The Black Scholes Call Option Pricing Model and the Australian Options Market: Where Are We After 15 Years

The Black Scholes model has not been tested in Australia for about 10 years implying tests previously carried out used data from a developing options market. This study carries out cross sectional tests of the model using the most recent data available. The conclusion, unlike earlier studies, is that the Black-Scholes model cannot be rejected, and thus that the market is efficiently pricing options in an unbiased manner (in a Black Scholes sense), or alternately, that the model is capable of effectively pricing options. A unique time series analysis of mispricing is also carried out in order to determine whether this can be attributed to a \u27market learning effect\u27 over time. There is some evidence of such an effect. The tests differ from those of previous studies in a number of ways. One of the major limitations of past studies is overcome as the tests do not depend on historical measures of volatility. Special care is taken to exclude possible misleading observations occurring from non-synchronous share/option prices. The effects of dividends and the possibility of early exercise are dealt with by exclusion. Controls are also used to limit the possibility of incompatible risk free interest rate proxies having a confounding effect on results

Lactose to Naturalize Textile Dyes

Many natural dyes, for example carminic acid, are soluble in water. We present a simple strategy to naturalize synthetic azadyes through their linkage with lactose to induce their water solubility. The dyeing process of textile fibres then becomes possible in water without additives such as surfactants and mordants, which result in products that are difficult to eliminate. Glyco-azadyes (GADs) we are presenting here are obtained through a diether linker to bond the azadye and the sugar. Tinctorial test were carried out with fabrics containing wool, polyester, cotton, nylon, and acetate. GADs were found to be multipurpose and capable of dyeing many fabrics efficiently under mild conditions

Sales Teams Or Salespersons: Performance Implications For Embracing Individualistic And Collectivistic Cultural Values In A Global Marketplace

Identifying antecedents of salesperson performance is a long-standing objective in the sales management research field. The purpose of this article is to outline how the practical understanding of, and the willingness to embrace, sales employees\u27 cultural value-systems adds value while considering performance drivers, individualistic versus collectivistic values, and performance outcomes. The cultural dimensions under consideration, individualism and collectivism, cannot be approached as a dichotomy. As is the case for all cultural dimensions, they represent a continuum and not absolutes. In this study, the work preferences and predispositions of participants were compared using an international data set. Respondents were culturally classified based on research (i.e., Americans and Australians as individualists and Japanese and South Koreans as collectivists). Specifically, it was found that individualists were less attached to their current work situation; collectivists indicated less work/family conflict; and individualists valued independent work more while collectivists valued deciding work time. This is important because of the need to understand how to effectively connect with the values of people to encourage positive performance outcomes. The reality is that value holds differing degrees of emphasis; the performance formula is the theoretical framework to guide this research. The implications of the results for sales management professionals are discussed. © 2014 International Society for Performance Improvement

“Naturalization” of textile disperse dyes through glycoconjugation: the case of a bis(2-hydroxyethyl) group containing azo dye

A family of five strictly related glycoconjugated azo dyes (GADs), characterized by the presence of the same chromophore and a variable number (1→4) of deprotected hexose units, has been prepared by employing succinate bridges for connecting the azo dye and the sugar portions. The modulation of the hydrophilic portion determines the appreciable changes in the water solubility of GADs. In all the cases, however, hydrophobic fibres (polyester) were homogeneously dyed with GADs at temperatures lower than that used for original azo dyes, at atmospheric pressure, and avoiding the use of surfactants. Furthermore, GADs show an interesting multipurpose character leading to dyeing well also the natural fibres as, for instance, wool. The presence of a variable number of hexose units in the different GADs determines some changes in the colour intensity of dyed fabrics, but in all the cases an appreciable rubbing and water fastness were maintained

ASYMMETRIC INFORMATION IMPACTS: EVIDENCE FROM THE AUSTRALIAN TREASURY-BOND FUTURES MARKET

The effect of information flows on the return volatility of Australian 3-year Treasury bond futures is examined using linear and non-linear GARCH models. Results show significant asymmetric information effects, where bad news has a greater impact on volatility than good news and a non-linear Threshold ARCH(1,1) in mean model provides the most accurate estimation of return volatility. Diagnostic tests confirm this finding and out of sample forecasting error statistics verify that the Threshold ARCH(1,1) in mean model yields the lowest forecasting error. The Threshold ARCH(1,1)-M model is best at capturing the asymmetric information impact on the Australian three-year T-Bond futures return volatility. Copyright 2007 The Authors Journal compilation 2007 Blackwell Publishing Ltd