By employing a continuous time stochastic volatility model, we analyse the dynamic relation between price returns and volatility changes in the commodity futures markets. We use an extensive daily database of gold and crude oil futures and futures options to estimate the model that is well suited to assess the returnvolatility relation for the entire term structure of futures prices. Our empirical results indicate a positive relation in the gold futures market and a negative relation in the crude oil futures market, especially over periods of high volatility principally driven by market-wide shocks. However, the opposite reaction occurs over quiet volatility periods when typically commodity-specific effects dominate. As leverage effect and volatility feedback effect do not adequately explain this reaction especially for the crude oil futures, we propose the convenience yield effect. We demonstrate that commodity futures markets in normal backwardation entail a positive relation, while futures markets in contango entail a negative relation.

/pdf/the-return-volatility-relation-in-commodity-futures-markets-zvehm2ural.pdf

The Return–Volatility Relation in Commodity Futures Markets

Purpose




Although the number of women working in management accounting has increased, the percentage of female executives in this area remains low. Previous studies examining the underrepresentation of women in accounting leadership positions have analyzed factors that hinder women from reaching these positions. The purpose of this paper, by contrast, is to identify factors that support the advancement of those female executives who have reached a leadership position. Further, this paper highlights the self-reported obstacles and difficulties faced by respondents in reaching their current positions.




Design/methodology/approach




Semi-structured interviews were conducted face-to-face with ten female executives in the management accounting departments of Austrian firms. The interview transcripts were analyzed by using the general inductive approach.




Findings




The results of the study show that most women classified their social skills and professional expertise as the key factors leading to their successful advancement; however, they also highlighted that ambition and luck played important roles. The authors found that support from both life partners and superiors was essential for these women in reaching their current positions and in handling difficulties when in a leadership position. Further difficulties include working time, work-life balance and motherhood.




Research limitations/implications




As the findings are based on interviews conducted with female Austrian executives in large (more than 250 employees) manufacturing- or service-sector firms, they are not readily generalizable.




Practical implications




This study identifies factors that may help prospective female management accounting executives reach leadership positions. Furthermore, less senior female management accountants may learn from this paper that women who have already reached leadership positions in management accounting may have had to cope with problems similar to those that younger and less senior female management accountants currently experience.




Originality/value




This paper is among the first to address gender in the field of management accounting.

Enabling factors that contribute to women reaching leadership positions in business organizations: The case of management accountants

By employing a continuous time stochastic volatility model, we analyse the dynamic relation between price returns and volatility changes in the commodity futures markets. We use an extensive daily database of gold and crude oil futures and futures options to estimate the model that is well suited to assess the return–volatility relation for the entire term structure of futures prices. Our empirical results indicate a positive relation in the gold futures market and a negative relation in the crude oil futures market, especially over periods of high volatility principally driven by market-wide shocks. However, the opposite reaction occurs over quiet volatility periods when typically commodity-specific effects dominate. As leverage effect and volatility feedback effect do not adequately explain this reaction especially for the crude oil futures, we propose the convenience yield effect. We demonstrate that commodity futures markets in normal backwardation entail a positive relation, while futures markets in contango entail a negative relation.

The Return-Volatility Relation in Commodity Futures Markets

By employing a continuous time stochastic volatility model, the dynamic relation between price returns and volatility changes in the commodity futures markets is analysed. An extensive daily database of gold and crude oil futures and futures options is used to estimate the model that is well suited to assess the return-volatility relation for the entire term structure of futures prices. The empirical results indicate a positive relation in the gold futures market and a negative relation in the crude oil futures market, especially over periods of high volatility principally driven by market-wide shocks. However, the opposite reaction occurs over quiet volatility periods when typically commodity-specific effects dominate. As leverage effect, volatility feedback effect and inventory effect do not adequately explain this reaction especially for the crude oil futures, the convenience yield effect is proposed. Accordingly, commodity futures markets in backwardation entail a positive relation, while futures markets in contango entail a negative relation.

/pdf/the-return-volatility-relation-in-commodity-futures-markets-aadfd1t3b7.pdf

Drawing from conservation of resources (COR) theory, this study investigates the relationship between employees' perceived career progress and their championing behavior and particularly how this relationship might be invigorated by two critical personal resources at the job (work meaningfulness) and employer (organizational identification) levels.,Quantitative data were collected from a survey administered to 245 employees in an organization that operates in the oil industry.,Beliefs about organizational support for career development are more likely to stimulate idea championing when employees find their job activities meaningful and strongly identify with the successes and failures of their employing organization.,This study offers organizations deeper insights into the personal circumstances in which positive career-related energy is more likely to be directed toward the active mobilization of support for novel ideas.,As a contribution to extant championing research, this research details how employees' perceived career progress spurs their relentless efforts to push novel ideas, based on their access to complementary personal resources.

/pdf/when-are-employees-idea-champions-when-they-achieve-progress-2rziwqmq5r.pdf

When are employees idea champions? When they achieve progress at, find meaning in, and identify with work

Recent volatility in crude oil prices has affected economies around the world, especially the US economy, which is the largest consumer of oil. This paper focuses on how shocks to volatility of crude oil prices may affect future oil prices. The paper uses daily crude oil price data for the past 10 years to test and model the oil price volatility by fitting different variations of GARCH including a univariate asymmetric GARCH model to the series. Tests show high persistence and asymmetric behavior in oil price volatility, and reveal that negative and positive news have a different impact on oil price volatility. These results will help interested observers better understanding of the energy markets and has important consequences for the overall economy.

/pdf/modeling-asymmetric-volatility-in-oil-prices-3rns8cdrn4.pdf

Modeling Asymmetric Volatility In Oil Prices

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Modeling Asymmetric Volatility In Oil Prices