La crisi alimentare e la speculazione finanziaria sulle materie prime

2009 ◽  
pp. 63-79
Author(s):  
Giordano Sivini
Keyword(s):  
Futures Market ◽  
Insurance Companies ◽  
Food Crisis ◽  
Wall Street ◽  
Accumulation By Dispossession ◽  
Financial Speculation ◽  
International Prices ◽  
Investment Opportunities ◽  
Agricultural Futures ◽  
Long Time

- In this article the author analyses the factors that have produced the rise in commodities prices, making exasperated a food crises that has been creeping for a long time. The tightly correlated evolution in prices for both agricultural and non agricultural commodities has called the attention on a specific financial instrument, the commodity index, that connects them to the futures market where international prices are fixed. To the commodity index make reference the major banks in Wall Street to manage their financial liquidity and that of institutional investors (pension funds, foundations, insurance companies), looking for new investment opportunities after the sub-prime crises. The speculations on both sub-prime and commodities show that, independently from the perspectives of accumulation, the over accumulated capital increases the rent by dispossessing the living conditions of millions of people.Key words: food crisis; financial speculation on food; accumulation by dispossession; agricultural futures; sub-prime; commodities index.

scholarly journals Study of efficiency and information transmission for agricultural futures markets: a comparative analysis between Buenos Aires and Chicago using monthly and daily data

2017 ◽  
Vol 34 (69) ◽  
pp. 3-23
Author(s):  
Jeremías Lachman ◽  
Pablo Jack
Keyword(s):  
Comparative Analysis ◽  
Information Transmission ◽  
Market Efficiency ◽  
Futures Markets ◽  
Buenos Aires ◽  
Relevant Information ◽  
Futures Market ◽  
Daily Data ◽  
Agricultural Futures ◽  
The One

This paper aims to study and compare the efficiency in futures markets for soybean crop between Buenos Aires (MATBA) and Chicago (CME–CBOT) for the years 1994 through 2015. There are numerous studies that analyze this phenomenon independently, but few of them have done a comparative analysis between marke- ts. Therefore, the main objective of this research — in addition to individually analyzing the efficiency in futures market in each country — is to be able to detect the existence of a relationship between the two markets. In this article we show that, in addition for market efficiency in all cases, market efficiency in MatBa was derived from the efficiency in CME–CBOT. This means that relevant information is transmitted from the Chicago market to the one in Buenos Aires. By using a cointegration approach based on Johansen (1995) we estimated the models with monthly and daily data.

Value Configurations

2010 ◽  
pp. 75-97
Author(s):  
Hans Solli-Sæther ◽  
Petter Gottschalk
Keyword(s):  
Value Chain ◽  
Theory And Practice ◽  
Professional Service ◽  
Insurance Companies ◽  
Service Firms ◽  
Professional Service Firms ◽  
Value Network ◽  
A Value ◽  
Long Time ◽  
Contingent Approach

Understanding how firms differ is a central challenge for both theory and practice of management. For a long time, Porter’s (1985) value chain was the only value configuration known to managers. Stabell and Fjeldstad (1998) identified two alternative value configurations. First, a value shop schedules activities and applies resources in a fashion that is dimensioned and appropriate to the needs of client problems, while a value chain performs a fixed set of activities that enables it to produce a standard product in large numbers. Examples of value shops are professional service firms, as found in medicine, law, architecture and engineering. Next, a value network links clients or customers who are or wish to be interdependent. Examples of value networks are logistic companies, telephone companies, retail banks and insurance companies. In this chapter, we apply the contingent approach to systems outsourcing by making the outsourcing decision dependent on the value configuration of the enterprise. We present the three different value configurations – the value chain, the value shop, and the value network. Next, the three different value configurations are compared according to key characteristics, e.g. use of information systems. Then, we take a look at interfirm relations to be able to identify areas for outsourcing, and value configuration as a determinant and predictor for the extent of outsourcing. Finally, we discuss levels of strategy and we introduce the Y-model for IS/IT strategy work.

scholarly journals The prospective low risk hedge fund capital allocation line model: evidence from the debt market

2018 ◽  
Vol 9 (3) ◽  
pp. 419-439 ◽  
Author(s):  
Darko B. Vukovic ◽  
Victor Prosin
Keyword(s):  
Hedge Fund ◽  
Value Added ◽  
Capital Allocation ◽  
Low Risk ◽  
Insurance Companies ◽  
Investment Opportunities ◽  
Debt Market ◽  
Model Evidence ◽  
Fund Portfolio ◽  
Debt Portfolios

Research background: Institutional investors such as: commercial banks, pension funds, and insurance companies are constantly looking for low-risk stable investment opportunities, whereas one of the solutions can be a simulated portfolio. This research takes a look at the incentive to invest in government debt portfolios, as it can outperform the returns of deposit accounts. Purpose of the article: This study considers several classic methods of portfolio constriction and includes the basis of debt instruments that have not been a research topic for a long period of time. At the same time, this paper analyzes the classic methods of modern portfolio theory with a Sharpe ratio as an indicator of efficiency. Methods: The constructed portfolio consists of four elements from different countries: two government obligations and two bond indexes, aiming to employ international diversification. All the data was collected for the period of 12 years in order to represent the consequences of accrued recessions. Findings & Value added: The past two severe financial crises created a higher demand for stable investments, and more investors are ready to compromise a higher return for it. There-fore, the results of this paper represent a simulation of low-risk hedge fund portfolio construction with the use of highly rated debt instruments.

scholarly journals Modelling MTPL insurance claim events: Can machine learning methods overperform the traditional GLM approach?

