Are Corn and Soybean Options Too Expensive?

A growing body of recent evidence suggests that premiums for financial options might be too high. For agricultural options, market participants often make similar claims, however there is very limited scientific literature to prove or disprove such claims. This research investigates the efficiency of corn and soybean options markets by directly computing trading returns. Time effects on market efficiency are also investigated. When the sample period is considered as a whole, risk adjusted returns indicate that no profits can be made by taking either side of the corn or soybean options markets. However, when time effects are analyzed, corn calls appear to have provided excess returns during the 1998--2005 period. This result do not appear to be driven by movements in the underlying futures, since similar differences were not found for corn puts. Based on the evidence presented here, corn puts and soybean options would constitute fairly-well priced insurance tools. Further research should investigate the causes of corn call returns.corn, soybeans, options markets, mispricing, trading returns, market efficiency, Crop Production/Industries, Marketing,

Has the Performance of the Hog Options Market Changed?

The hog option contract has served as a risk management tool for the pork industry for more than 20 years. However, very limited information exists about how this market behaves and how it was affected by the contract redesign of 1996. This paper evaluates the efficiency of hog options markets comparing its pricing function during the live hog contract period to the lean hog contract period. Trading returns are computed and adjusted for risk using the Sharpe ratio and the Capital Asset Pricing Model. When the whole sample period is analyzed, results indicate that no profits can be made by taking either side of the hog options markets. However, analyzing the live and the lean hog contracts separately, some evidence suggest that opportunities for speculative profits existed during the live hog contract period. These conclusions are not driven by the extreme price movements in the futures price occurred during late 1998. Further research should investigate whether general futures price movements are responsible for these large returns.Marketing,

A comparison of methods to evaluate energy expenditure of incubating wandering albatrosses

Measurements of incubation energetics can vary depending on the method used to measure metabolism of an incubating bird. Therefore, we evaluated the energy expenditure of six male and four female wandering albatrosses (Diomedea exulans Linnaeus) using doubly labeled water (DLW), the rate of mass loss, and estimates of metabolic water production derived from water influx rate (WIR). Incubation metabolic rates (IMR) determined with DLW ( 169 ± 21 kJ kg d SD) were significantly lower than estimates derived from mass loss ( 277 ± 46kJ kg d SD) and WIR ( males=289 ± 60 kJ kg d vs. females = 400 ± 69 kJ kg d SD). Estimates of IMR from f WIR were similar to IMR (305 ± 39 kJ kg d SD) determined by respirometry in a previous study, and IMR from DLW was similar to estimates based on heart rate (HR; 147 ± 26 kJ d SD) determined in another study. Ap- 147 26 plying the different measurements of IMR to construct an en-ergy budget, we estimate that a breeding pair of wandering albatrosses spends 124--234 MJ to incubate the egg for 78 d. Finally, IMRs determined with DLW and HR were similar

Systematics of black hole binary inspiral kicks and the slowness approximation

During the inspiral and merger of black holes, the interaction of gravitational wave multipoles carries linear momentum away, thereby providing an astrophysically important recoil, or "kick" to the system and to the final black hole remnant. It has been found that linear momentum during the last stage (quasinormal ringing) of the collapse tends to provide an "antikick" that in some cases cancels almost all the kick from the earlier (quasicircular inspiral) emission. We show here that this cancellation is not due to peculiarities of gravitational waves, black holes, or interacting multipoles, but simply to the fact that the rotating flux of momentum changes its intensity slowly. We show furthermore that an understanding of the systematics of the emission allows good estimates of the net kick for numerical simulations started at fairly late times, and is useful for understanding qualitatively what kinds of systems provide large and small net kicks.Comment: 15 pages, 6 figures, 2 table

Black hole binary inspiral and trajectory dominance

Gravitational waves emitted during the inspiral, plunge and merger of a black hole binary carry linear momentum. This results in an astrophysically important recoil to the final merged black hole, a ``kick'' that can eject it from the nucleus of a galaxy. In a previous paper we showed that the puzzling partial cancellation of an early kick by a late antikick, and the dependence of the cancellation on black hole spin, can be understood from the phenomenology of the linear momentum waveforms. Here we connect that phenomenology to its underlying cause, the spin-dependence of the inspiral trajectories. This insight suggests that the details of plunge can be understood more broadly with a focus on inspiral trajectories.Comment: 15 pages, 12 figure

Molecular cloning and characterization of a new member of the gap junction gene family, connexin-31

A new member of the connexin gene family has been identified and designated rat connexin-31 (Cx31) based on its predicted molecular mass of 30,960 daltons. Cx31 is 270 amino acids long and is coded for by a single copy gene. It is expressed as a 1.7-kilobase mRNA that is detected in placenta, Harderian gland, skin, and eye. Cx31 is highly conserved and can be detected in species as distantly related to rat as Xenopus laevis. It exhibits extensive sequence similarity to the previously identified connexins, 58, 50, and 40% amino acid identity to Cx26, Cx32, and Cx43, respectively. When conservation of predicted phosphorylation sites is used to adjust the alignment of Cx31 to other connexins, a unique alignment of three predicted protein kinase C phosphorylation sites near the carboxyl terminus of Cx31 with three sites at the carboxyl terminus of Cx43 is revealed

Current Approaches to HR Strategies: Inside-Out vs. Outside-In

In an effort to determine the best practices with regard to Human Resource (HR) strategies, we conducted interviews with HR executives knowledgeable about their HR strategies from 20 companies, and gathered archival materials such as the HR strategy documents from 9 of the companies. We found that the content, process, and evaluation of the HR strategies can each be classified as focusing primarily on the HR function, the people of the firm, or the business. We provide some examples of ways that firms can move from an HR focused to a business-focused HR strategy