WorldWideScience

Sample records for multiple hedging slaughter

  1. Hedging

    International Nuclear Information System (INIS)

    Couri, E.J.

    1991-01-01

    Several key factors have caused a renewed interest in natural gas and natural gas liquids. First, continued depletion of domestic oil supplies along with an increased dependence on foreign oil. Second, continued political pressures to use natural gas as a clean alternative fuel. And finally, fundamental changes in the regulation of natural gas. Energy supply and the environment are certainly an important part of this market. However, the third part, rapid deregulation is most significant to any discussion about the need for incorporating hedging and risk management into a company's business plan. This paper reports that the management of risk is a necessary function of every successful business. Uncertainties must be alleviated and potential hazards minimized. Insurance against fire, casualty, product liability and other serious threats is a traditional means corporations used to obtain protection against unpredictable and unacceptable risks. But an equal, or even greater potential for financial disaster is often present in the volatile prices of products bought or sold in the course of business operations. The process by which a corporation can protect itself against the impact of damaging fluctuations in the price of physical commodities associated with its business operations is known as hedging. Developing a corporate hedging program is a major project that must have both the involvement and commitment of senior management. Additionally, the hedging program should include a written strategic plan along with the methods for implementing and monitoring the program

  2. Prime Slaughter

    DEFF Research Database (Denmark)

    Valente, Andrea; Marchetti, Emanuela

    2011-01-01

    of primality and factorization into playful interactions, addressed to primary and early secondary school children. Taking into account individual needs expressed by children regarding play, during a participatory design processes aimed at enhancing learning in museums, Prime Slaughter allows for multiple......Starting from the difficulty of creating playful representation of domain-specific abstract concepts, this study discusses the design of Prime Slaughter, a computer game aimed at facilitating individual sense-making of abstract mathematical concepts. Specifically the game proposes a transposition...

  3. Prime Slaughter

    DEFF Research Database (Denmark)

    Valente, Andrea; Marchetti, Emanuela

    2011-01-01

    of primality and factorization into playful interactions, addressed to primary and early secondary school children. Taking into account individual needs expressed by children regarding play, during a participatory design processes aimed at enhancing learning in museums, Prime Slaughter allows for multiple...... forms of play and their integration. A simple working prototype has already been developed; it will be tested and re-designed through participatory workshops, involving a group of children in our target group....

  4. Regulating hedge funds.

    OpenAIRE

    Daníelsson, J.; Zigrand, JP.

    2007-01-01

    Due to the ever-increasing amounts under management and their unregulated and opaque nature, hedge funds have emerged as a key concern for policymakers. While until now, hedge funds have been left essentially unregulated, we are seeing increasing calls for regulation for both microprudential and macroprudential reasons. In our view, most calls for the regulation of hedge funds are based on a misperception of the effectiveness of financial regulations, perhaps coupled with a lack of understand...

  5. Delta hedging strategies comparison

    DEFF Research Database (Denmark)

    De Giovanni, Domenico; Ortobelli, S.; Rachev, S.T.

    2008-01-01

    In this paper we implement dynamic delta hedging strategies based on several option pricing models. We analyze different subordinated option pricing models and we examine delta hedging costs using ex-post daily prices of S&P 500. Furthermore, we compare the performance of each subordinated model...

  6. Production Flexibility and Hedging

    Directory of Open Access Journals (Sweden)

    Georges Dionne

    2015-12-01

    Full Text Available We extend the analysis on hedging with price and output uncertainty by endogenizing the output decision. Specifically, we consider the joint determination of output and hedging in the case of flexibility in production. We show that the risk-averse firm always maintains a short position in the futures market when the futures price is actuarially fair. Moreover, in the context of an example, we show that the presence of production flexibility reduces the incentive to hedge for all risk averse agents.

  7. Dynamic Global Currency Hedging

    DEFF Research Database (Denmark)

    Christensen, Bent Jesper; Varneskov, Rasmus T.

    2016-01-01

    This paper proposes a model for discrete-time hedging based on continuous-time movements in portfolio and foreign currency exchange rate returns. In particular, the vector of optimal currency exposures is shown to be given by the negative realized regression coefficients from a one......-period conditional expectation of the intra-period quadratic covariation matrix for portfolio and foreign exchange rate returns. These are labelled the realized currency betas. The model, hence, facilitates dynamic hedging strategies that depend exclusively on the dynamic evolution of the ex-post quadratic...... covariation matrix. These hedging strategies are suggested implemented using modern, yet simple, non-parametric techniques to accurately measure and dynamically model historical quadratic covariation matrices. The empirical results from an extensive hedging exercise for equity investments illustrate...

  8. Hedging under arbitrage

    OpenAIRE

    Ruf, Johannes

    2010-01-01

    It is shown that delta hedging provides the optimal trading strategy in terms of minimal required initial capital to replicate a given terminal payoff in a continuous-time Markovian context. This holds true in market models where no equivalent local martingale measure exists but only a square-integrable market price of risk. A new probability measure is constructed, which takes the place of an equivalent local martingale measure. In order to ensure the existence of the delta hedge, sufficient...

  9. A Study of Perfect Hedges

    Directory of Open Access Journals (Sweden)

    Stoyu I. Ivanov

    2017-11-01

    Full Text Available In this study, we attempt to identify the asset which has the best hedging characteristics against inflation. We study stock, bond, commodity, real estate and oil indexes. We also study these indexes tracking exchange traded funds (ETFs to determine the most beneficial tradable asset in addition to the more theoretical index for inflation hedging. We find that, in our sample, oil is the best hedge against inflation, even though three in total are a good hedge—oil, gold and corn—with corn and oil being complete hedges, while gold is a partial hedge. Two assets have conflicting results depending on whether we examine the index or the ETF: the real estate index is a hedge, whereas real estate ETF is the opposite of a hedge. Similarly, the bond index is not related to inflation, whereas bond ETF is the opposite of a hedge. We find that stocks, soy and beef are not hedges against inflation.

  10. Investible benchmarks & hedge fund liquidity

    OpenAIRE

    Freed, Marc S; McMillan, Ben

    2011-01-01

    A lack of commonly accepted benchmarks for hedge fund performance has permitted hedge fund managers to attribute to skill returns that may actually accrue from market risk factors and illiquidity. Recent innovations in hedge fund replication permits us to estimate the extent of this misattribution. Using an option-based model, we find evidence that the value of liquidity options that investors implicitly grant managers when they invest may account for part or even all hedge fund returns. C...

  11. Hedge Fund Contagion and Liquidity

    OpenAIRE

    Nicole M. Boyson; Christof W. Stahel; Rene M. Stulz

    2008-01-01

    Using hedge fund indices representing eight different styles, we find strong evidence of contagion within the hedge fund sector: controlling for a number of risk factors, the average probability that a hedge fund style index has extreme poor performance (lower 10% tail) increases from 2% to 21% as the number of other hedge fund style indices with extreme poor performance increases from zero to seven. We investigate how changes in funding and asset liquidity intensify this contagion, and find ...

  12. Bet-hedging applications for conservation

    Indian Academy of Sciences (India)

    One of the early tenets of conservation biology is that population viability is enhanced by maintaining multiple populations of a species. The strength of this tenet is justified by principles of bet-hedging. Management strategies that reduce variance in population size will also reduce risk of extinction. Asynchrony in population ...

  13. A PERFORMANCE COMPARISON OF HEDGE FUNDS, HEDGED MUTUAL FUNDS AND HEDGE FUND ETFS

    OpenAIRE

    Shenyan Gu; Tina Zhang

    2015-01-01

    Hedged mutual funds and hedge fund ETFs are new entrants to the market thatallow individual investors to invest in funds using hedge fund strategies.   In this paper, we study the performance of these two funds relative to the traditional hedge funds to see if the three asset classes are comparable investments. We use four performance measurement models, including CAPM, Fama French three factor model, Carhart four factor model and Fung and Hsieh eight factor model, to test the fund...

  14. Conservative Delta Hedging

    Science.gov (United States)

    1997-09-01

    an exact method for converting such intervals into arbitrage based prices of financial derivatives or industrial or contractual options. We call this...procedure conservative delta hedging . As existing procedures are of an ad hoc nature, the proposed approach will permit an institution’s man agement a greater oversight of its exposure to risk.

  15. The Assessment of Hedge Effectiveness

    Directory of Open Access Journals (Sweden)

    Cristina BUNEA-BONTAS

    2012-04-01

    Full Text Available Earnings volatility can be a significant source of concern for a company, putting pressure on its capital base and share price. Prudent management of the company’s exposure to different risks typically involves hedging solutions. Hedging is important for corporate risk management, involving reducing the exposure of the company to specific risks. The aim of this paper is to examine the basic requirements for assessing the hedge effectiveness, this being a vital stage in applying hedge accounting, that gives the possibility to assess if the companies match the timing of the gains and losses of hedged items and their hedging derivatives. The article identifies some difficulties encountered by companies and choices that they must make in assessing hedge effectiveness.

  16. Risk analytics for hedge funds

    Science.gov (United States)

    Pareek, Ankur

    2005-05-01

    The rapid growth of the hedge fund industry presents significant business opportunity for the institutional investors particularly in the form of portfolio diversification. To facilitate this, there is a need to develop a new set of risk analytics for investments consisting of hedge funds, with the ultimate aim to create transparency in risk measurement without compromising the proprietary investment strategies of hedge funds. As well documented in the literature, use of dynamic options like strategies by most of the hedge funds make their returns highly non-normal with fat tails and high kurtosis, thus rendering Value at Risk (VaR) and other mean-variance analysis methods unsuitable for hedge fund risk quantification. This paper looks at some unique concerns for hedge fund risk management and will particularly concentrate on two approaches from physical world to model the non-linearities and dynamic correlations in hedge fund portfolio returns: Self Organizing Criticality (SOC) and Random Matrix Theory (RMT).Random Matrix Theory analyzes correlation matrix between different hedge fund styles and filters random noise from genuine correlations arising from interactions within the system. As seen in the results of portfolio risk analysis, it leads to a better portfolio risk forecastability and thus to optimum allocation of resources to different hedge fund styles. The results also prove the efficacy of self-organized criticality and implied portfolio correlation as a tool for risk management and style selection for portfolios of hedge funds, being particularly effective during non-linear market crashes.

  17. Is Hedging a Habit? Hedging Ratio Determination of Cotton Producers

    NARCIS (Netherlands)

    Dorfman, J.H.; Pennings, J.M.E.; Garcia, P.

    2010-01-01

    We examine the role that habit plays when producers determine their hedge ratio. Data were collected from U.S. cotton growers in which they indicated their hedging position in 2001 and 2002 as well as their perceived profitability, land ownership structure, and income. To account for heterogeneity,

  18. FOREIGN CURRENCY RISK HEDGING

    Directory of Open Access Journals (Sweden)

    Mihaela SUDACEVSCHI

    2017-05-01

    Full Text Available This paper presents the traditional types of exchange rate risk faced by firms and some of principal methods of exchange risk management that a company which make foreign currency operations can use. Foreign currency risk management involves both assessing the risk faced by the companies and adopting measures for the risk hedging or reduce the damage it may cause. The damages result from the company’s unfavorable difference between the exchange rates of the currencies in which the transactions are made.

  19. The Motivation for Hedging Revisited

    NARCIS (Netherlands)

    Pennings, J.M.E.; Leuthold, R.M.

    2000-01-01

    This article develops an alternative view on the motivation to hedge. A conceptual model shows how hedging facilitates contract relationships between firms and can solve conflicts between firms. In this model, the contract preferences, level of power, and conflicts in contractual relationships of

  20. A Study of Perfect Hedges

    OpenAIRE

    Stoyu I. Ivanov

    2017-01-01

    In this study, we attempt to identify the asset which has the best hedging characteristics against inflation. We study stock, bond, commodity, real estate and oil indexes. We also study these indexes tracking exchange traded funds (ETFs) to determine the most beneficial tradable asset in addition to the more theoretical index for inflation hedging. We find that, in our sample, oil is the best hedge against inflation, even though three in total are a good hedge—oil, gold and corn—with corn and...

  1. Poultry Slaughtering and Processing Facilities

    Data.gov (United States)

    Department of Homeland Security — Agriculture Production Poultry Slaughtering and Processing in the United States This dataset consists of facilities which engage in slaughtering, processing, and/or...

  2. The Great Hedge of India

    International Nuclear Information System (INIS)

    Moxham, Roy

    2015-01-01

    The 'Great Hedge of India', a 3 700 kilometre-long hedge installed by the British customs to safeguard the colonial salt tax system and avoid salt smuggling totally faded from both memory and records (e.g. maps) in less than a century. Roy Moxham found traces of the hedge in a book footnote and searched it for several years until he found its meagre remains. The speaker wrote a book about this quest. He said that this story reveals how things disappear when they are no longer useful and, especially, when they are linked to parts of history that are not deemed particularly positive (the hedge was a means of colonial power)

  3. Effect of reservoir zones and hedging factor dynamism on reservoir adaptive capacity for climate change impacts

    Science.gov (United States)

    Adeloye, Adebayo J.; Soundharajan, Bankaru-Swamy

    2018-06-01

    When based on the zones of available water in storage, hedging has traditionally used a single hedged zone and a constant rationing ratio for constraining supply during droughts. Given the usual seasonality of reservoir inflows, it is also possible that hedging could feature multiple hedged zones and temporally varying rationing ratios but very few studies addressing this have been reported especially in relation to adaptation to projected climate change. This study developed and tested Genetic Algorithms (GA) optimised zone-based operating policies of various configurations using data for the Pong reservoir, Himachal Pradesh, India. The results show that hedging does lessen vulnerability, which dropped from ≥ 60 % without hedging to below 25 % with the single stage hedging. More complex hedging policies, e.g. two stage and/or temporally varying rationing ratios only produced marginal improvements in performance. All this shows that water hedging policies do not have to be overly complex to effectively offset reservoir vulnerability caused by water shortage resulting from e.g. projected climate change.

  4. On hedge effectiveness assessment under IFRS 9

    Directory of Open Access Journals (Sweden)

    Jatinder Pal Singh

    2018-02-01

    Full Text Available IFRS 9 has introduced certain radical changes to the hedge effectiveness assessment criteria of IAS 39 for entities desirous of availing hedge accounting. It is necessary for business entities contemplating the use of financial derivatives for hedging purposes to appreciate the nuances associated with the upstaged provisions of hedge accounting of IFRS 9 in context of hedge effectiveness requirements envisaged therein. The present article addresses this issue and provides a threadbare analysis of the fundamental model on which the IFRS 9 hedge effectiveness assessment is premised.

  5. Quadratic Hedging of Basis Risk

    Directory of Open Access Journals (Sweden)

    Hardy Hulley

    2015-02-01

    Full Text Available This paper examines a simple basis risk model based on correlated geometric Brownian motions. We apply quadratic criteria to minimize basis risk and hedge in an optimal manner. Initially, we derive the Föllmer–Schweizer decomposition for a European claim. This allows pricing and hedging under the minimal martingale measure, corresponding to the local risk-minimizing strategy. Furthermore, since the mean-variance tradeoff process is deterministic in our setup, the minimal martingale- and variance-optimal martingale measures coincide. Consequently, the mean-variance optimal strategy is easily constructed. Simple pricing and hedging formulae for put and call options are derived in terms of the Black–Scholes formula. Due to market incompleteness, these formulae depend on the drift parameters of the processes. By making a further equilibrium assumption, we derive an approximate hedging formula, which does not require knowledge of these parameters. The hedging strategies are tested using Monte Carlo experiments, and are compared with results achieved using a utility maximization approach.

  6. Option Derivatives in Electricity Hedging

    Directory of Open Access Journals (Sweden)

    P. Pavlátka

    2010-01-01

    Full Text Available Despite the high volatility of electricity prices, there is still little demand for electricity power options, and the liquidity on the power exchanges of these power derivatives is quite low. One of the reasons is the uncertainty about how to evaluate these electricity options and about finding the right fair value of this product. Hedging of electricity is associated mainly with products such as futures and forwards. However, due to new trends in electricity trading and hedging, it is also useful to think more about options and the principles for working with them in hedging various portfolio positions and counterparties. We can quite often encounter a situation when we need to have a perfect hedge for our customer’s (end user consuming electricity portfolio, or we have to evaluate the volumetric risk (inability of a customer to predict consumption, which is very similar to selling options. Now comes the moment to compare the effects of using options or futures to hedge these open positions. From a practical viewpoint, the Black-Scholes prices appear to be the best available and the simplest method for evaluating option premiums, but there are some limitations that we have to consider.

  7. Bet-hedging applications for conservation

    Indian Academy of Sciences (India)

    Unknown

    Bet hedging; Bitterroot wilderness; environmental correlation; grizzly bear; least tern; Sterna antillarum; Ursus arctos horribilis ... market, a hedging investor can reduce the risk of devas- ..... populations were approximated by three methods:.

  8. Selective hedging strategies for oil stockpiling

    International Nuclear Information System (INIS)

    Yun, Won-Cheol

    2006-01-01

    As a feasible option for improving the economics and operational efficiency of stockpiling by public agency, this study suggests simple selective hedging strategies using forward contracts. The main advantage of these selective hedging strategies over the previous ones is not to predict future spot prices, but to utilize the sign and magnitude of basis easily available to the public. Using the weekly spot and forward prices of West Texas Intermediate for the period of October 1997-August 2002, this study adopts an ex ante out-of-sample analysis to examine selective hedging performances compared to no-hedge and minimum-variance routine hedging strategies. To some extent, selective hedging strategies dominate the traditional routine hedging strategy, but do not improve upon the expected returns of no-hedge case, which is mainly due to the data characteristics of out-of-sample period used in this analysis

  9. Hedge Funds as Investors of Last Resort?

    OpenAIRE

    David J. Brophy; Paige P. Ouimet; Clemens Sialm

    2009-01-01

    Hedge funds have become important investors in public companies raising equity privately. Hedge funds tend to finance companies that have poor fundamentals and pronounced information asymmetries. To compensate for these shortcomings, hedge funds protect themselves by requiring substantial discounts, negotiating repricing rights, and entering into short positions of the underlying stocks. We find that companies that obtain financing from hedge funds significantly underperform companies that ob...

  10. Market conditions and hedge fund survival

    OpenAIRE

    Mark A. Carlson; Jason Steinman

    2008-01-01

    As the hedge fund industry has grown, there has been increased concern that, during sharp market moves, hedge fund failures could exacerbate the deterioration in financial conditions and deepen a crisis. However, there has not been much formal analysis regarding the impact of financial market conditions on hedge fund survival. To help fill this gap, this paper examines the relationship between financial market conditions and the likelihood of hedge fund failure after controlling for performan...

  11. Hedging strategy for crude oil trading and the factors influencing hedging effectiveness

    International Nuclear Information System (INIS)

    Yun, Won-Cheol; Jae Kim, Hyun

    2010-01-01

    This study analyzes the hedging effectiveness of different hedge type and period by Korean oil traders. Both crude oil price and exchange rate risks are considered. Theoretical models are formulated to estimate the hedge ratios by separate and complex hedge types. The hedging period covers 1-12 months. This study also performs some statistical works to investigate the relationship between the hedging effectiveness and the crude oil price sensitivity to exchange rate. In addition, the relationship between the hedging effectiveness and the volatilities of crude oil price and exchange rate is analyzed. (author)

  12. Optimal Hedging with the Vector Autoregressive Model

    NARCIS (Netherlands)

    L. Gatarek (Lukasz); S.G. Johansen (Soren)

    2014-01-01

    markdownabstract__Abstract__ We derive the optimal hedging ratios for a portfolio of assets driven by a Cointegrated Vector Autoregressive model with general cointegration rank. Our hedge is optimal in the sense of minimum variance portfolio. We consider a model that allows for the hedges to be

  13. Hedging Effectiveness and Optimal Hedge Ratios: An Analysis of Malaysian Crude Palm Oil Futures Market

    OpenAIRE

    OH, STELLA JIA XIN

    2015-01-01

    This paper deals with the estimation of hedge ratios and hedging effectiveness of crude palm oil futures market in Malaysia for the period from January 2000 to August 2015. To measure hedging performances of optimal hedge ratio, different measures have been employed such as the static hedge ratio estimation models of conventional Ordinary Least Square (OLS) model and Vector Error Correction Model (VECM), while the time-varying model is presented by the Diagonal Vech Multivariate Generalized A...

  14. RISK MANAGEMENT COMPANIES AND HEDGE ACCOUNTING

    Directory of Open Access Journals (Sweden)

    SABIN ARMĂŞELU

    2014-12-01

    Full Text Available The increasing use of derivatives for risk management of a company lately has led to the need to report on an actual basis as these instruments and regulate these operations accounting. This paper proposes a presentation of hedging transactions and their accounting evaluating the impact, in terms of accounting, risk management derivatives on a company. Hedges are often ineffective. Overcoming the ineffectiveness of hedging operations can be achieved by proper designation of the hedging relationship and create an appropriate method to demonstrate hedge effectiveness.

  15. Crude oil hedging: benchmarking price protection strategies

    International Nuclear Information System (INIS)

    Krapels, Edward N.; Pratt, Michael

    1998-01-01

    This report presents a review of hedging (protection against a loss) strategies in the crude oil futures and options markets. The introductory section of the report gives details of hedging instruments, and the purposes of hedging crude oil. Hedging strategies including pure futures strategies, pure options strategies, options combination strategies, exotic (Asian) options strategies, and insurance instruments are described. The West Texas intermediate (WTI) market depth, liquidity and hedging effectiveness are examined, and winners and losers, and energy consumers are considered. The appendix gives tables and charts summarising the outcomes of futures and options strategies under different market conditions and expectations. (UK)

  16. MITIGATING FINANCIAL RISK BY USING HEDGING STRATEGIES

    Directory of Open Access Journals (Sweden)

    Anca BUTNARIU

    2018-05-01

    Full Text Available Financial derivatives are now widely used by corporations to manage exposure to currency, interest rate, and commodity price risks. The motivation for non-financial firms to engage in corporate hedging is one of the most intensively discussed topics in corporate finance research. Recent financial theory suggests that there are several ways through which corporate hedging can increase firm value in the sense of the maximization of shareholder value. A rich body of literature consists of studies that have empirically investigated the theoretical explanations for corporate hedging, literature that presents rather mixed evidence for the drivers of corporate hedging. This paper investigates the effects of hedging activity on non-financial firm value and how operational hedging is related to and differentiated by financial hedging, by providing an extensive overview and synthesis of the existing literature.

  17. HEDGING AS A BUSINESS RISK PROTECTION INSTRUMENT

    Directory of Open Access Journals (Sweden)

    Ivo Šperanda

    2015-12-01

    Full Text Available This paper deals with hedging which is one of the trading techniques in the futures markets and with the role of hedging as a protecting strategy. Indirectly, hedging affects the competitiveness of a company by reducing overall operating expenses and increasing the level of competitiveness at the same time. The theoretical fundamentals of the hedging strategy are explained, followed by a survey on relevant theoretical findings and research on hedging and its importance in contemporary economic life. Basic types of risk in firms are clearly described, as well as principal hedging models which are in accordance with the International Financial Reporting Standards. Finally, the paper deals with the financial aspects of hedging, stressing the role and the importance of the principle of the financial leverage.

  18. Do Hedge Funds Supply or Demand Liquidity?

    OpenAIRE

    Petri Jylhä; Kalle Rinne; Matti Suominen

    2014-01-01

    Regressing hedge funds’ returns on returns to a long–short contrarian trading strategy, a measure of the returns from providing liquidity, we find that hedge funds typically supply liquidity in the stock market. In the cross-section, strict redemption restrictions and large fund size increase funds’ propensity to supply liquidity. In time series, poor market liquidity and good funding conditions increase funds’ propensity to supply liquidity. Although the hedge funds typically supply liquidit...

  19. The evolution and regulation of hedge funds.

    OpenAIRE

    Crockett, A.

    2007-01-01

    Hedge funds have attracted increased attention in recent years. In part, this is because investment in hedge funds is becoming “mainstream”. A wider range of investors has sought exposure to these investment vehicles, and this has been associated with rapid growth in both the number of funds and the volume of assets under management. In part, too, greater attention has been the result of worries that hedge funds could in some circumstances exert a destabilizing infl uence. With the growth in ...

  20. Short Term Hedging Using Futures Contracts

    Directory of Open Access Journals (Sweden)

    Ioana – Diana PAUN

    2012-12-01

    Full Text Available The objective of this paper is to demonstrate the effectiveness of risk management portfolio using futures contracts to achieve hedging. The risk can be minimized once measured, and the traditional tool of market risk management is hedging. The objective is to identify the optimum position to minimize the variation in a contract concluded now. Clearly hedging portfolio will reduce not only risk but also profitability. In conclusion hedging aims risk management, no additional gain. Portfolio manager will have the opportunity to carefully consider the relationship between risk and return in order to act according to his profile and targeted results.

  1. A note on imperfect hedging: a method for testing stability of the hedge ratio

    Directory of Open Access Journals (Sweden)

    Michal Černý

    2012-01-01

    Full Text Available Companies producing, processing and consuming commodities in the production process often hedge their commodity expositions using derivative strategies based on different, highly correlated underlying commodities. Once the open position in a commodity is hedged using a derivative position with another underlying commodity, the appropriate hedge ratio must be determined in order the hedge relationship be as effective as possible. However, it is questionable whether the hedge ratio determined at the inception of the risk management strategy remains stable over the whole period for which the hedging strategy exists. Usually it is assumed that in the short run, the relationship (say, correlation between the two commodities remains stable, while in the long run it may vary. We propose a method, based on statistical theory of stability, for on-line detection whether market movements of prices of the commodities involved in the hedge relationship indicate that the hedge ratio may have been subject to a recent change. The change in the hedge ratio decreases the effectiveness of the original hedge relationship and creates a new open position. The method proposed should inform the risk manager that it could be reasonable to adjust the derivative strategy in a way reflecting the market conditions after the change in the hedge ratio.

  2. HedgeHOGS: A Rapid Nuclear Hedge Sizing and Analysis Tool

    Energy Technology Data Exchange (ETDEWEB)

    Reynolds, Adam F. [United States Military Academy, West Point, NY (United States); Steinfeldt, Bradley Alexander [Sandia National Lab. (SNL-CA), Livermore, CA (United States); Lafleur, Jarret Marshall [Sandia National Lab. (SNL-CA), Livermore, CA (United States); Hawley, Marilyn F. [Sandia National Lab. (SNL-CA), Livermore, CA (United States); Shannon, Lisa M. [Sandia National Lab. (SNL-CA), Livermore, CA (United States)

    2017-07-01

    The U.S. nuclear stockpile hedge is an inventory of non-deployed nuclear warheads and a force structure capable of deploying those warheads. Current guidance is to retain this hedge to mitigate the risk associated with the technical failure of any single warhead type or adverse geopolitical developments that could require augmentation of the force. The necessary size of the hedge depends on the composition of the nuclear stockpile and assumed constraints. Knowing the theoretical minimum hedge given certain constraints is useful when considering future weapons policy. HedgeHOGS, an Excel-based tool, was developed to enable rapid calculation of the minimum hedge size associated with varying active stockpile composition and hedging strategies.

  3. Quadratic Hedging Methods for Defaultable Claims

    International Nuclear Information System (INIS)

    Biagini, Francesca; Cretarola, Alessandra

    2007-01-01

    We apply the local risk-minimization approach to defaultable claims and we compare it with intensity-based evaluation formulas and the mean-variance hedging. We solve analytically the problem of finding respectively the hedging strategy and the associated portfolio for the three methods in the case of a default put option with random recovery at maturity

  4. International hedging under concurrent risks of input/output prices and exchange rate : The case of Korean oil refinery

    Energy Technology Data Exchange (ETDEWEB)

    Yun, W C; Kim, S D [Korea Energy Economics Institute, Euiwang (Korea, Republic of)

    1997-11-01

    This study develops an international hedging model which accounts for the multiple risks of input and output prices and exchange rates. Considering a fixed production technology, we formulize simultaneous minimum variance hedge ratios, which reflects inter correlations among prices. To utilize the dynamic nature of prices, time-varying conditional procedures are specified to estimate the relevant variance and covariance matrix. The time-varying representations of the variance and covariance matrix are statistically appropriate, in general. The separate hedge ratios are similar to the simultaneous hedge ratios for alternative procedures. The ex post hedging effectiveness indicate that there are substantial reduction in the variance of returns for all the procedures. The contribution of foreign currency futures is minimal due to the low correlation between commodities and exchange rates. Based on the traditional definition of hedging effectiveness, the time-varying conditional procedure provide little gain to the hedgers over a constant procedure in terms of the mean and the variance reduction. However, the performance of conditional procedures could be improved by accounting for the potential problems: mis specification problem, inappropriate definition of hedging effectiveness, and conflicts between theoretical derivation and estimation of hedge ratios. (author). 39 refs., 6 tabs.

  5. Hedge Ratios for short and leveraged ETFs

    Directory of Open Access Journals (Sweden)

    Leo Schubert

    2011-06-01

    Full Text Available Exchange Traded Funds (ETFs exist for stock-, bond- and commodity markets. In most cases the underlying of an ETF is an index. Fund management today uses the active and passive way to construct a portfolio. ETFs can be used for passive portfolio management. Then ETFs with positive leverage factors are preferred. In the frame of active portfolio also the ETFs with negative leverage factors can be applied for the hedge or cross hedge of a portfolio. These hedging possibilities will be analyzed in this paper. Short ETFs exist with different leverage factors. In Europe, the leverage factors 1 (e.g. ShortDAX ETF and 2 (e.g. DJ STOXX 600 Double Short are offered while in the financial markets of the United States factors from 1 to 4 can be found. To investigate the effect of the different leverage factors and other parameters Monte Carlo Simulation was used. The results show e.g. that higher leverage factors achieve higher profits as well as losses. In the case, that a bearish market is supposed, minimizing the variance of the hedge seem not to be until to get better hedging results, due to a very skewed return distribution of the hedge. The risk measure target-shortfall-probability confirms the use of the standard hedge weightings which depend only on the leverage factor. This characteristic remains, when a portfolio has to be hedged instead of the underlying index of the short ETF. For portfolios which have a low correlation with the index return should not be used high leverage factors for hedging, due to the higher volatility and target-shortfall-probability.

  6. Risk management in Swedish hedge funds

    OpenAIRE

    Fri, Samuel; Nilsson, Joakim

    2011-01-01

    Background: Risk management has always been a complex topic, especially when it comes to hedge funds. Since hedge funds are able to utilize many kinds of financial instruments it is difficult to find a risk management strategy that goes well with them. Not much research regarding the Swedish hedge fund industry and its risk management has been done; hence we find it an interesting topic to focus this thesis on. Purpose: The purpose of this thesis is to increase the knowledge of how Swedish he...

  7. Providing hedging protection for the transaction

    International Nuclear Information System (INIS)

    Richardson, D.W.

