freshwater ecosystems are exceptionally rich in biodiversity and provide essential benefits to people. Yet they disproportionately threatened compared terrestrial marine systems remain underrepresented the scenarios models used for global environmental assessments. The Nature Futures Framework (NFF) has recently been proposed advance contribution of This framework places diverse relati...

This paper points to some limitations of the narrow version of integral futures (IF) as represented in the recent special issue of Futures (2008, Vol 40, Issue 2). I also propose several ways that the IF brand could be refreshed through a broader and deeper approach to integral futures by way of a scholarly engagement with other kindred discourses. The main focus of this paper is to open out be...

The central part of pricing agricultural commodity futures options is to find appropriate stochastic process of the underlying assets. The Black’s (1976) futures option pricing model laid the foundation for a new era of futures option valuation theory. The geometric Brownian motion assumption girding the Black’s model, however, has been regarded as unrealistic in numerous empirical studies. Opt...

We used a no-arbitrage, cost-of-carry pricing model to examine whether equity spot and futures markets are cointegrated. A stock index and its futures price should be cointegrated if the cost of carry is stationary. Otherwise, the appropriate cointegrating relationship is trivariate. We found that the Standard and Poor’s 500 index, associated futures series, and interest rate are all nonstation...

This publication primarily presents economic research aimed at improving policymaking by the Federal Reserve System and other governmental authorities. Articles may be reprinted if the source is credited and the Research Department is provided with copies of reprints. The views expressed herein are those of the authors and not necessarily those of the Federal Reserve Bank of Minneapolis or the ...

We develop and empirically test a continuous time equilibrium model for the pricing of oil futures. The model provides a link between no-arbitrage models and expectation oriented models. It highlights the role of inventories for the identification of different pricing regimes. In an empirical study the hedging performance of our model is compared with five other oneand two-factor pricing models...

We contribute to the Responsible Research and Innovation (RRI) literature in two ways: (i) we consider how societal aspects are taken into account research innovation (R&I) activities four fundamentally different scenarios, as opposed analysing current practices; (ii) put emphasis on political conditions of interactions among actors, focussing RRI principles instruments. In Kingdom citizens par...

I study the properties of implied interest rates from futures and put-call parity relations, and compare it to other market rates commonly used by academics and practitioners. I show that in a market with borrowing and short-selling costs, the price of futures and put-call parity relations is a¤ected by demand pressure. I apply the model to the futures market and obtain a closed-form solution f...

Various authors claim to have found evidence of stochastic long-memory behavior in futures’ contract returns using the Hurst statistic. This paper reexamines futures’ returns for evidence of persistent behavior using a biased-corrected version of the Hurst statistic, a nonparametric spectral test, and a spectral-regression estimate of the longmemory parameter. Results based on these new methods...

This study is concerned with the aggregation of information in stock index cash and futures markets. The efficient price discovery is analyzed with reference to the error correction representation and to the common trend representation of cointegrated variables. The empirical evidence is based on three month of intraday data on the French CAC 40 index. The results indicate that deviations from ...