Search results for "Futures contract"
showing 10 items of 70 documents
Language teacher identities as socio-politically situated construction: Finnish and Brazilian student teachers’ visualisations of their professional …
2021
Abstract The process of envisioning the future is central to teachers’ identity construction, but different environments create distinct sociocultural conditions for the process. This qualitative study drawing on visual-textual methods compares Finnish and Brazilian student teachers’ desired and feared professional futures. Two different perspectives on future identities were detected: a desire for status and a desire for meaningfulness. The results revealed the radically different social status of teaching in the two countries and the role this played in the envisioned identities. The study highlights the importance of awareness of the socio-political nature of identity construction in dev…
Prediction of stock index futures prices based on fuzzy sets and multivariate fuzzy time series
2015
Abstract This paper makes a prediction of Chinese stock index (CSI) future prices using fuzzy sets and multivariate fuzzy time series method. We select Chinese CSI 300 index futures as the research object. The fuzzy time series model combines the fuzzy theory and the time series theory, thus this model can solve the fuzzy data in stock index futures prices. This paper establishes a multivariate model and improves the accuracy of computation. By combing traditional fuzzy time series models and rough set method, we use fuzzy c-mean algorithm to make the data into discrete. Further more, we deal with the rules in mature modules of the rough set and then refine the rules using data mining algor…
Pricing of electricity futures based on locational price differences : The case of Finland
2018
We find that the pricing of Finnish electricity market futures has been inefficient during the latest 10 years, when the trading volumes of Electricity Price Area Differentials (EPADs) have more than doubled. Even though the calculated futures premium on EPADs is related to some risk measures and the variables capturing the demand and supply conditions in the spot electricity markets, there has been a significant positive excess futures premium in the Finnish market, and financial market participants should have been able to utilize this also in economic terms. This finding is new and relevant for the participants of the Nordic electricity markets also in the future, because both the specul…
Major International Information Flows Across the Safex Wheat Market
2016
We study information flows across four wheat futures markets on four continents: Zhengzhou Commodity Exchange (ZCE), South African Futures Exchange (SAFEX), Euronext/Liffe and Kansas City Board of Trade (KCBT). Three approaches for studying information flows among non-synchronous markets are applied: cointegration techniques, vector autoregressive analysis and multiple regression proposed. Although comparable underlying assets are traded in the four markets, our results indicate that no long-run links exist among them. ZCE is by far the most endogenous market, and Euronext/Liffe is the most exogenous one. Finally, the model points to KCBT as the most influential and sensitive wheat market. …
Calendar Anomalies in Stock Index Futures
2011
There exist a large and increasing number of papers that describe different calendar anomalies in stock markets. Although empirical evidence suggests that seasonal effects disappeared after the early 1990s, new studies and approaches assert the continuation of some anomalies in stock indexes. In this paper, we present a comprehensive study of 188 possible cyclical anomalies in S&P 500, DAX and Nikkei stock index futures contracts from 1991 to 2008. Frictions in futures markets, unlike spot markets frictions, make it feasible to produce economically significant profits from trading rules based on calendar effects. By applying a percentile-t-bootstrap and Monte Carlo methods, our analysis rev…
What You Should Know About Carbon Markets
2008
Since the entry into force of the Kyoto Protocol, carbon trading has been in continuous expansion. In this paper, we review the origins of carbon trading in order to understand how carbon trading works in Europe and, specifically, the functioning of the European Union Emission Trading Scheme (EU ETS) and the workings of several spot, futures and options markets where European Union Allowances are traded. As well, the linking of the EU ETS with the other United Nations carbon markets is also studied.
Information Flows Across Wheat Futures Markets
2015
We study information flows across four wheat futures markets on four continents: Zhengzhou Commodity Exchange (ZCE), South African Futures Exchange (SAFEX), Euronext/Liffe, and Kansas City Board of Trade (KCBT). Three main approaches have been applied: cointegration techniques, VAR analysis, and a multiple regression model proposed by Peiro, Quesada, and Uriel (1998) to study information flows among non-synchronous markets. Our results indicate that no long-run links exist among the four markets, that ZCE is by far the most endogenous market, and that Euronext/Liffe is the most exogenous one. Furthermore, the model by Peiro et al. (1998) points to KCBT as the most influential as well as the…
Trend Switching Processes in Financial Markets
2010
For an intriguing variety of switching processes in nature, the underlying complex system abruptly changes at a specific point from one state to another in a highly discontinuous fashion. Financial market fluctuations are characterized by many abrupt switchings creating increasing trends (“bubble formation”) and decreasing trends (“bubble collapse”), on time scales ranging from macroscopic bubbles persisting for hundreds of days to microscopic bubbles persisting only for very short time scales. Our analysis is based on a German DAX Future data base containing 13,991,275 transactions recorded with a time resolution of 10− 2 s. For a parallel analysis, we use a data base of all S&P500 stocks …
The inconvenience yield of carbon futures
2021
Abstract Since 2009, the European Carbon Futures Market has been in a permanent contango situation that is characterised by systematic negative convenience yields that allow investors to exploit profitable arbitrage opportunities. The objective of this paper is to analyse the possible drivers of these negative convenience yields. Our empirical results indicate that although some carbon trading variables are behind this contango situation, the carbon inconvenience yield is better explained if other financial markets and variables are considered, suggesting a financialization of the European Carbon Futures Market.
Differences in agency? How adolescents from 18 countries perceive and cope with their futures
2012
This study investigated how N = 5,126 adolescents (mean age of 15 years) from 18 countries perceive and cope with future- and school-related stress. The adolescents completed the Problem Questionnaire (PQ), which assesses stress, and the Coping Across Situations Questionnaire (CASQ), which assesses three coping styles (reflection/support-seeking, emotional outlet, and withdrawal/denial). Across countries, adolescents reported considerably higher levels of future-related stress than school-related stress. The adolescents actively coped with stressors in both domains and seldom relied on emotional outlet or withdrawal/denial. A clustering of the countries according to socioeconomic criteria …