Odilon José de Oliveira Neto and Fabio Gallo Garcia
This paper investigates the efficiency of the futures market for Brazilian live cattle to predict prices in the spot market of Argentinian steers. The lack of derivatives related…
Abstract
Purpose
This paper investigates the efficiency of the futures market for Brazilian live cattle to predict prices in the spot market of Argentinian steers. The lack of derivatives related to the beef market in the futures exchange in Argentina was the main factor behind the decision to analyse the efficiency of the Brazilian live cattle futures as a predictor of spot prices of Argentinian steers.
Design/methodology/approach
We opted to employ the efficient markets hypothesis to approach the question. The hypothesis that futures prices are non‐biased predictors of spot prices is considered to be a true proposition only if the efficient markets hypothesis is not rejected. In methodological terms, the efficiency of the futures market for Brazilian live cattle relative to the spot market of Argentinian steers was verified using the Johansen co‐integration test. A vector error correction model – which enables verification of the question of bias in the prediction of prices, was used to estimate the long‐term equilibrium between spot and futures prices.
Findings/originality/value
The results provided no evidence of bias in the prediction of prices and found the predictive efficiency of the Brazilian live cattle futures market relative to the spot market of Argentinians steers to be approximately 80 per cent. Thus, the future prices of Brazilian live cattle can expressly assist participants in the Argentinian beef production chain to predict the spot prices of steers.
Purpose
Esse trabalho verifica a eficiência do mercado futuro do boi gordo brasileiro em relação ao mercado a vista dos novilhos argentinos. A ausência de derivativos relacionados ao mercado da carne bovina em bolsa de futuros na Argentina foi o principal aspecto motivador da análise da eficiência do mercado futuro do boi gordo brasileiro como preditordos preços a vista dos novilhos argentinos.
Design/methodology/approach
Assim sendo, optou‐se por uma abordagem à luz da teoria da hipótese dos mercados eficientes. A hipótese de que os preços futuros são preditores não viesados dos preços a vista é tida como uma proposição verdadeira somente se a hipótese de eficiência de mercado não for rejeitada. No contexto metodológico, a eficiência do mercado futuro do boi gordo brasileiro em relação ao mercado a vista dos novilhos argentinos foi verificada a partir do teste de cointegração de Johansen, enquanto que o equilíbrio no longo prazo entre os preços a vista e futuros, que possibilita a verificação da questão do viés na predição dos preços, foi estimado por um modelo vetorial de correção de erro.
Findings/Originality/value
Os resultados evidenciaram o não viés na predição dos preços e a eficiência do mercado futuro do boi gordo brasileiro em relação ao mercado a vista dos novilhos argentinos de aproximadamente 80%. Logo, os preços futuros do boi gordo brasileiro podem auxiliar de maneira expressiva os agentes da cadeia produtiva da carne bovina argentina na predição dos preços a vista dos novilhos.
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Andrei Bonamigo, Gabriel Nascimento Santos, Sandra Maria do Amaral Chaves and Robisom Damasceno Calado
This study aims to analyse the setup time management using the single-minute exchange of die (SMED) method in 24 h Emergency Care Units (ECUs).
Abstract
Purpose
This study aims to analyse the setup time management using the single-minute exchange of die (SMED) method in 24 h Emergency Care Units (ECUs).
Design/methodology/approach
A total of 1,098 reports in A3 form format were analysed and grouped into analysis categories to evaluate the implications of SMED in managing setup time in the 24 h ECUs. The content analysis was based on Bardin (2011). The findings were grouped into three categories.
Findings
The findings demonstrate the contributions of the Lean Healthcare approach in the 24 h ECUs through SMED analysis to reduce setup time in activities characterised as waste in 24 h UPAs.
Research limitations/implications
In this study, data were collected directly from the Good Practices Application, from a specific project conducted in ECUs, which could generate selection bias. Finally, the datas were categorised according to the categories defined a posteriori, which may lead to interpretation bias.
Practical implications
The implications listed from the SMED perspective for setup time management allow us to guide managers, consultants, researchers, and health professionals to provide continuous improvement in 24 h ECUs. The findings can serve as a basis for reducing configuration time in other public and private healthcare service organisations.
Social implications
SMED applied in 24 h ECUs makes it possible to improve emergency services provided to society and increase the capacity to care for patients and society in general. In addition, reducing costs for health service financiers, such as government and private institutions.
Originality/value
To the best of the authors’ knowledge, this is the first study that correlates the setup time management of the SMED method in crucial areas of 24 h ECUs, demonstrating opportunities for its application in reducing time in patient journeys. The findings show the benefits of Lean in these environments and highlight several opportunities for applying SMED to reduce setup in activities characterised as waste in 24 h UPA. SMED allows for improved operational excellence in emergency units and enables target opportunities to increase user satisfaction and service capacity.