    1999-01-01

    This presentation dealt with methods for assessing commodity price risk in an asset transaction; the setting of risk management objectives; building hedging into the financing; and internal reporting and accounting to mitigate trading risks. It also provided some recent examples of successful hedging in gas asset transactions. The objectives of risk management and the nature of hedging and speculation were explored. An approach to price risk management was proposed. The development of price risk management tools, and techniques for managing risks involving interest rates, foreign exchange, and commodities were examined. figs

  8. HEDGE FUND MANAGERIAL INCENTIVES AND PERFORMANCE

    Directory of Open Access Journals (Sweden)

    Nor Hadaliza ABD RAHMAN

    2011-07-01

    Full Text Available The growth of the hedge fund industry over the decades has brought an interesting form of performance contract between the portfolio managers and their investors. The contractual relation has given an impact to the performance of the hedge fund industry, which benefited both fund managers and investors. Furthermore, it has created more investors and fund managers to participate in this high risk and high return investment. Currently, many issues on fee structures and performancebased incentives have been discussed. Do these issues affect the performance of the hedge fund in the market? This paper will investigate the issues in Australian market. It will empirically analyze the hedge fund performance in relation to the market performance and whether managerial incentives and discretions associated with better fund performance.

  9. Inflation Hedging for Long-Term Investors

    OpenAIRE

    Shaun K. Roache; Alexander P. Attie

    2009-01-01

    Long-term investors face a common problem-how to maintain the purchasing power of their assets over time and achieve a level of real returns consistent with their investment objectives. While inflation-linked bonds and derivatives have been developed to hedge the effects of inflation, their limited supply and liquidity lead many investors to continue to rely on the indirect hedging properties of traditional asset classes. In this paper, we assess these properties over different time horizons,...

  10. Further Evidence on Hedge Funds Performance

    DEFF Research Database (Denmark)

    Christiansen, Claus Bang; Madsen, Peter Brink; Christensen, Michael

    2003-01-01

    In this analysis we identify dynamic hedge fund strategies quantitatively pursuing a Principal Component Analysis following Fung and Hsieh (1997). We extract five dominant hedge fund strategies each representing similar investment styles and analyse the performance of each strategy by employing...... a multi-factor model comprising both market indices and passive option strategies among the lines of Agerwal and Naik (2000). We find that the majority of five homogenous strategies show superior performance. However, correcting for survivorship bias this superior performance disappears....

  11. Influence of Kosher (Shechita) and conventional slaughter ...

    African Journals Online (AJOL)

    Influence of Kosher (Shechita) and conventional slaughter techniques on shear force, drip and cooking loss of beef. ... South African Journal of Animal Science ... force values for meat samples from cattle slaughtered by the Kosher method compared to those from cattle slaughtered by the conventional slaughter method.

  12. Role of Indian Commodity Derivatives Market in Hedging Price Risk: Estimation of Constant and Dynamic Hedge Ratio, and Hedging Effectiveness

    Directory of Open Access Journals (Sweden)

    Brajesh Kumar

    2014-08-01

    Full Text Available This  paper  examines  hedging  effectiveness  of  four  agricultural  (soybean,  corn,  castor seed and guar seed and seven non-agricultural (gold, silver, aluminium, copper, zinc, crude oil  and,  natural  gas  futures  contracts  traded  in  India,  using  VECM  and  CCC-MGARCH model to estimate constant hedge ratio and dynamic hedge ratios, respectively. We ind that agricultural  futures  contracts  provide  higher  hedging  effectiveness  (30-70%  as  compared to  non-agricultural  futures  (20%.  In  the  more  recent  period,  the  hedging  effectiveness  of Indian futures markets has increased. When hedging effectiveness of non-agricultural Indian futures  contracts  with  the  world  spot  markets  (NYMEX  and  LME  is  analyzed,  hedging effectiveness  increases  dramatically  which  indicates  the  fact  that  Indian  futures  contracts are more effective for hedging exposures to global prices. Other reasons of lower hedging effectiveness  of  Indian  futures  contracts  may  be  low  awareness  of  futures  markets  among participants,  high  transaction  costs  in  the  futures  markets,  policy  restrictions,  inadequate contract design, or high transaction costs in the spot market. These are, of course, expected birth pays for a nascent futures markets in an emerging economy. ";} // -->activate javascript

  13. Belief elicitation in experiments: Is there a hedging problem?

    DEFF Research Database (Denmark)

    Blanco, Mariana; Engelmann, Dirk; Koch, Alexander

    2010-01-01

    Belief-elicitation experiments usually reward accuracy of stated beliefs in addition to payments for other decisions. But this allows risk-averse subjects to hedge with their stated beliefs against adverse outcomes of the other decisions. So can we trust the existing belief-elicitation results...... opportunities are very prominent. If hedging opportunities are transparent, and incentives to hedge are strong, many subjects do spot hedging opportunities and respond to them. The bias can go beyond players actually hedging themselves, because some expect others to hedge and best respond to this....

  14. English Language Teaching: Teaching of Hedges

    Directory of Open Access Journals (Sweden)

    Charles Ko

    2014-05-01

    Full Text Available A hedge is a mitigating word or sound used to lessen the impact of an utterance. It can be an adjective, for example, ‘Small potato me is not as strong as you’; or an adverb: ‘I maybe can swim faster than you’, while it can also consist of clauses, that it could be regarded as a form of euphemism which should be taught as a main topic in English class of schools around the world. For instance, in Hong Kong schools, based on my observation while teaching in a number of primary and secondary English courses as a tutor, students report that their school teachers usually emphasize the teaching of all cohesive devices in terms of skills of writing while they neglect to explain the importance of the use of hedges in order to show euphemism. In this study, I would adopt Corpus Linguistics, a division of applied linguistics, as methodology to discover a great deal of hedges employed by so-called native speakers of English, for promoting the idiomatic usage of hedges in writing, nevertheless in speaking, so as to help teachers gain resources and inspiration in teaching to students the appropriate English hedges as a consequence of the author’s hard effort while revealing from the selected corpora of this paper.

  15. Time-varying risk aversion. An application to energy hedging

    Energy Technology Data Exchange (ETDEWEB)

    Cotter, John [Centre for Financial Markets, School of Business, University College Dublin, Blackrock, Co. Dublin (Ireland); Hanly, Jim [School of Accounting and Finance, Dublin Institute of Technology, Dublin 2 (Ireland)

    2010-03-15

    Risk aversion is a key element of utility maximizing hedge strategies; however, it has typically been assigned an arbitrary value in the literature. This paper instead applies a GARCH-in-Mean (GARCH-M) model to estimate a time-varying measure of risk aversion that is based on the observed risk preferences of energy hedging market participants. The resulting estimates are applied to derive explicit risk aversion based optimal hedge strategies for both short and long hedgers. Out-of-sample results are also presented based on a unique approach that allows us to forecast risk aversion, thereby estimating hedge strategies that address the potential future needs of energy hedgers. We find that the risk aversion based hedges differ significantly from simpler OLS hedges. When implemented in-sample, risk aversion hedges for short hedgers outperform the OLS hedge ratio in a utility based comparison. (author)

  16. Time-varying risk aversion. An application to energy hedging

    International Nuclear Information System (INIS)

    Cotter, John; Hanly, Jim

    2010-01-01

    Risk aversion is a key element of utility maximizing hedge strategies; however, it has typically been assigned an arbitrary value in the literature. This paper instead applies a GARCH-in-Mean (GARCH-M) model to estimate a time-varying measure of risk aversion that is based on the observed risk preferences of energy hedging market participants. The resulting estimates are applied to derive explicit risk aversion based optimal hedge strategies for both short and long hedgers. Out-of-sample results are also presented based on a unique approach that allows us to forecast risk aversion, thereby estimating hedge strategies that address the potential future needs of energy hedgers. We find that the risk aversion based hedges differ significantly from simpler OLS hedges. When implemented in-sample, risk aversion hedges for short hedgers outperform the OLS hedge ratio in a utility based comparison. (author)

  17. Fundamentals and advanced techniques in derivatives hedging

    CERN Document Server

    Bouchard, Bruno

    2016-01-01

    This book covers the theory of derivatives pricing and hedging as well as techniques used in mathematical finance. The authors use a top-down approach, starting with fundamentals before moving to applications, and present theoretical developments alongside various exercises, providing many examples of practical interest. A large spectrum of concepts and mathematical tools that are usually found in separate monographs are presented here. In addition to the no-arbitrage theory in full generality, this book also explores models and practical hedging and pricing issues. Fundamentals and Advanced Techniques in Derivatives Hedging further introduces advanced methods in probability and analysis, including Malliavin calculus and the theory of viscosity solutions, as well as the recent theory of stochastic targets and its use in risk management, making it the first textbook covering this topic. Graduate students in applied mathematics with an understanding of probability theory and stochastic calculus will find this b...

  18. Hedge Funds As a Alternative Investment Opportunities

    Directory of Open Access Journals (Sweden)

    Michał Falkowski

    2009-09-01

    Full Text Available Hedge fund which became a popular alternative investment is a collective term for different types of investment fund. A common feature of these funds is that they have absolute earnings targets, that is they set targets for earnings irrespective of developments on, for example, the stock exchange. The paper deals with the current problem of the financial crisis and the effect it made worldwide for many institutional and private investors. It discusses the role played by hedge funds in developments on the financial markets, and to what extent they are affected by the effects of the crisis, as a recurring feature of every financial crisis. It also shows a wind range of strategies used by hedge funds to achieve their goal.

  19. Bet hedging in yeast by heterogeneous, age-correlated expression of a stress protectant.

    Directory of Open Access Journals (Sweden)

    Sasha F Levy

    Full Text Available Genetically identical cells grown in the same culture display striking cell-to-cell heterogeneity in gene expression and other traits. A crucial challenge is to understand how much of this heterogeneity reflects the noise tolerance of a robust system and how much serves a biological function. In bacteria, stochastic gene expression results in cell-to-cell heterogeneity that might serve as a bet-hedging mechanism, allowing a few cells to survive through an antimicrobial treatment while others perish. Despite its clinical importance, the molecular mechanisms underlying bet hedging remain unclear. Here, we investigate the mechanisms of bet hedging in Saccharomyces cerevisiae using a new high-throughput microscopy assay that monitors variable protein expression, morphology, growth rate, and survival outcomes of tens of thousands of yeast microcolonies simultaneously. We find that clonal populations display broad distributions of growth rates and that slow growth predicts resistance to heat killing in a probabalistic manner. We identify several gene products that are likely to play a role in bet hedging and confirm that Tsl1, a trehalose-synthesis regulator, is an important component of this resistance. Tsl1 abundance correlates with growth rate and replicative age and predicts survival. Our results suggest that yeast bet hedging results from multiple epigenetic growth states determined by a combination of stochastic and deterministic factors.

  20. Report on "American Option Pricing and Hedging Strategies"

    OpenAIRE

    Zhang, Jinshan

    2007-01-01

    This paper mainly discusses the American option's hedging strategies via binomialmodel and the basic idea of pricing and hedging American option. Although the essential scheme of hedging is almost the same as European option, small differences may arise when simulating the process for American option holder has more rights, spelling that the option can be exercised at anytime before its maturity. Our method is dynamic-hedging method.

  1. Hedging in Popular Scientific Articles on Medicine

    Directory of Open Access Journals (Sweden)

    Csongor Alexandra

    2013-04-01

    Full Text Available Introduction: The aim of this study is to investigate the process of rewriting medical research papers for the lay public. The latest findings of medical research often appear in the popular media. It is interesting to see what happens to a scientific text when it is transmitted to a new audience. Hedging is usually interpreted as a characteristic feature of scientific discourse. This study focuses on hedging, which also tends to be applied in popularized articles in the field of medicine.

  2. Do Hedge Funds Manipulate Stock Prices?

    OpenAIRE

    Ben-David, Itzhak; Franzoni, Francesco; Landier, Augustin; Moussawi, Rabih

    2011-01-01

    We find evidence of significant price manipulation at the stock level by hedge funds on critical reporting dates. Stocks in the top quartile by hedge fund holdings exhibit abnormal returns of 30 basis points in the last day of the month and a reversal of 25 basis points in the following day. Using intraday data, we show that a significant part of the return is earned during the last minutes of the last day of the month, at an increasing rate towards the closing bell. This evidence is consiste...

  3. Optimal hedging with the cointegrated vector autoregressive model

    DEFF Research Database (Denmark)

    Gatarek, Lukasz; Johansen, Søren

    We derive the optimal hedging ratios for a portfolio of assets driven by a Coin- tegrated Vector Autoregressive model (CVAR) with general cointegration rank. Our hedge is optimal in the sense of minimum variance portfolio. We consider a model that allows for the hedges to be cointegrated with the...

  4. Hedging with stock index futures: downside risk versus the variance

    NARCIS (Netherlands)

    Brouwer, F.; Nat, van der M.

    1995-01-01

    In this paper we investigate hedging a stock portfolio with stock index futures.Instead of defining the hedge ratio as the minimum variance hedge ratio, we considerseveral measures of downside risk: the semivariance according to Markowitz [ 19591 andthe various lower partial moments according to

  5. Convertibles and hedge funds as distributors of equity exposure

    NARCIS (Netherlands)

    Brown, S.; Grundy, B.; Lewis, C.; Verwijmeren, P.

    2012-01-01

    By buying convertibles and shorting the underlying stock, hedge funds distribute equity exposure to well-diversified shareholders. We find that firms with characteristics that make seasoned equity offerings expensive are more likely to issue convertibles to hedge funds. We conclude that hedge funds

  6. 9 CFR 149.6 - Slaughter facilities.

    Science.gov (United States)

    2010-01-01

    ... 9 Animals and Animal Products 1 2010-01-01 2010-01-01 false Slaughter facilities. 149.6 Section... AGRICULTURE LIVESTOCK IMPROVEMENT VOLUNTARY TRICHINAE CERTIFICATION PROGRAM § 149.6 Slaughter facilities. Only slaughter facilities that are under continuous inspection by the Food Safety and Inspection Service or under...

  7. A logical approach to fuzzy truth hedges

    Czech Academy of Sciences Publication Activity Database

    Esteva, F.; Godo, L.; Noguera, Carles

    2013-01-01

    Roč. 232, č. 1 (2013), s. 366-385 ISSN 0020-0255 Institutional support: RVO:67985556 Keywords : Mathematical fuzzy logic * Standard completeness * Truth hedges Subject RIV: BA - General Mathematics Impact factor: 3.893, year: 2013 http://library.utia.cas.cz/separaty/2016/MTR/noguera-0469148.pdf

  8. Hedge Funds and Risk-Decoupling

    DEFF Research Database (Denmark)

    Ringe, Wolf-Georg

    Negative risk-decoupling, otherwise known as empty voting, is a popular strategy amongst hedge funds and other activist investors. In short, it is the attempt to decouple the economic risk from the share’s ownership position, retaining in particular the voting right without risk. This paper uses ...

  9. Performance of hedging strategies in interval models

    NARCIS (Netherlands)

    Roorda, Berend; Engwerda, Jacob; Schumacher, J.M.

    2005-01-01

    For a proper assessment of risks associated with the trading of derivatives, the performance of hedging strategies should be evaluated not only in the context of the idealized model that has served as the basis of strategy development, but also in the context of other models. In this paper we

  10. Currency Hedging for International Stock Portfolios

    NARCIS (Netherlands)

    F.A. de Roon (Frans); T.E. Nijman (Theo); B.J.M. Werker

    2000-01-01

    textabstractThis paper tests whether hedging currency risk improves the performance of international stock portfolios. We use a generalized performance measure which allows for investor-dependencies such as different utility functions and the presence of nontraded risks. In addition we show that an

  11. Catchments' hedging strategy on evapotranspiration for climatic variability

    Science.gov (United States)

    Ding, W.; Zhang, C.; Li, Y.; Tang, Y.; Wang, D.; Xu, B.

    2017-12-01

    Hydrologic responses to climate variability and change are important for human society. Here we test the hypothesis that natural catchments utilize hedging strategies for evapotranspiration and water storage carryover with uncertain future precipitation. The hedging strategy for evapotranspiration in catchments under different levels of water availability is analytically derived from the economic perspective. It is found that there exists hedging between evapotranspiration for current and future only with a portion of water availability. Observation data sets of 160 catchments in the United States covering the period from 1983 to 2003 demonstrate the existence of hedging in catchment hydrology and validate the proposed hedging strategies. We also find that more water is allocated to carryover storage for hedging against the future evapotranspiration risk in the catchments with larger aridity indexes or with larger uncertainty in future precipitation, i.e., long-term climate and precipitation variability control the degree of hedging.

  12. Evaluation of Carcass Production of PO Cattle Based on Heart Girth Measurement, Body Condition Score and Slaughter Weight

    OpenAIRE

    Haryoko, I; Suparman, P

    2009-01-01

    The objective of study was to evaluate of carcass production of PO beef cattle based on measurement of heart girth, body condition score (BCS), and slaughter weight. It was conducted in the slaughtering house at Mersi Purwokerto city. The materials for this study were 60 heads of male PO breed cattle. Simple random sampling was used for taking samples. Data was analyzed by using multiple regression equation to determine the effects of heart girth, BCS, and slaughter weight on carcass weig...

  13. Robust facility location: Hedging against failures

    International Nuclear Information System (INIS)

    Hernandez, Ivan; Emmanuel Ramirez-Marquez, Jose; Rainwater, Chase; Pohl, Edward; Medal, Hugh

    2014-01-01

    While few companies would be willing to sacrifice day-to-day operations to hedge against disruptions, designing for robustness can yield solutions that perform well before and after failures have occurred. Through a multi-objective optimization approach this paper provides decision makers the option to trade-off total weighted distance before and after disruptions in the Facility Location Problem. Additionally, this approach allows decision makers to understand the impact on the opening of facilities on total distance and on system robustness (considering the system as the set of located facilities). This approach differs from previous studies in that hedging against failures is done without having to elicit facility failure probabilities concurrently without requiring the allocation of additional hardening/protections resources. The approach is applied to two datasets from the literature

  14. Incentive Contracts and Hedge Fund Management

    OpenAIRE

    Jens Carsten Jackwerth; James E. Hodder

    2005-01-01

    This paper investigates dynamically optimal risk-taking by an expected-utility maximizing manager of a hedge fund. We examine the effects of variations on a compensation structure that includes a percentage management fee, a performance incentive for exceeding a specified highwater mark, and managerial ownership of fund shares. In our basic model, there is an exogenous liquidation barrier where the fund is shut down due to poor performance. We also consider extensions where the manager can vo...

  15. Are fund of hedge fund returns asymmetric?

    OpenAIRE

    Lynch, Margaret; Hutson, Elaine; Stevenson, Max

    2004-01-01

    We examine the return distributions of 332 funds of hedge funds and associated indices. Over half of the sample is significantly skewed according to the skewness statistic, and these are split 50/50 positive and negative. However, we argue that the skewness statistic can lead to erroneous inferences regarding the nature of the return distribution, because the test statistic is based on the normal distribution. Using a series of tests that make minimal assumptions about the shape of the ...

  16. Hedging Cash Flows from Commodity Processing

    OpenAIRE

    Dahlgran, Roger A.

    2005-01-01

    Agribusinesses make long-term plant-investment decisions based on discounted cash flow. It is therefore incongruous for an agribusiness firm to use cash flow as a plant-investment criterion and then to completely discard cash flow in favor of batch profits as an operating objective. This paper assumes that cash flow and its stability is important to commodity processors and examines methods for hedging cash flows under continuous processing. Its objectives are (a) to determine how standard he...

  17. Hedging against terrorism: Are US businesses prepared?

    Science.gov (United States)

    Kahan, Jerome H

    2015-01-01

    Private US companies face risks in connection with financial matters, but are not necessarily prepared to cope with risks that can seriously disrupt or even halt their operations, notably terrorist attacks and natural disasters. Enhancing the resilience of businesses when dealing with terrorism is especially challenging, as these groups or individuals can adapt tactics to exploit the vulnerabilities of companies they wish to target. Business managers need to formulate flexible preparedness plans that reduce risks from large-scale natural disasters as well as terrorist attacks. In doing so, they can take advantage of post-9/11 US government guidance for these endeavours as well as programmes that eliminate risks to private insurance entities so they can issue policies that cover terrorist strikes of high consequences. Just as business executives use hedging strategies in the world of finance, they also need operational hedging strategies as a means of exploiting as well as lowering the risks surrounding future uncertainties. Resources devoted to planning and hedging are investments that can increase the odds of businesses surviving and thriving, even if they experience high-impact terrorist attacks, threats or large-scale natural disasters, making suppliers, customers and stakeholders happy. The purpose of this paper is to give executives the incentive to take steps to do just that.

  18. Hedge Funds and Risk-Decoupling

    DEFF Research Database (Denmark)

    Ringe, Georg

    2013-01-01

    The law must remain adaptive and responsive to the constantly changing challenges of our society and our business life. One of the most pressing challenges of the past years is the emergence of alternative investment funds, in particular hedge funds, which masterfully exploit the traditional cate...... to the traditional market expectations of shareholders. Based on the insight developed from these policy perspectives, this article develops regulatory reform proposals, particularly with regard to the EU context.......The law must remain adaptive and responsive to the constantly changing challenges of our society and our business life. One of the most pressing challenges of the past years is the emergence of alternative investment funds, in particular hedge funds, which masterfully exploit the traditional...... theoretical perspectives are used as an analytical framework to examine the vast challenges of risk-decoupling: (1) a classical agency costs approach; (2) an information costs perspective; and (3) a view from corporate finance. This Article argues that shareholders with hedged risk exposure do not correspond...

  19. Electricity market pricing, risk hedging and modeling

    Science.gov (United States)

    Cheng, Xu

    In this dissertation, we investigate the pricing, price risk hedging/arbitrage, and simplified system modeling for a centralized LMP-based electricity market. In an LMP-based market model, the full AC power flow model and the DC power flow model are most widely used to represent the transmission system. We investigate the differences of dispatching results, congestion pattern, and LMPs for the two power flow models. An appropriate LMP decomposition scheme to quantify the marginal costs of the congestion and real power losses is critical for the implementation of financial risk hedging markets. However, the traditional LMP decomposition heavily depends on the slack bus selection. In this dissertation we propose a slack-independent scheme to break LMP down into energy, congestion, and marginal loss components by analyzing the actual marginal cost of each bus at the optimal solution point. The physical and economic meanings of the marginal effect at each bus provide accurate price information for both congestion and losses, and thus the slack-dependency of the traditional scheme is eliminated. With electricity priced at the margin instead of the average value, the market operator typically collects more revenue from power sellers than that paid to power buyers. According to the LMP decomposition results, the revenue surplus is then divided into two parts: congestion charge surplus and marginal loss revenue surplus. We apply the LMP decomposition results to the financial tools, such as financial transmission right (FTR) and loss hedging right (LHR), which have been introduced to hedge against price risks associated to congestion and losses, to construct a full price risk hedging portfolio. The two-settlement market structure and the introduction of financial tools inevitably create market manipulation opportunities. We investigate several possible market manipulation behaviors by virtual bidding and propose a market monitor approach to identify and quantify such

  20. Hedge Fund Performance Attribution Under Various Market Conditions

    OpenAIRE

    Stafylas, Dimitrios; Anderson, Keith Philip; Uddin, Muhammad Moshfique

    2018-01-01

    We investigate US hedge funds’ performance. Our proposed model contains exogenous and endogenous break points, based on business cycles and on a regime switching process conditional on different states of the market. During difficult market conditions most hedge fund strategies do not provide significant alphas. At such times hedge funds reduce both the number of their exposures to different asset classes and their portfolio allocations, while some strategies even reverse their exposures. Dir...

  1. Arbitrage Opportunities and their Implications to Derivative Hedging

    OpenAIRE

    Panayides, Stephanos

    2005-01-01

    We explore the role that random arbitrage opportunities play in hedging financial derivatives. We extend the asymptotic pricing theory presented by Fedotov and Panayides [Stochastic arbitrage return and its implication for option pricing, Physica A 345 (2005), 207-217] for the case of hedging a derivative when arbitrage opportunities are present in the market. We restrict ourselves to finding hedging confidence intervals that can be adapted to the amount of arbitrage risk an investor will per...

  2. Limits to Arbitrage and Hedging: Evidence from Commodity Markets

    OpenAIRE

    Acharya, Viral V; Lochstoer, Lars; Ramadorai, Tarun

    2009-01-01

    Motivated by the literature on limits-to-arbitrage, we build an equilibrium model of commodity markets in which speculators are capital constrained, and commodity producers have hedging demands for commodity futures. Increases (decreases) in producers' hedging demand (speculators' risk-capacity) increase hedging costs via price-pressure on futures, reduce producers' inventory holdings, and thus spot prices. Consistent with our model, producers' default risk forecasts futures returns, spot pri...

  3. Hedge accounting under IFRS 9: an analysis of reforms

    Directory of Open Access Journals (Sweden)

    Jatinder Pal Singh

    2017-02-01

    Full Text Available Pronouncements of regulatory bodies on ‘hedge accounting’ are aimed at ensuring that impact of price changes of hedging relationships are accounted for concurrently. However, it sometimes happens that certain provisions of these standards result in the reporting of enhanced earnings volatility being attributed to hedging relationships which is not economically justified. It is often perceived to be the case by stakeholders that the provisions of IAS 39 on ‘hedge accounting’ do not appropriately reflect and are not aligned with the risk management strategies of entities that attempt to mitigate risk using various hedging relationships. This occasionally results in a reporting entity adopting either a suboptimal hedging strategy that gives it eligibility to account for it using ‘hedge accounting’ or vice versa. Thus entities may be faced with the tradeoff between the benefits of risk mitigation strategies and the benefits derived from adopting ‘hedge accounting’. This motivated the IASB to initiate action for the complete reformulation of the standard on ‘hedge accounting’. The revised standard was pronounced in November 2013 as IFRS 9. In this article, we attempt to evaluate the upgradations introduced by IFRS 9 over its predecessor, IAS 39, with particular reference to the reporting of risk management strategies of affected entities.

  4. Arbitrage opportunities and their implications to derivative hedging

    Science.gov (United States)

    Panayides, Stephanos

    2006-02-01

    We explore the role that random arbitrage opportunities play in hedging financial derivatives. We extend the asymptotic pricing theory presented by Fedotov and Panayides [Stochastic arbitrage return and its implication for option pricing, Physica A 345 (2005) 207-217] for the case of hedging a derivative when arbitrage opportunities are present in the market. We restrict ourselves to finding hedging confidence intervals that can be adapted to the amount of arbitrage risk an investor will permit to be exposed to. The resulting hedging bands are independent of the detailed statistical characteristics of the arbitrage opportunities.

  5. Hedging Capabilities of Bitcoin. Is it the virtual gold?

    OpenAIRE

    Dyhrberg, Anne Haubo

    2015-01-01

    This paper sets out to explore the hedging capabilities of bitcoin by applying the asymmetric GARCH methodology used in investigation of gold. The results show that bitcoin can clearly be used as a hedge against stocks in the Financial Times Stock Exchange Index. Additionally bitcoin can be used as a hedge against the American dollar in the short-term. Bitcoin thereby possess some of the same hedging abilities as gold and can be included in the variety of tools available to market analysts to...

  6. Currency hedging with help of derivatives

    Directory of Open Access Journals (Sweden)

    Sylvie Riederová

    2011-01-01

    Full Text Available The high volatility combined with unpredictable fluctuations of CZK had shown one more time to the Czech exporting companies the necessity of currency hedging. This article is focused on finding of suitable currency hedging instrument for exporting company, working with the currency pair of CZK/EUR. In the first part, the time series analysis is made for volatility, interest rates and exchange rate. Based on the real market data – gained from Thomson REUTERS and CNB for the time period starting in 2002 – the detailed analysis is made in graphical form. The main goal is to find out the future trends with help of liner regression analysis, based on the historical data. Several graphs are provided with the trend line end estimated interval (min and max for the each variable. The calculated values are clearly marked, to be separated from the real market data. Exchange rate curve shows the market behaviour in the last years and is to be used as most important indicator for the future trends. Interest rates curves are very important for the calculation of the BIPS (basis points, determining the price of the forwards. The difference between landing and deposit rates for the same period of time and different currencies are showing the market estimation of the future development of each currency. Forward price is to be seen as a benchmark for the all other financial instruments. And finally the volatility (quoted as middle is very important part in the pricing of currency options.The second part is closely connected with the first one. Based on the results of provided analyses, it recommends a suitable hedging product for the next period of time. All of the analyses are taken as an input in different ways. The volatility is important for the decision of selling or purchasing the specific part of currency option. The exchange rate outlook together with the interest rates is the indicator of the future development of the currency pair and is playing

  7. 26 CFR 1.1221-2 - Hedging transactions.

    Science.gov (United States)

    2010-04-01

    ... serves a hedging function, or that the transaction serves a similar function or purpose. (4) Coordination... business units. A separate set of books and records is maintained with respect to the activities, assets... under the marking member's method of accounting. (iii) Treatment of intercompany hedging transactions...

  8. The evolving beta-liquidity relationship of hedge funds

    NARCIS (Netherlands)

    Siegmann, Arjen; Stefanova, Denitsa

    2017-01-01

    Hedge funds are known to have liquidity-timing capability, but this might be conditional on aggregate market conditions. To test this, we analyze changes in the relation between hedge funds' stock market exposure and aggregate stock market liquidity. Employing an optimal changepoint approach, we

  9. A Behavioral Decision Making Modeling Approach Towards Hedging Services

    NARCIS (Netherlands)

    Pennings, J.M.E.; Candel, M.J.J.M.; Egelkraut, T.M.

    2003-01-01

    This paper takes a behavioral approach toward the market for hedging services. A behavioral decision-making model is developed that provides insight into how and why owner-managers decide the way they do regarding hedging services. Insight into those choice processes reveals information needed by

  10. Using Derivatives to Hedge Interest Rate Risk: A Student Exercise

    Science.gov (United States)

    Donaldson, Jeff; Flagg, Donald

    2014-01-01

    In a world of fluctuating asset prices, many firms find the need to hedge in order to avoid or reduce losses. From a gold miner selling gold derivatives to airlines buying oil futures to protect against rising fuel costs, hedging is common practice across many different industries. In this paper, we provide students with a simplified example of a…

  11. Investable hedge fund indices: how expensive is liquidity ?

    OpenAIRE

    D. Maspero

    2006-01-01

    The paper reviews the performance of investable hedge fund indices compared to traditional noninvestable hedge fund indices. While investable indices are characterized by a higher level of liquidity they seem to lag the performance on a risk-adjusted basis of noninvestable indices

  12. 26 CFR 1.446-4 - Hedging transactions.

    Science.gov (United States)

    2010-04-01

    ... general. The method of accounting used for hedges of aggregate risk must comply with the matching...) INCOME TAXES Methods of Accounting § 1.446-4 Hedging transactions. (a) In general. Except as provided in... disbursements method of accounting is used or in which § 1.471-6 is used for inventory valuations if, for all...

  13. Probability Weighting and Loss Aversion in Futures Hedging

    NARCIS (Netherlands)

    Mattos, F.; Garcia, P.; Pennings, J.M.E.

