3 research outputs found
A transformational change framework for developing ecologically embedded manufacturing
No full textAbstract
Unless strategies are adopted to ensure materials remain in circulation within the economy, the manufacturing sector may be unable to support increasing demand from a growing global population. The purpose of this research is to present a framework for manufacturers to aid in the formulation of ecologically embedded strategy. The framework proposes five steps which integrate corporate, business, operations and sustainability strategy in a holistic manner with operations strategy informing business strategy. Qualitative comparative analysis is implemented to identify the causal characteristics of ecologically embedded products which are then used to select two cases for the application of process tracing (PT). Product case studies indicate a failure to communicate provenance, quality and lifecycle information to consumers, and hence, the slowing or closing of loops as part of a circular economy is not being effectively realised. PT confirms the feasibility of the framework for ecocentric strategy formulation in manufacturing. Manufacturers, policymakers and investors may use this framework to leverage the benefits of ecological embeddedness to enable continued growth and future-proofing
Speculation and Volatility Spillover in the Crude Oil and Agricultural Commodity Markets: A Bayesian Analysis
No full textThis paper assesses the roles of various factors influencing the volatility of crude oil prices and the possible linkage between this volatility and agricultural commodity markets. Stochastic volatility models are applied to weekly crude oil, corn and wheat futures prices from November 1998 to January 2009. Model parameters are estimated using Bayesian Markov chain Monte Carlo methods. The main results are as follows. Speculation, scalping, and petroleum inventories are found to be important in explaining oil price variation. Several properties of crude oil price dynamics are established including mean-reversion, a negative correlation between price and volatility, volatility clustering, and infrequent compound Poisson jumps. We find evidence of volatility spillover among crude oil, corn and wheat markets after the fall of 2006. This could be largely explained by tightened interdependence between these markets induced by ethanol production.Gibbs sampling, Merton jump, leverage effect, stochastic volatility, Demand and Price Analysis, Financial Economics, Resource /Energy Economics and Policy, G13, Q4,
