“Options, Futures, and Other Derivatives”

Investment in the capital market never had any risk. The greater the risks level of an asset, the greater the risk of the asset, and vice versa. One of the risks is the fluctuated stock price movement. Derivatives instruments can be used to mitigate the risk of investment. One of the derivatives instruments traded in Indonesia is option contract. This study aimed to analyze the return on contract option using long straddle strategy and short straddle strategy with Black Scholes model. In addition, this study also compares which strategies are better between the two strategies. The sample in this research was determined by purposive sampling method to obtain 5 companies as a sample. Based on the results, long straddle strategy is the best strategy because the profits are unlimited and the loss is limited to call and put premium. For investors who want to invest in the derivatives market, in particular contracts option investors should look at the movement of stock prices. If the movement of stock increased or decreased drastically, then the best would be long straddle strategy. In addition, investors should choose an option contract with a validity period of 2 months because of the potential to provide greater profits.

The energy commodities market is inherently volatile, driven by geopolitical events, supply-demand imbalances, regulatory changes, and macroeconomic factors. This volatility poses significant challenges for traders, investors, and policymakers, necessitating advanced methodologies to stabilize trading outcomes and improve profitability. This study explores cutting-edge techniques for mitigating market fluctuations in energy commodities trading, focusing on algorithmic trading strategies, predictive analytics, risk management frameworks, and portfolio optimization models. One of the primary techniques discussed is algorithmic trading, where high-frequency trading (HFT) and machine learning-driven models enhance trade execution by capitalizing on micro-price fluctuations. These automated systems utilize historical and real-time data to identify patterns and execute trades with minimal latency, ensuring improved risk-adjusted returns. Predictive analytics, leveraging artificial intelligence (AI) and big data, further refines market forecasting by analyzing large datasets, including geopolitical developments, supply chain disruptions, and weather patterns. By incorporating neural networks and regression models, predictive analytics reduces uncertainty and enables proactive trading strategies. To mitigate risk exposure, robust hedging strategies are employed, utilizing futures contracts, options, and swaps to offset adverse price movements. These derivative instruments help traders lock in prices, ensuring more predictable revenue streams. Additionally, value-at-risk (VaR) modeling, stress testing, and Monte Carlo simulations provide comprehensive risk assessments, allowing traders to adjust their positions dynamically. Portfolio diversification, incorporating a mix of energy commodities such as crude oil, natural gas, and renewable energy credits, further minimizes market susceptibility. The implementation of blockchain technology enhances market transparency and efficiency by providing immutable transaction records and reducing counterparty risk. Furthermore, smart contracts automate trade settlements, reducing operational inefficiencies and ensuring compliance with regulatory frameworks. Real-time market monitoring systems, equipped with sentiment analysis, track global news and social media trends, offering traders critical insights to anticipate price swings. By integrating these advanced systems and processes, energy commodities trading firms can enhance market stability, optimize decision-making, and safeguard against extreme price volatility. The study underscores the importance of technology-driven innovations in achieving sustainable profitability in energy trading.

Since the introduction of financial derivatives markets in developed countries during the 1970s and 1980s, and the later development in emerging markets during the 1990s, there has been much interest over the last three decades towards the modeling and forecasting of the optimal hedge ratios (OHR) and alternative hedging strategies applied to the commodity and financial futures.1 It is now well known that derivatives markets perform useful functions of price discovery, hedging, speculation and risk-sharing (see Working, 1953; Johnson, 1960; Silber, 1985 and Fortune, 1989). Hedgers use these markets as a means to avoid the market risk associated with adverse price change in the related cash markets. Speculators take positions in derivative instruments in the hope that subsequent price movements will generate profits. Overall, investors are given the choice of altering their asset portfolios between cash and derivatives markets.

The aim of this study is to determine the effectiveness of using multiple choice tests in subjects related to the administration and business management. To this end we used a multiple-choice test with specific questions to verify the extent of knowledge gained and the confidence and trust in the answers. The tests were performed in a group of 200 students at the bachelor’s degree in Business Administration and Management. The analysis made have been implemented in one subject of the scope of investment analysis and measured the level of knowledge gained and the degree of trust and security in the responses at two different times of the course. The measurements have been taken into account different levels of difficulty in the questions asked and the time spent by students to complete the test. The results confirm that students are generally able to obtain more knowledge along the way and get increases in the degree of trust and confidence in the answers. It is confirmed as the difficulty level of the questions set a priori by the heads of the subjects are related to levels of security and confidence in the answers. It is estimated that the improvement in the skills learned is viewed favourably by businesses and are especially important for job placement of students.

