Demand side response: patterns in Europe and future policy perspectives under capacity mechanisms

Demand Side Response (DSR) has been slow to emerge in European electricity markets. This paper aims to both examine the reasons for low levels of DSR in Europe and reflect on factors that might affect the participation of DSR in capacity mechanisms. It relies on available evidence from the literature, secondary data on existing DSR programmes and energy aggregator's data from industries participating in DSR. Findings show that changes to the duration of contracted loads under existing or new programmes might increase the penetration of DSR. The introduction of capacity mechanisms may increase DSR from demand turn down if longer response times were available.

A trading strategy based on the lead–lag relationship between the spot index and futures contract for the FTSE 100

This paper examines the lead–lag relationship between the FTSE 100 index and index futures price employing a number of time series models. Using 10-min observations from June 1996–1997, it is found that lagged changes in the futures price can help to predict changes in the spot price. The best forecasting model is of the error correction type, allowing for the theoretical difference between spot and futures prices according to the cost of carry relationship. This predictive ability is in turn utilised to derive a trading strategy which is tested under real-world conditions to search for systematic profitable trading opportunities. It is revealed that although the model forecasts produce significantly higher returns than a passive benchmark, the model was unable to outperform the benchmark after allowing for transaction costs.

An alternative approach to investigating lead-lag relationships between stock and stock index futures markets

In the absence of market frictions, the cost-of-carry model of stock index futures pricing predicts that returns on the underlying stock index and the associated stock index futures contract will be perfectly contemporaneously correlated. Evidence suggests, however, that this prediction is violated with clear evidence that the stock index futures market leads the stock market. It is argued that traditional tests, which assume that the underlying data generating process is constant, might be prone to overstate the lead-lag relationship. Using a new test for lead-lag relationships based on cross correlations and cross bicorrelations it is found that, contrary to results from using the traditional methodology, periods where the futures market leads the cash market are few and far between and when any lead-lag relationship is detected, it does not last long. Overall, the results are consistent with the prediction of the standard cost-of-carry model and market efficiency.

Tests of non-linearity using LIFFE futures transactions price data

This paper presents and implements a number of tests for non-linear dependence and a test for chaos using transactions prices on three LIFFE futures contracts: the Short Sterling interest rate contract, the Long Gilt government bond contract, and the FTSE 100 stock index futures contract. While previous studies of high frequency futures market data use only those transactions which involve a price change, we use all of the transaction prices on these contracts whether they involve a price change or not. Our results indicate irrefutable evidence of non-linearity in two of the three contracts, although we find no evidence of a chaotic process in any of the series. We are also able to provide some indications of the effect of the duration of the trading day on the degree of non-linearity of the underlying contract. The trading day for the Long Gilt contract was extended in August 1994, and prior to this date there is no evidence of any structure in the return series. However, after the extension of the trading day we do find evidence of a non-linear return structure.

Flood risk and climate change: global and regional perspectives

A holistic perspective on changing rainfall-driven flood risk is provided for the late 20th and early 21st centuries. Economic losses from floods have greatly increased, principally driven by the expanding exposure of assets at risk. It has not been possible to attribute rain-generated peak streamflow trends to anthropogenic climate change over the past several decades. Projected increases in the frequency and intensity of heavy rainfall, based on climate models, should contribute to increases in precipitation-generated local flooding (e.g. flash flooding and urban flooding). This article assesses the literature included in the IPCC SREX report and new literature published since, and includes an assessment of changes in flood risk in seven of the regions considered in the recent IPCC SREX report—Africa, Asia, Central and South America, Europe, North America, Oceania and Polar regions. Also considering newer publications, this article is consistent with the recent IPCC SREX assessment finding that the impacts of climate change on flood characteristics are highly sensitive to the detailed nature of those changes and that presently we have only low confidence1 in numerical projections of changes in flood magnitude or frequency resulting from climate change.

Do long-short speculators destabilize commodity futures markets?

