Op Shop Series

This series of works by the Melbourne collaborative group, Bozo Ink, in undermines the art gallery’s system of exchange and representation. They make the observation that as a site that supposedly reflects and critiques contemporary cultures, histories and practices, the gallery is merely a space of exhibition. Like many contemporary artists, and the critics and academics who assess their work, they are aware of the inherent paradox of exhibiting a work critical of commodity culture since we enter into a process of consumption that actually magnifies commodity culture when we place work in a gallery context. Bozo Ink’s project, The Op-Shop Series, offers a critique of consumptive practices in the art gallery and looks to entwine art, everyday practices and resistance strategies. They do this to test the potential of the gallery as a site for resistance, and to reconsider its function in the age of “consumption and spectacular exhibition” (Agamben 2007, 82). In linking the counter-practices of profanation (Agamben 2007) with the Situationist strategy of détournement (Debord 1994; Wark 2013) they hope to recast the art object as one without currency in the gallery. They propose that it is possible for the art object to unsettle both the image and the system of exchange within which it operates.

Price risk management in the copper market using commodity derivatives and options strategies

Metals price risk management is a key issue related to financial risk in metal markets because of uncertainty of commodity price fluctuation, exchange rate, interest rate changes and huge price risk either to metals’ producers or consumers. Thus, it has been taken into account by all participants in metal markets including metals’ producers, consumers, merchants, banks, investment funds, speculators, traders and so on. Managing price risk provides stable income for both metals’ producers and consumers, so it increases the chance that a firm will invest in attractive projects. The purpose of this research is to evaluate risk management strategies in the copper market. The main tools and strategies of price risk management are hedging and other derivatives such as futures contracts, swaps and options contracts. Hedging is a transaction designed to reduce or eliminate price risk. Derivatives are financial instruments, whose returns are derived from other financial instruments and they are commonly used for managing financial risks. Although derivatives have been around in some form for centuries, their growth has accelerated rapidly during the last 20 years. Nowadays, they are widely used by financial institutions, corporations, professional investors, and individuals. This project is focused on the over-the-counter (OTC) market and its products such as exotic options, particularly Asian options. The first part of the project is a description of basic derivatives and risk management strategies. In addition, this part discusses basic concepts of spot and futures (forward) markets, benefits and costs of risk management and risks and rewards of positions in the derivative markets. The second part considers valuations of commodity derivatives. In this part, the options pricing model DerivaGem is applied to Asian call and put options on London Metal Exchange (LME) copper because it is important to understand how Asian options are valued and to compare theoretical values of the options with their market observed values. Predicting future trends of copper prices is important and would be essential to manage market price risk successfully. Therefore, the third part is a discussion about econometric commodity models. Based on this literature review, the fourth part of the project reports the construction and testing of an econometric model designed to forecast the monthly average price of copper on the LME. More specifically, this part aims at showing how LME copper prices can be explained by means of a simultaneous equation structural model (two-stage least squares regression) connecting supply and demand variables. A simultaneous econometric model for the copper industry is built: {█(Q_t^D=e^((-5.0485))∙P_((t-1))^((-0.1868) )∙〖GDP〗_t^((1.7151) )∙e^((0.0158)∙〖IP〗_t ) @Q_t^S=e^((-3.0785))∙P_((t-1))^((0.5960))∙T_t^((0.1408))∙P_(OIL(t))^((-0.1559))∙〖USDI〗_t^((1.2432))∙〖LIBOR〗_((t-6))^((-0.0561))@Q_t^D=Q_t^S )┤ P_((t-1))^CU=e^((-2.5165))∙〖GDP〗_t^((2.1910))∙e^((0.0202)∙〖IP〗_t )∙T_t^((-0.1799))∙P_(OIL(t))^((0.1991))∙〖USDI〗_t^((-1.5881))∙〖LIBOR〗_((t-6))^((0.0717) Where, Q_t^D and Q_t^Sare world demand for and supply of copper at time t respectively. P(t-1) is the lagged price of copper, which is the focus of the analysis in this part. GDPt is world gross domestic product at time t, which represents aggregate economic activity. In addition, industrial production should be considered here, so the global industrial production growth that is noted as IPt is included in the model. Tt is the time variable, which is a useful proxy for technological change. A proxy variable for the cost of energy in producing copper is the price of oil at time t, which is noted as POIL(t ) . USDIt is the U.S. dollar index variable at time t, which is an important variable for explaining the copper supply and copper prices. At last, LIBOR(t-6) is the 6-month lagged 1-year London Inter bank offering rate of interest. Although, the model can be applicable for different base metals' industries, the omitted exogenous variables such as the price of substitute or a combined variable related to the price of substitutes have not been considered in this study. Based on this econometric model and using a Monte-Carlo simulation analysis, the probabilities that the monthly average copper prices in 2006 and 2007 will be greater than specific strike price of an option are defined. The final part evaluates risk management strategies including options strategies, metal swaps and simple options in relation to the simulation results. The basic options strategies such as bull spreads, bear spreads and butterfly spreads, which are created by using both call and put options in 2006 and 2007 are evaluated. Consequently, each risk management strategy in 2006 and 2007 is analyzed based on the day of data and the price prediction model. As a result, applications stemming from this project include valuing Asian options, developing a copper price prediction model, forecasting and planning, and decision making for price risk management in the copper market.