The purpose of this paper is to determine the effectiveness of using multiple choice tests in subjects related to the administration and business management. To this end the authors used a multiple-choice test with specific questions to verify the extent of knowledge gained and the confidence and trust in the answers. The analysis made, conducted by tests given out to a group of 200 students, has been implemented in one subject related with investment analysis and has measured the level of knowledge gained and the degree of trust and security in the responses at two different times of the business administration and management course. Measurements were taken into account at different levels of difficulty in the questions asked and the time spent by students to complete the test. Results confirm that students are generally able to obtain more knowledge along the way and get increases in the degree of trust and confidence. It is estimated that improvement in skills learned is viewed favourably by businesses and are important for job placement. Finally, the authors proceed to analyze a multi-choice test using a combination of knowledge and confidence levels.

Technological developments in the digital era have made competition in the business world increasingly fierce. Companies are competing to find ways to increase productivity to be able to produce products of better quality and in large quantities and quickly by utilizing technology. One of the many technologies that can be utilized in companies is Enterprise Resource Planning (ERP). Many companies have implemented this ERP system to support the company's operational performance and productivity. Company operations in creating products have different levels of difficulty. Every company has business management in carrying out these operational activities, namely Supply Chain Management (SCM). Starting from procurement of raw materials to distribution of finished products, many are managed by SCM. In order to make SCM performance more effective and efficient, technology is needed in its management. The technology that can be used is ERP. It is hoped that the implementation of this ERP can help SCM operational performance become even more productive.

Learning outcomes The learning outcomes are as follows: to understand and examine the strategies that help platforms fight competition and manage networks; to analyse the role of platform governance in the management of the networks and partners’ trust; and to evaluate the strategic risks of disintermediation and multi-homing firms face while trying to sustain profits and capture value. Case overview/synopsis The case presents the dilemma faced by Deepinder Goyal, the young founder and CEO of Zomato in formulating the growth strategy for its food delivery platform, struggling to retain its market leadership position amid intensifying competition and other challenges during the COVID-19 pandemic. Zomato has become a public company with an IPO announced in mid of July 2021. Therefore, there is growing expectation for profitability among its shareholders and investors considering tailwinds of COVID-19 crisis, which have given the push towards adoption of food delivery among the customers. This has also resulted in increased competition in the industry. On other hand, there is growing dissatisfaction among its restaurant partners who have been hit hard by COVID-19 and struggling for survival. CEO Deepinder has to find how he will ensure the long-term growth for Zomato to tap the growing food delivery market in India and regain its restaurant partner’s trust. Complexity Academic Level The case is intended for post-graduate courses (MBA, PGDM) on digital business strategy or strategic management of technology-oriented businesses. The case can be used to understand the nature of competition and different strategies for platform-based businesses in the digital world. The case can also be used to study the role governance can play in efficient value creation and capture on the platform by the partner entities. Finally, the case also highlights how are platform businesses are coping with the Covid challenge. There are no specific prerequisites but knowledge on basic strategy concepts and platform business concepts will be good for better understanding. Level of difficulty is medium. Supplementary materials Teaching notes are available for educators only. Subject code CSS 11: Strategy.

Milk tea became so popular that numerous entrepreneurs tried to venture into this business. The Philippines is dubbed the second-most populous country in Southeast Asia regarding bubble tea users. Though the Philippines was dubbed as such, it was not until late 2019 that Pearl Milk Tea exploded its popularity in the country. It paved the way for the tea-enthusiast to venture into the business by experimenting with various creamers, flavors, and sweeteners. In Minglanilla, Cebu, Philippines, there is also a growing Milk tea shop on every corner of the street; however, before the boom reached a year, a pandemic halted every operation on every establishment. Through a phenomenological approach, the researchers of this study interviewed the owners and management of milk tea businesses in this new level of difficulty. The study's significant findings merged the theme scope, including Covid-19 Business Impact, Digital Marketing, Adapt Delivery Services, Safety and Security Protocols, and Menu Engineering. Furthermore, findings suggest that Covid-19 negatively impacted business establishments. Nevertheless, the management and entrepreneurs still push through and invest more in their business, with a clear perspective of success and execute modern alternatives that keep the business operating.