This paper contributes to the debate on the effects of the financialization of commodity futures markets by studying the conditional volatility of long–short commodity portfolios and their conditional correlations with traditional assets (stocks and bonds). Using several groups of trading strategies that hedge fund managers are known to implement, we show that long–short speculators do not cause changes in the volatilities of the portfolios they hold or changes in the conditional correlations between these portfolios and traditional assets. Thus calls for increased regulation of commodity money managers are, at this stage, premature. Additionally, long–short speculators can take comfort in knowing that their trades do not alter the risk and diversification properties of their portfolios.

Theoretical perspectives of enterprise architecture

The number of published Enterprise Architecture (EA) research has increased during the last few years. As a discipline, EA is still young and lacking theoretical foundation. Lately some research trying to ground EA to theory has been published, including linkage to systems theory. Enterprise Architecture can be defined as; (i) a formal description of the current and future state(s) of an organisation, and (ii) a managed change between these states to meet organisation’s stakeholders’ goals and to create value to the organisation. Based on this definition, this conceptual paper tries to shed light to theoretical underpinnings of EA from three theoretical perspectives; EA as a communication media, EA as an activity, and EA as an information technology system. Our conclusions are that; (i) EA can be categorised as a communication media and theoretically underpinned by ontology and semiotics, (ii) EA can be explained and theoretically underpinned by Activity Theory, and (iii) EA can be categorised as an information technology system and theoretically underpinned by General Systems Theory and Technology Acceptance Theory.

Let's talk about sex(ism): cross-national perspectives on women partners’ narratives on equality and sexism at work in Germany and the UK

While the accounting academy has contributed in important ways to furthering our understanding of the relative absence of women in top positions in Professional Service Firms, in-depth empirical research that focuses specifically on sexism is rare, especially so from a cross-national perspective. Drawing on sixty interviews with women partners in public accountancy firms in Germany and the United Kingdom, this article examines how women partners talk about sexism and equal opportunities in the accountancy profession and considers how these narratives are patterned cross-nationally. Employing cultural theory, this study explores how elite women discursively relate to sexism and equal opportunities through their career histories and demonstrates the complex interrelation between the context in which these narratives are produced and the past and present positions of the respondents. Interestingly, it was the German respondents who drew on problematic notions of ‘choice’ and responsibility, where it was upon women to make a choice between their careers and home lives, while this decision-making process was not expected from men. This was in contrast to the accounts of the UK participants who, although also unveiling tensions in their talk, were more inclined to acknowledge continuing structural constraints.

The role of rules-based compliance systems in the new EU regulatory landscape: perspectives of institutional change

Purpose The research objective of this study is to understand how institutional changes to the EU regulatory landscape may affect corresponding institutionalized operational practices within financial organizations. Design/methodology/approach The study adopts an Investment Management System as its case and investigates different implementations of this system within eight financial organizations, predominantly focused on investment banking and asset management activities within capital markets. At the systems vendor site, senior systems consultants and client relationship managers were interviewed. Within the financial organizations, compliance, risk and systems experts were interviewed. Findings The study empirically tests modes of institutional change. Displacement and Layering were found to be the most prevalent modes. However, the study highlights how the outcomes of Displacement and Drift may be similar in effect as both modes may cause compliance gaps. The research highlights how changes in regulations may create gaps in systems and processes which, in the short term, need to be plugged by manual processes. Practical implications Vendors abilities to manage institutional change caused by Drift, Displacement, Layering and Conversion and their ability to efficiently and quickly translate institutional variables into structured systems has the power to ease the pain and cost of compliance as well as reducing the risk of breeches by reducing the need for interim manual systems. Originality/value The study makes a contribution by applying recent theoretical concepts of institutional change to the topic of regulatory change uses this analysis to provide insight into the effects of this new environment

Secondary school teachers' perspectives on teaching about topics that bridge science and religion

The question of where to locate teaching about the relationships between science and religion has produced a long-running debate. Currently, Science and Religious Education (RE) are statutory subjects in England and are taught in secondary schools by different teachers. This paper reports on an interview study in which 16 teachers gave their perceptions of their roles and responsibilities when teaching topics that bridge science and religion and the extent to which they collaborated with teachers in the other subject area. We found that in this sample, teachers reported very little collaboration between the curriculum areas. Although the science curriculum makes no mention of religion, all the science teachers said that their approaches to such topics were affected by their recognition that some pupils hold religious beliefs. All the RE teachers reported struggling to ensure students know of a range of views about how science and religion relate. The paper concludes with a discussion about implications for curriculum design and teacher training.