2021 ◽  
Vol 4 (2) ◽  
pp. 34-69
Author(s):  
Dávid Burka ◽  
László Kovács ◽  
László Szepesváry
Keyword(s):  
Machine Learning ◽  
Network Models ◽  
Statistical Modelling ◽  
Third Party ◽  
Insurance Companies ◽  
Neural Network Models ◽  
Learning Methods ◽  
Machine Learning Methods ◽  
Long Time ◽  
Generalised Linear Modelling

Pricing an insurance product covering motor third-party liability is a major challenge for actuaries. Comprehensive statistical modelling and modern computational power are necessary to solve this problem. The generalised linear and additive modelling approaches have been widely used by insurance companies for a long time. Modelling with modern machine learning methods has recently started, but applying them properly with relevant features is a great issue for pricing experts. This study analyses the claim-causing probability by fitting generalised linear modelling, generalised additive modelling, random forest, and neural network models. Several evaluation measures are used to compare these techniques. The best model is a mixture of the base methods. The authors’ hypothesis about the existence of significant interactions between feature variables is proved by the models. A simplified classification and visualisation is performed on the final model, which can support tariff applications later.

Price Discovery in precious metals market: A study of Gold

GIS Business ◽  
2018 ◽  
Vol 13 (6) ◽  
pp. 13-20
Author(s):  
Dr. Narender Kumar ◽  
Mrs. Sunita Arora
Keyword(s):  
Granger Causality ◽  
Price Discovery ◽  
Precious Metals ◽  
Futures Market ◽  
Study Data ◽  
Futures Prices ◽  
Causality Test ◽  
Commodity Exchange ◽  
Long Time

Gold is the oldest known precious metal on this earth and for a long time it has been used as a standard currency. The present study has been undertaken with an attempt to analyze whether Indian futures market is playing its role of price discovery in case of gold or not. For the purpose of study, data for spot and futures prices for a period of four and a half years starting from June 2005 to December 2009 has been collected from the website of Multi Commodity Exchange of India Limited, India’s largest commodity exchange in terms of value of trading on commodity exchanges in India. Data has been tested for statioanrity and was found non stationary. It was then transformed to make it stationary. On the basis of Johansen’s cointegration test, series of spot and futures prices were found cointgrated. Granger Causality test was applied on stationary data. The results of the study show that futures market in India is performing its role of price discovery in case of Gold. Keywords: Price Discovery, Commodity Market, Granger Causality, Cointegration.

Value Shop Configuration

2011 ◽  
pp. 1-9
Author(s):  
Petter Gottschalk
Keyword(s):  
Value Chain ◽  
Business Processes ◽  
Theory And Practice ◽  
Professional Service ◽  
Insurance Companies ◽  
Service Firms ◽  
Professional Service Firms ◽  
A Value ◽  
Long Time ◽  
The Way

To comprehend the value that information technology provides to organizations, we must first understand the way a particular organization conducts business and how information systems affect the performance of various component activities within the organization. Understanding how firms differ is a central challenge for both theory and practice of management. For a long time, Porter’s (1985) value chain was the only value configuration known to managers. Stabell and Fjeldstad (1998) have identified two alternative value configurations. A value shop schedules activities and applies resources in a fashion that is dimensioned and appropriate to the need’s of the client’s problem, while a value chain performs a fixed set of activities that enables it to produce a standard product in large numbers. Examples of value shops are professional service firms, as found in medicine, law, architecture and engineering. A value network links clients or customers who are or wish to be interdependent. Examples of value networks are telephone companies, retail banks and insurance companies. A value configuration describes how value is created in a company for its customers. A value configuration shows how the most important business processes function to create value for customers. A value configuration represents the way a particular organization conducts business.

Realistic reporting of life insurance company policy liabilities and profits: developments in Anglo-American countries

1994 ◽  
Vol 121 (2) ◽  
pp. 441-458 ◽  
Author(s):  
M. B. Adams ◽  
C. N. W. Scott
Keyword(s):  
Life Insurance ◽  
Point Of View ◽  
Insurance Companies ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Advantages And Disadvantages ◽  
Valuation Method ◽  
Company Policy ◽  
Long Time ◽  
Anglo American

