The Causal Relationship between the S&P 500 and the VIX Index

Florian Auinger highlights the core weaknesses and sources of criticism regarding the VIX Index as an indicator for the future development of financial market volatility. Furthermore, it is proven that there is no statistically significant causal relationship between the VIX and the S&P 500. As a consequence, the forecastability is not given in both directions. Obviously, there must be at least…

Bomb Canada and Other Unkind Remarks in the American Media

Canada and the United States. Two nations, one border, same continent. Anti-American sentiment in Canada is well documented, but what have Americans had to say about their northern neighbour? Allan examines how the American media has portrayed Canada, from Confederation to Obama’s election. By examining major events that have tested bilateral relations, Bomb Canada tracks the history of anti-…

The Case of State Liability

In light of the 20th anniversary of the ruling in Francovich, Michael Haba analyzes the principle of Member State Liability, which provides a right to damages whenever EU law is breached by Member States. His research ascertains that the doctrine evolved through three stages before becoming the unified approach that it is today. The author emphasizes that the principle’s base lay at the outse…

The Carrier's Liability for Deck Cargo

The complexity of the problem stems from the way in which the deck has, over the years, gradually become a common place to stow cargo. When the Hague Rules were introduced in 1924, deck stowage was an absolute exception due to the great risks involved. As such, the topic must first be looked at in the context of the shipping realities in which the Hague Rules were drafted and then in terms of t…

The Art of Communication in a Polarized World

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Liability Rules in Patent Law: A Legal and Economic Analysis

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Alberta Oil and the Decline of Democracy in Canada

In probing the impact of Alberta’s powerful oil lobby on the health of democracy in the province, contributors to the volume engage with an ongoing discussion of the erosion of political liberalism in the West. In addition to examining energy policy and issues of government accountability in Alberta, they explore the ramifications of oil dependence in areas such as Aboriginal rights, environm…

Leveraging Social Capital in Systemic Education Reform

Much has been written of late about the need to reform school systems across the world. In like manner there have been many attempts to change school systems for the better but without a great deal of success. This, in part, has much to do with the inertia in school systems and the nature of the work. The professional isolation of teachers from one another in schools is no excuse but it is a ke…

ABCs of Human Survival A Paradigm for Global Citizenship

The ABCs of Human Survival examines the effect of militant nationalism and the lawlessness of powerful states on the well-being of individuals and local communities―and the essential role of global citizenship within that dynamic. Based on the analysis of world events, Dr. Arthur Clark presents militant nationalism as a pathological pattern of thinking that threatens our security, while empha…

Leveraged Exchange-Traded Funds: Price Dynamics and Options Valuation

This book provides an analysis, under both discrete-time and continuous-time frameworks, on the price dynamics of leveraged exchange-traded funds (LETFs), with emphasis on the roles of leverage ratio, realized volatility, investment horizon, and tracking errors. This study provides new insights on the risks associated with LETFs. It also leads to the discussion of new risk management concepts, …