    2008-01-01

    We analyze how the introduction of probability weighting and loss aversion in a futures hedging model affects decision making. Analytical findings indicate that probability weighting alone always affects optimal hedge ratios, while loss and risk aversion only have an impact when probability

  14. A risk reserve model for hedging in incomplete markets

    NARCIS (Netherlands)

    Minina, V.; Vellekoop, M.

    2010-01-01

    This paper presents a new approach to the pricing and hedging problem for contingent claims in incomplete markets. We assume that traders wish to maximize the expected final payoff of the hedging portfolio and the claims, and we avoid the use of utility functions. Instead, we model how traders are

  15. Hedging Medical Spending Growth: An Adaptive Expectations Approach.

    Science.gov (United States)

    Lieberthal, Robert D

    2016-08-01

    Long-term health insurance provides consumers with protection against persistent, negative health shocks. While the stochastic rise in medical spending growth may make some health risks harder to insure, financial assets could act as a hedge for medical spending growth risk. The purpose of this research was to determine whether such hedges exist. The results of this study were two-fold. First, the asset classes with the strongest statistical evidence as hedges were bonds, not stocks. Second, any strategy to hedge medical spending growth involved shorting assets i.e. betting against the bond or stock market. Health insurers writing long-term contracts should combine the use of hedges in the bond market with of portfolio diversification, and may benefit from health policies to moderate the uncertainty of medical spending growth.

  16. Hedge math: Theoretical limits on minimum stockpile size across nuclear hedging strategies

    Energy Technology Data Exchange (ETDEWEB)

    Lafleur, Jarret Marshall [Sandia National Lab. (SNL-CA), Livermore, CA (United States); Roesler, Alexander W. [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States)

    2016-09-01

    In June 2013, the Department of Defense published a congressionally mandated, unclassified update on the U.S. Nuclear Employment Strategy. Among the many updates in this document are three key ground rules for guiding the sizing of the non-deployed U.S. nuclear stockpile. Furthermore, these ground rules form an important and objective set of criteria against which potential future stockpile hedging strategies can be evaluated.

  17. Humanizing Finance by Hedging Property Values

    Directory of Open Access Journals (Sweden)

    Jaume Roig Hernando

    2016-06-01

    Full Text Available The recent financial crisis triggered the greatest recession since the 1930s and had a devastating impact on households’ wealth and on their capacity to reduce their indebtedness. In the aftermath, it became clear that there is significant room for improvement in property risk management. While there has been innovation in the management of corporate finance risk, real estate has lagged behind. Now is the time to expand the range of tools available for hedging households’ risks and, thus, to advance the democratization of finance. Property equity represents the major asset in households’ portfolios in developed and undeveloped countries. The present paper analyzes a set of potential innovations in real estate risk management, such as price level-adjusted mortgages, property derivatives, and home equity value insurance. Financial institutions, households, and governments should work together to improve the performance of the financial instruments available and, thus, to help mitigate the worst impacts of economic cycles.

  18. Hedging electricity price volatility using nuclear power

    International Nuclear Information System (INIS)

    Mari, Carlo

    2014-01-01

    Highlights: • Nuclear power is an important asset to reduce the volatility of electricity prices. • Unpredictability of fossil fuels and carbon prices makes power prices very volatile. • The dynamics of fossil fuels and carbon prices is described by Brownian motions. • LCOE values, volatilities and correlations are obtained via Monte Carlo simulations. • Optimal portfolios of generating technologies are get using a mean–variance approach. - Abstract: The analysis presented in this paper aims to put in some evidence the role of nuclear power as hedging asset against the volatility of electricity prices. The unpredictability of natural gas and coal market prices as well as the uncertainty in environmental policies may affect power generating costs, thus enhancing volatility in electricity market prices. The nuclear option, allowing to generate electricity without carbon emissions, offers the possibility to reduce the volatility of electricity prices through optimal diversification of power generating technologies. This paper provides a methodological scheme to plan well diversified “portfolios” of generating capacity that minimize the electricity price risk induced by random movements of fossil fuels market prices and by unpredictable fluctuations of carbon credits prices. The analysis is developed within a stochastic environment in which the dynamics of fuel prices as well as the dynamics of carbon credits prices is assumed to evolve in time according to well defined Brownian processes. Starting from market data and using Monte Carlo techniques to simulate generating cost values, the hedging argument is developed by selecting optimal portfolio of power generating technologies using a mean–variance approach

  19. 76 FR 55213 - Commercial Transportation of Equines to Slaughter

    Science.gov (United States)

    2011-09-07

    .... APHIS-2006-0168] RIN 0579-AC49 Commercial Transportation of Equines to Slaughter AGENCY: Animal and... regarding the commercial transportation of equines to slaughter to add a definition of equine for slaughter... of equines in commercial transportation to slaughter are met. DATES: Effective Date: October 7, 2011...

  20. RELIGIOUS SLAUGHTER: EXAMPLES OF PRACTICES IN ITALY

    Directory of Open Access Journals (Sweden)

    B. Catanese

    2011-01-01

    Full Text Available The present study aimed at identifying the procedures for current methods of religious slaughter. It consisted of spot visits in abattoirs carried out from October 2008 to March 2009 in Italy. The species covered were cattle, sheep and poultry. During this period, five abattoirs in three different Italian regions were assessed. All the animals were slaughtered without stunning. A reliable protocol was developed to record each animal during slaughter, to get 329 minutes and 28 seconds of video. 313 animals were observed by video image analysis for both halal slaughter and shechita. Observed parameters are discussed in the light of animal welfare. Remarks on restraining methods as well as post-cut clinical indicators of consciousness are considered.

  1. Hygiene assessment of sheep slaughter cycle

    Directory of Open Access Journals (Sweden)

    Pyz-Łukasik Renata

    2014-06-01

    Full Text Available The purpose of the study was to determine microbial contamination of mutton carcass surface with regard to the number of the slaughtered animals. The total bacterial load and Enterobacteriaceae and enterococci counts were determined. Sampling for microbiological analysis as well as detection and enumeration of each microorganism group were performed according to the Polish Standards. No significant effect of the order of the slaughtering animals during the slaughter day on total bacterial count on mutton carcass surfaces was found. The overall bacterial contamination of mutton carcasses were between 1.0 × 103 cfu/cm2 (3.0 log - stage I and 2.5 × 103 cfu/cm2 (3.4 log - stage III. No significant difference among the slaughter cycles, as indicated by total microbial numbers was observed. The obtained daily mean log values ranged from 4.7 × 102 (2.67 log and 7.6 × 103 (3.88 log cfu/cm2. The daily log mean values were lower than the maximal bacteria count (M set out for hygiene standard of sheep slaughter process by the Commission Regulation 2073/2005. Bacteria belonging to the Enterobacteriaceae family were recovered from 21 (65.6% samples while enterococci were identified in 28 (87.5% samples. In most cases, significant differences in the level of contamination with bacteria isolated from the carcasses at each stage of a daily slaughter cycle, were not observed. At stage III, significantly higher levels of bacterial contamination (0.86 and 1.31 log cfu/cm2 respectively were established as compared to stage I (0.37 and 0.58 log cfu/cm2 respectively. There were no Salmonella-positive samples determined. Importantly, the number of slaughtered animals during a slaughter day did not influence bacterial contamination on carcass surface if the successful application of HACCP control system was combined with the implementation of optimal sanitary supervision.

  2. A Portfolio Approach to Risk Reduction in Discretely Rebalanced Option Hedges

    OpenAIRE

    Antonio S. Mello; Henrik J. Neuhaus

    1998-01-01

    This paper analyses the accumulated hedging errors generated by discretely rebalanced option hedges. We show that simple generalizations of the prior research can underestimate the variance of the accumulated hedging errors and that even with daily rebalancing, these accumulated hedging errors can introduce substantial risk in arbitrage strategies suggested by the Black-Scholes option pricing model. We also show that the correlation between the accumulated hedging errors for different options...

  3. Hedging local volume risk using forward markets: Nordic case

    DEFF Research Database (Denmark)

    Ernstsen, Rune Ramsdal; Boomsma, Trine Krogh; Tegner, Martin

    2017-01-01

    With focus on the Nordic electricity market, this paper develops hedging strategies for an electricity distributor who manages price and volume risk from fixed price agreements on stochastic electricity load. Whereas the distributor trades in the spot market at area prices, the financial contracts......, and we suggest various strategies for hedging in the presence of local volume risk. We benchmark against a strategy that ignores correlation and hedges at expected load, as is common practice in the industry. Using data from 2013 and 2014 for two Danish bidding areas, we show that our best hedging...... strategy reduces gross loss by 5.8% and 13.6% and increases gross profit by 3.8% and 9.5%, respectively. Although this is partly due to the inclusion of correlation, we show that performance improvement is mainly driven by the choice of risk measure....

  4. Cross hedging and forward-contract pricing of electricity

    International Nuclear Information System (INIS)

    Woo, C.-K.; Hoang, K.; Horowitz, I.

    2001-01-01

    We consider the problem of an electric-power marketer offering a fixed-price forward contract to provide electricity that it purchases from a potentially volatile and unpredictable fledgling spot energy market. One option for the risk-averse marketer who wants to hedge against the spot-price volatility is to engage in cross hedging to reduce the contract's profit variance, and to determine the forward-contract price as a risk-adjusted price - the sum of a baseline price and a risk premium. We show how the marketer can estimate the spot-price relationship between two wholesale energy markets for the purpose of cross hedging, as well as the optimal hedge and the forward contract's baseline price and risk premium

  5. Cross hedging and forward-contract pricing of electricity

    Energy Technology Data Exchange (ETDEWEB)

    Woo, C.-K.; Hoang, K. [Energy and Environmental Economics, Inc., 353 Sacramento Street, Suite 1700, 94111 San Francisco, CA (United States); Horowitz, I. [Decision and Information Sciences, Warrington College of Business Administration, University of Florida, 32611 Gainesville, FL (United States)

    2001-01-01

    We consider the problem of an electric-power marketer offering a fixed-price forward contract to provide electricity that it purchases from a potentially volatile and unpredictable fledgling spot energy market. One option for the risk-averse marketer who wants to hedge against the spot-price volatility is to engage in cross hedging to reduce the contract's profit variance, and to determine the forward-contract price as a risk-adjusted price - the sum of a baseline price and a risk premium. We show how the marketer can estimate the spot-price relationship between two wholesale energy markets for the purpose of cross hedging, as well as the optimal hedge and the forward contract's baseline price and risk premium.

  6. Corporate hedging under a resource rent tax regime

    International Nuclear Information System (INIS)

    Frestad, Dennis

    2010-01-01

    In addition to the ordinary corporate income tax, special purpose taxes are sometimes levied to extract abnormal profits arising from the use of natural resources. Such dual tax regimes exist in Norway for oil and hydropower, where the corresponding special purpose tax bases are unaffected by any derivatives payments. Dual tax firms with hedging programs therefore face the risk of potentially large discrepancies between the tax bases for corporate income tax and special purpose tax. I investigate how this tax base asymmetry influences the extent of hedging of value-maximizing firms facing hedgeable as well as unhedgeable risk. Dual tax firms facing deadweight costs in low-profit events generally demand less hedging than ordinary firms, but otherwise respond similarly to characteristics of the underlying risk exposures. The special purpose tax does not influence firms' hedge portfolios in the absence of deadweight cost. (author)

  7. Hedging endowment assurance products under interest rate and mortality risk

    NARCIS (Netherlands)

    Chen, A.; Mahayni, A.

    2007-01-01

    This paper analyzes how model misspecification associated with both interest rate and mortality risk influences hedging decisions of insurance companies. For this purpose, diverse risk management strategies which are riskminimizing when model risk is ignored come into consideration. The

  8. Corporate hedging under a resource rent tax regime

    Energy Technology Data Exchange (ETDEWEB)

    Frestad, Dennis [Department of Economics and Business Administration, University of Agder, Serviceboks 422, 4604 Kristiansand (Norway)

    2010-03-15

    In addition to the ordinary corporate income tax, special purpose taxes are sometimes levied to extract abnormal profits arising from the use of natural resources. Such dual tax regimes exist in Norway for oil and hydropower, where the corresponding special purpose tax bases are unaffected by any derivatives payments. Dual tax firms with hedging programs therefore face the risk of potentially large discrepancies between the tax bases for corporate income tax and special purpose tax. I investigate how this tax base asymmetry influences the extent of hedging of value-maximizing firms facing hedgeable as well as unhedgeable risk. Dual tax firms facing deadweight costs in low-profit events generally demand less hedging than ordinary firms, but otherwise respond similarly to characteristics of the underlying risk exposures. The special purpose tax does not influence firms' hedge portfolios in the absence of deadweight cost. (author)

  9. Downside Risk analysis applied to the Hedge Funds universe

    Science.gov (United States)

    Perelló, Josep

    2007-09-01

    Hedge Funds are considered as one of the portfolio management sectors which shows a fastest growing for the past decade. An optimal Hedge Fund management requires an appropriate risk metrics. The classic CAPM theory and its Ratio Sharpe fail to capture some crucial aspects due to the strong non-Gaussian character of Hedge Funds statistics. A possible way out to this problem while keeping the CAPM simplicity is the so-called Downside Risk analysis. One important benefit lies in distinguishing between good and bad returns, that is: returns greater or lower than investor's goal. We revisit most popular Downside Risk indicators and provide new analytical results on them. We compute these measures by taking the Credit Suisse/Tremont Investable Hedge Fund Index Data and with the Gaussian case as a benchmark. In this way, an unusual transversal lecture of the existing Downside Risk measures is provided.

  10. How fair-value accounting can influence firm hedging

    OpenAIRE

    Beisland, Leif Atle; Frestad, Dennis

    2013-01-01

    Published version of an article in the journal: Review of Derivatives Research. Also available from the publisher at: http://dx.doi.org/10.1007/s11147-012-9084-y The potential influence of accounting regulations on hedging strategies and the use of financial derivatives is a research topic that has attracted little attention in both the finance and the accounting literature. However, recent surveys suggest that company hedging can be substantially influenced by the accounting for financial...

  11. Are "Market Neutral" Hedge Funds Really Market Neutral?

    OpenAIRE

    Andrew J. Patton

    2009-01-01

    Using a variety of different definitions of "neutrality," this study presents significant evidence against the neutrality to market risk of hedge funds in a range of style categories. I generalize standard definitions of "market neutrality," and propose five different neutrality concepts. I suggest statistical tests for each neutrality concept, and apply these tests to a database of monthly returns on 1423 hedge funds from five style categories. For the "market neutral" style, approximately o...

  12. Crystallization: the hidden dimension of Hedge funds' fee structure

    OpenAIRE

    Elaut, Gert; Frömmel, Michael; Sjödin, John

    2014-01-01

    We investigate the implications of variations in the frequency with which hedge fund managers update their high-water mark on fees paid by investors. We first document the crystallization frequencies used by Commodity Trading Advisors (CTAs) and then perform simulations and a bootstrap analysis. We find a statistically and economically significant effect of the crystallization frequency on the total fee load. Hedge funds' total fee load increases significantly as the crystallization frequency...

  13. Highwaymen or heroes: should hedge funds be regulated?

    OpenAIRE

    Jon Danielsson; Ashley Taylor; Jean-Pierre Zigrand

    2004-01-01

    The exponential growth of hedge funds, their role in financial crises in the 1990s, and examples of fraudulent behaviour have precipitated a heated debate over their regulatory status. The existing approaches of greater disclosure and activity restrictions appear too blunt to be effective and may stifle the benefits hedge funds can bring to the financial system. But, even the remote possibility of a systemic crisis weighs against no regulation. If reform is delayed until after a crisis it is ...

  14. Hedging Yield with Weather Derivatives: A Role for Options

    OpenAIRE

    Manfredo, Mark R.; Richards, Timothy J.

    2005-01-01

    While there are few risk management alternatives available to specialty crop growers, weather derivatives provide an important advancement. As with the use of any derivatives contract, the behavior of the basis will ultimately determine the net-hedged outcome. However, when using weather derivatives to hedge yield risks for specialty crops, growers face a unique form of basis risk because weather (temperature) and yield are nonlinearly related. Using the forecast encompassing principle, this ...

  15. Price Uncertainty and Optimal Hedging in the Agricultural Market

    Directory of Open Access Journals (Sweden)

    Nicolae ISTUDOR

    2014-06-01

    Full Text Available The increased volatility of the agricultural prices has detrimental effects on the economic welfare and raises concerns regarding poverty and malnutrition at a global level. Financial risk management can be an efficient solution for limiting the effects of international agricultural price volatility. The paper analyzes the behavior of the U.S. wheat and corn prices, emphasizing their highly volatile and unpredictable nature. Given the existence of the basis risk, the estimation of the optimal hedge ratio is needed in order to provide an efficient hedging strategy against price risks. The role of public authorities in this context can consist in promoting education in the fields of hedging and understanding the agricultural price volatility risk. We estimate static and time varying optimal hedge ratios for wheat and corn through several methods. Based on the out of sample hedging effectiveness given by the variance reduction, the methods are compared and the results show that the time varying hedge ratios estimated through rolling window OLS and GARCH methods outperform the static counterparts.

  16. Wavelet multiscale analysis for Hedge Funds: Scaling and strategies

    Science.gov (United States)

    Conlon, T.; Crane, M.; Ruskin, H. J.

    2008-09-01

    The wide acceptance of Hedge Funds by Institutional Investors and Pension Funds has led to an explosive growth in assets under management. These investors are drawn to Hedge Funds due to the seemingly low correlation with traditional investments and the attractive returns. The correlations and market risk (the Beta in the Capital Asset Pricing Model) of Hedge Funds are generally calculated using monthly returns data, which may produce misleading results as Hedge Funds often hold illiquid exchange-traded securities or difficult to price over-the-counter securities. In this paper, the Maximum Overlap Discrete Wavelet Transform (MODWT) is applied to measure the scaling properties of Hedge Fund correlation and market risk with respect to the S&P 500. It is found that the level of correlation and market risk varies greatly according to the strategy studied and the time scale examined. Finally, the effects of scaling properties on the risk profile of a portfolio made up of Hedge Funds is studied using correlation matrices calculated over different time horizons.

  17. Carcass Production of Cattle Slaughtered at Salatiga City Slaughter House, Salatiga, Central Java, Indonesia

    Science.gov (United States)

    Purbowati, E.; Lestari, C. M. S.; Ma'ruf, M. J.; Sutaryo, S.

    2018-02-01

    The objective of this study was to evaluate the breed, age, sex, slaughter weight, carcass weight, and carcass percentage of cattle which was slaughtered at Slaughter House in Salatiga, Central Java. The materials used in the study were 156 head of catlle. The sampling used was incidental sampling to identify the breed, age, sex, slaughter weight and carcass weight. The data gathered were analyzed descriptively. The result showed that the sex of all the cattle slaughtered were male. The breeds of the cattle were Frisian Holstein Grade (70.51%), Simmental (15.38+3.21), Simmental-Ongole Grade (5.13%), and Limousine-Ongole Grade (5.77%). The average age of the cattle were 2.34 year old, with an average of slaughter weight of 529.34 kg, while the averages of carcass weight were 277.61 kg. The average of carcass percentage was as high as 52.56%. The conclusion of the study was the highest number of breeds of the cattle slaughtered at Slaughter House in Salatiga were young Frisian Holstein, the body weights were included in large frame score, and the carcass percentage were moderate.

  18. Effect of Housing System, Slaughter Age and Sex on Slaughter and Carcass Parameters of Broiler Ducks

    Directory of Open Access Journals (Sweden)

    Cyril Hrnčár

    2014-11-01

    Full Text Available The aim of this study was to determine the effects of housing system slaughterage and sex on performance and carcass parameters of broiler ducks. Theexperiment was carried out in half-operation conditions experimental base ofDepartment of Poultry Science and Small Animal Husbandry of Slovak Universityof Agriculture in Nitra. A total of 60 one day old ducklings (type Peking DuckWhite were randomly divided to 2 housing groups: three-floor cage system anddeep litter system, both under uniform microclimate conditions. The housingsystem, slaughter age and sex significantly affected the slaughter weights ofbroiler ducks in 49 and 56 day of fattening. The results of this study showed the influenceof housing system, sex and slaughter age on slaughter and carcass parameters.The slaughter and carcass parameters were statistically higher (P0.05. The some slaughterand carcass parameters of male ducks were statistically higher (P<0.05 comparedwith female ducks.

  19. Hedging strategies for petroleum companies; Estrategias de hedging para empresas de petroleo

    Energy Technology Data Exchange (ETDEWEB)

    Cohen, Joaquim Dib [PETROBRAS, Rio de Janeiro, RJ (Brazil)

    2004-07-01

    The prices of crude oil and products in the international market are becoming more and more volatile putting in risk the investment plans of the Oil Companies, their commercial revenues and even their survival. From 1983, with the launch of the WTI crude contract at the New York Mercantile Exchange (NYMEX), the market for derivatives had been growing at very high rate, letting the Companies to use it in order to protect their positions (hedging) and minimizing their business exposure to price risk. The Over the Counter (OTC) market, leaded by Financial Institutions, together with the exchange, are bringing a sort of different strategies to allow producers to protect their portfolios against an adverse move of the market, traders and refiners can, also, fix their margins and guarantee their profitability and, finally, end users are entitle to freeze their feedstock and keep their market competitiveness. Thus, producers, refiners, traders and end users of petroleum and products, have more and more take advantage of the use of derivatives to make their business foreseeable and profitable choosing the risk level they want to take by using a combination of market derivative hedging strategies as shown in this paper. (author)

  20. Stress indicators in steers at slaughtering

    Directory of Open Access Journals (Sweden)

    A. Zarrilli

    2010-04-01

    Full Text Available This work aimed to assess the blood modifications of some slaughtering-linked stress hormones in cattle subject to butcher standardized procedures. The blood samples of 20 Limousine 12-13 months old steers have been collected before slaughtering, during lairage, and after stunning by captive bolt gun, during exsanguination. The plasma level of epinephrine, norepinephrine, cortisol and beta-endorphin have been assayed by EIA. The data indicate that catecholamines, cortisol and beta-endorphin did not significantly increase after stunning in these animals.

  1. Delta-gamma-theta Hedging of Crude Oil Asian Options

    Directory of Open Access Journals (Sweden)

    Juraj Hruška

    2015-01-01

    Full Text Available Since Black-Scholes formula was derived, many methods have been suggested for vanilla as well as exotic options pricing. More of investing and hedging strategies have been developed based on these pricing models. Goal of this paper is to derive delta-gamma-theta hedging strategy for Asian options and compere its efficiency with gamma-delta-theta hedging combined with predictive model. Fixed strike Asian options are type of exotic options, whose special feature is that payoff is calculated from the difference of average market price and strike price for call options and vice versa for the put options. Methods of stochastic analysis are used to determine deltas, gammas and thetas of Asian options. Asian options are cheaper than vanilla options and therefore they are more suitable for precise portfolio creation. On the other hand their deltas are also smaller as well as profits. That means that they are also less risky and more suitable for hedging. Results, conducted on chosen commodity, confirm better feasibility of Asian options compering with vanilla options in sense of gamma hedging.

  2. Study on gross pulmonary lesions in lungs of slaughtered animals ...

    African Journals Online (AJOL)

    Bheema

    Keywords: Pulmonary lesions, Cattle, Abattoir, Economic loss, Ethiopia. 1. INTRODUCTION ... conditions of the slaughtered cattle are presented as follows. 3.1.1. Pulmonary ..... in slaughter cattle. College of Veterinary Medicine, Bangladesh.

  3. Pre-slaughter stress and pork quality

    Science.gov (United States)

    Stajković, S.; Teodorović, V.; Baltić, M.; Karabasil, N.

    2017-09-01

    Stress is an inevitable consequence of handling of animals for slaughter. Stress conditions during transport, lairage and at slaughter induce undesirable effects on the end quality of meat such as pale, soft, exudative meat and dark firm dry meat. Hence, it is very important to define appropriate parameters for objective assessment of level of stress. Attempts to define measures of stress have been difficult and no physiological parameter has been successfully used to evaluate stress situations. One physiological change in swine associated with animal handling stress and with pork quality is an increase in blood lactate concentration. Plasma cortisol was thought to be an appropriate indicator of stress, but the concentration was not consistently changed by different stressors. Therefore, finding alternative parameters reacting to stressors, such as acute phase proteins, would be of great value for the objective evaluation of level of stress and meat quality. As the stress during pre-slaughter handling is unavoidable, the final goal is to improve transport and slaughter conditions for the animal and, as a consequence, meat quality and animal welfare.

  4. Adaptive and self-learning slaughter robots

    DEFF Research Database (Denmark)

    Philipsen, Mark Philip; Andersen, Rasmus Skovgaard; Madsen, Ole

    2017-01-01

    such as the slaughtering of animals and processing of meat, the carcasses and cuts vary in size and composition. The traditional control systems for automatic processes in slaughterhouses rely on strict standardization of these products. When this cannot be guaranteed, automation is either abandoned or large margins...

  5. Pig slaughtering in southwestern Nigeria: peculiarities, animal ...

    African Journals Online (AJOL)

    Result and Conclusion: The pig slaughtering methods in the three locations vary considerably with some identified areas of animal welfare concerns which include inhumane transportation , restraining, lairaging, and stunning practices.s. These amount to excessive stress and poor animal welfare. The abattoir findings with ...

  6. Futures hedging effectiveness under the segmentation of bear/bull energy markets

    International Nuclear Information System (INIS)

    Chang, Chiao-Yi; Lai, Jing-Yi; Chuang, I-Yuan

    2010-01-01

    This article undertakes eight hedging models (Regression, MD-GARCH, BEKK-GARCH, CCC-GARCH, ECM-MD, ECM-BEKK, ECM-CCC, and state space models) to investigate hedging effectiveness of different price scenarios in energy futures markets. Different models have systematically evidenced that hedging effectiveness is higher in an increasing pattern (termed 'bull markets') than in a decreasing pattern (termed 'bear markets') for crude oil and gasoline futures. That is, findings show asymmetric hedging performance between upward and downward price trends consistently from the most popular hedging models in literature. Out-of-sample examination also suggests that the ranking of hedging effectiveness of different hedging models is not parallel in different price patterns across futures contracts, implying that investors should adjust their hedging strategies accordingly. (author)

  7. Modern stage and the directions of developing the accounting system for hedging corporate derivatives

    OpenAIRE

    Ковтун, Ірина Юріївна

    2015-01-01

    The peculiarities of the accounting for hedging corporate derivatives oriented to the capital maintenance through system risk management have been disclosed. The suggestions on the accounting for hedging in the modern legal environment have been made

  8. Futures hedging effectiveness under the segmentation of bear/bull energy markets

    Energy Technology Data Exchange (ETDEWEB)

    Chang, Chiao-Yi [Department of Money and Banking, National Kaohsiung First University of Science and Technology, No. 2, Jhuoyue Rd., Nanzih, Kaohsiung City, 811 (China); Lai, Jing-Yi; Chuang, I-Yuan [Department of Finance, National Chung-Cheng University, No. 168, University Rd., Ming-Hsiung, Chia-Yi 62102. (China)

    2010-03-15

    This article undertakes eight hedging models (Regression, MD-GARCH, BEKK-GARCH, CCC-GARCH, ECM-MD, ECM-BEKK, ECM-CCC, and state space models) to investigate hedging effectiveness of different price scenarios in energy futures markets. Different models have systematically evidenced that hedging effectiveness is higher in an increasing pattern (termed 'bull markets') than in a decreasing pattern (termed 'bear markets') for crude oil and gasoline futures. That is, findings show asymmetric hedging performance between upward and downward price trends consistently from the most popular hedging models in literature. Out-of-sample examination also suggests that the ranking of hedging effectiveness of different hedging models is not parallel in different price patterns across futures contracts, implying that investors should adjust their hedging strategies accordingly. (author)

  9. Pricing and Hedging of Derivatives in Contagious Markets

    DEFF Research Database (Denmark)

    Kokholm, Thomas

    2016-01-01

    It is well documented that stock markets are contagious. A negative shock to one market increases the probability of adverse shocks to other markets. We model this contagion effect by including mutually exciting jump processes in the dynamics of the indexes' log-returns. On top of this we add...... a stochastic volatility component to the dynamics. It is important to take the contagion effect into account if derivatives written on a basket of assets are to be priced or hedged. Due to the affine model specification the joint characteristic function of the log-returns is known analytically, and for two......-asset derivatives prices and show how for certain derivatives the impact is heavy. Moreover, we derive hedge ratios for European put and call options and perform a numerical experiment, which illustrates the impact of contagious jumps on option prices and hedge ratios. Mutually exciting processes have been analyzed...

  10. Gas Storage Valuation and Hedging: A Quantification of Model Risk

    Directory of Open Access Journals (Sweden)

    Patrick Hénaff

    2018-03-01

    Full Text Available This paper focuses on the valuation and hedging of gas storage facilities, using a spot-based valuation framework coupled with a financial hedging strategy implemented with futures contracts. The contributions of this paper are two-fold. Firstly, we propose a model that unifies the dynamics of the futures curve and spot price, and accounts for the main stylized facts of the US natural gas market such as seasonality and the presence of price spikes in the spot market. Secondly, we evaluate the associated model risk, and show not only that the valuation is strongly dependent upon the dynamics of the spot price, but more importantly that the hedging strategy commonly used in the industry leaves the storage operator with significant residual price risk.

  11. The persistence to slaughter age of scars resulting from damage ...

    African Journals Online (AJOL)

    Cut wounds were persistent to slaughter as were scratch marks, with only a small percentage of scratch wounds incurred at a young age not persisting to slaughter age. Mean scar size at slaughter became smaller with an increase in age at which the wounds were inflicted, except at 13 months of age where it was assumed ...

  12. Prevalence of tuberculosis-like lesions in goats slaughtered at ...

    African Journals Online (AJOL)

    Slaughter houses provide excellent avenues for detecting diseases of both economic and public health importance in livestock. A study of 12,429 slaughtered goats at the Bauchi central abattoir was carried out (from February to May, 2015) in order to determine the prevalence of tuberculosis-like lesions in slaughtered ...

  13. Assessment of the Volume and Value of Slaughter Animals Figures ...

    African Journals Online (AJOL)

    Data on 2003 – 2005 cattle and goats slaughter figures for Rivers State was obtained from the meat inspection records of the Department of Veterinary Services, Rivers State Ministry of Agriculture, Port Harcourt. Total number of cattle and goats inspected and slaughtered at Rumueme slaughter slab, in Port Harcourt ...

  14. Risk Management Framework for Hedge Funds: Role of Funding and Redemption Options on Leverage

    OpenAIRE

    Dai, John; Sundaresan, Suresh

    2009-01-01

    We develop a model of hedge fund returns, which reflect the contractual relationships between a hedge fund, its investors and its prime brokers. These relationships are modelled as short option positions held by the hedge fund, wherein the “funding option” reflects the short option position with prime brokers and the “redemption option” reflects the short option position with the investors. Given an alpha producing human capital, the hedge fund’s ability to deploy leverage to magnify its alph...

