An empirical investigation of the EOE gold options market

On April 2, 1981, the European Option Exchange introduced the first organized exchange trading of options on spot gold. We study this new market for three months at its inception and in a parallel period a year later via various tests of rational boundary conditions. Additionally, we use call-put parity to infer implied risk free rates (IRFR's). Deviations of the IRFR's from the prevailing risk free rate permit the possibility of arbitrage through positions known as forward and reverse conversions. Our tests are modified to allow for transaction costs to more fully address the question of market efficiency.Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/25742/1/0000302.pd

On inferring standard deviations from path dependent options

Path dependent option prices are employed to derive implied standard deviations of the underlying security price process without recourse to numerical procedures. We empirically illustrate our methodology by inferring the volatility of gold prices.Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/25893/1/0000456.pd

Digitalized service multinationals and international business theory

Banalieva and Dhanaraj argue that digital service multinationals (DSMNCs) possess a new category of firm-specific advantage (FSA), the network advantage, and that, contrary to extant theory, they use networks as a mode of governance. I review the business models used by DSMNCs, compare them to non-digital ones, and explore what we can learn about them from extant IB theory. I conclude that network advantages are not a new category of FSAs, that networks are not a mode of governance, and that their use by DSMNCs is well explained by extant theory

Involking silvern voices in healthcare : transforming practice by engaging older adults in collaborative partnerships

Canada's population is aging. This growing trend will ultimately have an impact on nursing practice as older individuals continue to seek healthcare services. Nurses must be able to work in collaboration with the older population to provide quality care. This action research study explored participative healthcare from an older adult's perspective. This study revealed that older adults prefer to be active participants in their care. The major theme that emerged was true partnership. Three sub-themes that emerged were communication, respect, and trust. These three sub-themes work in unity to contribute to a healthcare experience that exemplifies true partnerships. This study proposes a definition of true partnership as being open to and inviting mutual communication in an atmosphere that encourages equity sharing of information contributing to respect and the development of trust that results in confident collaboration in care

EFEKTIVITAS PENGAWASAN UNIT KERJA ANTI FRAUD PADA BANK MUAMALAT INDONESIA

Perkembangan perbankan syari‟ah di Indonesia demikian pesat yang ditandai dengan berdirinya Bank Muamalat Indonesia. Perkembangan ini berimplikasi pada besarnya tantangan perbankan syari‟ah di Indonesia terutama dalam mempertahankan identitasnya sebagai perusahaan yang bergerak berlandaskan prinsip-prinsip syari‟ah. Sejak berdirinya perbankan syariah,berbagai kontroversi muncul dari masyarakat, masalah yang paling banyak disorot adalah pelekatan label syariah pada institusi keuangan Islam yang masih dianggap belum layak. Keraguan masyarakat tersebut seolah terjawab dengan munculnya kasus yang cukup menggemparkan yakni kasus fraud (tindak kecurangan) yang terjadi di lembaga syariah. Bank Muamalat Indonesia merupakan bank syari‟ah pertama yang muncul dengan gagasan bank murni syari‟ah. Akan tetapi, bank Muamalat Indonesia juga tak luput dari kasus fraud yang dilakukan oleh karyawan bank tersebut. Berdasarkan Laporan Tahunan BMI menyebutkan bahwa telah terjadi peningkatan kasus fraud dari tahun sebelumnya yang berjumlah 18 kasus menjadi 82 kasus pada tahun 2016. Padahal perusahaan yang menggunakan identitas syariah seharusnya dapat lebih meminimalisir bahkan meniadakan resiko terjadinya kasus fraud dengan adanya internal control perusahaan. Dari latar belakang tersebut, peneliti berusaha mendalami peran pengawasan Unit Kerja Anti Fraud dalam fraud preventive pada Bank Muamalat Indonesia. Penelitian ini merupakan penelitin pustaka yang bersifat deskriptif analisis dengan pendekatan kualitatif. Adapun sumber bahan hukum primer yang dipakai yaitu berdasarkan Laporan Tahunan Bank Muamalat Indonesia Tahun 2016. Sedangkan sumber bahan hukum sekunder berupa buku-buku, jurnal,karya ilmiah, artikel, terkait dengan strategi anti fraud perbankan syariah. Dari hasil penelitian dikemukakan bahwa peningkatan kasus fraud yang terjadi pada Bank Muamalat Indonesia disebabkan kurang efektifnya pengawasan Unit Kerja Anti Fraud. Hal ini dikarenakan kegiatan yang dilakukan selama tahun 2016 belum menujukkan adanya usaha preventif terhadap kasus fraud. Sedangkan pencegahan merupakan pilar penting dalam keefektivan sebuah pengawasan. Tujuan perusahaan dalam mencegah fraud dapat tercapai, jika fungsi pengawasan dilakukan sebelum terjadinya penyimpangan-penyimpangan sehingga lebih bersifat mencegah (prefentive control). Oleh karena itu, keefektivan pengawasan Unit Kerja Anti Fraud diharapkan dapat meminimalisir tindak kecurangan demi mewujudkan perusahaan yang patuh terhadap ketentuan syariah sesuai dengan identitas perusahaan. vii Usaha pencegahan terjadinya kasus pada Bank Muamalat Indonesia diharapkan dapat menjadi bukti terlaksananya tatakelola perusahaan (Good Corporate Governance) pada Bank Syari‟ah dengan baik. Hal ini berdasarkan dalam dalam perbankan syariah dikenal adanya prinsip-prinsip syariah yang mendukung bagi terlaksananya prinsip GCG yakni keharusan bagi subjek hukum termasuk bank untuk menerapkan prinsip kejujuran (shiddiq), edukasi kepada masyarakat (tabligh), kepercayaan (amanah), dan pengelolaan secara profesional (fathanah)

The surface chemistry of wheat gluten II. Measurements of surface viscoelasticity

The dependence of surface viscoelasticity of gluten films at the interface on the pH and the ionic strength of the substrate was studied by means of an oscillating needle surface torsion pendulum. Some experiments were carried out at the interface between oil and 10% sodium salicylate or 24% urea. Gluten was spread from dispersion in anhydrous chloroethanol containing 0.1 M hydrogen chloride. Film behavior showed a marked dependence on the pH and the ionic strength of the substrate. The highest viscoelasticity was observed around pH 7.5, which may be regarded as the surface isoelectric point of gluten when spread from chloroethanol. The decrease in viscoelasticity away from the isoelectric point was more pronounced on the acid side. The viscoelasticity, at the same area and pH, decreased with an increase in the ionic strength. Extrapolation of the regression of the reciprocal loss angles on area gave the area at which elasticity begins to appear as about 1.0 m^2/mg. This agrees well with the area of minimum compressibility as obtained from the π-A isotherms. The viscoelasticity of gluten films spontaneously increased with time after spreading while the interfacial pressure remained constant. This increase is believed to reflect intermolecular bond formation. Extrapolation of the regression of the rate constants K of the time increase of the surface viscosity on the area to zero K indicated that bonding begins to occur at about 1.54 m^2/mg. This is identical with the area of close-packing found from an extrapolation of the π-A curves to zero pressure. Urea had little effect but films spread under sodium salicylate showed hardly any viscoelasticity. These findings, together with the effect produced by a change in the pH of the substrate, point to an interplay between hydrogen bonds and ionic linkages