AbstractThis paper examines international developments in life insurance generally accepted accounting practice (GAAP) for policy valuation and profit recognition in four major Anglo-American markets—the U.K., Australia, the U.S.A. and Canada. Each valuation method examined has its advantages and disadvantages with respect to the needs of preparers and users of the annual corporate reports of life insurance companies. The paper documents that the statutory basis and U.S. GAAP are considered to have substantive deficiencies. In contrast, the U.K. accruals method, the Australian margin on services method and Canadian GAAP have much to commend them, particularly with regard to their flexibility to accommodate valuation adjustments for unexpected events. Nevertheless, from the preparers' point of view, the systems which would have to be developed to facilitate the U.K. accruals and Australian margin on services methods would be difficult and costly to implement. Profit reporting under Canadian GAAP is also sensitive to changes in actuarial reserving assumptions. The authors conclude that, since national preferences in actuarial and accounting practices are inevitable and because the product-market structures of life insurance markets are so distinctive, international harmonisation of life office GAAP is unlikely to occur for a very long time.

scholarly journals UME KBUBU SEBAGAI WUJUD KEARIFAN LOKAL MASYARAKAT BOTI DALAM MENJAGA KETAHANAN PANGAN DAN BENCANA

2021 ◽  
Vol 4 (2) ◽  
Author(s):  
Iswanto Iswanto
Keyword(s):  
Food Security ◽  
Social Interaction ◽  
Qualitative Method ◽  
Phenomenological Approach ◽  
Research Data ◽  
Staple Food ◽  
Food Crisis ◽  
Cultural Aspects ◽  
Long Time ◽  
The Government

Local wisdom defined as the ability of a community to adapt to, organize, and manage the environment and culture that affects their lives. The research conducted in the Boti community of East Nusa Tenggara Province aims to describe and understand ume kbubu as a form of local wisdom of the Boti community in maintaining food security and protecting them from disasters. The method used in this study was a qualitative method with a phenomenological approach. The characteristics of this research data are classified as sensitive research data; therefore, it takes a long time to obtain. Observation and interviews were data collection techniques used in this research. The result indicated that the structure of ume kbubu shows the local wisdom of the Boti community in adapting to the environment and influencing the scattered settlement structures. In addition, the function and symbolization of ume kbubu are closely related to the local wisdom of the community in storing and managing staple food (corn), which is the strength of the Boti community in facing the food crisis. The settlement structure of the Boti community, supported by strict customary rules, becomes a barrier in social interaction that can protect the community from disasters, such as infectious diseases. The local wisdom of the Boti community is likely to be an input for the government to study various cultural aspects to deal with disasters.

Why companies succeed or fail: corporate cycles and firm function in tandem

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Panos Mourdoukoutas ◽  
Abraham Stefanidis
Keyword(s):  
Design Methodology ◽  
Equity Valuation ◽  
Social Functions ◽  
Wall Street ◽  
Content Type ◽  
Revenue Growth ◽  
Growth Decline ◽  
Long Time ◽  
Conceptual Study ◽  
Practical Implications

Purpose This paper aims to underscore the need for developing a model of corporate cycles, which can explain how corporations rise, decline and fall in the marketplace. Design/methodology/approach This is a conceptual study that draws on prior theoretical and empirical insights of the entrepreneurial, managerial and social functions of the firm to develop a model of corporate cycles. Findings Firms that pass the test of the market and live for a long time, undergo cycles, expansions and contractions, driven by successes and failures in the way they configure and execute their entrepreneurial, managerial and social, functions. Practical implications A model of corporate cycles can explain how momentum rises and falls on Wall Street. It can also help predict revenue growth, a key variable in equity valuation models. Originality/value The originality of this study stems from a constructive synthesis of different concepts and theories of the firm to explain firms’ growth, decline and fall in the marketplace.

Liquidity of China’s agricultural futures market: measurement and cross-market dependence

2022 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Yuanyuan Xu ◽  
Jian Li ◽  
Linjie Wang ◽  
Chongguang Li
Keyword(s):  
Futures Markets ◽  
Low Frequency ◽  
Futures Market ◽  
Market Liquidity ◽  
Contagion Effect ◽  
Short Term ◽  
Seminal Paper ◽  
Content Type ◽  
Agricultural Futures

PurposeThis paper aims to present the first empirical liquidity measurement of China’s agricultural futures markets and study time-varying liquidity dependence across markets.Design/methodology/approachBased on both high- and low-frequency trading data of soybean and corn, this paper evaluates short-term liquidity adjustment in Chinese agricultural futures market measured by liquidity benchmark and long-term liquidity development measured by liquidity proxies.FindingsBy constructing comparisons, the authors identify the seminal paper of Fong, Holden and Trzcinka (2017) as the best low-frequency liquidity proxy in China’s agricultural futures market and capture similar historical patterns of the liquidity in soybean and corn markets. The authors further employ Copula-generalized autoregressive conditional heteroskedasticity models to investigate liquidity dependence between soybean and corn futures markets. Results show that cross-market liquidity dependence tends to be dynamic and asymmetric (in upper versus lower tails). The liquidity dependence becomes stronger when these markets experience negative shocks than positive shocks, indicating a concern on the contagion effect of liquidity risk under negative financial situations.Originality/valueThe findings of this study provide useful information on the dynamic evolution of liquidity pattern and cross-market dependence of fastest-growing agricultural futures in the largest emerging economy.

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