  15. Differences between urban and rural hedges in England revealed by a citizen science project.

    Science.gov (United States)

    Gosling, Laura; Sparks, Tim H; Araya, Yoseph; Harvey, Martin; Ansine, Janice

    2016-07-22

    Hedges are both ecologically and culturally important and are a distinctive feature of the British landscape. However the overall length of hedges across Great Britain is decreasing. Current challenges in studying hedges relate to the dominance of research on rural, as opposed to urban, hedges, and their variability and geographical breadth. To help address these challenges and to educate the public on the importance of hedge habitats for wildlife, in 2010 the Open Air Laboratories (OPAL) programme coordinated a hedge-focused citizen science survey. Results from 2891 surveys were analysed. Woody plant species differed significantly between urban and rural areas. Beech, Holly, Ivy, Laurel, Privet and Yew were more commonly recorded in urban hedges whereas Blackthorn, Bramble, Dog Rose, Elder and Hawthorn were recorded more often in rural hedges. Urban and rural differences were shown for some groups of invertebrates. Ants, earwigs and shieldbugs were recorded more frequently in urban hedges whereas blowflies, caterpillars, harvestmen, other beetles, spiders and weevils were recorded more frequently in rural hedges. Spiders were the most frequently recorded invertebrate across all surveys. The presence of hard surfaces adjacent to the hedge was influential on hedge structure, number and diversity of plant species, amount of food available for wildlife and invertebrate number and diversity. In urban hedges with one adjacent hard surface, the food available for wildlife was significantly reduced and in rural hedges, one adjacent hard surface affected the diversity of invertebrates. This research highlights that urban hedges may be important habitats for wildlife and that hard surfaces may have an impact on both the number and diversity of plant species and the number and diversity of invertebrates. This study demonstrates that citizen science programmes that focus on hedge surveillance can work and have the added benefit of educating the public on the importance of

  16. Optimization problem and mean variance hedging on defaultable claims

    OpenAIRE

    Goutte, Stephane; Ngoupeyou, Armand

    2012-01-01

    We study the pricing and the hedging of claim {\\psi} which depends on the default times of two firms A and B. In fact, we assume that, in the market, we can not buy or sell any defaultable bond of the firm B but we can only trade defaultable bond of the firm A. Our aim is then to find the best price and hedging of {\\psi} using only bond of the firm A. Hence, we solve this problem in two cases: firstly in a Markov framework using indifference price and solving a system of Hamilton-Jacobi-Bellm...

  17. It Only Takes a Few Moments to Hedge

    DEFF Research Database (Denmark)

    Barletta, Andrea; Santucci de Magistris, Paolo; Pedersen, David Sloth

    Traders hedge the risks carried by options and other securities using the so-called Greeks, with the delta and the vega being the most prominent. In this paper, we propose a novel non-structural method for hedging European options, relying on two model-independent results: First, under suitable...... in variance swap contracts or, indirectly, through an ATM call option. While both strategies ensure effective immunization in periods of market turmoil, taking direct exposure on volatility might not be optimal during extended periods of subdued market volatility. We argue that this result is related...

  18. Bioenergy and biodiversity: Intensified biomass extraction from hedges impairs habitat conditions for birds.

    Science.gov (United States)

    Sauerbrei, Ralf; Aue, Birgit; Krippes, Christian; Diehl, Eva; Wolters, Volkmar

    2017-02-01

    Biomass is increasingly used as an alternative source for energy in Europe. Woody material cut from hedges is considered to provide a suitable complement to maize and oilseed rape, which are currently the dominant biomass sources. Since shrubs and trees are also important habitats for birds, however, coppicing of hedges at the landscape scale may adversely affect the diversity of the avifauna. To evaluate this risk, we estimated the response of hedge birds to three management scenarios differing in cutting intensity and hedge selection. The analysis was done using hedge data of the Lautertal municipality (n = 339 hedges; Vogelsberg area, Hesse, Germany). It focused on 25 bird species, which are all listed in the hedge programme of the German Ornithological Stations. Information on the preferences of these birds for certain hedge features such as height or width was gathered by an extensive literature review. A cluster analysis on the consolidated literature data allowed us to identify three groups of birds according to their preference for certain hedge attributes. Two groups, which included Yellowhammer (Emberiza citrinella L.) (i) and Blackbird (Turdus merula L.) (ii), favoured trees located in hedges, but differed in their preference for hedge shape, with (i) being attracted by long and broad hedges and (ii) by high hedges. The third group, which included the Whitethroat (Sylvia communis L.), preferred small hedges with gaps and medium vegetation density. Spatially explicit suitability models based on these data allowed us to predict the status quo of hedge suitability for these species groups. Field surveys proved the accuracy of the predictions to be sufficient, since the hedge suitability predicted was significantly and positively correlated to the occurrence of 9 out of the 12 testable focal species. Our models predicted biomass extraction to almost always reduce hedge suitability for the three bird groups. Concerning the Yellowhammer and the Blackbird

  19. Power generation assets. Energy constraints, upper bounds and hedging strategies

    Energy Technology Data Exchange (ETDEWEB)

    Enge, Thomas

    2010-09-20

    The overall topic of this thesis is the valuation of power generation assets under energy and risk constraints. Our focus is on the modeling aspect i.e. to find the right balance between accuracy and computational feasibility. We define a new not yet investigated unit commitment problem that introduces an energy constraint to a thermal power plant. We define a continuous stochastic dynamic program with a nested mixed integer program (MIP). We introduce a fast implementation approach by replacing the MIP with an efficient matrix calculation and use principal component analysis to reduce the number of risk factors. We also provide a fast heuristic valuation approach for comparison. As both models can only provide lower bounds of the asset value, we investigate the theory of upper bounds for a proper validation of our power plant results. We review the primal dual algorithm for swing options by Meinshausen and Hambly and in particular clarify their notation and implementation. Then we provide an extension for swing options with multiple exercises at the same stage that we developed together with Prof. Bender, University of Braunschweig. We outline Prof. Bender's proof and describe the implementation in detail. Finally we provide a risk analysis for our thermal power plant. In particular we investigate strategies to reduce spot price risk to which power plants are significantly exposed. First, we focus on the measurement of spot price risk and propose three appropriate risk figures (Forward delta as opposed to Futures delta, synthetic spot delta and Earnings-at-Risk) and illustrate their application using a business case. Second we suggest risk mitigation strategies for both periods, before and in delivery. The latter tries to alter the dispatch policy i.e. pick less risky hours and accept a (desirably only slightly) smaller return. We introduce a benchmark that weighs risk versus return and that we will call EaR-efficient option value. We propose a mitigation

  20. Pre-slaughter sound levels and pre-slaughter handling from loading at the farm till slaughter influence pork quality.

    Science.gov (United States)

    Vermeulen, L; Van de Perre, V; Permentier, L; De Bie, S; Verbeke, G; Geers, R

    2016-06-01

    This study investigates the relationship between sound levels, pre-slaughter handling during loading and pork quality. Pre-slaughter variables were investigated from loading till slaughter. A total of 3213 pigs were measured 30 min post-mortem for pH(30LT) (M. Longissimus thoracis). First, a sound level model for the risk to develop PSE meat was established. The difference in maximum and mean sound level during loading, mean sound level during lairage and mean sound level prior to stunning remained significant within the model. This indicated that sound levels during loading had a significant added value to former sound models. Moreover, this study completed the global classification checklist (Vermeulen et al., 2015a) by developing a linear mixed model for pH(30LT) and PSE prevalence, with the difference in maximum and mean sound level measured during loading, the feed withdrawal period and the difference in temperature during loading and lairage. Hence, this study provided new insights over previous research where loading procedures were not included. Copyright © 2016 Elsevier Ltd. All rights reserved.

  1. A Hedge for Gödel Fuzzy Logic

    Czech Academy of Sciences Publication Activity Database

    Hájek, Petr; Harmancová, Dagmar

    2000-01-01

    Roč. 8, č. 4 (2000), s. 495-498 ISSN 0218-4885 Grant - others:COST(XE) Action 15 Institutional research plan: AV0Z1030915 Keywords : fuzzy logic * Gödel logic * intuitionistic logic * hedges Subject RIV: BA - General Mathematics Impact factor: 0.145, year: 2000

  2. Hedging and Boosting in English and Indonesian Research Articles

    Science.gov (United States)

    Sanjaya, I Nyoman Suka

    2013-01-01

    The present cross-cultural and cross-disciplinary study was aimed at exploring the similarities and differences between English and Indonesian research articles from the disciplines of applied linguistics and chemistry in terms of frequency of usage of hedges (e.g. "perhaps," "may") and boosters (e.g. "clearly,"…

  3. 12 CFR 956.6 - Use of hedging instruments.

    Science.gov (United States)

    2010-01-01

    ... counterparty for over-the-counter derivative contracts shall include: (i) A requirement that market value... reasonable estimate of the market value of the over-the-counter derivative contract at termination (standard.... Derivative instruments that do not qualify as hedging instruments pursuant to GAAP may be used only if a non...

  4. Pricing and hedging in the VIX derivative market

    NARCIS (Netherlands)

    Kozarski, R.

    2013-01-01

    In course of the analysis, we take advantage of extended market evidence in the model estimation and a more complex design to assess the model pricing and hedging performance. The pursuit of more empirically relevant frameworks pays-off is a more precise pricing. However, instead of developing

  5. Belief elicitation in experiments: is there a hedging problem?

    Czech Academy of Sciences Publication Activity Database

    Blanco, M.; Engelmann, Dirk; Koch, A. K.; Normann, H.-T.

    2010-01-01

    Roč. 13, č. 4 (2010), s. 412-438 ISSN 1386-4157 Institutional research plan: CEZ:AV0Z70850503 Keywords : belief elicitation * hedging * experimental methodology Subject RIV: AH - Economics Impact factor: 1.868, year: 2010

  6. Pricing and Hedging Guaranteed Returns on Mix Funds

    NARCIS (Netherlands)

    Vellekoop, M.H.; van de Kamp, A.A.; Post, B.A.

    2006-01-01

    Abstract In this paper we propose a valuation and hedging strategy for a guaranteed minimal rate of return on a mix fund, which participates in both bonds and stocks. For the case where a fixed amount of money is invested, we show that a European put option on the mix fund replicates the cash flows

  7. Delayed bet-hedging resilience strategies under environmental fluctuations

    Science.gov (United States)

    Ogura, Masaki; Wakaiki, Masashi; Rubin, Harvey; Preciado, Victor M.

    2017-05-01

    Many biological populations, such as bacterial colonies, have developed through evolution a protection mechanism, called bet hedging, to increase their probability of survival under stressful environmental fluctuation. In this context, the concept of preadaptation refers to a common type of bet-hedging protection strategy in which a relatively small number of individuals in a population stochastically switch their phenotypes to a dormant metabolic state in which they increase their probability of survival against potential environmental shocks. Hence, if an environmental shock took place at some point in time, preadapted organisms would be better adapted to survive and proliferate once the shock is over. In many biological populations, the mechanisms of preadaptation and proliferation present delays whose influence in the fitness of the population are not well understood. In this paper, we propose a rigorous mathematical framework to analyze the role of delays in both preadaptation and proliferation mechanisms in the survival of biological populations, with an emphasis on bacterial colonies. Our theoretical framework allows us to analytically quantify the average growth rate of a bet-hedging bacterial colony with stochastically delayed reactions with arbitrary precision. We verify the accuracy of the proposed method by numerical simulations and conclude that the growth rate of a bet-hedging population shows a nontrivial dependency on their preadaptation and proliferation delays. Contrary to the current belief, our results show that faster reactions do not, in general, increase the overall fitness of a biological population.

  8. Currency Hedging for International Stock Portfolios : A General Approach

    NARCIS (Netherlands)

    de Roon, F.A.; Nijman, T.E.; Werker, B.J.M.

    1999-01-01

    This paper tests whether hedging currency risk improves the performance of international stock portfolios. We use a generalized performance measure which allows for investor-dependencies such as different utility functions and the presence of nontraded risks. In addition we show that an auxiliary

  9. Variance-optimal hedging for processes with stationary independent increments

    DEFF Research Database (Denmark)

    Hubalek, Friedrich; Kallsen, J.; Krawczyk, L.

    We determine the variance-optimal hedge when the logarithm of the underlying price follows a process with stationary independent increments in discrete or continuous time. Although the general solution to this problem is known as backward recursion or backward stochastic differential equation, we...

  10. Numeraire Invariance and application to Option Pricing and Hedging

    NARCIS (Netherlands)

    Jamshidian, F.; Vanmaele, Michèle; Deelstra, Griselda; De Schepper, Ann; Dhaene, Jan; Reynaerts, Huguette; Schoutens, Wim; Van Goethem, Paul

    2008-01-01

    Numeraire invariance is a well-known technique in option pricing and hedging theory. It takes a convenient asset as the numeraire, as if it were the medium of exchange, and expresses all other asset and option prices in units of this numeraire. Since the price of the numeraire relative to itself is

  11. 77 FR 63360 - Permal Hedge Strategies Fund, et al.;

    Science.gov (United States)

    2012-10-16

    ... SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. IC-30228; 812-14011] Permal Hedge Strategies Fund, et al.; Notice of Application October 9, 2012. AGENCY: Securities and Exchange Commission (``Commission''). ACTION: Notice of an application under section 6(c) of the Investment Company...

  12. Double hedge aids commercial terms of upstream asset purchase

    International Nuclear Information System (INIS)

    Wood, D.

    1993-01-01

    In recent years many major oil companies have elected to rationalize their producing assets. Mature production--particularly onshore in developed countries, associated with high costs and small profit margins--has been the major target. The current weakness in oil prices has resulted in many such properties being on the market. However, much production marginal to a major can be highly profitable to a cost-effective independent, particularly if the production fits strategically with the independent's asset portfolio. Although many independents recognize that some of the producing assets on the market could be of potential value to them, in a period of volatile prices two important valuations have to be technically justified and negotiated to enable or persuade them to conclude a purchase agreement for a specific asset. These are: A purchase value for an asset that is acceptable to both seller and buyer; and A loan value for the asset to establish the level of debt that the asset can support for the buyer. In defining these two important values (both of which are usually established as ranges rather than single values) the independent has to protect itself against a downturn in commodity prices and exposing itself to an unserviceable level of debt. The paper discusses reducing risks, purchase price hedge, an example of a hedged purchase price, price elements, loan value analysis, agreement structure, loan value hedge, and an example of a hedged loan value

  13. Risk & Hedging Behavior: The Role and Determinants of Latent Heterogeneity

    NARCIS (Netherlands)

    Pennings, J.M.E.; Garcia, P.

    2010-01-01

    The notion of heterogeneous behavior is well grounded in economic theory. Recently it has been shown in a hedging context that the influence of risk attitudes and risk perceptions varies for different segments using a generalized mixture regression model. Here, using recently developed individual

  14. Score-Driven Nelson Siegel: Hedging Long-Term Liabilities

    NARCIS (Netherlands)

    R. Quaedvlieg (Rogier); P.C. Schotman (Peter)

    2016-01-01

    textabstractDue to its affine structure the Nelson-Siegel model for yield curves can be transformed to a factor model for excess bond returns. Hedging interest rate risk in this framework amounts to eliminating the factor exposure and minimizing the residual risk. Fitting the model directly on

  15. Speculative and hedging activities in the European carbon market

    International Nuclear Information System (INIS)

    Lucia, Julio J.; Mansanet-Bataller, Maria; Pardo, Ángel

    2015-01-01

    We explore the dynamics of the speculative and hedging activities in European futures carbon markets by using volume and open interest data. A comparison of the three phases in the European Union Emission Trading Scheme (EU ETS) reveals that (i) Phase II of the EU ETS seems to be the most speculative phase to date and (ii) the highest degree of speculative activity for every single phase occurs at the moment of listing the contracts for the first time. A seasonality analysis identifies a higher level of speculation in the first quarter of each year, related to the schedule of deadlines of the EU ETS. In addition, a time series analysis confirms that most of the speculative activity each year occurs in the front contract, whereas the hedging demand concentrates in the second-to-deliver futures contract. -- Highlights: •This study explores the evolution of speculative and hedging activities in futures carbon markets by using volume and open interest data. •Phase II of the EU ETS seems to be the most speculative phase to date. •A seasonality analysis identifies a higher level of speculation in the first quarter of each year. •Most of the speculative activity occurs in the front contract. •The hedging demand concentrates in the second-to-deliver futures contract

  16. Impact of diversity of Mycoplasma hyopneumoniae strains on lung lesions in slaughter pigs.

    Science.gov (United States)

    Michiels, Annelies; Vranckx, Katleen; Piepers, Sofie; Del Pozo Sacristán, Rubén; Arsenakis, Ioannis; Boyen, Filip; Haesebrouck, Freddy; Maes, Dominiek

    2017-01-17

    The importance of diversity of Mycoplasma hyopneumoniae (M. hyopneumoniae) strains is not yet fully known. This study investigated the genetic diversity of M. hyopneumoniae strains in ten pig herds, and assessed associations between the presence of different strains of M. hyopneumoniae and lung lesions at slaughter. Within each herd, three batches of slaughter pigs were investigated. At slaughter, from each batch, 20 post mortem bronchoalveolar lavage fluid samples were collected for multiple locus variable-number tandem repeat analysis (MLVA), and lung lesions (Mycoplasma-like lesions, fissures) were examined. Multivariable analyses including potential risk factors for respiratory disease were performed to assess associations between the number of different strains per batch (three categories: one strain, two-six strains, ≥seven strains), and the lung lesions as outcome variables. In total, 135 different M. hyopneumoniae strains were found. The mean (min.-max.) number of different strains per batch were 7 (1-13). Batches with two-six strains or more than six strains had more severe Mycoplasma-like lesions (P = 0.064 and P = 0.012, respectively), a higher prevalence of pneumonia [odds ratio (OR): 1.30, P = 0.33 and OR: 2.08, P = 0.012, respectively], and fissures (OR = 1.35, P = 0.094 and OR = 1.70, P = 0.007, respectively) compared to batches with only one strain. In conclusion, many different M. hyopneumoniae strains were found, and batches of slaughter pigs with different M. hyopneumoniae strains had a higher prevalence and severity of Mycoplasma-like lung lesions at slaughter, implying that reducing the number of different strains may lead to less lung lesions at slaughter and better respiratory health of the pigs.

  17. Not putting all their eggs in one basket: bet-hedging despite extraordinary annual reproductive output of desert tortoises

    Science.gov (United States)

    Lovich, Jeffrey E.; Ennen, Joshua R.; Yackulic, Charles B.; Meyer-Wilkins, Kathie; Agha, Mickey; Loughran, Caleb L.; Bjurlin, Curtis; Austin, Meaghan; Madrak, Sheila V.

    2015-01-01

    Bet-hedging theory makes the counter-intuitive prediction that, if juvenile survival is low and unpredictable, organisms should consistently reduce short-term reproductive output to minimize the risk of reproductive failure in the long-term. We investigated the long-term reproductive output of an Agassiz's desert tortoise (Gopherus agassizii) population and conformance to a bet-hedging strategy of reproduction in an unpredictable but comparatively productive environment. Most females reproduced every year, even during periods of low precipitation and poor germination of food plants, and the mean percentage of reproducing females did not differ significantly on an annual basis. Although mean annual egg production (clutch size × clutch frequency) differed significantly among years, mean clutch size and mean clutch frequency remained relatively constant. During an El Niño year, mean annual egg production and mean annual clutch frequency were the highest ever reported for this species. Annual egg production was positively influenced by maternal body size but clutch size and clutch frequency were not. Our long-term results confirm earlier conclusions based on short-term research that desert tortoises have a bet-hedging strategy of producing small clutches almost every year. The risk of long-term reproductive failure is minimized in unpredictable environments, both through time by annually producing multiple small clutches over a long reproductive lifespan, even in years of low resource availability, and through space by depositing multiple annual clutches in different locations. The extraordinary annual reproductive output of this population appears to be the result of a typically high but unpredictable biomass of annual food plants at the site relative to tortoise habitat in dryer regions. Under the comparatively productive but unpredictable conditions, tortoises conform to predictions of a bet-hedging strategy of reproduction with relatively small but consistent

  18. SOME SLAUGHTER-HOUSE RATES OF HORSES

    Directory of Open Access Journals (Sweden)

    Vlasta Mandić

    2000-06-01

    Full Text Available Nowdays horses are raised and used almost only for sport and recreation and, of course, for meat production. With the possibility of buying fresh horse meat and products based on horse meat, new eating habits have been acquired. The number of horses in the Republic of Croatia has been decreasing continually, which can result in import rather than in export of horse meat, unless a proper and a good breeding plan for horse meat production is made soon. In existing small private slaughter-houses, together with other animals, horses are slaughtered but in a very small number (just to meet the needs of the market. As those horses are of different genetic bases, (mostly cold blooded and cross-bred as well as of different age, sex and physical shape, the slaughter-house yield greatly varies. Due to some injuries, blindenss or lameness horses are killed coercively as to gain minimal profit. In distinction from other animals where the percentage of carcass yield is very high, sloughter-house yield of horse carcass is not high due to a small number of killed animals

  19. Strips of hourly power options. Approximate hedging using average-based forward contracts

    International Nuclear Information System (INIS)

    Lindell, Andreas; Raab, Mikael

    2009-01-01

    We study approximate hedging strategies for a contingent claim consisting of a strip of independent hourly power options. The payoff of the contingent claim is a sum of the contributing hourly payoffs. As there is no forward market for specific hours, the fundamental problem is to find a reasonable hedge using exchange-traded forward contracts, e.g. average-based monthly contracts. The main result is a simple dynamic hedging strategy that reduces a significant part of the variance. The idea is to decompose the contingent claim into mathematically tractable components and to use empirical estimations to derive hedging deltas. Two benefits of the method are that the technique easily extends to more complex power derivatives and that only a few parameters need to be estimated. The hedging strategy based on the decomposition technique is compared with dynamic delta hedging strategies based on local minimum variance hedging, using a correlated traded asset. (author)

  20. Slaughter weight and carcass of male New Zealand White rabbits after rationing with koro bean (Mucuna pruriens var. utilis

    Directory of Open Access Journals (Sweden)

    SUTARNO

    2009-11-01

    Full Text Available Santoso U, Sutarno. 2009. Slaughter weight and carcass of male New Zealand White rabbits after rationing with koro bean (Mucuna pruriens var. utilis. Nusantara Bioscience 1: 117-122. The objectives of the research were to know the effects of koro bean (Mucuna pruriens var. utilis present on slaughter weight and carcass of rabbits and to know the optimum dosage that resulted the best slaughter weight and carcass. The research used Randomized Block Design whereas 25 heads of six weeks old rabbits with 450-1270 g of body weight were devided into five groups according to the body weight. Each group were treated with different treatment. The treatment were unpresent of M. pruriens as a control (R0 and various percentage of M. pruriens as much as 21.5%, in the ration with treatment as follows: R1 (raw, R2 (heating, R3 (boiling, and R4 (fermentation. The parameters observed were slaughter weight, carcass weight, meat weight, bone weight, and adipose tissue weigth. The data analyzed by analysis of variance (ANOVA followed with Duncan’s Multiple Range Test (DMRT. The present of processed M. pruriens could increase production of slaughter weight better than the present of unprocessed M. pruriens. The additional of 21.5% of fermented M. pruriens resulted in the best production of slaughter weight and carcass of rabbits.

  1. Determining the multi-scale hedge ratios of stock index futures using the lower partial moments method

    Science.gov (United States)

    Dai, Jun; Zhou, Haigang; Zhao, Shaoquan

    2017-01-01

    This paper considers a multi-scale future hedge strategy that minimizes lower partial moments (LPM). To do this, wavelet analysis is adopted to decompose time series data into different components. Next, different parametric estimation methods with known distributions are applied to calculate the LPM of hedged portfolios, which is the key to determining multi-scale hedge ratios over different time scales. Then these parametric methods are compared with the prevailing nonparametric kernel metric method. Empirical results indicate that in the China Securities Index 300 (CSI 300) index futures and spot markets, hedge ratios and hedge efficiency estimated by the nonparametric kernel metric method are inferior to those estimated by parametric hedging model based on the features of sequence distributions. In addition, if minimum-LPM is selected as a hedge target, the hedging periods, degree of risk aversion, and target returns can affect the multi-scale hedge ratios and hedge efficiency, respectively.

  2. Trends in slaughter pig production and antimicrobial consumption in Danish slaughter pig herds, 2002-2008

    DEFF Research Database (Denmark)

    Vieira, Antonio; Pires, Sara Monteiro; Houe, H.

    2011-01-01

    Overuse of antimicrobials in food-animal production is thought to be a major risk factor for the development of resistant bacterial populations. Data on non-human antimicrobial usage is essential for planning of intervention strategies to lower resistance levels at the country, region or herd...... levels. In this study we evaluated Danish national antimicrobial usage data for five antimicrobial classes used in slaughter pigs in different herd sizes and data on the number of slaughter pigs produced per herd, between 2002 and 2008, in Denmark. The objective was to ascertain...... if there is an association between herd size and amount of antimicrobials consumed. During this period, the overall number of herds with slaughter pigs decreased by 43%, with larger herds becoming more prevalent. The tetracycline treatment incidence (TI) rate increased from 0·28 to 0·70 animal-defined daily dose (ADD)/100...

  3. Quality of slaughter material ? BIG 6 heavy turkeys

    OpenAIRE

    Artur Kryza; Marian Pietrzak; Ewa Gornowicz

    2016-01-01

    The aim of the study was to perform a randomized assessment of slaughter material in the form of intensively farmed turkeys obtained by large poultry slaughter and meat processing plants. The assessment involved determining the slaughter value and physical characteristics of the meat. Samples (23 male and 12 female turkeys) were collected from the processing line of a large commercial poultry processing facility, and hybrid turkeys of a BIG 6 heavy breeding line came from different producers....

  4. VALUATIONS OF CURRENT METHODS OF RELIGIOUS SLAUGHTER IN ITALY

    Directory of Open Access Journals (Sweden)

    B. Catanese

    2009-09-01

    Full Text Available The aim of this study is to estimate the scale of practices of religious slaughter and to evaluate current methods practiced in Italy. Three different approaches have been used to obtain data. Stunning before sticking is performed in 5,9% of small ruminants slaughtered according to Halal ritual. Hypothesis of violation of Dlgs 333/98 are discussed in the light of an improvement of religious slaughter practices in Italy.

  5. Microbiology and pathology of fibrinous pericarditis in Danish slaughter pigs

    DEFF Research Database (Denmark)

    Buttenschøn, J.; Friis, N.F.; Aalbaek, B.

    1997-01-01

    The prevalence of fibrinous pericarditis detected at slaughter in Danish slaughter pigs is approximately 0.02 %. The microbiology and pathology of this disorder was studied through 46 field cases collected at slaughter from May 1994 to August 1995. Mycoplasmas (Mycoplasma hyopneumoniae, M...... from the pericardium in three cases. The pericardium was sterile in three cases and contained a low grade mixed flora in two; the latter is believed to be a result of the slaughter procedure rather than an infection. No chlamydiae were found in connection with the microbiological examination...

  6. Weather derivatives: Business hedge instrument from weather risks

    Directory of Open Access Journals (Sweden)

    Đorđević Bojan S.

    2014-01-01

    Full Text Available In the late 1990s, a new financial market was developed - a market for weather derivatives, so that the risk managers could hedge their exposure to weather risk. After a rather slow start, the weather derivatives market had started to grow rapidly. Risk managers could no longer blame poor financial results on the weather. Weather risk could now be removed by hedging procedure. This paper will explain briefly what the weather derivatives are and will point out at some of the motives for use of derivatives. Thereafter we will look at the history of the weather risk market, how the weather derivatives market has developed in recent years and also who are the current and potential players in the weather derivatives market.

  7. Overview of current and alternative slaughter practices

    Directory of Open Access Journals (Sweden)

    Troeger K.

    2004-01-01

    Full Text Available The conventional cattle slaughtering process includes some critical stages where a dissemination of Specified Risk Material (SRM: brain, spinal cord within or onto the carcass and within the slaughterhouse environment can occur. These processes are captive bolt stunning, removal of the head and first of all carcass splitting (sawing the spine lengthways. Captive bolt (CB stunning results in massive brain tissue damage with bleeding, and in some cases brain tissue also emerges from the CB hole. As the heart is still functioning, there is a risk of brain tissue particles being transferred v i a the blood flow to heart and lungs or even in the whole carcass. This contamination risk is actually assessed to be low, but a continuing leakage of Central Nervous System (CNS material from the captive bolt aperture in the further slaughter process may lead to direct and indirect contamination of carcass, meat and equipment. Therefore alternative stunning methods like electrical stunning or concussion stunning are discussed. A further critical point is the treatment of the head. When the head is removed, the spinal cord is cut with a knife. There is a danger of cross contamination due to spinal protein that may adhere to the knife and because of liquid cerebralis, which leaks from the foramen occipitale magnum. Further head cleaning with hand-held hoses following skinning also includes the danger of cross contamination from cleaning water or aerosol. Therefore measures regarding the safe handling of head and harvesting of head meat are proposed. The most critical point in terms of contamination of the meat surface with SRM is the currently common practise of sawing the spine vertically in the middle with hand-guided belt-type saws. A m i x t u r e of sawing residues and rinsing water (“sawing sludge” collects in the housing of the saw, and if it contains infectious material this leads to contamination of the subsequent carcasses. The most promising

  8. Immunization and Hedging of Post Retirement Income Annuity Products

    Directory of Open Access Journals (Sweden)

    Changyu Liu

    2017-03-01

    Full Text Available Designing post retirement benefits requires access to appropriate investment instruments to manage the interest rate and longevity risks. Post retirement benefits are increasingly taken as a form of income benefit, either as a pension or an annuity. Pension funds and life insurers offer annuities generating long term liabilities linked to longevity. Risk management of life annuity portfolios for interest rate risks is well developed but the incorporation of longevity risk has received limited attention. We develop an immunization approach and a delta-gamma based hedging approach to manage the risks of adverse portfolio surplus using stochastic models for mortality and interest rates. We compare and assess the immunization and hedge effectiveness of fixed-income coupon bonds, annuity bonds, as well as longevity bonds, using simulations of the portfolio surplus for an annuity portfolio and a range of risk measures including value-at-risk. We show how fixed-income annuity bonds can more effectively match cash flows and provide additional hedge effectiveness over coupon bonds. Longevity bonds, including deferred longevity bonds, reduce risk significantly compared to coupon and annuity bonds, reflecting the long duration of the typical life annuity and the exposure to longevity risk. Longevity bonds are shown to be effective in immunizing surplus over short and long horizons. Delta gamma hedging is generally only effective over short horizons. The results of the paper have implications for how providers of post retirement income benefit streams can manage risks in demanding conditions where innovation in investment markets can support new products and increase the product range.

