Time's Social Metaphors: An empirical research

The article addresses the analysis of time images furnished by a qualitative research made in Spain on the relations of working time and family/personal time. The analysis focuses on three widespread time metaphors used in day-to-day speeches by social agents. The first one is the metaphor of time as resource for action. Its value is equally economical, moral and political. Used in different context of action, it may mean something that can be either invested, donated generously to others, appropriated for caring for oneself, or spent without purpose with others. The second metaphor represents time as an external environment to which action must adapt. This metaphor shows many variants that represent time as a dynamic/static, repetitive/innovative, ordered/chaotic environment. In this external environment, the agents must resolve the problems of temporal embeddedness, hierarchy and synchronization of their actions. The third metaphor shows time as a horizon of action intentionality where the agents try to construct the meaning of their action and identity. Within this horizon the construction of a significant narrative connecting past and present experiences with future expectations is possible.

Volatility spillovers for spot, futures, and ETF prices in energy and agriculture

The agricultural and energy industries are closely related, both biologically and financially. The paper discusses the relationship and the interactions on price and volatility, with special focus on the covolatility spillover effects for these two industries. The interaction and covolatility spillovers or the delayed effect of a returns shock in one asset on the subsequent volatility or covolatility in another asset, between the energy and agricultural industries is the primary emphasis of the paper. Although there has already been significant research on biofuel and biofuel-related crops, much of the previous research has sought to find a relationship among commodity prices. Only a few published papers have been concerned with volatility spillovers. However, it must be emphasized that there have been numerous technical errors in the theoretical and empirical research, which needs to be corrected. The paper not only considers futures prices as a widely-used hedging instrument, but also takes an interesting new hedging instrument, ETF, into account. ETF is regarded as index futures when investors manage their portfolios, so it is possible to calculate an optimal dynamic hedging ratio. This is a very useful and interesting application for the estimation and testing of volatility spillovers. In the empirical analysis, multivariate conditional volatility diagonal BEKK models are estimated for comparing patterns of covolatility spillovers. The paper provides a new way of analyzing and describing the patterns of covolatility spillovers, which should be useful for the future empirical analysis of estimating and testing covolatility spillover effects.