Learning outcomes After completion of the case study, the students would be able to identify and evaluate organizational culture as a critical element of organizational resilience and assess its fit to the business context, evaluate different elements of organizational resilience and their contribution to business adaptation and develop leadership approaches that help adapt and leverage organizational culture to foster individual, team and organizational resilience. Case overview/synopsis This teaching case covers topics of organizational leadership, including organizational culture and organizational resilience. This case study is appropriate for the postgraduate and executive education programmes. This case study covers the approach to organizational leadership and resilience of the OKKO, a Ukrainian retail petrol station network. The dilemmas considered by top managers of the company emerged in February–April 2022 amid the unfolding Russian invasion of Ukraine. The case study protagonists solved multiple business and organizational dilemmas to continue efficient business operations while allowing the organization to adapt to a complex and fast-changing environment. They leveraged a distinct corporate culture, strong employee engagement and established business processes and management practices to ensure the viability of the business. Complexity academic level This case study is appropriate for postgraduate and executive education programmes. The level of difficulty is light to medium. Recommended pre-requisites are understanding human resources management terminology and reviewing preparation materials. The case study is suitable for teaching courses in leadership, people management and organizational development that cover corporate culture, leadership and organizational resilience. Subject code CSS 6: Human resource management Supplementary materials Teaching notes are available for educators only.

Learning outcomes The learning outcomes are as follows: to identify and analyze the importance of operations management in a situation demanding minimizing environmental impact and maintaining operational momentum; access the risks faced during project executions and apply project management concepts to facilitate Karachi Steel in implementing indigenous technological solutions; and evaluate the importance of adaptability, continuous improvement and innovation in creating sustainable solutions to address complex challenges. Case overview/synopsis Javaid Iqbal, CEO of Karachi Steel, was the case’s protagonist. With capacity expansion, Javaid relocated the steel facility from Rawalpindi to Islamabad, Pakistan. The company encountered several difficulties because of the air emissions’ inconvenience to nearby residents and the strict environmental regulations. To push the emissions into the air, the company first installed a locally fabricated chimney. Later, they hired a foreign Pakistani engineering firm to install air filters, but the project proved unsuccessful. To control emissions, the company developed a Wet Particulate Control (WPC) system based on a water-sprinkling mechanism. The endeavor was successful, but it resulted in water pollution. As a result, Karachi Steel signed a contract with a local engineering company that invented and effectively installed an air filtration system. Karachi Steel not only devised solutions for their predicaments but also made significant contributions toward achieving the Sustainable Development Goals (SDGs). However, the emissions reporting and monitoring mechanism continued to cause inconvenience for regulators. In addition, the filtration facility encountered a blocked duct conveying zinc sulfate from smoke, resulting in the periodic suspension of operations. As Karachi Steel seek long-term solutions to current challenges, it is critical to examine the relationship between internal circumstances and external forces and stimulate a holistic approach to resolving issues within the realms of operations management and project management. Complexity academic level The case study is suitable for students pursuing their undergraduate degree programs in business studies or management sciences. This case can be taught in specific subjects in the domain of management sciences, including project management and operations management. Furthermore, undergraduate students pursuing degrees in environmental sciences, specializing in environmental impact assessment and sustainable development, can also learn from this case study. These subjects have the potential to provide students with a detailed understanding of the dynamic relationship between environmental problems caused by business activities, and how to address these challenges using principles of project management and operations management. There is no pre-requisite for this case study, and the level of difficulty is moderate. The recommended teaching pedagogy for this multidisciplinary case study includes role-playing exercises, simulations to replicate real-world situations and the Socratic method, which encourages critical thinking. Supplementary material Teaching notes are available for educators only. Subject code CSS 7: Management Science.