  9. The Economics of Hedge Funds: Alpha, Fees, Leverage, and Valuation

    OpenAIRE

    Yingcong Lan; Neng Wang; Jinqiang Yang

    2011-01-01

    Hedge fund managers are compensated via management fees on the assets under management (AUM) and incentive fees indexed to the high-water mark (HWM). We study the effects of managerial skills (alpha) and compensation on dynamic leverage choices and the valuation of fees and investors' payoffs. Increasing the investment allocation to the alpha-generating strategy typically lowers the fund's risk-adjusted excess return due to frictions such as price pressure. When the manager is only paid via m...

  10. Practical hedging and gas purchasing strategies for end-users

    International Nuclear Information System (INIS)

    Rosenzweig, J.

    1995-01-01

    Characteristics of the gas portfolio were described and its purpose was discussed in terms of diversification, risk reduction and flexibility. Tools to adjust the portfolio were discussed in terms of swaps and futures. Advantages and disadvantages of exchange and off-exchange traded instruments were outlined. Turning basis gas into a published indexed price, otherwise known as hedging, was explained. The market players ( banks, dealers, brokers) and their roles were described

  11. Mandatory Disclosure and Operational Risk: Evidence from Hedge Fund Registration

    OpenAIRE

    Stephen Brown; William Goetzmann; Bing Liang; Christopher Schwarz

    2006-01-01

    Mandatory disclosure is a regulatory tool intended to allow market participants to assess operational risk. We examine the value of disclosure through the controversial SEC requirement, since overturned, which required major hedge funds to register as investment advisors and file Form ADV disclosures. Leverage and ownership structures suggest that lenders and equity investors were already aware of operational risk. However, operational risk does not mediate flow-performance relationships. Inv...

  12. Arbitrage and Hedging in a non probabilistic framework

    OpenAIRE

    Alvarez, Alexander; Ferrando, Sebastian; Olivares, Pablo

    2011-01-01

    The paper studies the concepts of hedging and arbitrage in a non probabilistic framework. It provides conditions for non probabilistic arbitrage based on the topological structure of the trajectory space and makes connections with the usual notion of arbitrage. Several examples illustrate the non probabilistic arbitrage as well perfect replication of options under continuous and discontinuous trajectories, the results can then be applied in probabilistic models path by path. The approach is r...

  13. Missing Data Bias on a Selective Hedging Strategy

    Directory of Open Access Journals (Sweden)

    Kiss Gábor Dávid

    2017-03-01

    Full Text Available Foreign exchange rates affect corporate profitability both on the macro and cash-flow level. The current study analyses the bias of missing data on a selective hedging strategy, where currency options are applied in case of Value at Risk (1% signs. However, there can be special occasions when one or some data is missing due to lack of a trading activity. This paper focuses on the impact of different missing data handling methods on GARCH and Value at Risk model parameters, because of selective hedging and option pricing based on them. The main added value of the current paper is the comparison of the impact of different methods, such as listwise deletion, mean substitution, and maximum likelihood based Expectation Maximization, on risk management because this subject has insufficient literature. The current study tested daily closing data of floating currencies from Kenya (KES, Ghana (GHS, South Africa (ZAR, Tanzania (TZS, Uganda (UGX, Gambia (GMD, Madagascar (MGA and Mozambique (MZN in USD denomination against EUR/USD rate between March 8, 2000 and March 6, 2015 acquired from the Bloomberg database. Our results suggested the biases of missingness on Value at Risk and volatility models, presenting significant differences among the number of extreme fluctuations or model parameters. A selective hedging strategy can have different expenditures due to the choice of method. This paper suggests the usage of mean substitution or listwise deletion for daily financial time series due to their tendency to have a close to zero first momentum

  14. Hedging strategies in energy markets: the case of electricity retailers

    International Nuclear Information System (INIS)

    Boroumand, Raphael Homayoun; Goutte, Stephane; Porcher, Simon; Porcher, Thomas

    2015-01-01

    As market intermediaries, electricity retailers buy electricity from the wholesale market or self-generate for re(sale) on the retail market. Electricity retailers are uncertain about how much electricity their residential customers will use at any time of the day until they actually turn switches on. While demand uncertainty is a common feature of all commodity markets, retailers generally rely on storage to manage demand uncertainty. On electricity markets, retailers are exposed to joint quantity and price risk on an hourly basis given the physical singularity of electricity as a commodity. In the literature on electricity markets, few articles deals on intra-day hedging portfolios to manage joint price and quantity risk whereas electricity markets are hourly markets. The contributions of the article are twofold. First, we define through a VaR and CVaR model optimal portfolios for specific hours (3 a.m., 6 a.m.,...,12 p.m.) based on electricity market data from 2001 to 2011 for the French market. We prove that the optimal hedging strategy differs depending on the cluster hour. Secondly, we demonstrate the significantly superior efficiency of intra-day hedging portfolios over daily (therefore weekly and yearly) portfolios. Over a decade (2001-2011), our results clearly show that the losses of an optimal daily portfolio are at least nine times higher than the losses of optimal intra-day portfolios. (authors)

  15. Hedge Effectiveness in the Brazilian US Dollar Futures Market

    Directory of Open Access Journals (Sweden)

    Leonardo Lima Gomes

    2011-09-01

    Full Text Available In recent years, one could observe a very definite surge in dollar prices in Brazil. Many Brazilian Companies, especially those with large amounts of dollar denominated debt incurred substantial losses due to the strong and fast growth of the dollar. The subsequent dollar price collapse from 2002 to 2008 caused great losses to exporters. In the context of hedge being a form of protection against currency oscillations, this paper aimed to study its effectiveness using the dollar future market in the BM&FBovespa. Specifically, four alternatives for calculating the optimum hedge ratio were compared: a the so called naïve approach, where opposite positions are taken in the spot and future markets; b OLS – Ordinary Least Squares c symmetric bi-variate GARCH (Generalized Autoregressive Conditional Heteroscedasticity; d asymmetric bi-variate GARCH. The results showed that both GARCH supported hedge ratios presented higher effectiveness when compared to OLS, with in turn surpassed the naïve one.

  16. Contribution to modeling and dynamic risk hedging in energy markets

    International Nuclear Information System (INIS)

    Noufel, Frikha

    2010-12-01

    This thesis is concerned with probabilistic numerical problems about modeling, risk control and risk hedging motivated by applications to energy markets. The main tool is based on stochastic approximation and simulation methods. This thesis consists of three parts. The first one is devoted to the computation of two risk measures of the portfolio loss distribution L: the Value-at-Risk (VaR) and the Conditional Value-at-Risk (CVaR). This computation uses a stochastic algorithm combined with an adaptive variance reduction technique. The first part of this chapter deals with the finite dimensional case, the second part extends the results of the first part to the case of a path-dependency process and the last one deals low discrepancy sequences. The second chapter is devoted with risk minimizing hedging strategies in an incomplete market operating in discrete time using quantization based stochastic approximation. Theoretical results on CVaR hedging are presented then numerical aspects are addressed in a Markovian framework. The last part deals with joint modeling of Gas and Electricity spot prices. The multi-factor model presented is based on stationary Ornstein process with parameterized diffusion coefficient. (author)

  17. Striking Features of the New Market Companies Adopting Hedge Accounting

    Directory of Open Access Journals (Sweden)

    Leandro Augusto Toigo

    2015-08-01

    Full Text Available This research had as main objective to analyze the corporate and financial governance characteristics that discriminate against groups of companies that adopt hedge accounting in the new market for risk management. In this sense, there was descriptive survey the site of BM&FBOVESPA, conducted through desk review of the financial statements of 31/12/2012, including the explicative notes and management reports, there was also collecting data in reference form and Economatica. The population corresponds as 128 companies of the governance level - new market, and that the reserve sample was random and probabilistic, comprising 88 companies. We used a construct of the CPC 40 that deals with hedge accounting in order to segment the sample companies opting or not hedge accounting. The results of the application of Pearson's correlation and logistic regression with the Hosmer and Lemoshow tests (HLT and Test Omnibus coefficient model (OTMC, have shown that companies with ownership concentration, foreign investors and larger assets are adopting more significantly CPC 40. It follows that Brazilian companies belonging to the new market that adopt the practice of accounting disclosure to demonstrate improvement in risk management of the investments of the shareholders, are large companies with the capital structure composed of foreign investor and representative shareholder wealth.

  18. Hedging, arbitrage and optimality with superlinear frictions

    OpenAIRE

    Guasoni, Paolo; Rásonyi, Miklós

    2015-01-01

    In a continuous-time model with multiple assets described by c\\`{a}dl\\`{a}g processes, this paper characterizes superhedging prices, absence of arbitrage, and utility maximizing strategies, under general frictions that make execution prices arbitrarily unfavorable for high trading intensity. Such frictions induce a duality between feasible trading strategies and shadow execution prices with a martingale measure. Utility maximizing strategies exist even if arbitrage is present, because it is n...

  19. Slaughter house solid waste management in Indonesia

    Directory of Open Access Journals (Sweden)

    Rhenny Ratnawati

    2014-12-01

    Full Text Available The solid slaughter house waste (SSW in Indonesia is generally disposed of into open dumped landfill. This type of solid waste can cause odor and atmospheric pollution if discharged directly into the environment. Additionally, it may spread disease due to the nesting vectors, and the resulting leachate can lead to groundwater contamination. This paper reviews the characterization of slaughter house (SH types and SSW generation potential and to review the development of treatment technology of SSW and its application. The SH in Indonesia is divided into 3 classes, namely: 1 SH for large and small ruminants; 2 SH for poultry; 3 SH for pigs. Application technologies in Indonesia include compost and biogas technologies, and the use of rumen content for animal feed. Problem in biogas technology is generally caused by the high nitrogen content in the SSW. The most suitable raw material for biogas production is herbivore waste. The main advantages of using SSW for compost production are: the appropriate characteristics for composting process, free of hazardous contaminant, and appropriate composting technologies are available to reduce environmental problems caused by SSW. In addition, rumen content is considered to be a potential alternative for animal feed because have high content of amino acids (approximately 73.4% of the total protein and rich in vitamin B complex. Among the disadvantages, the composting process of SSW requires long time period and generate air pollutants, such as ammonia and hydrogen sulphide.

  20. Hedge Fund Stock Trading in the Financial Crisis of 2007--2009

    OpenAIRE

    Itzhak Ben-David; Francesco Franzoni; Rabih Moussawi

    2012-01-01

    Hedge funds significantly reduced their equity holdings during the recent financial crisis. In 2008:Q3----Q4, hedge funds sold about 29% of their aggregate portfolio. Redemptions and margin calls were the primary drivers of selloffs. Consistent with forced deleveraging, the selloffs took place in volatile and liquid stocks. In comparison, redemptions and stock sales for mutual funds were not as severe. We show that hedge fund investors withdraw capital three times as intensely as mutual fund ...

  1. Hedging with futures: an application of GARCH to european electricity markets

    OpenAIRE

    G. Zanotti; G. Gabbi; M. Geranio

    2009-01-01

    European electricity markets have been subject to a broad deregulation process in the last few decades. We analyse hedging policies implemented through different hedge ratios estimation. More specifically we compare naïve, ordinary least squares, and GARCH conditional variance and correlations models to test if GARCH models lead to higher variance reduction in a context of high time varying volatility as the case of electricity markets. Our results show that the choice of the hedge ratio esti...

  2. Return and volatility transmission between gold and stock sectors: Application of portfolio management and hedging effectiveness

    Directory of Open Access Journals (Sweden)

    Dilip Kumar

    2014-03-01

    Full Text Available The paper investigates the first and second orders moment transmission between gold and Indian industrial sectors with an application of portfolio design and hedging effectiveness using generalised VAR-ADCC-BVGARCH model. Our findings indicate unidirectional significant return spillover from gold to stock sectors. The negative values of estimated time varying conditional correlations are mainly observed during periods of market turbulence and crisis indicating the scope of portfolio diversification and hedging during these periods. We also estimate optimal weights, hedge ratios, and hedging effectiveness for the stock-gold portfolios. Our findings suggest that stock-gold portfolio provides better diversification benefits than stock portfolios.

  3. 77 FR 24873 - Modernization of Poultry Slaughter Inspection

    Science.gov (United States)

    2012-04-26

    ... require that all establishments that slaughter poultry have written programs to address sanitary dressing... Inspection Service 9 CFR Parts 381 and 500 [Docket No. FSIS-2011-0012] RIN 0583-AD32 Modernization of Poultry... the proposed rulemaking ``Modernization of Poultry Slaughter Inspection'' and responding to questions...

  4. Preliminary studies on pathogenic Leptospira spp . In slaughtered ...

    African Journals Online (AJOL)

    This study was undertaken to investigate the occurrence of pathogenic Leptospira spp. and the associated renal morphological changes in pigs slaughtered in slaughter slabs within Abeokuta metropolis, Nigeria. A total of 42 pigs' kidney samples were randomly collected for the study. The samples were examined using ...

  5. Prevalence of Mycobacterium bovis in Cattle Slaughtered at Sokoto ...

    African Journals Online (AJOL)

    This study was undertaken to screen cattle slaughtered at the Sokoto Central Abattoir for antibodies against Mycobacterium bovis. By the lateral flow technique (immunochromatography), using monoclonal antibodies for M. bovis (BioNote, Inc. Gyeonggi-do, Korea) and by post mortem examination. A total of 194 slaughtered ...

  6. Ritual Slaughter, Animal Welfare and the Freedom of Religion

    NARCIS (Netherlands)

    Sap, J.W.; Zoethout, Carla; van der Schyff, Gerhard

    2017-01-01

    According to traditional Jewish and Islamic law, animals must be slaughtered by a single cut to the throat. The practice of ritual slaughter has become controversial to the extent that it is interpreted as precluding animals from being stunned first. This raises a number of important and related

  7. Is humane slaughter of fish possible for industry?

    NARCIS (Netherlands)

    Vis, van de J.W.; Kestin, S.; Robb, D.; Oehlenschlaeger, J.; Lambooij, E.; Kuhlmann, H.; Kloosterboer, K.

    2003-01-01

    The objective was to evaluate industrial and research slaughter methods for Atlantic salmon (Salmo salar), gilt-head seabream (Sparus auratus) and eel (Anguilla anguilla) with respect to welfare and quality. As a general term of reference, an optimal slaughter method should render fish unconscious

  8. Salmonella in peripheral lymph nodes of healthy cattle at slaughter

    Science.gov (United States)

    To more fully characterize the burden of Salmonella enterica in bovine peripheral lymph nodes (PLN), PLN (n=5,450) were collected from healthy cattle at slaughter in 12 commercial abattoirs that slaughtered feedlot-fattened (FF) cattle exclusively (n=7), cattle removed (or culled) from breeding herd...

  9. Prevalence of footrot in Swedish slaughter lambs

    Directory of Open Access Journals (Sweden)

    Nyman Ann-Kristin J

    2011-04-01

    Full Text Available Abstract Background Footrot is a world-wide contagious disease in sheep and goats. It is an infection of the epidermis of the interdigital skin, and the germinal layers of the horn tissue of the feet. The first case of footrot in Swedish sheep was diagnosed in 2004. Due to difficulties in distinguishing benign footrot from early cases of virulent footrot and because there is no possibility for virulence testing of strains of Dichelobacter nodosus in Sweden, the diagnosis is based of the presence or absence of clinical signs of footrot in sheep flocks. Ever since the first diagnosed case the Swedish Animal Health Service has worked intensively to stop the spread of infection and control the disease at flock level. However, to continue this work effectively it is important to have knowledge about the distribution of the disease both nationally and regionally. Therefore, the aims of this study were to estimate the prevalence of footrot in Swedish lambs at abattoirs and to assess the geographical distribution of the disease. Methods A prevalence study on footrot in Swedish lambs was performed by visual examination of 2000 feet from 500 lambs submitted from six slaughter houses. Each foot was scored according to a 0 to 5 scoring system, where feet with score ≥2 were defined as having footrot. Moreover, samples from feet with footrot were examined for Dichelobacter nodosus by culture and PCR. Results The prevalence of footrot at the individual sheep level was 5.8%, and Dichelobacter nodosus was found by culture and PCR in 83% and 97% of the samples from feet with footrot, respectively. Some minor differences in geographical distribution of footrot were found in this study. Conclusions In a national context, the findings indicate that footrot is fairly common in Swedish slaughter lambs, and should be regarded seriously.

  10. Landscape-moderated bird nest predation in hedges and forest edges

    Science.gov (United States)

    Ludwig, Martin; Schlinkert, Hella; Holzschuh, Andrea; Fischer, Christina; Scherber, Christoph; Trnka, Alfréd; Tscharntke, Teja; Batáry, Péter

    2012-11-01

    Landscape-scale agricultural intensification has caused severe declines in biodiversity. Hedges and forest remnants may mitigate biodiversity loss by enhancing landscape heterogeneity and providing habitat to a wide range of species, including birds. However, nest predation, the major cause of reproductive failure of birds, has been shown to be higher in forest edges than in forest interiors. Little is known about how spatial arrangement (configuration) of hedges affects the avian nest predation. We performed an experiment with artificial ground and elevated nests (resembling yellowhammer and whitethroat nests) baited with quail and plasticine eggs. Nests were placed in three habitat types with different degrees of isolation from forests: forest edges, hedges connected to forests and hedges isolated from forests. Nest predation was highest in forest edges, lowest in hedges connected to forests and intermediate in isolated hedges. In the early breeding season, we found similar nest predation on ground and elevated nests, but in the late breeding season nest predation was higher on ground nests than on elevated nests. Small mammals were the main predators of ground nests and appeared to be responsible for the increase in predation from early to late breeding season, whereas the elevated nests were mainly depredated by small birds and small mammals. High predation pressure at forest edges was probably caused by both forest and open-landscape predators. The influence of forest predators may be lower at hedges, leading to lower predation pressure than in forest edges. Higher predation pressure in isolated than connected hedges might be an effect of concentration of predators in these isolated habitats. We conclude that landscape configuration of hedges is important in nest predation, with connected hedges allowing higher survival than isolated hedges and forest edges.

  11. Penggunaan Hedging oleh Perusahaan Telekomunikasi yang Tercatat Pada Bursa Efek Indonesia

    Directory of Open Access Journals (Sweden)

    Basyid Ahmad

    2017-09-01

    Full Text Available The aims of this research were to have a comprehensive understanding on hedging implementation in telecommunication companies and to comprehend the impact of hedge to firm value of the companies. In this research, hedging is the moderating variable between independent variable and dependent variable. The independent variables included profit, firm size, leverage, growth, dividend and liquidity while the dependent variable included firm value. The method used was the ordinary least Square. The samples were taken from 2 telecommunication companies, and the data observed included the quarterly financial data from 2006 to 2015. The findings showed that derivative transactions used as hedge by the companies included cross currency swap, forward and option. Furthermore, the use of hedging foreign exchange was not seen to affect the firm value for the telecommunication company. This is because the 5 moderating variables did not significantly affect the firm value and only 1 moderating variable had a significantly negative effect on the firm value. Keywords: derivative, foreign exchange, firm value, hedge, telecommunication’ companyAbstrak: Tujuan dari penelitian ini adalah untuk menggambarkan penerapan hedging pada perusahaan telekomunikasi publik serta mengetahui dampak hedging terhadap nilai perusahaan. Dalam penelitian ini, hedging merupakan variabel moderating terhadap berbagai variabel yang memengaruhi nilai perusahaan yaitu variabel profitabilitas, firm size, leverage, growth, dividen dan likuiditas. Teknik analisis yang dipakai, yaitu regresi (ordinary least Square. Sedangkan perusahaan yang diteliti sebanyak 2 perusahaan publik dengan data keuangan triwulan sejak tahun 2006 sampai dengan 2015. Hasil penelitian menunjukkan bahwa hedging dilakukan perusahaan telekomunikasi adalah melalui transaksi derivatif, yaitu cross currency swap, forward dan option. Secara umum hedging tidak memengaruhi nilai perusahaan mengingat 5 variabel yang telah

  12. The Effect of Founder Family Influence on Hedging and Speculation

    DEFF Research Database (Denmark)

    Aabo, Tom; Kuhn, Jochen; Zanotti, Giovanna

    We investigate the effect of founder family influence in the form of managers, board of directors, and/or ownership on hedging and speculation in medium-sized, manufacturing firms in Denmark. On a crude measure of use / non-use of derivatives we find only a weak indication of differences between...... founder family firms and other firms in relation to their management of foreign exchange rate, interest rate, and commodity price exposures. Digging deeper into a subsample of users of foreign exchange derivatives and debt denominated in foreign currency, we find that founder family firms not only tend...

  13. On Exponential Hedging and Related Quadratic Backward Stochastic Differential Equations

    International Nuclear Information System (INIS)

    Sekine, Jun

    2006-01-01

    The dual optimization problem for the exponential hedging problem is addressed with a cone constraint. Without boundedness conditions on the terminal payoff and the drift of the Ito-type controlled process, the backward stochastic differential equation, which has a quadratic growth term in the drift, is derived as a necessary and sufficient condition for optimality via a variational method and dynamic programming. Further, solvable situations are given, in which the value and the optimizer are expressed in closed forms with the help of the Clark-Haussmann-Ocone formula

  14. Optimal Hedge Tracking Portfolios in a Limit Order Book

    DEFF Research Database (Denmark)

    Ellersgaard, Simon; Tegner, Martin

    2017-01-01

    -optimizing option seller, who hedges his position using a combination of limit and market orders, while facing certain constraints as to how far he can deviate from a targeted (Bachelierian) delta strategy. By translating the control problem into a three-dimensional Hamilton–Jacobi–Bellman quasi......-variational inequality (HJB QVI) and solving numerically, we are able to deduce optimal limit order quotes alongside the regions surrounding the targeted delta surface in which the option seller must place limit orders vis-à-vis the more aggressive market orders. Our scheme is shown to be monotone, stable......, and consistent and thence, modulo a comparison principle, convergent in the viscosity sense....

  15. Minimal variance hedging of natural gas derivatives in exponential Lévy models: Theory and empirical performance

    International Nuclear Information System (INIS)

    Ewald, Christian-Oliver; Nawar, Roy; Siu, Tak Kuen

    2013-01-01

    We consider the problem of hedging European options written on natural gas futures, in a market where prices of traded assets exhibit jumps, by trading in the underlying asset. We provide a general expression for the hedging strategy which minimizes the variance of the terminal hedging error, in terms of stochastic integral representations of the payoffs of the options involved. This formula is then applied to compute hedge ratios for common options in various models with jumps, leading to easily computable expressions. As a benchmark we take the standard Black–Scholes and Merton delta hedges. We show that in natural gas option markets minimal variance hedging with underlying consistently outperform the benchmarks by quite a margin. - Highlights: ► We derive hedging strategies for European type options written on natural gas futures. ► These are tested empirically using Henry Hub natural gas futures and options data. ► We find that our hedges systematically outperform classical benchmarks

  16. Halal and kosher slaughter methods and meat quality: a review.

    Science.gov (United States)

    Farouk, M M; Al-Mazeedi, H M; Sabow, A B; Bekhit, A E D; Adeyemi, K D; Sazili, A Q; Ghani, A

    2014-11-01

    There are many slaughter procedures that religions and cultures use around the world. The two that are commercially relevant are the halal and kosher methods practiced by Muslims and Jews respectively. The global trade in red meat and poultry produced using these two methods is substantial, thus the importance of the quality of the meat produced using the methods. Halal and kosher slaughter per se should not affect meat quality more than their industrial equivalents, however, some of their associated pre- and post-slaughter processes do. For instance, the slow decline in blood pressure following a halal pre-slaughter head-only stun and neck cut causes blood splash (ecchymosis) in a range of muscles and organs of slaughtered livestock. Other quality concerns include bruising, hemorrhages, skin discoloration and broken bones particularly in poultry. In addition to these conventional quality issues, the "spiritual quality" of the meat can also be affected when the halal and kosher religious requirements are not fully met during the slaughter process. The nature, causes, importance and mitigations of these and other quality issues related to halal and kosher slaughtering and meat production using these methods are the subjects of this review. Copyright © 2014 Elsevier Ltd. All rights reserved.

  17. On Mean-Variance Hedging of Bond Options with Stochastic Risk Premium Factor

    NARCIS (Netherlands)

    Aihara, ShinIchi; Bagchi, Arunabha; Kumar, Suresh K.

    2014-01-01

    We consider the mean-variance hedging problem for pricing bond options using the yield curve as the observation. The model considered contains infinite-dimensional noise sources with the stochastically- varying risk premium. Hence our model is incomplete. We consider mean-variance hedging under the

  18. 18 CFR 367.2450 - Account 245, Derivative instrument liabilities-Hedges

    Science.gov (United States)

    2010-04-01

    ..., Derivative instrument liabilities—Hedges (a) This account must include the change in the fair value of... service company must record the change in the fair value of a derivative instrument liability related to a... change in the fair value of a derivative instrument liability related to a fair value hedge in this...

  19. The performance of multi-factor term structure models for pricing and hedging caps and swaptions

    NARCIS (Netherlands)

    Driessen, J.J.A.G.; Klaassen, P.; Melenberg, B.

    2000-01-01

    In this paper we empirically compare a wide range of different term structure models when it comes to the pricing and, in particular, hedging of caps and swaptions. We analyze the influence of the number of factors on the hedging and pricing results, and investigate which type of data "interest rate

  20. The Performance of Multi-Factor Term Structure Models for Pricing and Hedging Caps and Swaptions

    NARCIS (Netherlands)

    Driessen, J.J.A.G.; Klaassen, P.; Melenberg, B.

    2000-01-01

    In this paper we empirically compare different term structure models when it comes to the pricing and hedging of caps and swaptions.We analyze the influence of the number of factors on the pricing and hedging results, and investigate which type of data -interest rate data or derivative price data-

  1. Survival, Look-Ahead Bias and the Persistence in Hedge Fund Performance

    NARCIS (Netherlands)

    G. Baquero; J.R. ter Horst (Jenke); M.J.C.M. Verbeek (Marno)

    2005-01-01

    textabstractWe analyze the performance persistence in hedge funds taking into account look-ahead bias (multi-period sampling bias). We model liquidation of hedge funds by analyzing how it depends upon historical performance. Next, we use a weighting procedure that eliminates look-ahead bias in

  2. Ambiguities of the hedge: an exercise in creative pleaching - of moments, memories and meanings

    DEFF Research Database (Denmark)

    Harvey, David

    2017-01-01

    of subjection’, connected invariably with Parliamentary enclosure and proletarianisation, the English hedgerow is also an iconic symbol of rural tranquillity, and mainstay of many conservation and biodiversity agendas, with hedge-laying — – the practice of constructing a living hedge — championed as a key item...

  3. Estratégias de hedge com os contratos futuros de soja da Chicago Board of Trade Hedging strategies with Chicago Board of Trade soybeans futures contracts

    Directory of Open Access Journals (Sweden)

    Fábio Neves de Carvalho da Silva Maia

    2010-01-01

    Full Text Available Este trabalho avalia os retornos e os riscos de estratégias de hedge para as dez principais regiões produtoras de soja do Brasil em relação aos contratos futuros de soja da Chicago Board of Trade (CBOT. Verificou-se que as bases apresentaram padrão bem definido: fortalecimento entre maio e novembro, seguido por enfraquecimento nos seis meses subsequentes. Os hedgers de compra possuem oportunidades de obter retornos brutos maiores, mas os riscos envolvidos nas estratégias de hedge de compra também são maiores. Conclui-se que os contratos de soja em grão da CBOT apresentam diferentes possibilidades de retornos brutos em função do tipo de hedge, do período hedgeado e do contrato utilizado. Logo, as informações disponibilizadas neste trabalho se apresentam como importante subsídio ao processo de tomada de decisão por parte dos agentes da cadeia agroindustrial da soja.This paper analyzes the return and risks of hedging strategies of the major ten soybean producing regions in Brazil concerning Chicago Board of Trade (CBOT future contracts. It was verified that the bases presented a well defined pattern characterized by strengthening from May to November and weakening in the remaining months. Long hedging had larger returns and larger risks comparing with short hedging. The conclusion of this study is that the CBOT soybean contracts present different returns depending on the type of hedging, on the period of hedging, and on the contract used. Therefore, the information presented in this paper is very important to support the decision making process in the Brazilian soybean agricultural system.

  4. Adaptive control system having hedge unit and related apparatus and methods

    Science.gov (United States)

    Johnson, Eric Norman (Inventor); Calise, Anthony J. (Inventor)

    2007-01-01

    The invention includes an adaptive control system used to control a plant. The adaptive control system includes a hedge unit that receives at least one control signal and a plant state signal. The hedge unit generates a hedge signal based on the control signal, the plant state signal, and a hedge model including a first model having one or more characteristics to which the adaptive control system is not to adapt, and a second model not having the characteristic(s) to which the adaptive control system is not to adapt. The hedge signal is used in the adaptive control system to remove the effect of the characteristic from a signal supplied to an adaptation law unit of the adaptive control system so that the adaptive control system does not adapt to the characteristic in controlling the plant.

  5. An analysis of the effectiveness of a joint commodity and foreign exchange rate futures hedge: The case of a Canadian crude oil trader

    International Nuclear Information System (INIS)

    Klusa, L.J.

    1993-04-01

    This study focused on reducing risk for Canadian crude oil traders exposed to crude oil price and exchange rate uncertainty. Joint static and flow period hedges were developed and compared to unhedged positions and to naive and simple hedges. Optimal hedge ratio size and hedging effectiveness were identified for a variety of hedge lifting periods and durations. The in-sample results indicated that joint hedge models were more effective than other models in terms of minimizing the variance of returns. Out-of-sample results indicated that joint and simple commodity hedges were equally effective. Other findings included: shorter duration, close to expiry hedges were the most effective; the difference between the variability of spot and future price differences and their correlations were related to hedge ratio size; and a flow period hedge was the most effective hedge when spot prices were monthly average prices. 53 refs., 3 figs., 49 tabs

  6. 9 CFR 146.33 - Terminology and classification; meat-type chicken slaughter plants.

    Science.gov (United States)

    2010-01-01

    ...-type chicken slaughter plants. 146.33 Section 146.33 Animals and Animal Products ANIMAL AND PLANT... PLAN FOR COMMERCIAL POULTRY Special Provisions for Meat-Type Chicken Slaughter Plants § 146.33 Terminology and classification; meat-type chicken slaughter plants. Participating meat-type chicken slaughter...

  7. Effect of Slaughter Weight on ~ Characteristics and Economics of ...

    African Journals Online (AJOL)

    Key words: Pigs, Slaughter weight, Carcass characteristics, Cost effectiveness. Introduction ... Proximate analysis of feed- ingredients and the diet was done according to ..... Tanzania, since it would satisfy the majority of pork consumers and ...

  8. Effect of pre-slaughter conditions on physico-chemical ...

    African Journals Online (AJOL)

    Chulayo A.Y.

    2013-07-15

    Jul 15, 2013 ... slaughter environment, loading, transportation; unloading and the period of stay at the lairages affect the quality of meat. ... In South Africa, information .... The significance of traceability in consumer decision making towards ...

