Journal of Macroeconomics 25 (2003) 109–122 www.elsevier.com/locate/econbase Forward premiums and market efficiency: Panel unit-root evidence from the term structure of forward premiums John Barkoulas a‚b‚ Christopher F. Baum Atreya Chakraborty d a c c‚* ‚ Department of Economics‚ The University of Tennessee‚ Knoxville‚ TN 37996‚ USA b Athens Laboratory of Business Administration‚ Vouliagmeni‚ Greece Department of Economics‚ Boston College‚ 140 Commonwealth Avenue‚ Chestnut Hill‚ MA 02467-3806
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Vertical Integration in the Swiss Watch Making Industry: A Case Study of Rolex Most firms exist to maximize profits. In order to maximize profits‚ firms must either increase revenue by increasing demand or reduce cost by exploiting economies of scale and reaching the minimum efficient scale. The motivation towards cost reduction has given rise to large aggregate producers‚ firms who mass produce to sell to other firms in the market. In this report we will refer to these aggregators as “market firms”
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For Christianity and Psychology to be deemed compatible there has to be an integration between the two. Integration is defined as the combining of parts so that they work together or form a whole. The integration of Psychology and Christianity has four main models: the integration model‚ against model‚ of model and parallel model. The integration model which states all truth is God’s truth believes truth is unified and has one source. Therefore‚ truth of psychology cannot be deemed separate to truth
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The Great Leap Forward was a creative yet disastrous interruption in Chinese economic development. It is one of those "moments" in Chinese history that is the epitome of Mao Zedong’s willingness to experiment‚ as well as his political genius in seizing control of the forms of government out of the hands of his intellectual and political adversaries within the Communist Party of China. Given that more conservative leaders‚ such as Liu Shaoqi and Deng Xiaoping‚ were not in agreement with Mao on the
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In finance‚ a non-deliverable forward (NDF) is an outright forward or futures contract in which counterparties settle the difference between the contracted NDF price or rate and the prevailing spot price or rate on an agreed notional amount. It is used in various markets such as foreign exchange and commodities. NDFs are prevalent in some countries where forward FX trading has been banned by the government (usually as a means to prevent exchange rate volatility Market The NDF market is an over-the-counter
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Is Sensory Integration Therapy Beneficial? Is Sensory Integration Therapy Beneficial? "Imagine driving a car that isn ’t working well. When you step on the gas‚ the car sometimes lurches forward and sometimes does not respond. When you blow the horn‚ it sounds blaring. The brakes sometimes slow the car‚ but not always. The blinkers work occasionally‚ the steering is erratic‚ and the speedometer is inaccurate. You are engaged in a constant struggle to keep the car on the
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Paper The Great Leap Forward 4/18/13 Have you been worked so hard for something that was a failure all along? Civilians living in China in the 1930’s were worked to absolute death in an attempt to have an economy to rival American economies. This was lead by the dictator (so to say) at the time. He tried to have small groups of communities which had worker‚ farming‚ and cooking groups to better the economy because it used less materials and money. The Great Leap Forward was one of the world’s
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What is integration? What is integration? Thomas Gulledge George Mason University‚ Fairfax‚ Virginia‚ USA Abstract 5 Purpose – This paper aims to provide a clarification of the meaning of the term integration. Design/methodology/approach – A taxonomy of integration definitions derived from the academic and trade literature is developed‚ analyzed‚ and documented. Findings – Integration is a word that is commonly used when discussing enterprise applications. The term integration is inserted
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Spot Rate and Forward Rate Spot Rate: It is nothing more than the YTM on bond. It is the rate of interest on bond maturing at any time in the future. It is also known as geometric average of 1 year forward rates in the future. Hence‚ YTM on bonds can be calculated as: When forward rates are given then; oS1 = oF1 oS2 = [(1+of1)(1+1F2)](1/2) -1 oS3 = [(1+of1)(1+1F2)(1+2F3)](1/3) -1 and so on. Forward Rates: It is the interest rate established today ‚ that will be paid on money to
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Arts integration should be utilized in school systems today. Art integration involves learning through art while content is simultaneously incorporated alongside. In the education system today‚ new concepts and ideas are being implemented into classrooms where they are seen fit. Art is not a new or advanced idea‚ but complete classroom integration is somewhat new. The time‚ funding‚ and preparation often stray educators away from successful art integration‚ however it is achievable. There are numerous
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