The situated learning is a teachingㆍlearning theory based upon the constructivism education philosophy currently appearing newly, which motivates students by providing actual problems in actual situation. And it is a teachingㆍlearning method not only to help students have obvious meaning and purpose of learning but also to heighten application ability in their actual life after learning. Therefore, if we use the situated learning theory for the business management education in which issues occurring actually in enterprises are treated, it will be helpful in the raise of interest level and the improvement of learning attitude and learning achievement. Accordingly, in this study, we tried to analyze the effects that teaching plan and application using the situated learning theory gives to business management education from the points of interest level in subjects, learning attitude and learning achievement. The results of this study may be summarized as followings. First, traditional teaching method focused on existing lectures gave negative effects to students' interest in subject and learning attitude due to rise in a level of difficulty according to the progress of class. However, the experimental group who were led classes by applying for teaching materials developed based upon situated learning theory showed interest level in the subject and learning attitude without change both before and after experiment. Second, the teaching method based upon situated learning theory was helpful for improvement of students' learning achievement compared to traditional teaching method focused on lectures. It is considered that these results gave positive effects to interest in subjects and learning attitude by maintaining interest in subjects and attitude up to the condition of the beginning of semester through providing the situations which may actually occur in enterprises and daily life cases and autonomous participation in class. Also, it is interpreted that students share information one another through autonomous participation and cooperative study so that it may reduce variation in academic results and improve academic results. However, for the situated learning theory to be more effective, it is necessary to exercise situated learning after explanation of basic concepts for easy understanding of situation or to use videos or visual materials. Moreover, it is important to seek actual situation corresponding to the subject of the lecture and to develop learning materials suitable to the lecture contents.

In the era of globalization, people around the world can have interaction for satisfying their goal in any aspect of life, such as business, politics, social and culture, education, etc. for that reason, the need of English proficiency as a global language becomes a priority. Therefore, it is compulsory for all students in formal education to learn it. In university level, students of the non-English department must study English with varied purposes, depending on their major, at least for two credits. Generally, it is taught to support the basic major or discipline. Consequently, the materials are designed based on their needs, especially later when they get jobs. For this reason, the material adapted is called ESP (English for Specific Purposes) which aims at preparing students to meet the demands of the workplace, i.e. the English skills. It should be more contextual, real life for now and the future. If the material is authentic and in accordance with the needs of learners, they will likely be ready to work as the demands of the employer. With these objectives, the English materials need to be adjusted to the needs of users (stakeholders) so that after graduating from universities, freshmen can directly work or create jobs according to their expertise. This research aims to describe students’ perception of English teaching materials for Management department. A survey was conducted to second-semester students of Management department of Universitas Muria Kudus. The result of the study reveals that the students have a positive perspective on the teaching materials of English for Management Business II. They think affirmatively that the materials have been selected properly in terms of material attraction, usefulness, authenticity, variety, level of difficulty, language skill proportion and the discussed topics. In other words, the materials are appropriate for satisfying Management department students’ need to prepare their future. The implication is the materials should be revised by adding more reading texts of Business English and providing more vocabulary tasks in the real context.

The aim of this article is to measure the evidence ofEnvironmental Management using the Item Response Theory, based on website analysis from Brazilian industrial companies. This is a qualitative, exploratory, and descriptive study related to an information collection and analysisinstrument. Primary data was gathered from 638 company websites from 10 different Brazilian sectors: (1) Agricultural Production, (2) Automotive, (3) Chemicals and Petrochemical, (4) Construction, (5) Energy, (6) Paper, (7) Steel and Metals, (8) Information Technology, (9) Miningand (10) Textile. There was the creation of 26 items approved by environmental specialists. The results were attained with the measuring of Environmental Management evidence via the Item.Response Theory, providing a clear order of the items involved based on each item’s level ofdifficulty, quality, and propriety. This permitted the measurement of each item’s quality andpropriety, as well as that of the respondents, placing them on the same analysis scale. Increasingthe number of items involved is suggested for future research in order to permit broadersector analysis. It would also be interesting to build a Computerized Adaptive Test (CAT) forthe respondent – the end of the questionnaire – get, immediately, the degree of environmentmanagement evidence of your company. As such, a greater reach of the instrument should beconsidered with the objective to contribute to business management.

This is a field-based disguised case which describes how a small family business deals with small business management, leadership, and subcontractor supervision. The problem for the owners is how to deal with their work foreman’s inability to manage the work of their subcontractors so that homes pass inspection and are built in a timely manner. The case has a difficulty level appropriate for a junior level course in small business, principles of management, or organizational behavior. The case is designed to be taught in one class period and is expected to require between three to six hours of outside student preparation.

This is a field-based disguised case that describes a family business decision to enter a market and the consequences of that decision. The primary issue presented in the case is: “What should the family do now?” This issue is one that is not unfamiliar to many small business managers and owners. The case has a difficulty level appropriate for a senior level course in small business management, entrepreneurship, strategic management, marketing, or strategic marketing and can be used to stimulate discussion in MBA classes as well.