  9. Factorial analysis of slaughter characteristics of fattening pigs fed ...

    African Journals Online (AJOL)

    Jane

    2011-08-08

    Aug 8, 2011 ... Slaughter characteristics in three groups of fattening pigs fed in different ways were ... INTRODUCTION. Probiotic preparations are used as food additives ...... Effect of use of Vitaprotein 50 as fish meal substitute in nutrition of.

  10. Antimicrobial residues screening in pigs and goats slaughtered in ...

    African Journals Online (AJOL)

    Ekene Vivienne Ezenduka

    2012-07-17

    Jul 17, 2012 ... Samples of tissues/organs from pigs and goats slaughtered at the Nsukka. Municipal abattoir .... Pig and goat farming are the major food producing livestock farming in ... Northern part of Nigeria and locally reared West African.

  11. Classification of slaughtered animals and estimation of body ...

    African Journals Online (AJOL)

    ADEYEYE

    2014-05-28

    May 28, 2014 ... Multivariable ordered logistic regression analysis ... farm animals for strategic farm management practices ... records and information needed in modern abattoirs or slaughter .... employed in displaying the trend of daily animal.

  12. Hedging Rules for Water Supply Reservoir Based on the Model of Simulation and Optimization

    Directory of Open Access Journals (Sweden)

    Yi Ji

    2016-06-01

    Full Text Available This study proposes a hedging rule model which is composed of a two-period reservior operation model considering the damage depth and hedging rule parameter optimization model. The former solves hedging rules based on a given poriod’s water supply weighting factor and carryover storage target, while the latter optimization model is used to optimize the weighting factor and carryover storage target based on the hedging rules. The coupling model gives the optimal poriod’s water supply weighting factor and carryover storage target to guide release. The conclusions achieved from this study as follows: (1 the water supply weighting factor and carryover storage target have a direct impact on the three elements of the hedging rule; (2 parameters can guide reservoirs to supply water reasonably after optimization of the simulation and optimization model; and (3 in order to verify the utility of the hedging rule, the Heiquan reservoir is used as a case study and particle swarm optimization algorithm with a simulation model is adopted for optimizing the parameter. The results show that the proposed hedging rule can improve the operation performances of the water supply reservoir.

  13. Effectiveness of narrow grass hedges in reducing atrazine runoff under different slope gradient conditions.

    Science.gov (United States)

    Wang, Qinghai; Li, Cui; Chen, Chao; Chen, Jie; Zheng, Ruilun; Que, Xiaoe

    2018-03-01

    Atrazine is frequently detected in surface runoff and poses a potential threat to the environment. Grass hedges may minimize runoff loss of atrazine from crop fields. Therefore, the effectiveness of two grass hedges (Melilotus albus and Pennisetum alopecuroides) in controlling atrazine runoff was investigated using simulated rainfall on lands at different slope gradients (15 and 20%) in northern China. Results showed that a storm (40 mm in 1 h), occurring 4 h after atrazine application, caused a loss of 3% of the applied amount. Atrazine loss under 20% slope was significantly greater than that under 15% slope in control plots. Atrazine exports associated with the water fraction accounted for the majority of total loss. Pennisetum hedges were more efficient in controlling atrazine loss with runoff compared to Melilotus hedges. No significant difference in the capacity of grass hedges to reduce atrazine exports was observed between 15 and 20% slopes. These findings suggest grass hedges are effective in minimizing atrazine runoff in northern China, and Pennisetum hedges should be preferentially used on sloping croplands in similar climatic regions.

  14. Evaluation of different hedging strategies for commodity price risks of industrial cogeneration plants

    International Nuclear Information System (INIS)

    Palzer, Andreas; Westner, Günther; Madlener, Reinhard

    2013-01-01

    In this paper, we design and evaluate eight different strategies for hedging commodity price risks of industrial cogeneration plants. Price developments are parameterized based on EEX data from 2008 to 2011. The probability distributions derived are used to determine the value-at-risk (VaR) of the individual strategies, which are in a final step combined in a mean-variance portfolio analysis for determining the most efficient hedging strategy. We find that the strategy adopted can have a marked influence on the remaining price risk. Quarter futures are found to be particularly well suited for reducing market price risk. In contrast, spot trading of CO 2 certificates is found to be preferable compared to forward market trading. Finally, portfolio optimization shows that a mix of various hedging strategies can further improve the profitability of a heat-based cogeneration plant. - Highlights: • Evaluation of commodity price risk hedging strategies for industrial cogeneration. • Value-at-risk analysis of eight different hedging strategies. • Mean-variance portfolio analysis for determining the optimal hedging strategy mix. • A mix of hedging strategies further improves profitability of heat-based CHP

  15. Hedging with futures contracts in the Brazilian soybean complex: BM&F vs. CBOT

    Directory of Open Access Journals (Sweden)

    Andréia Regina O. da Silva

    2003-06-01

    Full Text Available This article analyzes the effectiveness of hedging Brazilian soy oil, soy meal, and soybeans in the Chicago Board of Trade (CBOT and in the Brazilian Commodities and Futures Exchange (BM&F to reduce the risk of financial loss due to commodity price fluctuations. The econometric results show that a cross-hedging strategy using the BM&F soybean futures contract is an instrument of low effectiveness for managing soy oil and soy meal price risk. Despite low effectiveness, the estimates demonstrate total advantage for soy meal hedging operations using CBOT soy meal futures contracts rather than cross-hedging using BM&F soybean futures contracts. With some exceptions, the results are also more favorable for hedging soy oil with soy oil futures contracts at the CBOT rather than cross hedging with soybeans at the BM&F. Conversely, Brazilian traders hedging soybeans receive more effective risk protection by trading soybean futures contracts at the BM&F than by trading soybean futures contracts at the CBOT.

  16. A Two-Step Approach for Analytical Optimal Hedging with Two Triggers

    Directory of Open Access Journals (Sweden)

    Tiesong Hu

    2016-02-01

    Full Text Available Hedging is widely used to mitigate severe water shortages in the operation of reservoirs during droughts. Rationing is usually instituted with one hedging policy, which is based only on one trigger, i.e., initial storage level or current water availability. It may perform poorly in balancing the benefits of a release during the current period versus those of carryover storage during future droughts. This study proposes a novel hedging rule to improve the efficiency of a reservoir operated to supply water, in which, based on two triggers, hedging is initiated with three different hedging sub-rules through a two-step approach. In the first step, the sub-rule is triggered based on the relationship between the initial reservoir storage level and the level of the target rule curve or the firm rule curve at the end of the current period. This step is mainly concerned with increasing the water level or not in the current period. Hedging is then triggered under the sub-rule based on current water availability in the second step, in which the trigger implicitly considers both initial and ending reservoir storage levels in the current period. Moreover, the amount of hedging is analytically derived based on the Karush–Kuhn–Tucker (KKT conditions. In addition, the hedging parameters are optimized using the improved particle swarm optimization (IPSO algorithm coupled with a rule-based simulation. A single water-supply reservoir located in Hubei Province in central China is selected as a case study. The operation results show that the proposed rule is reasonable and significantly improves the reservoir operation performance for both long-term and critical periods relative to other operation policies, such as the standard operating policy (SOP and the most commonly used hedging rules.

  17. Dynamically Hedging Oil and Currency Futures Using Receding Horizontal Control and Stochastic Programming

    Science.gov (United States)

    Cottrell, Paul Edward

    There is a lack of research in the area of hedging future contracts, especially in illiquid or very volatile market conditions. It is important to understand the volatility of the oil and currency markets because reduced fluctuations in these markets could lead to better hedging performance. This study compared different hedging methods by using a hedging error metric, supplementing the Receding Horizontal Control and Stochastic Programming (RHCSP) method by utilizing the London Interbank Offered Rate with the Levy process. The RHCSP hedging method was investigated to determine if improved hedging error was accomplished compared to the Black-Scholes, Leland, and Whalley and Wilmott methods when applied on simulated, oil, and currency futures markets. A modified RHCSP method was also investigated to determine if this method could significantly reduce hedging error under extreme market illiquidity conditions when applied on simulated, oil, and currency futures markets. This quantitative study used chaos theory and emergence for its theoretical foundation. An experimental research method was utilized for this study with a sample size of 506 hedging errors pertaining to historical and simulation data. The historical data were from January 1, 2005 through December 31, 2012. The modified RHCSP method was found to significantly reduce hedging error for the oil and currency market futures by the use of a 2-way ANOVA with a t test and post hoc Tukey test. This study promotes positive social change by identifying better risk controls for investment portfolios and illustrating how to benefit from high volatility in markets. Economists, professional investment managers, and independent investors could benefit from the findings of this study.

  18. Effect of Different Slaughter Weights on Slaughter and Carcass Traits of Male Karayaka Lambs Reared under Intensive Production System

    Directory of Open Access Journals (Sweden)

    Yüksel Aksoy

    2015-03-01

    Full Text Available The present study was conducted to investigate the carcass traits of Karayaka lambs slaughtered at different slaughter weights (SWs and to find out optimum SWs. Male Karayaka lambs with 20 kg live weight (n=30 constituted the animal material of the study. Lambs were randomly divided into five SW groups; 30 (GI; n=6, 35 (GII; n=6, 40 (GIII; n=6; 45 (GIV; n=6 and 50 (GV; n=6 kg. Lamb fattening feed (concentrate feed, ad libitum and forage (lentil straw, 100g/lamb/day were used as the feed material. Lambs were sent to slaughter at target SWs. Following the slaughter, non-carcass components, tailless hot and cold carcass weights were taken. Carcasses were separated into six sections as leg, foreleg, back, loin, neck and others. Physical dissection was performed to investigate carcass composition. Only the differences in carcass dressing and skin percentages of slaughter groups were not found to be significant. Increasing carcass fat percentages and decreasing carcass lean and bone percentages were observed with increasing SWs. Considering the consumer preferences, current findings revealed that Karayaka lambs should be sent to slaughter at weights between 30-35 kg. However, considering the red meat deficit of the country, current market conditions and producer preferences, the optimum SW for Karayaka lambs were recommended to be between 40-45 kg.

  19. Hedging LDC price risk in the futures market

    International Nuclear Information System (INIS)

    Trace, J.W.

    1990-01-01

    During its first five months the natural gas futures market has seen steady growth and increasing participation by various industry players, particularly producers, marketers, and brokers. Not much has been heard, however, about participation by the principal retailers of the gas industry, the local distribution companies (LDCs). Undoubtedly, various LDCs are now in the process of determining whether or not the gas futures market can serve any useful business purpose in their operations. In examining this question LDCs should keep in mind that the futures market should serve the same purpose for them as it does for any other business engaged in the actual buying and selling of price-volatile commodities - mitigation of price risk. This article looks at the risks of the market, gives examples of investments to hedge risks and looks at the overall performance of the market

  20. Sellers' hedging incentives at EPA's emission trading auction

    International Nuclear Information System (INIS)

    Dijkstra, B.R.; Haan, M

    1999-01-01

    Cason (1993) argued that the auction the EPA (Environmental Protection Agency in the USA) used in order to start the market for sulfur allowances, is not efficient. The set-up of the auction gives both buyers and sellers an incentive to understate their valuation of an allowance. In this paper, we show that the sellers' incentives are even more perverse than Cason suggested. In particular, we show that sellers have an incentive to set their ask price equal to zero, while simultaneously hedging their bets by submitting a positive bid. It is not possible to derive the Nash equilibrium for this set-up. If such an equilibrium exists, sellers either set only a positive ask price, or an ask price equal to zero, and a positive bid as well. 14 refs

  1. TRANSPORT OUTSOURCING AND TRANSPORT COLLABORATION RELATIONSHIP - THE RISK HEDGING PERSPECTIVE

    Directory of Open Access Journals (Sweden)

    Đurđica M. Stojanović

    2015-04-01

    Full Text Available Although transport outsourcing decision-making and collaborative transport management (CTM have been “hot topics” for years, their links are still not thoroughly explored. The purpose of this paper is to contribute to a better understanding of the relationship between them. In particular, we focus on the conflicting and complementary features of these concepts with regard to their capability to hedge against transport outsourcing-related risks. Transport outsourcing is often a tool for transferring part of the demand risks from the primary parties in supply chains to transport service providers. However, new relationships introduce some new risks - outsourcing contract risks. It is important to identify, estimate and compare such kinds of risks. Transport collaboration may decrease both the demand risks and the outsourcing contract risks, although the relationship with the latter is more complex. It is used an exploratory research based on a combination of a literature review and empirical examples.

  2. Pricing and Hedging Quanto Options in Energy Markets

    DEFF Research Database (Denmark)

    Benth, Fred Espen; Lange, Nina; Myklebust, Tor Åge

    2015-01-01

    –Jarrow–Morton approach, we derive a closed-form option pricing formula for energy quanto options under the assumption that the underlying assets are lognormally distributed. Our approach encompasses several interesting cases, such as geometric Brownian motions and multifactor spot models. We also derive Delta and Gamma......In energy markets, the use of quanto options has increased significantly in recent years. The payoff from such options are typically written on an underlying energy index and a measure of temperature. They are suited to managing the joint price and volume risk in energy markets. Using a Heath...... expressions for hedging. Further, we illustrate the use of our model by an empirical pricing exercise using NewYork Mercantile Exchange-traded natural gas futures and Chicago Mercantile Exchange-traded heating degree days futures for NewYork....

  3. Pricing and Hedging Quanto Options in Energy Markets

    DEFF Research Database (Denmark)

    Benth, Fred Espen; Lange, Nina; Myklebust, Tor Åge

    approach we derive a closed form option pricing formula for energy quanto options, under the assumption that the underlying assets are log-normally distributed. Our approach encompasses several interesting cases, such as geometric Brownian motions and multifactor spot models. We also derive delta and gamma......In energy markets, the use of quanto options have increased significantly in the recent years. The payoff from such options are typically written on an underlying energy index and a measure of temperature and are suited for managing the joint price and volume risk in energy markets. Using an HJM...... expressions for hedging. Furthermore, we illustrate the use of our model by an empirical pricing exercise using NYMEX traded natural gas futures and CME traded Heating Degree Days futures for New York....

  4. Risks in global natural gas markets: Investment, hedging and trade

    International Nuclear Information System (INIS)

    Egging, Ruud; Holz, Franziska

    2016-01-01

    Recent supply security concerns in Europe have revived interest into the natural gas market. We investigate infrastructure investment and trade in an imperfect market structure for various possible risks for both supply and demand. We focus on three possible scenarios in a stochastic global gas market model: (i) transit of Russian gas via Ukraine that may be disrupted from 2020 on; (ii) natural gas intensity of electricity generation in OECD countries that may lead to higher or lower natural gas demand after 2025; and (iii) availability of shale gas around the globe after 2030. We illustrate how the timing of investments is affected by inter-temporal hedging behavior of market agents, such as when LNG capacity provides ex-ante flexibility or an ex-post fallback option if domestic or nearby pipeline supply sources are low. Moreover, we find that investment in LNG capacities is more determined by demand side pull – due to higher needs in electric power generation – than by supply side push, e.g. higher shale gas supplies needing an outlet. We focus on Europe, North America, and China that are the world's most important gas consuming and supplying regions. - Highlights: •We use the stochastic variant of the multi-period Global Gas Model. •We investigate the effects of uncertainty in Russian exports, demand, and shale gas. •We find that LNG is preferred as hedging option in anticipation of uncertain events. •Pipelines may be chosen as recourse decision after uncertain events realized. •China will dominate the global natural gas market regardless the scenario.

  5. Bet-hedging response to environmental variability, an intraspecific comparison.

    Science.gov (United States)

    Nevoux, Marie; Forcada, Jaume; Barbraud, Christophe; Croxall, John; Weimerskirchi, Henri

    2010-08-01

    A major challenge in ecology is to understand the impact of increased environmental variability on populations and ecosystems. To maximize their fitness in a variable environment, life history theory states that individuals should favor a bet-hedging strategy, involving a reduction of annual breeding performance and an increase in adult survival so that reproduction can be attempted over more years. As a result, evolution toward longer life span is expected to reduce the deleterious effects of extra variability on population growth, and consequently on the trait contributing the most to it (e.g., adult survival in long-lived species). To investigate this, we compared the life histories of two Black-browed Albatross (Thalassarche melanophrys) populations breeding at South Georgia (Atlantic Ocean) and Kerguelen (Indian Ocean), the former in an environment nearly three times more variable climatically (e.g., in sea surface temperature) than the latter. As predicted, individuals from South Georgia (in the more variable environment) showed significantly higher annual adult survival (0.959, SE = 0.003) but lower annual reproductive success (0.285 chick per pair, SE = 0.039) than birds from Kerguelen (survival = 0.925, SE = 0.004; breeding success = 0.694, SE = 0.027). In both populations, climatic conditions affected the breeding success and the survival of inexperienced breeders, whereas the survival of experienced breeders was unaffected. The strength of the climatic impact on survival of inexperienced breeders was very similar between the two populations, but the effect on breeding success was positively related to environmental variability. These results provide rare and compelling evidence to support bet-hedging underlying changes in life history traits as an adaptive response to environmental variability.

  6. E-Commerce and Exchange Rate Exposure Management: A Tilt towards Real Hedging

    DEFF Research Database (Denmark)

    Aabo, Tom

    2001-01-01

    The aim of this paper is to address the impact of E-commerce on the balance between real hedging and financial hedging in the context of exchange rate exposure management in non-financial companies. A cross-case study of industrial companies highlights the inadequacy in taking a partial and static...... financial approach when managing exchange rate exposures. The paper argues that the emergence of E-commerce - by reducing the cost of obtaining, analyzing and allocating information - affects the dynamics of the markets and the dynamics of the company in such a way that a general tilt towards real hedging...

  7. Operações de Hedge no Agronegócio - Uma Análise Baseada no Hedging Accounting'

    Directory of Open Access Journals (Sweden)

    Maria Jose de Camargo Machado De Zen

    2009-10-01

    Full Text Available O mercado de derivativos vem ganhando importância no contexto econômico mundial, demandando procedimentos contábeis que evidenciem corretamente os riscos e os benefícios envolvidos em tais operações. Desta maneira, este artigo mostra e discute aspectos da contabilização de operações de hedge, utilizando como base para análise, dois instrumentos utilizados com a finalidade de hedge no agronegócio brasileiro: a Cédula de Produto Rural (CPR e os contratos futuros agropecuários. Através de pesquisa bibliográfica, foram estudados os procedimentos do Hedging Accounting, segundo a normatização do FASB, e da CVM. Através do desenvolvimento de um exemplo teórico foram analisados e discutidos estes procedimentos, comparando as divergências de critérios entre as normas dos dois órgãos citados, e o impacto destes na análise das demonstrações financeiras tanto do produtor rural como da agroindústria. Esta análise demonstra que há divergências significativas na evidenciação destes instrumentos, principalmente dos contratos futuros, entre as normas analisadas. Ja para a CPR, foi proposta uma contabilização segundo o conceito de "derivativo embutido", conceito este contemplado pelo próprio FASB para alguns contratos com características híbridas. Existe uma necessidade de adequação das normas da CVM ao FASB, visto a importância de evidenciar estas operações no "corpo"do balanço, tanto no aspecto de exposição ao risco, como para a comparando de estratégias diferentes de proteção. No entanto, analisando somente dois títulos, fica evidente a dificuldade da adequação das normas brasileiras ao FASB.

  8. Radiocesium in reindeer the slaughter-season 1996/97

    International Nuclear Information System (INIS)

    Aahman, B.

    1997-10-01

    During the slaughter season 1996/1997 (1 July 1996 to 30 June 1997), 731 reindeer in Sweden (1.2% of the total number of slaughtered reindeer) were condemned because of too high levels of radiocaesium (over 1 500 Bq 137 Cs per kg fresh meat). This was less than during the previous year, 1995/1996 (when 2% were condemned) and a large improvement compared to earlier years (before 1994). The main reason was that a large part of the slaughtered animals had been slaughtered early in the autumn - when radiocaesium levels are lower than in winter- (8952 reindeer) or that they had been fed uncontaminated feed during some period before slaughter (about 9 900 reindeer). The decreasing number of condemned reindeer is also an effect of generally declining radiocaesium levels in reindeer. The average decline in freely grazing reindeer corresponds to an effective ecological half-life at 3.4 years for the period 1986/87 to 1991/92 and a corresponding half-life 5.6 years for the following 5 years (until 1996/97). The predictions for 1996/97 and the official regulations for control of radiocaesium in reindeer meat were well in accordance with the measured levels of radiocaesium in the slaughtered reindeer. Totally about 22 000 reindeer carcasses were monitored for 137 Cs. The main part of the meat control was made by direct monitoring of gamma radiation from reindeer carcasses at the slaughter house. In this way, the number of muscle samples that were monitored for radiocaesium was kept at a low level (4 198 samples)

  9. Hedging effectiveness and volatility models for crude oil market: a dynamic approach; Modelos de volatilidade e a efetividade do hedge no mercado de petroleo: um abordagem dinamica

    Energy Technology Data Exchange (ETDEWEB)

    Salles, Andre Assis de [Universidade Federal do Rio de Janeiro (UFRJ), RJ (Brazil)

    2012-07-01

    The hedge strategies allow negotiators that have short and long positions in the market protection against price fluctuations. This paper examines the performance of bivariate volatility models for the crude oil spot and future returns of the Western Texas Intermediate - WTI type barrel prices. Besides the volatility of spot and future crude oil barrel returns time series, the hedge ratio strategy is examined through the hedge effectiveness. Thus this study shows hedge strategies built using methodologies applied in the variance modeling of returns of crude oil prices in the spot and future markets, and covariance between these two market returns, which correspond to the inputs of the hedge strategy shown in this work. From the studied models the bivariate GARCH in a Diagonal VECH and BEKK representations was chosen, using three different models for the mean: a bivariate autoregressive, a vector autoregressive and a vector error correction. The methodologies used here take into consideration the denial of assumptions of homoscedasticity and normality for the return distributions. The data used is logarithm returns of daily prices quoted in dollars per barrel from November 2008 to May 2010 for spot and future contracts, in particular the June contract. (author)

  10. Host-parasite coevolution can promote the evolution of seed banking as a bet-hedging strategy.

    Science.gov (United States)

    Verin, Mélissa; Tellier, Aurélien

    2018-04-20

    Seed (egg) banking is a common bet-hedging strategy maximizing the fitness of organisms facing environmental unpredictability by the delayed emergence of offspring. Yet, this condition often requires fast and drastic stochastic shifts between good and bad years. We hypothesize that the host seed banking strategy can evolve in response to coevolution with parasites because the coevolutionary cycles promote a gradually changing environment over longer times than seed persistence. We study the evolution of host germination fraction as a quantitative trait using both pairwise competition and multiple mutant competition methods, while the germination locus can be genetically linked or unlinked with the host locus under coevolution. In a gene-for-gene model of coevolution, hosts evolve a seed bank strategy under unstable coevolutionary cycles promoted by moderate to high costs of resistance or strong disease severity. Moreover, when assuming genetic linkage between coevolving and germination loci, the resistant genotype always evolves seed banking in contrast to susceptible hosts. Under a matching-allele interaction, both hosts' genotypes exhibit the same seed banking strategy irrespective of the genetic linkage between loci. We suggest host-parasite coevolution as an additional hypothesis for the evolution of seed banking as a temporal bet-hedging strategy. © 2018 The Author(s). Evolution © 2018 The Society for the Study of Evolution.

  11. Risk preference, option pricing and portfolio hedging with proportional transaction costs

    International Nuclear Information System (INIS)

    Wang, Xiao-Tian; Li, Zhe; Zhuang, Le

    2017-01-01

    Highlights: • Scaling is a key factor in option pricing. • The model is theoretically analyzed and the results are new. • Some numerical examples are performed. • The implied-volatility-frown is affected by the risk preference and scaling. - Abstract: This paper is concerned in the option pricing and portfolio hedging in a discrete time case with the proportional transaction costs. Through the Monte Carlo simulations it has been shown that the fractal scaling and risk preference of traders have an important influence on the hedging performances in both option pricing and portfolio hedging in a discrete time case. In addition, the relation between preference of traders and implied volatility frown is discussed. We conclude that the risk preferences of traders play an important role in determining the shape of the implied-volatility-frown and the different options having the different hedging frequencies is another reason for the implied volatility frown.

  12. The Regional Special Operations Headquarters: Franchising the NATO Model as a Hedge in Lean Times

    Science.gov (United States)

    2012-04-01

    1 AIR FORCE FELLOWS AIR UNIVERSITY THE REGIONAL SPECIAL OPERATIONS HEADQUARTERS: FRANCHISING THE NATO MODEL AS A HEDGE IN LEAN...Headquarters: Franchising The NATO Model As A Hedge In Lean Times 5a. CONTRACT NUMBER 5b. GRANT NUMBER 5c. PROGRAM ELEMENT NUMBER 6. AUTHOR(S) 5d...it is not copyrighted, but is the property of the United States government. 3 The Regional Special Operations Headquarters: Franchising the

  13. The Application of backward stochastic differential equation with stopping time in hedging American contingent claims

    International Nuclear Information System (INIS)

    Wang Bo; Song Ruili

    2009-01-01

    We consider a more general wealth process with a drift coefficient which is Lipschitz continuous and the portfolio process with convex constraint. We convert the problem of hedging American contingent claims into the problem of minimal solution of backward stochastic differential equation with stopping time. We adopt the penalization method for constructing the minimal solution of stochastic differential equations and obtain the upper hedging price of American contingent claims.

  14. Testing Commodities as Safe Haven and Hedging Instrument on ASEAN's Five Stock Markets

    OpenAIRE

    Robiyanto, Robiyanto

    2017-01-01

    This study attempts to analyze commodity market instruments such as gold, silver, platinum, palladium, and West Texas Intermediate (WTI) crude oil’s potential as hedge and safe haven toward some stock markets in South East Asia such as in Indonesia, Singapore, Malaysia, Philippines, and Thailand. To analyze the data, GARCH (1,1) was applied. The research findings showed that gold, silver, platinum, palladium, and WTI could not play their role as hedging instrument for five South East Asi...

  15. The effects of liquidity and share restrictions on hedge fund performance in bull and bear markets

    OpenAIRE

    El-Alawa, Y. (Yasmin)

    2016-01-01

    Abstract Hedge funds are increasingly becoming a popular alternative investment vehicle. They are much more flexible and can freely choose from a pool of investment strategies due to their limited regulations. This gives them the flexibility to exploit opportunities in order to generate high returns at low risk. In order to have access to the freedom and flexibility to engage in different investment strategies, hedge funds ...

  16. An Empirical Study on Hedge Fund Portfolio Optimization, Mean-Risk Based Approaches

    OpenAIRE

    Li, Yang

    2011-01-01

    Abstract This research attempts to investigate the divergences between the Mean-Variance and the Mean-CVaR portfolio optimization methods in examining various assets classes, such as equities, bonds, and especially hedge funds. In order to get a thorough understanding of hedge funds facts and available optimization techniques, relevant literatures are carefully reviewed and incorporated into later stage computer modelling. By constructing three hypothetical portfolios, including traditiona...

  17. (IAM Series No 004) Highwaymen or Heroes: Should Hedge Funds be Regulated?

    OpenAIRE

    Jean-Pierre Zigrand; Ashley Taylor; Jon Danielsson

    2004-01-01

    The exponential growth of hedge funds, their role in financial crises in the 1990s, and examples of fraudulent behaviour have precipitated a heated debate over their regulatory status. The existing approaches of greater disclosure and activity restrictions appear too blunt to be effective and may stifle the benefits hedge funds can bring to the financial system. But, even the remote possibility of a systemic crisis weighs against no regulation. If reform is delayed until after a crisis it is ...

  18. Socio-cognitive aspects of hedging in two legal discourse genres

    Directory of Open Access Journals (Sweden)

    Holly Vass

    2004-04-01

    Full Text Available While there are many studies on hedging in a wide variety of disciplinary discourses, the field of Law, to date, has been largely overlooked. Moreover, most research on hedging approaches the phenomenon from either a textual or pragmatic perspective, and tends to compare the same genre across disciplines. By contrast, the objective of this study was to analyse hedging in two legal written discourse genres, namely U.S. Supreme Court opinions and American law review articles, from a comprehensive, socio-cognitive, intra-disciplinary perspective. Due to the essential roles of intuition and hedging competence in the identification of hedges, qualitative data gathering and interpretation techniques were used. Results indicate that differences between the two genres can be linked to certain prototypical features of the genres themselves, particularly context and communicative purposes. Therefore, it is possible to postulate that hedging is in fact genre-specific, at least insofar as legal genres are concerned. Further comparative research must be done to determine if the same is true in other fields as well.

  19. [Therapy of head injuries caused by animal slaughter guns].

    Science.gov (United States)

    Crevenna, Richard; Klintschar, Michael; Weger, Martin; Weger, Wolfgang; Quittan, Michael; Fialka-Moser, Veronika; Homann, Carl N

    2003-01-01

    Slaughterer's guns ("humane killers") are powder-activated cattle skull impacting tools. Today mechanical stunning is typical for country like regions, because in the municipal slaughter-houses electrical stunning of pigs and ruminants is preferred. In rare cases these weapons are used for suicide. They then cause penetrating brain lesions and if the victim survives the brain-damage, an encephalitis caused by the impacted material results. The neurosurgical treatment is to revise the gunshot canal and to remove impacted fragments of bone and contaminated skin (imprimat) under antibiotic cover. A psychiatric treatment of the mostly underlying depression and a rehabilitative treatment should complete therapy. So treatment of slaughterer's gun injury should have a multidisciplinary approach.

  20. Slaughter value, meat quality, creatine kinase activity and cortisol levels in the blood serum of growing-finishing pigs slaughtered immediately after transport and after a rest period.

    Science.gov (United States)

    Smiecińska, K; Denaburski, J; Sobotka, W

    2011-01-01

    The experimental materials comprised 44 hybrid [female (Polish Large White x Polish Landrace) x male Duroc] growing-finishing pigs. The animals were randomly divided into two groups: 24 pigs were slaughtered immediately after transport and 20 pigs were slaughtered after a 24-hour rest period in the lairage. The meat content of pork carcasses, carcass dressing percentage, the proximate chemical composition, physicochemical and sensory properties of meat and shear force values were determined. Serum creatine kinase activity and cortisol levels were determined in blood samples collected before transport and during carcass bleeding. Pigs slaughtered immediately after transport, compared with those slaughtered after a 24-hour rest period, were characterized by a higher meat content of the carcass and a higher carcass dressing percentage. Pre-slaughter handling had no effect on pork quality. The incidence of normal-quality meat, partially PSE (pale, soft, exudative) meat and PSE meat was similar in both groups. Chemical analysis showed that the content of dry matter, total protein, fat and minerals in meat was comparable in both groups. As regards the functional properties of the pork, samples from the carcasses of pigs that had rested before slaughter had a higher contribution of the red color component. Meat from pigs slaughtered immediately after transport had more desirable sensory properties. Pre-slaughter resting had a significant effect on those analyzed physiological parameters which were found to be good indicators of pre-slaughter stress. Serum creatine kinase activity and cortisol levels were higher in blood samples collected after transport (during carcass bleeding) than in samples collected before transport, pointing to a strong stress response of animals to pre-slaughter treatment. The decrease in serum cortisol levels in blood samples collected during bleeding from the carcasses of pigs slaughtered after a 24-hour rest period, compared with samples

  1. [Routes of pathogenic staphylococcal contamination of slaughter poultry].