Oppida, agglomerations and suburbia: the bibracte environs and new perspectives on late Iron Age urbanism in central-eastern France

This paper explores the nature and chronology of La Tène and early Roman unenclosed agglomerations in central-eastern France. It has been prompted by the discovery of a c. 115 ha La Tène D2b/Augustan (c. 50 bc to ad 15) site close to Bibracte in the Morvan, located around the source of the River Yonne. This complex provides a new perspective on the chronology and role of Late La Tène and early Roman unenclosed settlements, adding further complexity to the story of the development of Late La Tène oppida. It indicates that these ‘agglomerations’ followed remarkably varied chronological trajectories, raising important issues concerning the nature of landscape and social change at the end of the Iron Age. Dieser Aufsatz untersucht den Charakter und die Datierung von latènezeitlichen und frührömischen offenen Siedlungen im östlichen Zentralfrankreich. Die Anregung dazu erfolgte durch die Entdeckung einer Latène D2b-zeitlichen bis augusteischen (ca. 50 v. Chr. – 15 n. Chr.) Anlage im Morvan bei Bibracte, die ca. 115 ha Fläche bedeckt und sich um die Quellen des Flusses Yonne erstreckt. Es wird vorgeschlagen, dass dieser Siedlungskomplex eine Ergänzung, aber auch einen Kontrast zu den üblichen Interpretationsmodellen von spätlatènezeitlichen und frührömischen, offenen Großsiedlungen und ihrer zeitlichen Entwicklung darstellt, und weiter zur Komplexität der Entwicklung spätlatènezeitlicher Oppida beiträgt. Es deutet sich an, dass einige der ‘Agglomerationen’ anderen Entwicklungslinien folgen, die wichtige Fragen zur Landschaftsgenese und zum sozialen Wandel am Ende der Eisenzeit aufwerfen. Cet article a pour but d'explorer la nature ainsi que la chronologie des agglomérations ouvertes apparaissant à La Tène Final et au début de la période gallo-romaine du Centre-Est de la France. Il fut inspiré et écrit suite à la découverte dans le Morvan d'un site de 115 ha datant de La Tène D2b et de la période Augustéenne (50 av. J.C. à 15 ap. J.C.) s'étirant autour des Sources de l'Yonne. Cette agglomération apporte de nouvelles perspectives sur la chronologie et sur le rôle des habitats ouverts à la fin de l'Âge du Fer ainsi qu'au début de l'époque gallo-romaine apportant des éléments amenés à renforcer le caractère complexe de l'histoire du développement des oppida à La Tène Final. Cette synthèse tend à démontrer que ces agglomérations suivaient des trajectoires chronologiques variées, élevant un certain nombre de questions, et donc des nouvelles problématiques, concernant la nature du paysage et du changement social à la fin de l'Âge du Fer.

Competing priorities: Singapore teachers’ perspectives on critical literacy

This paper explores a group of Singaporean English language teachers’ knowledge and beliefs about critical literacy as well as their perspectives on how best to teach literacy and critical literacy in Singapore schools. A face-to-face survey was conducted among 58 English language teachers by using open-ended questions. The survey covered various topics related to literacy instruction including text decoding, meaning construction, and critical analysis of texts. The participating teachers believed strongly that reading and writing are transactional and interactional practices. However, they were less certain in their beliefs about teaching critical literacy including the critical, analytical and evaluative aspects of text reading. Some teachers saw a conflict between using time on teaching critical literacy and preparing students to pass their exams. As critical literacy is not a requirement at exams, they found it difficult to justify using time teaching it. The results suggest that the teachers’ belief systems are strongly influenced by the broad macrostructure of the educational system in Singapore and their own educational experiences.