Does data frequency matter for the impact of forward premium on spot exchange rate?

In this paper we take the forward premium and exchange rate literature forward by asking whether data frequency matters in that relationship. We use four frequencies of data, namely, quarterly, monthly, weekly and daily. We find that data frequencies matter both statistically and economically. More specifically, we document that investors prefer the forward premium model over a constant returns model in most countries when models are estimated using daily, weekly, and quarterly data, but not when using monthly data.

Ritual power : illuminating the blind spot of births, deaths and marriages in news media research

This article conceptualises the role and place of the newspaper births, deaths and marriages column in Western societies and its relationship to news media. It identifies the births, deaths and marriages notices as a ‘blind spot’ within journalism and media research generated by powerful cultural norms and conventions shaping the field. This is exemplified by the ‘mythical’ divide between political economy and culturalist approaches to media studies that has created a gap where people’s everyday practices or the social value of ‘commercial’ content tends to be overlooked in discussions about news media. Drawing more deeply from cultural studies and scholarship around media power and rituals, the births, deaths and marriages column provides a compelling unique illustration of the ways newspapers – especially at the local level – continue to be perceived as central to the social in this changing media world. A qualitative research project into the future of small commercial newspapers in Australia provides rich data for exploring these key ideas.

Addressing the curious black spot that is the separation between the principle of legality and sentencing

The principle of legality has evolved into a clear and entrenchedjurisprudential mechanism for protecting common law rights and freedoms. It operates as a shield to preserve the scope of application of fundamental rights and fre edoms. In recent years it has been increasingly applied by the courts to limit the scope of legislative provisions which potentially impinge on human rights and fundamental freedoms. Yet there is one domain where the principle of legality is conspicuously absent: sentencing. Ostensibly, this is paradoxical. Sentencing is the realm where the legalsystem operates in its most coercive manner against individuals. In thisarticle, we argue that logically the principle of legality has an importantrole in the sentencing system given the incursions by criminal sanctionsinto a number of basic rights, including the right to liberty, the freedom ofassociation and the deprivation of property. By way of illustration, we setout how the principle of legality should apply to the interpretation of keystatutory provisions. To this end, we argue that the objectives of generaldeterrence and specifi c deterrence should have less impact in sentencing. It is also suggested that judges should be more reluctant to send offenders with dependants to terms of imprisonment. Injecting the principle of legality into sentencing law and practice would result in the reduction in severity of a large number of sanctions, thereby reducing the frequency and extent to which the fundamental rights of offenders are violated. The methodology set out in this article can be applied to alter the operation of a number of legislative sentencing objectives and rules.

Explaining commodity prices through asymmetric oil shocks: evidence from nonlinear models

Linkages between oil and 25 other commodity prices are examined using annual data for 1900 to 2011. We identify long-run relationships using both linear and nonlinear ARDL models and capture short-run causalities through asymmetric Granger causality tests. Nonlinearity can't be rejected for the relationship between oil and most other commodity prices. Long-run positive impacts of oil price increases are found for 20 commodities and short-run negative impacts for 13 commodity prices. Oil prices don't have much impact on beverage or cereal prices once endogeneity is accounted for, but they have substantial impact on metal prices.

When the private becomes public: commodity activism, endorsement, and making meaning in a privatised world

The divide between the public realm and the private realm is a both a moveable and permeable boundary. One of the reasons for this fluidity as to what constitutes these two realms is driven by different political postures. From a neoliberal position, the private—be that private industry, the individual self, the engines of the economy—is better able to produce the Benthamite characterisation of happiness for the greatest number. In contrast, from a socialist to social democratic position, an expanded public disbursement of commonwealth is seen to produce a more equitable, just, and ultimately happy society. Somewhere between these two extremes is a regulated marketplace which more or less describes the organisation of most Western polities.This paper investigates a relatively new form of public activism that, in a sense, emerges from a cultural condition of the ascendancy of the privatisation of politics and culture. Commodity activism, as it is now called by researchers, begins with a politics of the marketplace and turns it into a normative position or posture related to the public sphere. This kind of politics has emerged from consumer movements that have a long history of turning the private into the domain of the public through boycotts, forms of usually negative publicity, and an active engagement of appropriating the key identity of “privatisation,” which is that of the consumer, and re-politicising it into something akin to a form of active citizen. The paper is a study of this changing of the private into the public and how this process relies on the concept of endorsement—particularly high-profile celebrity figures who have gained their power as individuals in this privatised space and now use that form of power for other purposes—in order to gain attention and circulation in this now privatised public sphere.

Intraday return predictability, portfolio maximisation, and hedging

We examine whether intraday Chinese return predictability is linked to optimal portfolio holding and hedging. We find that: (1) S&P500 futures returns only predict Chinese spot market returns in up to 5-minute of trading with predictability disappearing at higher frequencies of trade; (2) the portfolio weight is maximised at the 5-minute trading frequency, when predictability is the strongest; and (3) when predictability is the strongest, significantly less shorting of the futures is required to minimise risk when a long position is taken in the Chinese market.