    Science.gov (United States)

    Georgiev, L; Zakhartsev, Ts; Baĭl'ozov, D

    1977-01-01

    The contamination of birds with pathogenic staphylococci was followed up during their slaughter handling and trimming at two poultry-dressing houses. It was found that water cooling and evisceration were mostly contributing to contamination. Taking part in the dissemination of Staphylococcus infection were also the female workers on the slaughter belt, especially those that had wounds on their hands. Studied were the properties of a total of 881 strains of staphylococci, 43.35 per cent of them being defined as Staph. aureus, and 56.64 per cent--as Staph. edidermidis.

  2. Empirical Evidence on Time-Varying Hedging Effectiveness of Emissions Allowances under Departures from the Cost-of-Carry Theory

    Directory of Open Access Journals (Sweden)

    Kai Chang

    2013-01-01

    Full Text Available Under departures from the cost-of-carry theory, traded spot prices and conditional volatility disturbed from futures market have significant impacts on futures price of emissions allowances, and then we propose time-varying hedge ratios and hedging effectiveness estimation using ECM-GARCH model. Our empirical results show that conditional variance, conditional covariance, and their correlation between between spot and futures prices exhibit time-varying trends. Conditional volatility of spot prices, conditional volatility disturbed from futures market, and conditional correlation of market noises implied from spot and futures markets have significant effects on time-varying hedge ratios and hedging effectiveness. In the immature emissions allowances market, market participants optimize portfolio sizes between spot and futures assets using historical market information and then achieve higher risk reduction of assets portfolio revenues; accordingly, we can obtain better hedging effectiveness through time-varying hedge ratios with departures from the cost-of-carry theory.

  3. Financial instruments help producers hedge gas deals in volatile market

    International Nuclear Information System (INIS)

    Lawnin, J.N.; Kupiec, S.L.

    1993-01-01

    The Natural Gas Policy Act (NGPA) of 1978 and more recently the U.S. Federal Energy Regulatory Commission's Order 636 have changed gas marketing from a totally regulated industry to one that responds to free-market forces. The stable but controlled market in which producers once sold gas has become highly competitive and more efficient. Consequently, prices have become more volatile; they respond more quickly than they did before to changes in supply of and demand for natural gas. Prior to deregulation of the natural gas industry, producers had fewer marketing options than they do today. Under a typical gas sales contract, producers sold gas to the nearest pipeline at regulated prices, which remained relatively stable along the interstate distribution chain. The system, however, failed to generate adequate supply of gas. In an effort to realign supply and demand, Congress initiated the deregulation of natural gas with NGPA, which phased out most wellhead price controls. A series of FERC actions culminating in Order 636 extended the process. Now, independent producers can sell gas directly to end users. Under Order 636, interstate pipelines no longer offer merchant services to gas customers. The paper discusses the change in risk profiles, price protection, futures and options, hedged exposure, setting price floors, off-exchange contracts, risk considerations, types of risks, business controls, back office controls, and credit monitoring

  4. The effect of slaughter operations on the contamination of chicken carcasses with thermotolerant Campylobacter

    DEFF Research Database (Denmark)

    Rosenquist, Hanne; Sommer, Helle Mølgaard; Nielsen, Niels L.

    2006-01-01

    To evaluate the effect of specific slaughter operations on the contamination of broiler carcasses with naturally occurring thermotolerant Campylobacter, experiments were carried out in two Danish commercial slaughter plants (Plant I and Plant 11). Six broiler flocks determined Campylobacter...

  5. Comparison of in vitro digestibility using slaughtered and fistulated ...

    African Journals Online (AJOL)

    ACSS

    Manipulation of live animals for in vivo methods of feed evaluation has implications on animal welfare, in addition to the high costs involved (Mohamed and ... content of slaughtered cattle and using the gas production technique resulted in organic matter digestibility that highly correlated with values obtained using the.

  6. Survey Of Ketosis And Hypoproteinaemia In Slaughtered Cattle In ...

    African Journals Online (AJOL)

    Serum ketone and total protein concentrations of 966 cattle slaughtered at the metropolitan abattoir, Maiduguri, Nigera, were estimated durng the dry and rainy months of the year. None of the sera had a titrable ketone concentration. Serum total protein (STP) concentration of <60.0 g/L,considered as hypoproteinaemia, was ...

  7. Responses of slaughter pigs to transport and Lairage sounds.

    NARCIS (Netherlands)

    Geverink, N.A.; Buhneman, A.; Burgwal, van J.A.; Lambooij, E.; Blokhuis, H.J.; Wiegant, V.M.

    1998-01-01

    Geverink, N.A., A. Bühnemann, J.A. van de Burgwal, E. Lambooij, H.J. Blokhuis and V.M. Wiegant. Responses of slaughter pigs to transport and lairage sounds. Physiol Behav 63(4) 667–673, 1998. The behavioral and physiological responses of pigs to transport and subsequent exposure to slaughterhouse

  8. Maximum herd efficiency in meat production I. Optima for slaughter ...

    African Journals Online (AJOL)

    Profit rate for a meat production enterprise can be decomposedinto the unit price for meat and herd ... supply and demand, whereas breeding improvement is gen- ... Herd efficiency is total live mass for slaughter divided by costs .... tenance and above-maintenance components by Dickerson, and ..... Growth and productivity.

  9. 9 CFR 93.429 - Ruminants for immediate slaughter.

    Science.gov (United States)

    2010-01-01

    ... IMPORTATION OF CERTAIN ANIMALS, BIRDS, FISH, AND POULTRY, AND CERTAIN ANIMAL, BIRD, AND POULTRY PRODUCTS; REQUIREMENTS FOR MEANS OF CONVEYANCE AND SHIPPING CONTAINERS Ruminants Mexico 10 § 93.429 Ruminants for immediate slaughter. Ruminants, other than sheep and goats, may be imported from Mexico, subject to the...

  10. 9 CFR 93.326 - Horses for immediate slaughter.

    Science.gov (United States)

    2010-01-01

    ... CERTAIN ANIMALS, BIRDS, FISH, AND POULTRY, AND CERTAIN ANIMAL, BIRD, AND POULTRY PRODUCTS; REQUIREMENTS FOR MEANS OF CONVEYANCE AND SHIPPING CONTAINERS Horses Mexico 18 § 93.326 Horses for immediate slaughter. Horses may be imported from Mexico, subject to the applicable provisions of §§ 93.321, 93.322...

  11. Seroprevalence of Toxoplasma gondii infection in slaughtered pigs ...

    African Journals Online (AJOL)

    Toxoplasmosis is a parasitic disease/infection of medical and veterinary importance. The causative agent; Toxoplasma gondii, can infect warm blooded animals, birds as well as humans. This study was designed to determine the seroprevalence of Toxoplasma gondii infection in slaughtered pigs in Makurdi, Nigeria.

  12. Pluralist Democracy or Scientistic Monocracy? Debating Ritual Slaughter

    NARCIS (Netherlands)

    M. Valenta (Markha)

    2012-01-01

    markdownabstract__Abstract__ Many participants in the recent fierce debate on ritual slaughter in the Netherlands have understood this to be a conflict between religious and secular values, pitting religious freedom against animal welfare. The great variety in viewpoints among all groups

  13. Prevalence of Hydatid Disease in Cattle and Camel Slaughtered at ...

    African Journals Online (AJOL)

    No significant difference (p>0.05) was observed between the organs inspected including the lungs (0.15%) the liver (0.06%) and the spleen (0.05%). It was concluded that the prevalence of the disease is low in cattle and camel slaughtered at the abattoir. Strategic deworming of the ruminants and dogs with antihelmintics ...

  14. Tony Yengeni's ritual slaughter: Animal anti-cruelty vs. Culture ...

    African Journals Online (AJOL)

    I address the question: 'Are acts of the ritual slaughter of animals, of the kind recently engaged in by the Yengeni family, morally justifiable?' Using the. Yengeni incident as a springboard for my discussion, I focus on the moral question of the relative weight of two competing ethical claims. I weigh the claim that we have an ...

  15. Incidence and Pattern of Pneumonia in Goats Slaughtered at the ...

    African Journals Online (AJOL)

    This study aimed at determining the incidence and pattern of pneumonia, in slaughtered goats in Kumasi abattoir, Ghana. One thousand three hundred and fifty lungs of goats; (1,012 Sahelian and 338 West Africa Dwarf goats (WAD) lungs) of different ages (less than a year to above 4 years) were used in this study.

  16. Prevalence of Salmonella on Sheep Carcasses Slaughtered at ...

    African Journals Online (AJOL)

    ... indicated that Salmonella is a common problem in slaughtered sheep carcasses in Adama municipal abattoir. Therefore, Sources of pathogens in food animals need to be investigated and a further study of pathogens in the food chain is recommended. Keywords: Adama Carcass Ethiopia Prevalence Salmonella Sheep.

  17. Effect of Slaughter Weight on ~ Characteristics and Economics of ...

    African Journals Online (AJOL)

    2 Department of Animal Science and Production, Sokoine University of ... muscle, ham, loin and belly, back fat thickness and loin eye area. ... found to be more cost effective than the rest of the slaughter weights and was ... remnants, grass, roots not consumed by human ... the farmer and can meet consumers preferences.

  18. Prevalence of bovine brucellosis in slaughtered cattle and barriers ...

    African Journals Online (AJOL)

    Introduction: Brucellosis is a neglected zoonosis of public health importance. This study was conducted to determine the prevalence and risk factors of brucellosis among slaughtered cattle as well as challenges to the protection of abattoir workers in Nigeria. Methods: A slaughterhouse study was conducted in a major ...

  19. MEANING-MAKING OF HEDGES IN THE GOSSIP COLUMN OF THE JAKARTA POST

    Directory of Open Access Journals (Sweden)

    Uswatun Hasanah

    2016-01-01

    Full Text Available The present study investigates the use of hedges (vague language as the meaning-making practice in the gossip column of the Jakarta Post. The daily newspaper is chosen due to pragmatic purposes, accessibility, and its national coverage. Adapting the framework of Lakoff (1973, Holmes (1990 and Hyland (1996a-b, this study focuses on the hedges’ functions and meanings in a gossip column (informal context, apart from an academic discourse (formal context in which hedges are frequently discussed. This possibly leads to the diverse functions and meanings of the hedges’ occurrences within the discourse: through the employment of ‘epistemic modal’ (the expression of uncertainty and ‘affective’ (the expression of solidarity function. Further, the mostly-found hedges are the epistemic modal ‘about’ (five times and the affective modal ‘think’ (four times from six hedge categories. Eventually, it is also revealed that hedges used in the gossip column are to enhance the self-image and trend-setting identity of the celebrities, who indeed are involved in the discourse.

  20. The Impact of Hedge Fund Activism on Target Firm Performance, Executive Compensation and Executive Wealth

    Directory of Open Access Journals (Sweden)

    Andrew Carrothers

    2017-10-01

    Full Text Available This paper examines the relationship between hedge fund activism and target firm performance, executive compensation, and executive wealth. It introduces a theoretical framework that describes the activism process as a sequence of discrete decisions. The methodology uses regression analysis on a matched sample based on firm size, industry, and market-to-book ratio. All regressions control for industry and year fixed effects. Schedule 13D Securities and Exchange Commission (SEC filings are the source for the statistical sample of hedge fund target firms. I supplement that data with target firm financial, operating, and share price information from the CRSP-COMPUSTAT merged database. Activist hedge funds target undervalued or underperforming firms with high profitability and cash flows. They do not avoid firms with powerful CEOs. Leverage, executive compensation, pay for performance and CEO turnover increase at target firms after the arrival of the activist hedge fund. Target firm executives’ wealth is more sensitive to changes in share price after hedge fund activism events suggesting that the executive team experiences changes to their compensation structure that provides incentive to take action to improve returns to shareholders. The top executives reap rewards for increasing firm value but not for increased risk taking.

  1. Assessing Performance of Multipurpose Reservoir System Using Two-Point Linear Hedging Rule

    Science.gov (United States)

    Sasireka, K.; Neelakantan, T. R.

    2017-07-01

    Reservoir operation is the one of the important filed of water resource management. Innovative techniques in water resource management are focussed at optimizing the available water and in decreasing the environmental impact of water utilization on the natural environment. In the operation of multi reservoir system, efficient regulation of the release to satisfy the demand for various purpose like domestic, irrigation and hydropower can lead to increase the benefit from the reservoir as well as significantly reduces the damage due to floods. Hedging rule is one of the emerging techniques in reservoir operation, which reduce the severity of drought by accepting number of smaller shortages. The key objective of this paper is to maximize the minimum power production and improve the reliability of water supply for municipal and irrigation purpose by using hedging rule. In this paper, Type II two-point linear hedging rule is attempted to improve the operation of Bargi reservoir in the Narmada basin in India. The results obtained from simulation of hedging rule is compared with results from Standard Operating Policy, the result shows that the application of hedging rule significantly improved the reliability of water supply and reliability of irrigation release and firm power production.

  2. Determinantes para utilização de Hedge Accouting: uma escolha contábil

    Directory of Open Access Journals (Sweden)

    Fernando Caio Galdi

    2009-08-01

    Full Text Available Este estudo investiga a sistemática da escolha contábil, no meio corporativo,referente à contratação e à qualificação, ou não, de operações com derivativos para aplicação da contabilidade de hedge (Hedge Accounting, conforme as normas do Fasb (SFAS 133. Dentro dessa abordagem, foram utilizadas variáveis relacionadas aos incentivos/benefícios que as empresas podem ter ao classificarem uma transação dentro dos requisitos necessários para aplicação da contabilidade de operações de hedge (Hedge Accounting. As empresas avaliadas são aquelas listadas na NYSE nos setores de Mineração, Siderurgia/Metalurgia e Papel/Celulose. Os dados utilizados foram obtidos por meio da base de dados Economatica, websites das firmas selecionadas e da análise das demonstrações financeiras publicadas nos relatórios anuais, em dólares norte-americanos, de cada uma das selecionadas firmas, referentes ao ano de 2006. As evidências apontam para uma relação positiva e significante entre a dívida de longo prazo e a aplicação da contabilidade de hedge, o que é consistente com a teoria e corrobora com a relação esperada.

  3. Determinantes para utilização de Hedge Accouting: uma escolha contábil

    Directory of Open Access Journals (Sweden)

    Fernando Caio Galdi

    2009-01-01

    Full Text Available Este estudio investiga la sistemática de la elección contable, en el medio corporativo, referente a la contratación y a la calificación, o no, de operaciones con derivativos para apli - cación de la contabilidad de hedge ( Hedge Accounting , conforme a las normas del Fasb ( SFAS 133 . Dentro de ese abordaje, fueron utilizadas variables relacionadas a los incen - tivos/beneficios que las empresas pueden tener al clasificar una transacción dentro de los requisitos necesarios para aplicación de la contabilidad de operaciones de hedge ( Hedge Accounting . Las empresas evaluadas son aquellas listadas en la NYSE en los sectores de Minería, Siderurgia/Metalurgia y Papel/Celulosa. Los datos utilizados fueron obtenidos por medio de la base de datos Economatica , websites de las firmas seleccionadas y del análisis de las demostraciones financieras publicadas en los informes anuales, en dólares norteamericanos, de cada una de las seleccionadas firmas, referentes al año 2006. Las evidencias apuntan hacia una relación positiva y significante entre la deuda de largo plazo y la aplicación de la contabilidad de hedge , lo que es consistente con la teoría y corrobora con la relación esperada.

  4. A model for hedging load and price risk in the Texas electricity market

    International Nuclear Information System (INIS)

    Coulon, Michael; Powell, Warren B.; Sircar, Ronnie

    2013-01-01

    Energy companies with commitments to meet customers' daily electricity demands face the problem of hedging load and price risk. We propose a joint model for load and price dynamics, which is motivated by the goal of facilitating optimal hedging decisions, while also intuitively capturing the key features of the electricity market. Driven by three stochastic factors including the load process, our power price model allows for the calculation of closed-form pricing formulas for forwards and some options, products often used for hedging purposes. Making use of these results, we illustrate in a simple example the hedging benefit of these instruments, while also evaluating the performance of the model when fitted to the Texas electricity market. - Highlights: • We present a structural model for electricity spot prices in the ERCOT market. • Relationships between power price and factors such as load and gas price are studied. • Seasonal patterns and load-dependent spikes are shown to be well captured. • Closed-form results for prices of forwards, options and spread options are derived. • We demonstrate the effectiveness of hedging power demand with forwards and options

  5. Caixa é dívida negativa sob a perspectiva de hedging no Brasil?

    Directory of Open Access Journals (Sweden)

    Marcio Telles Portal

    2013-01-01

    Full Text Available O presente estudo investigou se as companhias brasileiras de capital aberto, entre 1995 e 2008, coordenam as políticas de caixa e dívida para efeitos de hedging contra subinvestimento em condições de restrição financeira. Os resultados indicam a inexistência de um componente de hedging usando, simultaneamente, as políticas de caixa e dívida em companhias restritas. Foi observada para as companhias restritas financeiramente uma sensibilidade positiva do caixa ao fluxo de caixa e sensibilidade negativa da dívida ao fluxo de caixa, independentemente da necessidade de hedging. As companhias irrestritas não apresentaram uma sensibilidade do caixa ao fluxo de caixa significante estatisticamente, mas apresentaram sensibilidade negativa da dívida ao fluxo de caixa, resultados também independentes da necessidade de hedging. As evidências contrariam os resultados encontrados por Acharya, Almeida e Campello (2007 no mercado norte-americano, onde caixa e dívida negativa apresentaram de acordo com a necessidade de hedging diferentes papéis na otimização intertemporal dos investimentos em companhias restritas.

  6. Bet hedging via seed banking in desert evening primroses (Oenothera, Onagraceae): demographic evidence from natural populations.

    Science.gov (United States)

    Evans, Margaret E K; Ferrière, Régis; Kane, Michael J; Venable, D Lawrence

    2007-02-01

    Bet hedging is one solution to the problem of an unpredictably variable environment: fitness in the average environment is sacrificed in favor of lower variation in fitness if this leads to higher long-run stochastic mean fitness. While bet hedging is an important concept in evolutionary ecology, empirical evidence that it occurs is scant. Here we evaluate whether bet hedging occurs via seed banking in natural populations of two species of desert evening primroses (Oenothera, Onagraceae), one annual and one perennial. Four years of data on plants and 3 years of data on seeds yielded two transitions for the entire life cycle. One year was exceptionally dry, leading to reproductive failure in the sample areas, and the other was above average in precipitation, leading to reproductive success in four of five populations. Stochastic simulations of population growth revealed patterns indicative of bet hedging via seed banking, particularly in the annual populations: variance in fitness and fitness in the average environment were lower with seed banking than without, whereas long-run stochastic mean fitness was higher with seed banking than without across a wide range of probabilities of the wet year. This represents a novel, unusually rigorous demonstration of bet hedging from field data.

  7. Forward, Forward Option and No Hedging Which One is the Best for Managing Currency Risk?

    Directory of Open Access Journals (Sweden)

    Riko Hendrawan

    2017-07-01

    Full Text Available Bank Indonesia Regulation No.18/18/PBI/2016 concerning foreign exchange transactions against rupiah between banks and domestic parties, indicates that the importance of hedging for business actors in Indonesia. Based on the data of the rupiah exchange rate movement against the dollar from January 2006 to December 2016 shows that the fluctuation of the rupiah against the US dollar tends to weaken, although at some point the observation shows the strengthening of the rupiah against the US dollar. The purpose of this research is to assess impact of Forward, Forward Option and No Hedging Strategy for managing currency exposure between IDR to USD. Using data from January 2006–December 2016 taken from website of Bank Indonesia and Federal Reserve. Total 396 simulations,consists of 132 using Forward simulations, 132 using Forward Option simulations and 132 using No Hedging simulations. Findings from this research show that Forward Option was has no positive contribution in managing currency exposure, No Hedging Strategy has 36,36 percent positive contribution and forward contract has 72,73 percent positive contribution in managing currency exposure. Its means Forward Contract was better than Forward Option and No Hedging Strategies in managing currency exposure.

  8. Environmental hedging: A theory and method for reconciling reservoir operations for downstream ecology and water supply

    Science.gov (United States)

    Adams, L. E.; Lund, J. R.; Moyle, P. B.; Quiñones, R. M.; Herman, J. D.; O'Rear, T. A.

    2017-09-01

    Building reservoir release schedules to manage engineered river systems can involve costly trade-offs between storing and releasing water. As a result, the design of release schedules requires metrics that quantify the benefit and damages created by releases to the downstream ecosystem. Such metrics should support making operational decisions under uncertain hydrologic conditions, including drought and flood seasons. This study addresses this need and develops a reservoir operation rule structure and method to maximize downstream environmental benefit while meeting human water demands. The result is a general approach for hedging downstream environmental objectives. A multistage stochastic mixed-integer nonlinear program with Markov Chains, identifies optimal "environmental hedging," releases to maximize environmental benefits subject to probabilistic seasonal hydrologic conditions, current, past, and future environmental demand, human water supply needs, infrastructure limitations, population dynamics, drought storage protection, and the river's carrying capacity. Environmental hedging "hedges bets" for drought by reducing releases for fish, sometimes intentionally killing some fish early to reduce the likelihood of large fish kills and storage crises later. This approach is applied to Folsom reservoir in California to support survival of fall-run Chinook salmon in the lower American River for a range of carryover and initial storage cases. Benefit is measured in terms of fish survival; maintaining self-sustaining native fish populations is a significant indicator of ecosystem function. Environmental hedging meets human demand and outperforms other operating rules, including the current Folsom operating strategy, based on metrics of fish extirpation and water supply reliability.

  9. The Value of a General Increase in Slaughter Weight for Pigs

    DEFF Research Database (Denmark)

    Kjærsgaard, Niels Christian

    of Danish pig production, slaughtering processes and delivery. There have been varying opinions within the industry concerning an improved profit for the slaughterhouses and the farmers when increasing the slaughter weight. The argument for an increased slaughter weight is based on the fact that some...... different weight scenarios, namely the current slaughter weight as well as increases in the slaughter weight of 5, 10 and 15 kg respectively. The model set up in this paper consists of 17 different products and four alternative uses of each pig, but the model can easily be changed to include more products...... to approximately DKK 0.25 for each increase in slaughter weight of 5 kg. The main conclusion is that even relatively simple optimization models can be used to improve the basis of the slaughterhouses considerably for making decisions regarding the value of increased slaughter weight. Prices may vary over time...

  10. Variance Swaps in BM&F: Pricing and Viability of Hedge

    Directory of Open Access Journals (Sweden)

    Richard John Brostowicz Junior

    2010-07-01

    Full Text Available A variance swap can theoretically be priced with an infinite set of vanilla calls and puts options considering that the realized variance follows a purely diffusive process with continuous monitoring. In this article we willanalyze the possible differences in pricing considering discrete monitoring of realized variance. It will analyze the pricing of variance swaps with payoff in dollars, since there is a OTC market that works this way and thatpotentially serve as a hedge for the variance swaps traded in BM&F. Additionally, will be tested the feasibility of hedge of variance swaps when there is liquidity in just a few exercise prices, as is the case of FX optionstraded in BM&F. Thus be assembled portfolios containing variance swaps and their replicating portfolios using the available exercise prices as proposed in (DEMETERFI et al., 1999. With these portfolios, the effectiveness of the hedge was not robust in mostly of tests conducted in this work.

  11. A risk hedging strategy under the nonparallel-shift yield curve

    Science.gov (United States)

    Gong, Pu; He, Xubiao

    2005-08-01

    Under the assumption of the movement of rigid, a nonparallel-shift model in the term structure of interest rates is developed by introducing Fisher & Weil duration which is a well-known concept in the area of interest risk management. This paper has studied the hedge and replication for portfolio immunization to minimize the risk exposure. Throughout the experiment of numerical simulation, the risk exposures of the portfolio under the different risk hedging strategies are quantitatively evaluated by the method of value at risk (VaR) order statistics (OS) estimation. The results show that the risk hedging strategy proposed in this paper is very effective for the interest risk management of the default-free bond.

  12. Price volatility, hedging and variable risk premium in the crude oil market

    International Nuclear Information System (INIS)

    Ahmad Jalali-Naini; Maryam Kazemi Manesh

    2006-01-01

    The crude oil price exhibits a high degree of volatility which varies significantly over time. Such characteristics imply that the oil market is a promising area for testing volatility models. Testing and predicting volatility using ARCH and GARCH models have grown in the literature. A useful application of the volatility models is in the formulation of hedging strategies. In this paper we compare the optimal hedge ratio for the crude oil using the classical minimum risk approach and use ARCH to incorporate the effect of heteroskedasticity in the residuals on the hedge ratio. In addition, we test for the existence of a variable risk premium in the crude oil market. We find that, assuming rational expectations, there is a non-zero risk premium. We test for the variability of the risk premia and find evidence in its support when we employed a multivariate GARCH model. (author)

  13. A seasonal copula mixture for hedging the clean spark spread with wind power futures

    DEFF Research Database (Denmark)

    Christensen, Troels Sønderby; Pircalabu, Anca; Høg, Esben

    2018-01-01

    The recently introduced German wind power futures have brought the opportunity to address the problem of volume risk in wind power generation directly. In this paper we study the hedging benefits of these instruments in the context of gas-fired power plants by employing a strategy that allows...... and the dependence structure, while being straightforward and easy to implement. Based on Monte Carlo simulations from the proposed model, the results indicate that significant benefits can be achieved by using wind power futures to hedge the spot clean spark spread. Moreover, a comparison study shows...... trading in the spot clean spark spread and wind power futures. To facilitate hedging decisions, we propose a time-varying copula mixture for the joint behavior of the spot clean spark spread and the daily wind index. The model describes the data surprisingly well, both in terms of the marginals...

  14. Hedges Used in Business Emails: A Corpus Study on the Language Strategy of International Business Communication Online

    Science.gov (United States)

    Yue, Siwei; Wang, Xuefei

    2014-01-01

    Based on a corpus of 296 authentic business emails produced in computer-mediated business communication from 7 Chinese international trade enterprises, this paper addresses the language strategy applied in CMC (Computer-mediated Communication) by examining the use of hedges. With the emergence of internet, a wider range of hedges are applied…

  15. The Interaction between Real Options and Financial Hedging: An Empirical Study of Danish Non-Financial Companies

    DEFF Research Database (Denmark)

    Aabo, Tom

    The interaction between real options and financial hedging is analyzed empirically. A majority of Danish non-financial companies either (1) chooses at times not to hedge an exchange rate operating exposure financially due to the possibility of the company to react to changes in exchange rates...

  16. Value at Risk and Hedge Fund Return - Does High Risk Bring High Return?

    OpenAIRE

    Jing, Tao; Zhao, Hongxiang

    2010-01-01

    This paper mainly focuses on the correlation between live hedge fund return and their value at risk (VaR), and is based on the historical data from May 2000 to April 2010. The authors adopt portfolio level analyses and fund level cross-sectional regression, and find that there is significant positive correlation, both statistically and economically, between the hedge fund return and VaRs (parametric, non-parametric and GARCH). Further research is conducted by sub-dividing the overall period i...

  17. The role of cointegration for optimal hedging with heteroscedastic error term

    DEFF Research Database (Denmark)

    Gatarek, Lukasz; Johansen, Søren

    2017-01-01

    a cointegrating vector for large h, thereby giving a bounded risk. Taking the expected return into account, the portfolio that maximizes the Sharpe ratio is found, and it is shown that it also approaches a cointegration portfolio. For constant conditional volatility, the conditional variance can be estimated...... forward contracts for electricity, which are hedged by forward contracts for fuel prices. The main conclusion of the paper is that for optimal hedging, one should exploit the cointegrating properties for long horizons, but for short horizons more weight should be put on the remaining dynamics....

  18. The role of cointegration for optimal hedging with heteroscedastic error term

    DEFF Research Database (Denmark)

    Gatarek, Lutasz; Johansen, Søren

    a cointegrating vector for large h, thereby giving a bounded risk. Taking the expected return into account, the portfolio that maximizes the Sharpe ratio is found, and it is shown that it also approaches a cointegration portfolio. For constant conditional volatility, the conditional variance can be estimated...... forward contracts for electricity, which are hedged by forward contracts for fuel prices. The main conclusion of the paper is that for optimal hedging, one should exploit the cointegrating properties for long horizons, but for short horizons more weight should be put on the remaining dynamics....

  19. Determinantes para utilização de Hedge Accouting: uma escolha contábil

    OpenAIRE

    Fernando Caio Galdi; Luiz Fernando Grama Guerra

    2009-01-01

    Este estudio investiga la sistemática de la elección contable, en el medio corporativo, referente a la contratación y a la calificación, o no, de operaciones con derivativos para apli - cación de la contabilidad de hedge ( Hedge Accounting ), conforme a las normas del Fasb ( SFAS 133 ). Dentro de ese abordaje, fueron utilizadas variables relacionadas a los incen - tivos/beneficios que las empresas pueden tener al clasificar una transacción dentro de los requisitos necesarios para aplicac...

  20. Mean-Variance Hedging on Uncertain Time Horizon in a Market with a Jump

    International Nuclear Information System (INIS)

    Kharroubi, Idris; Lim, Thomas; Ngoupeyou, Armand

    2013-01-01

    In this work, we study the problem of mean-variance hedging with a random horizon T∧τ, where T is a deterministic constant and τ is a jump time of the underlying asset price process. We first formulate this problem as a stochastic control problem and relate it to a system of BSDEs with a jump. We then provide a verification theorem which gives the optimal strategy for the mean-variance hedging using the solution of the previous system of BSDEs. Finally, we prove that this system of BSDEs admits a solution via a decomposition approach coming from filtration enlargement theory

  1. Mean-Variance Hedging on Uncertain Time Horizon in a Market with a Jump

    Energy Technology Data Exchange (ETDEWEB)

    Kharroubi, Idris, E-mail: kharroubi@ceremade.dauphine.fr [Université Paris Dauphine, CEREMADE, CNRS UMR 7534 (France); Lim, Thomas, E-mail: lim@ensiie.fr [Université d’Evry and ENSIIE, Laboratoire d’Analyse et Probabilités (France); Ngoupeyou, Armand, E-mail: armand.ngoupeyou@univ-paris-diderot.fr [Université Paris 7, Laboratoire de Probabilités et Modèles Aléatoires (France)

    2013-12-15

    In this work, we study the problem of mean-variance hedging with a random horizon T∧τ, where T is a deterministic constant and τ is a jump time of the underlying asset price process. We first formulate this problem as a stochastic control problem and relate it to a system of BSDEs with a jump. We then provide a verification theorem which gives the optimal strategy for the mean-variance hedging using the solution of the previous system of BSDEs. Finally, we prove that this system of BSDEs admits a solution via a decomposition approach coming from filtration enlargement theory.