Commodity taxation and parallel imports

We examine the interaction between commodity taxes and parallel imports in a two-country model with imperfect competition. While governments determine non-cooperatively their commodity tax rate, the volume of parallel imports is determined endogenously by the retailing sector. We compare the positive and normative implications of having commodity taxes based on destination or origin principle. We show that, as the volume of parallel imports increases, non-cooperative origin taxes converge, while destination taxes diverge. Moreover, origin taxes are more similar and lead to higher aggregate welfare levels than destination taxes.

Spin state and exchange in the quasi-one-dimensional antiferromagnet KFeS2

We report the optical spectra and single crystal magnetic susceptibility of the one-dimensional antiferromagnet KFeS2. Measurements have been carried out to ascertain the spin state of Fe3+ and the nature of the magnetic interactions in this compound. The optical spectra and magnetic susceptibility could be consistently interpreted using a S = 1/2 spin ground state for the Fe3+ ion. The features in the optical spectra have been assigned to transitions within the d-electron manifold of the Fe3+ ion, and analysed in the strong field limit of the ligand field theory. The high temperature isotropic magnetic susceptibility is typical of a low-dimensional system and exhibits a broad maximum at similar to 565 K. The susceptibility shows a well defined transition to a three dimensionally ordered antiferromagnetic state at T-N = 250 K. The intra and interchain exchange constants, J and J', have been evaluated from the experimental susceptibilities using the relationship between these quantities, and chi(max), T-max, and T-N for a spin 1/2 one-dimensional chain. The values are J = -440.71 K, and J' = 53.94 K. Using these values of J and J', the susceptibility of a spin 1/2 Heisenberg chain was calculated. A non-interacting spin wave model was used below T-N. The susceptibility in the paramagnetic region was calculated from the theoretical curves for an infinite S = 1/2 chain. The calculated susceptibility compares well with the experimental data of KFeS2. Further support for a one-dimensional spin 1/2 model comes from the fact that the calculated perpendicular susceptibility at 0K (2.75 x 10(-4) emu/mol) evaluated considering the zero point reduction in magnetization from spin wave theory is close to the projected value (2.7 x 10(-4) emu/mol) obtained from the experimental data.

Investigation on non-exchange spring behaviour and exchange spring behaviour: A first order reversal curve analysis

The First Order Reversal Curve (FORC) method has been utilised to understand the magnetization reversal and the extent of the irreversible magnetization of the soft CoFe2O4-hard SrFe12O19 nanocomposite in the nonexchange spring and the exchange spring regime. The single peak switching behaviour in the FORC distribution of the exchange spring composite confirms the coherent reversal of the soft and hard phases. The onset of the nucleation field and the magnetization reversal by domain wall movement are also evident from the FORC measurements. (C) 2013 AIP Publishing LLC.

Vertical transport and exchange of materials in the upper waters of the oceans (VERTEX): introduction to the program, hydrographic conditions and major component fluxes during VERTEX I

This paper introduces VERTEX, a multi-disciplinary research program dealing with various aspects of particle transport in the upper, high-energy layers (0-2000 m) of the ocean. Background information is presented on hydrography, biological composition of trapped particulates, and major component fluxes observed on a cruise off central California (VERTEX I). Organic C fluxes measured with two trap systems are compared with several other estimates taken from the literature. The intent of this overview paper is to provide a common setting in an economical manner, and avoid undue repetition of background and ancillary information in subsequent publications. (PDF is 43 pages).

Magnetization reversal and exchange bias effects in hard/soft ferromagnetic bilayers with orthogonal anisotropies

21 p.

Global commodity chains and the development of poor fisherfolk in Uganda

The Ugandan fishery, heavily influenced by the emergence of global markets, is extremely dynamic. In recent years a major export trade, principally in Nile perch fillets from Lake Victoria, has expanded markedly. The growth of this factory based processing industry has had a marked impact on the pre-existing artisanal fishery, which has become increasingly dependent on supplying the export market instead of its traditional local small-scale markets. The industrial fishery developed as a response to the liberalisation of the management of the Ugandan economy and the consequent opening up of the export markets in North America and Europe. The emergence of the export industry has resulted in the creation of a dual structure in the fisheries sector, with the Nile perch catching and processing chain operating to European standards, whilst the artisanal sub-sector still utilises traditional methods. This dual structure is a potential source of disadvantage to the artisanal fishery which has command over fewer financial assets than the export fishery.