The impact of skewness in the hedger's objective function is tested using a model of hedging derived from a third-order Taylor Series approximation of expected utility. To determine the effect of price skewness upon hedging and speculation, analytical results are derived using an example of cotton storage. Findings suggest that when forward risk premiums and price skewness in the spot asset have opposite signs, speculation increases relative to the mean-variance model. When the signs are identical, speculation will decrease, contradicting findings of mean-variance models.

The Economic Freedom Index (EFI) is a measure of a country's institutional characteristics that promote economic activity, including the security of private property, openness to international trade, stability of the monetary system and lack of credit market manipulation. We use this index as a proxy for the degree of market segmentation and test the hypothesis that closed-end country fund premiums can be partially explained by a country's EFI value. Using panel data analysis, we find that EFI is significant in explaining observed variability in country fund premiums.

Bilingualism has been identified as a potential cognitive factor linked to delayed onset of dementia as well as boosting executive functions in healthy individuals. However, more recently, this claim has been called into question following several failed replications. It remains unclear whether these contradictory findings reflect how bilingualism is defined between studies, or methodological limitations when measuring the bilingual effect. One key issue is that despite the claims that bilingualism yields general protection to cognitive processes (i.e., the cognitive reserve hypothesis), studies reporting putative bilingual differences are often focused on domain specific experimental paradigms. This study chose a broader approach, by considering the consequences of bilingualism on a wide range of cognitive functions within individuals. We utilised 19 measures of different cognitive functions commonly associated with bilingual effects, to form a “cognitive profile” for 215 non-clinical participants. We recruited Welsh speakers, who as a group of bilinguals were highly homogeneous, as means of isolating the bilingualism criterion. We sought to determine if such analyses would independently classify bilingual/monolingual participant groups based on emergent patterns driven by collected cognitive profiles, such that population differences would emerge. Multiple predictive models were trained to independently recognise the cognitive profiles of bilinguals, older adults (60-90 years of age) and higher education attainment. Despite managing to successfully classify cognitive profiles based on age and education, the model failed to differentiate between bilingual and monolingual cognitive ability at a rate greater than that of chance. Repeated modelling using alternative definitions of bilingualism, and just the older adults, yielded similar results. In all cases then, using our “bottom–up” analytical approach, there was no evidence that bilingualism as a variable indicated differential cognitive performance – as a consequence, we conclude that bilinguals are not cognitively different from their monolingual counterparts, even in older demographics. We suggest that studies that have reported a bilingual advantage (typically recruiting immigrant populations) could well have confounded other key variables that may be driving reported advantages. We recommend that future research refine the machine learning methods used in this study to further investigate the complex relationship between bilingualism and cognition.

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