The recent implementation of the EU Emissions Trading Scheme (EU ETS) in January 2005 created new financial risks for emitting firms. To deal with these risks, options are traded since October 2006. Because the EU ETS is a new market, the relevant underlying model for option pricing is still a controversial issue. This article improves our understanding of this issue by characterizing the condi...

This paper examines risk-averse and risk-seeking investor preferences for oil spot and futures prices by using the mean-variance (MV) criterion and stochastic dominance (SD) approach. The MV findings cannot distinguish between the preferences of spot and futures markets. However, the SD tests show that spot dominates futures in the downside risk, while futures dominate spot in the upside profit...

the purpose of this inquiry is analysis of proportion between personal futures and occupational necessities and its influence on organizational commitment. information collection tools for measurement of organizational commitment was allen and myer questionnaire including 15 question, and for measurement of proportion between personal futures and occupational necessities, o*net questionnaires u...

This paper studies the dynamic relationship among futures price, spot price of Shanghai metal and futures price of London with the co-integration theory, Granger causality tests, residue analysis, impulse responses function, and variance decomposition on the VECM. The study shows the three have the long equilibrium relationship: the copper futures price of Shanghai have internalities to the fut...

We study the returns to investing in VIX futures and VIX Exchange Traded Notes (ETNs). We document a substantial negative return premium for both ETNs and the futures. For example, the a constant maturity portfolio of one-month VIX futures loses about 30% per year over our sample period (2006-2013). We propose an equilibrium model to explain these negative returns. In this model, increases in v...

Background: Over 50 years after the introduction of futures studies, the number of such studies in medical education is very limited. Familiarization with futures studies can have a positive effect on the application of these studies in medical education. The study was performed to Review and synthesize the best existing evidence in the literature that addresses the question, "...

This paper proposes a convenience yield-based pricing for commodity futures, which embeds incompleteness of commodity futures markets in convenience yields. By using the pricing method, we conduct empirical analyses of the prices of WTI crude oil, heating oil, and natural gas futures traded on the NYMEX in order to assess the incompleteness of energy futures markets. We show that the fluctuatio...

This article describes a formal approach to decision making optimization in commodity futures markets. Our aim is to plan optimal decision at a given time, where we could decide to buy or sell a commodity contract or stay out of the market. The decision is made using dynamic programming with loss function equal to negative profit measured in money, where the probability density functions(PDF) a...

The futures field demonstrates a willing openness in embracing methodologies, approaches, and influences from a diversity of disciplines and perspectives. This plurality of practice is evidenced in a growing body of work that increasingly embodies futures thinking in the design of everyday material and networked experiences. The intersection of design and futures produces artifacts, application...