  2. Religious slaughter and animal welfare: data from an online consultation

    Directory of Open Access Journals (Sweden)

    C. Baldinelli

    2012-10-01

    Full Text Available Two are the main results of the online survey, which was conducted with the purpose to examine the purchase behavior of a group of consumers and their views on animal welfare and religious slaughter. First result is the respondents’ great interest about the question on animal welfare, which is in accordance with the growing interest of European citizens about this issue. Second is the demand for a more transparent labeling of animal products, which would be also concerning animal welfare and slaughter method used. These results are in conflict with marketing analysis, which find that consumers want to receive only positive information. Paradoxically, the more information is transmitted to reassure consumers the higher risk to alarm them.

  3. Optimal Hedging and Pricing of Equity-Linked Life Insurance Contracts in a Discrete-Time Incomplete Market

    Directory of Open Access Journals (Sweden)

    Norman Josephy

    2011-01-01

    Full Text Available We present a method of optimal hedging and pricing of equity-linked life insurance products in an incomplete discrete-time financial market. A pure endowment life insurance contract with guarantee is used as an example. The financial market incompleteness is caused by the assumption that the underlying risky asset price ratios are distributed in a compact interval, generalizing the assumptions of multinomial incomplete market models. For a range of initial hedging capitals for the embedded financial option, we numerically solve an optimal hedging problem and determine a risk-return profile of each optimal non-self-financing hedging strategy. The fair price of the insurance contract is determined according to the insurer's risk-return preferences. Illustrative numerical results of testing our algorithm on hypothetical insurance contracts are documented. A discussion and a test of a hedging strategy recalibration technique for long-term contracts are presented.

  4. New Challenges for Islamic Ritual Slaughter: A European Perspective

    OpenAIRE

    Bergeaud-Blackler, Florence

    2007-01-01

    International audience; The production and consumption of halal meat products, i.e. deriving from Islamic ritual slaughter, has have grown steadily over the last 15 years. Today the global halal market is estimated at US $150 billion per year. In this paper, I describe the main steps in the integration of ‘“Muslim ritual slaughter” ' into the national legislation of Western European countries, and I present an analysis of the economic and political issues involved. Once the subject of dispute...

  5. Ingredients derived from the slaughter of bovines in dog food

    OpenAIRE

    Loureiro, Karina De Carli; Haese, Douglas; Kill, João Luís; Pires, Achicine Furno; Fernandes, Danieli Rankel; Colnago, Geraldo Luiz; Lucas, Wendius Henrique; Gama, Gabriela Oliveira

    2017-01-01

    ABSTRACT: This study evaluated the nutritional levels, apparent digestibility coefficients, and faecal characteristics of dogs fed with four by-products from bovine slaughter: testicles, residue sirloin steak, trachea, and liver. Ingredients were processed and packed in tins for heat treatment in autoclaves. For the digestibility and faeces quality, ingredients were mixed with a reference diet (commercial food) in the proportion of 30g kg-1 test ingredient and 70g kg-1 reference diet (as dry ...

  6. Disposal and utilization of broiler slaughter waste by composting

    Directory of Open Access Journals (Sweden)

    N Bharathy

    2012-12-01

    Full Text Available Aim: To know the feasibility of hygienic and environmentally safe method of disposal of broiler slaughter house waste with coir pith and caged layer manure. Materials and Methods: Compost bins (4 feet x 4 feet x 4 feet were established with concrete blocks with air holes to facilitate aerobic composting. The broiler slaughter waste and coconut coir pith waste were collected from the local market, free of cost. The caged layer manure available from poultry farms were utilized as manure substrate. Physical properties and chemical composition of ingredients were analyzed and a suitable compost recipe was formulated (USDA-NRCS, 2000. Two control bins were maintained simultaneously, using caged layer manure with coir pith waste and water in a ratio of 0.8:3:1.2 (T and another one bin using caged layer manure alone(T . 2 3 Results: At the end of composting, moisture content, weight and the Volume of the compost were reduced significantly (P<0.01, pH, EC, TDS, total organic carbon and total nitrogen content were also significantly (P<0.01 reduced at the finishing of composting. Calcium, phosphorous and potassium content was progressively increased during composting period. The finished compost contains undetectable level of salmonella. Cowpea and sorghum seeds showed positive germination percentage when this finished compost was used. It indicated that all of the finished compost was free from phytotoxin substances. Conclusion: The results indicated that, composting of slaughter waste combined with coir pith waste may be a hygienic and environmentally safe method of disposal of broiler slaughter house waste [Vet. World 2012; 5(6.000: 359-361

  7. Improving religious slaughter practices in the U.S.

    Directory of Open Access Journals (Sweden)

    Temple Grandin

    2006-05-01

    Full Text Available Cet article, fondé sur trente années d’expérience dans les abattoirs, explore les aspects techniques de l’abattage des animaux de boucherie en Amérique du Nord, tout particulièrement l’abattage religieux, kasher et halal. La description minutieuse des différentes méthodes utilisées vise à éclairer les éléments posant problème et faisant atteinte au « bien-être » des animaux. L’auteur propose ensuite des mesures permettant d’améliorer le traitement des différentes espèces d’animaux et d’alléger les souffrances au moment de l’abattage.This paper, based on thirty years of experience in developing equipment for handling cattle, explores the technical aspects of animal slaughtering in Northern America, particularly halal and kosher slaughter practices. It gives first hand description of the different methods which are in use, always in relation to animal welfare concerns. The author then draws concrete conclusions regarding means of ensuring an improved treatment for all types of animals to be slaughtered.

  8. Slaughter performance and meat quality of three Italian chicken breeds

    Directory of Open Access Journals (Sweden)

    Gian Maria Chiericato

    2010-01-01

    Full Text Available A trial was carried out to study the slaughter performance and the meat quality of three Italian dual-purpose chicken breeds: Ermellinata di Rovigo (ER, Robusta lionata (RL and Robusta maculata (RM. Females were studied from June to October from 47 days of life until slaughtered age, at 138 (I age and 168 (II age days of age. Each genotype had access to outdoor and indoor spaces. RL and RM birds showed a higher final body weight, and provided heavier carcass and commercial cuts than ER (P<0.01, at both ages. The dressing-out percentage of RL and RM females was more favourable than ER ones, in particular at II age (P<0.01. Differences in carcass conformation were observed at II age: the ER carcass showed a higher (P<0.01 proportion of leg and wing. The RM carcass had a higher (P<0.01 proportion of breast. The thigh meat/ bone ratio was higher in RL at I age (P<0.01 and II (P<0.05 age. Significant differences in breast colour were observed among the breeds; ER thigh showed the highest (P<0.05 a* value. At II age, lipids were lower (P<0.01 in ER breast; thigh lipids were similar among the groups. Slaughtering at I age seem to be more advantageous for the ER breed since it is more precocious.

  9. Fattening and slaughter traits of four rabbit genotypes

    Directory of Open Access Journals (Sweden)

    Silvester Zgur

    2010-01-01

    Full Text Available Growth rate of 4 genotypes, two lines of Slovene SIKA meat rabbit (maternal line A and sire line C, both 50 rabbits, hybrid AxC (50 rabbits and crossbred AxCal (A and Californian, 38 rabbits was recorded from weaning (35 days of age to slaughter (93 days. Growth performance and slaughter traits of AxC were different from line A (live weight at 91st day: A 2720, C 3158, AxC 3043 g (P£0.05, heterosis effect (H +3.38%; carcass weight: A 1490, C 1787, AxC 1716 g (P£0.05, H +5.65%; dressing percentage: A 54.1, C 55.6, AxC 55.5% (P£0.05; H +1.26%. Weaning weight of AxCal was significantly lower than of AxC (AxCal 843, AxC 1050 g, P£0.05, but at the end of the experiment the weight of AxCal rabbits was very close to AxC (AxCal 2958, AxC 3043 g, P>0.05. Other growth and slaughter traits did not differ between AxC and AxCal group.

  10. The slaughter of increased numbers of pregnant cows in Tanga abattoir, Tanzania: A cause for concern?

    Directory of Open Access Journals (Sweden)

    Emmanuel S. Swai

    2015-08-01

    Full Text Available Information on the level of foetal wastage in slaughtered cattle in Tanzania is limited. A three-month observational study (April – June 2014 of animals slaughtered at the Tanga abattoir in Tanga region, Tanzania was carried out to determine the number of pregnant cows slaughtered. The total number of cattle slaughtered during the study period was 3643, representing a monthly kill average of 1214 and a daily kill average of 40. Over 98% of the cattle presented to the abattoir for slaughter were local breed (Tanzania shorthorn zebu and most were above 3 years of age. Improved breeds of cattle represented only 1.3% of all slaughters. Of the cattle slaughtered, 2256 (61.9% were female and 1387 (38.1% were male. A total of 655 slaughtered cows were pregnant, representing a foetal wastage of 29.1%. Of the 655 recovered foetuses, 333 (50.8% were male and 322 (49.2% were female. Of the recovered foetuses, 25.8% were recovered in the first, 42.7% in the second and 31.6% in the third trimester. This study indicates cases of significant foetal losses, negatively impacting future replacement stock as a result of the slaughter of pregnant animals. The indiscriminate slaughter of pregnant cows suggests that existing animal welfare legislation is not sufficiently enforced and routine veterinary ante-mortem inspection of trade animals is failing to prevent the high level of foetal wastage.

  11. Correlation between slaughter practices and the distribution of Salmonella and hygiene indicator bacteria on pig carcasses during slaughter.

    Science.gov (United States)

    Biasino, W; De Zutter, L; Mattheus, W; Bertrand, S; Uyttendaele, M; Van Damme, I

    2018-04-01

    This study investigated the distribution of hygiene indicator bacteria and Salmonella on pig carcasses. Moreover, the relation between hygiene indicator counts and Salmonella presence as well as associations between specific slaughter practices and carcass contamination were determined for each carcass area. Seven Belgian pig slaughterhouses were visited three times to swab five randomly selected carcasses at nine different areas, after evisceration and trimming. Information about slaughter practices was collected using a questionaire. In all samples, the E. coli and Salmonella presence was analyzed and Enterobacteriaceae and total aerobic bacteria were quantified. Average total aerobic counts ranged from 3.1 (loin, pelvic duct, ham) to 4.4 log 10  CFU/cm 2 (foreleg). Median Enterobacteriaceae numbers varied between 0.4 (ham) an 1.8 log 10  CFU/cm 2 (foreleg). E. coli and Salmonella presence ranged from 15% (elbow) to 89% (foreleg) and 5% (elbow) to 38% (foreleg), respectively. Positive relations were found between hygiene indicator counts and Salmonella presence at the head, sternum, loin and throat. Several slaughter practices, such as splitting the head and incising tonsils, were associated with higher levels of hygiene indicator bacteria and Salmonella. These findings can be used to educate slaughterhouse personnel and estimate the public health risk involved in consumption of different pork cuts. Copyright © 2017 Elsevier Ltd. All rights reserved.

  12. How hedge woody species diversity and habitat change is a function of land use history and recent management in a European agricultural landscape.

    Science.gov (United States)

    McCann, Thomas; Cooper, Alan; Rogers, David; McKenzie, Paul; McErlean, Thomas

    2017-07-01

    European hedged agricultural landscapes provide a range of ecosystem services and are an important component of cultural and biodiversity heritage. This paper investigates the extent of hedges, their woody species diversity (including the influence of historical versus recent hedge origin) and dynamics of change. The rationale is to contribute to an ecological basis for hedge habitat management. Sample sites were allocated based on a multivariate classification of landscape attributes. All field boundaries present in each site were mapped and surveyed in 1998 and 2007. To assess diversity, a list of all woody species was recorded in one standard 30 m linear plot within each hedge. There was a net decrease in hedge habitat extent, mainly as a result of removal, and changes between hedges and other field boundary types due to the development and loss of shrub growth-form. Agricultural intensification, increased rural building, and variation in hedge management practices were the main drivers of change. Hedges surveyed at baseline, which were lost at resurvey, were more species rich than new hedges gained. Hedges coinciding with historical land unit boundaries of likely Early Medieval origin were found to be more species rich. The most frequent woody species in hedges were native, including a high proportion with Fraxinus excelsior, a species under threat from current and emerging plant pests and pathogens. Introduced species were present in circa 30% of hedges. We conclude that since hedge habitat distribution and woody species diversity is a function of ecology and anthropogenic factors, the management of hedges in enclosed agricultural landscapes requires an integrated approach. Copyright © 2017 Elsevier Ltd. All rights reserved.

  13. Hedge fund replication with a genetic algorithm: breeding a usable mousetrap

    Czech Academy of Sciences Publication Activity Database

    Payne, B. C.; Trešl, Jiří

    2015-01-01

    Roč. 15, č. 10 (2015), s. 1705-1726 ISSN 1469-7688 R&D Projects: GA ČR(CZ) GA14-31783S Institutional support: RVO:67985998 Keywords : hedge funds * replication * genetic algorithm Subject RIV: AH - Economics Impact factor: 0.794, year: 2015

  14. Pricing and hedging derivative securities with neural networks: Bayesian regularization, early stopping, and bagging.

    Science.gov (United States)

    Gençay, R; Qi, M

    2001-01-01

    We study the effectiveness of cross validation, Bayesian regularization, early stopping, and bagging to mitigate overfitting and improving generalization for pricing and hedging derivative securities with daily S&P 500 index daily call options from January 1988 to December 1993. Our results indicate that Bayesian regularization can generate significantly smaller pricing and delta-hedging errors than the baseline neural-network (NN) model and the Black-Scholes model for some years. While early stopping does not affect the pricing errors, it significantly reduces the hedging error (HE) in four of the six years we investigated. Although computationally most demanding, bagging seems to provide the most accurate pricing and delta hedging. Furthermore, the standard deviation of the MSPE of bagging is far less than that of the baseline model in all six years, and the standard deviation of the average HE of bagging is far less than that of the baseline model in five out of six years. We conclude that they be used at least in cases when no appropriate hints are available.

  15. Survival, Look-Ahead Bias and the Persistence in Hedge Fund Performance

    NARCIS (Netherlands)

    Baquero, G.; Ter Horst, J.R.; Verbeek, M.J.C.M.

    2002-01-01

    Hedge funds databases are typicall subject to high attrition rates because of fund termination and self-selection.Even when all funds are included up to their last available return, one cannot prevent that ex post conditioning biases affect standard estimates of performance persistence.In this paper

  16. Five-dimensional Monopole Equation with Hedge-Hog Ansatz and Abel's Differential Equation

    OpenAIRE

    Kihara, Hironobu

    2008-01-01

    We review the generalized monopole in the five-dimensional Euclidean space. A numerical solution with the Hedge-Hog ansatz is studied. The Bogomol'nyi equation becomes a second order autonomous non-linear differential equation. The equation can be translated into the Abel's differential equation of the second kind and is an algebraic differential equation.

  17. 18 CFR 367.1760 - Account 176, Derivative instrument assets-Hedges.

    Science.gov (United States)

    2010-04-01

    ... change in the fair value of derivative instrument assets designated by the service company as cash flow... flow hedge it will record the change in the fair value of the derivative instrument in this account... must record the change in the fair value of the derivative instrument in this account with a concurrent...

  18. 26 CFR 1.988-5 - Section 988(d) hedging transactions.

    Science.gov (United States)

    2010-04-01

    ... under the terms of the hedge to acquire the currency used to make payments under the qualifying debt.... (a) Integration of a nonfunctional currency debt instrument and a § 1.988-5(a) hedge—(1) In general... currency denominated debt instrument, such instrument shall be subject to the rules of § 1.988-2(b). (2...

  19. Hedging Behavior in Small and Medium-sized Enterprises: The Role of Unobserved Heterogeneity

    NARCIS (Netherlands)

    Pennings, J.M.E.; Garcia, P.

    2004-01-01

    Abstract We investigate factors that drive derivative usage in small and medium-sized enterprises (SMEs). The influence of these factors on hedging behavior cannot a priori be assumed equal for all SMEs. To address this heterogeneity, a generalized mixture regression model is used which classifies

  20. Arbitrage hedging strategy and one more explanation of the volatility smile

    OpenAIRE

    Mikhail Martynov; Olga Rozanova

    2011-01-01

    We present an explicit hedging strategy, which enables to prove arbitrageness of market incorporating at least two assets depending on the same random factor. The implied Black-Scholes volatility, computed taking into account the form of the graph of the option price, related to our strategy, demonstrates the "skewness" inherent to the observational data.

  1. Scab severity in relation to hedge pruning pecan trees in the Southeastern USA

    Science.gov (United States)

    Scab is the most damaging disease of pecan in the Southeastern USA. Pecan trees are tall (up to 30+ m), and managing disease in the upper canopy is problematic. Hedge pruning trees to ~12 m is being explored to facilitate efficacy of ground-based fungicide sprays, but resulting vigorous shoot growth...

  2. Oil Price Volatility, Economic Growth and the Hedging Role of Renewable Energy

    OpenAIRE

    Rentschler, Jun E.

    2013-01-01

    This paper investigates the adverse effects of oil price volatility on economic activity and the extent to which countries can hedge against such effects by using renewable energy. By considering the Realized Volatility of oil prices, rather than following the standard approach of considering oil price shocks in levels, the effects of factor price uncertainty on economic activity are analy...

  3. Pseudo Control Hedging and its Application for Safe Flight Envelope Protection

    NARCIS (Netherlands)

    Lombaerts, T.J.J.; Looye, G.H.N.; Chu, Q.P.; Mulder, J.A.

    2010-01-01

    This paper describes how the previously developed concept of Pseudo Control Hedging (PCH) can be integrated in a Fault Tolerant Flight Controller (FTFC) as a safe flight envelope protection system of the first degree. This PCH algorithm adapts the reference model for the system output in case of

  4. A Portrait of Hedge Fund Investors: Flows, Performance and Smart Money

    NARCIS (Netherlands)

    G. Baquero; M.J.C.M. Verbeek (Marno)

    2005-01-01

    textabstractWe explore the flow-performance interrelation by explicitly separating the investment and divestment decisions of hedge fund investors. The results show that different determinants and evaluation horizons underlie both decisions. While money inflows are sensitive to past long-run

  5. The Effect of Shortfall as a Risk measure for Portfolios with Hedge Funds

    NARCIS (Netherlands)

    Lucas, A.; Siegmann, A.H.

    2008-01-01

    Current research suggests that the large downside risk in hedge fund returns disqualifies the variance as an appropriate risk measure. For example, one can easily construct portfolios with nonlinear pay-offs that have both a high Sharpe ratio and a high downside risk. This paper examines the

  6. Institutional investor activism : Hedge funds and private equity, economics and regulation

    NARCIS (Netherlands)

    Mc Cahery, Joseph; Bratton, W.

    2015-01-01

    The increase in institutional ownership of recent decades has been accompanied by an enhanced role played by institutions in monitoring companies’ corporate governance behaviour. Activist hedge funds and private equity firms have achieved a degree of success in actively shaping the business plans of

  7. Myopic or Dynamic Liquidity Management? : A Study of Hedge Funds around the 2008 Financial Crisis

    NARCIS (Netherlands)

    Driessen, Joost; Xing, R.

    2017-01-01

    In this paper, we show that hedge funds repurchased a large amount of liquid stocks and continued to sell illiquid stocks as the 2008 financial crisis mitigated. It complements existing empirical evidence that institutional investors sold more liquid than illiquid assets during the crisis period.

  8. The Buyers’ Perspective on Security Design: Hedge Funds and Convertible Bond Call Provisions

    NARCIS (Netherlands)

    B.D. Grundy (Bruce); P. Verwijmeren (Patrick)

    2016-01-01

    textabstractWe provide evidence that security design reflects the interplay of capital supplier and security issuer preferences. While call provisions have historically been the default option in convertible security design, only a minority of post-2005 issues are callable. Because hedge funds

  9. [Life cycle of Gongylonema mucronatum Seurat, 1916, parasite of the African hedge-hog (author's transl)].

    Science.gov (United States)

    Quentin, J C; Seguignes, M

    1979-01-01

    The Gongylonematid Nematode parasite of the Tunisian hedge-hog has been identified as Gongylonema mucronatum Seurat, 1916. The infective larva has been obtained from Locusta migratoria as intermediate host. The larval characters of this Gongylonema link it to the species G. pulchrum.

  10. Poultry slaughtering practices in rural communities of Bangladesh and risk of avian influenza transmission

    DEFF Research Database (Denmark)

    Rimi, Nadia Ali; Sultana, Rebeca; Ishtiak-Ahmed, Kazi

    2014-01-01

    communities. In 2009, we conducted 30 observations to observe slaughtering practices and 110 in-depth and short interviews and 36 group discussions to explore reasons behind those practices. The villagers reported slaughtering 103 poultry, including 20 sick poultry during 2 months. During different stages...... poultry, using hot water for defeathering and cleaning, using a bucket to contain slaughtering blood and carcass, burying the offal and encouraging handwashing....

  11. Prevalence of hydatid cysts in slaughtered animals in Sirte, Libya.

    Science.gov (United States)

    Kassem, Hamed H; Abdel-Kader, Abdel-Kader M; Nass, Sedigh Ahmed

    2013-04-01

    The prevalence of cystic echinococcosis was studied among the livestock slaughtered in abattoir of Sirte, Libya during the period July 2004 to May 2005. The overall infection rate of 4.9% in sheep, 2.4% in goats, 2.7% in camels and 15% in cattle were observed. The increase in prevalence with age of the animals was statistically significant in the four species. In female goats, examined infection was higher in the male. Liver had higher hydatid cysts than lungs in sheep, goat while infected lungs had higher in camel.

  12. CHARACTERISTICS OF CATTLE CARCASSES SLAUGHTERED IN SINOP-MT

    Directory of Open Access Journals (Sweden)

    I. O. Arruda

    2016-07-01

    Full Text Available The importance of classification and typication of cattle carcasses has been a great reference in the meat selection concept with the highest degree of quality, using characteristic grouping of parameters that differ according to sex, maturity, weight, conformation and finish. The referent study was to evaluate the characteristics of cattle carcasses slaughtered in a period of drought in the north of Mato Grosso, specifically in the city of Sinop, during the month of August 2015 were evaluated in 2250 cattle carcasses of animals of various classes and maturities, which mostly were female 77.15%, followed by non-castrated males and barrows with 16.93% and 5.91% respectively. Analyzing the class of uncastrated male animals, it can be seen that the non castration gave an early slaughter. The weight gain, and in finish shaping, as advanced maturity, and character had differences (P <0.05. Figures show that young animals with a nutritional management can have both gains as adult animals.

  13. Developing control points for halal slaughtering of poultry.

    Science.gov (United States)

    Shahdan, I A; Regenstein, J M; Shahabuddin, A S M; Rahman, M T

    2016-07-01

    Halal (permissible or lawful) poultry meat production must meet industry, economic, and production needs, and government health requirements without compromising the Islamic religious requirements derived from the Qur'an and the Hadiths (the actions and sayings of the Prophet Muhammad, peace and blessings be upon him). Halal certification authorities may vary in their interpretation of these teachings, which leads to differences in halal slaughter requirements. The current study proposes 6 control points (CP) for halal poultry meat production based on the most commonly used halal production systems. CP 1 describes what is allowed and prohibited, such as blood and animal manure, and feed ingredients for halal poultry meat production. CP 2 describes the requirements for humane handling during lairage. CP 3 describes different methods for immobilizing poultry, when immobilization is used, such as water bath stunning. CP 4 describes the importance of intention, details of the halal slaughter, and the equipment permitted. CP 5 and CP 6 describe the requirements after the neck cut has been made such as the time needed before the carcasses can enter the scalding tank, and the potential for meat adulteration with fecal residues and blood. It is important to note that the proposed halal CP program is presented as a starting point for any individual halal certifying body to improve its practices. © 2016 Poultry Science Association Inc.

  14. A mixed C-vine copula model for hedging price and volumetric risk in wind power trading

    DEFF Research Database (Denmark)

    Pircalabu, Anca; Jung, Jesper

    2017-01-01

    correlation with the much more liquid German market to construct a proxy hedge. We propose a three-dimensional mixed vine copula to model the evolution of the Danish and German spot electricity prices and the Danish wind power production. We construct a realistic hedging portfolio by identifying various...... of not only forwards, but also a basket of e.g. call and put options. Illiquidity and an almost non-existent market for options challenge however the optimal hedging of joint price and volumetric risk in many market places. Here, we consider the case of the Danish power market, and exploit its strong positive...... instruments available in the market, such as real options in the form of the right to transfer electricity across the border and the right to convert electricity to heat. Using the proposed vine copula to determine optimal hedging decisions, we show that significant benefits are to be drawn by extending...

  15. Bleeding Efficiency, Microbiological Quality and Oxidative Stability of Meat from Goats Subjected to Slaughter without Stunning in Comparison with Different Methods of Pre-Slaughter Electrical Stunning.

    Science.gov (United States)

    Sabow, Azad Behnan; Zulkifli, Idrus; Goh, Yong Meng; Ab Kadir, Mohd Zainal Abidin; Kaka, Ubedullah; Imlan, Jurhamid Columbres; Abubakar, Ahmed Abubakar; Adeyemi, Kazeem Dauda; Sazili, Awis Qurni

    2016-01-01

    The influence of pre-slaughter electrical stunning techniques and slaughter without stunning on bleeding efficiency and shelf life of chevon during a 14 d postmortem aging were assessed. Thirty two Boer crossbred bucks were randomly assigned to four slaughtering techniques viz slaughter without stunning (SWS), low frequency head-only electrical stunning (LFHO; 1 A for 3 s at a frequency of 50 Hz), low frequency head-to-back electrical stunning (LFHB; 1 A for 3 s at a frequency of 50 Hz) and high frequency head-to-back electrical stunning (HFHB; 1 A for 3 s at a frequency of 850 Hz). The SWS, LFHO and HFHB goats had higher (pmeat had higher (pmeat compared to those from SWS, LFHO and HFHB after 3 d postmortem. Results indicate that the low bleed-out in LFHB lowered the lipid oxidative stability and microbiological quality of chevon during aging.

  16. The effect of chemical treatment on life broilers before slaughter and ...

    African Journals Online (AJOL)

    In this study, effect of chemical treatment (surface and oral) using chlorine and TH4 of life broilers before slaughter and slaughter conditions on bacterial and keeping quality of broiler meat was investigated. The objectives were to improve both bacterial and keeping quality of broiler meat and to identify critical control points ...

  17. Gross and histopathological evaluation of human inflicted bruises in Danish slaughter pigs

    DEFF Research Database (Denmark)

    Barington, Kristiane; Agger, Jens Frederik Gramstrup; Nielsen, Søren Saxmose

    2016-01-01

    Background: Human inflicted bruises in slaughter pigs are hampering animal welfare, are an infringement of the animal protection act, and are a focus of public attention. The aim of the present study was to evaluate the gross appearance of human inflicted bruises in slaughter pigs and to compare ...

  18. Effect of age on leather and skin traits of slaughter ostriches | Cloete ...

    African Journals Online (AJOL)

    Little is known about the factors affecting leather and skin traits in ostriches. The effect of age on physical skin traits of slaughter ostriches was consequently investigated. Forty skins representing slaughter ages ranging from five to 14 months were selected to represent means of the respective age groups with regard to skin ...

  19. Defeathering of broiler carcasses subjected to delayed scalding 1, 2, 4, and 8 hours after slaughter

    Science.gov (United States)

    With implementation of farm slaughter, scalding and defeathering could be delayed for a minimum of 2 to 4 h. This research evaluated the potential for delaying scalding and defeathering up to 8 h after slaughter. Following 12 h feed withdrawal broilers were cooped and transported to the pilot plan...

  20. Herd prevalence of Salmonella enterica infections in Danish slaughter pigs determined by microbiological testing

    DEFF Research Database (Denmark)

    Baggesen, Dorte Lau; Wegener, Henrik Caspar; Bager, Flemming

    1996-01-01

    As a part of a nationwide programme to survey and control salmonella in pig herds, a microbiological survey of 1363 pig herds was performed in Denmark. A total of 13 468 slaughter pigs were examined at slaughter by culture of 5 g of caecal contents. Overall, 30 different serotypes of Salmonella...

  1. 9 CFR 93.316 - Horses from Canada for immediate slaughter.

    Science.gov (United States)

    2010-01-01

    ... 9 Animals and Animal Products 1 2010-01-01 2010-01-01 false Horses from Canada for immediate...; REQUIREMENTS FOR MEANS OF CONVEYANCE AND SHIPPING CONTAINERS Horses Canada 16 § 93.316 Horses from Canada for immediate slaughter. Horses imported from Canada for immediate slaughter shall be consigned from the port of...

  2. 9 CFR 146.6 - Specific provisions for participating slaughter plants.

    Science.gov (United States)

    2010-01-01

    ... upland game bird, commercial waterfowl, meat-type chicken, and meat-type turkey slaughter plants that are... participate in the Plan. (b) To participate in the Plan, meat-type chicken, meat-type turkey, and commercial upland game bird and commercial waterfowl slaughter plants must follow the relevant special provisions in...

  3. The incidence and pattern of pneumonia in pigs slaughtered at the ...

    African Journals Online (AJOL)

    Pneumonia has been identified as a major disease condition limiting the swine production in West Africa; however the data on its implications to swine health has not been fully elucidated. The pattern and prevalence of pneumonia in slaughtered pigs was determined in respect to the age, sex and breed of pigs slaughtered ...

  4. The Case for Gold Revisited: A Safe Haven Or A Hedge ?

    Directory of Open Access Journals (Sweden)

    Sudi Apak

    2012-09-01

    Full Text Available This paper attempts to analyze the relation among gold prices and other macroeconomic and financial variables and addresses the question whether gold is a safe haven or a hedge for investors. The study investigates the relationship by using an econometric analysis for top gold exporter and importer countries, for a sample period of 11 years from 2000 to 2011. The results are twofold (i return of silver, USD returns and change in the volatility index influences gold returns positively whereas, Swiss Franc and Canadian Dollar returns influence gold returns negatively regardless of presence of the 2008 crisis. (ii In times of stress, our findings indicate that Swiss Franc, Norwegian Krone and Canadian Dollar function as haven whereas, on average, Swiss Franc, Canadian Dollar and 10 year US treasuries function as a hedge against gold but the results show no evidence for the US dollar.  

  5. Robustness of Quadratic Hedging Strategies in Finance via Backward Stochastic Differential Equations with Jumps

    International Nuclear Information System (INIS)

    Di Nunno, Giulia; Khedher, Asma; Vanmaele, Michèle

    2015-01-01

    We consider a backward stochastic differential equation with jumps (BSDEJ) which is driven by a Brownian motion and a Poisson random measure. We present two candidate-approximations to this BSDEJ and we prove that the solution of each candidate-approximation converges to the solution of the original BSDEJ in a space which we specify. We use this result to investigate in further detail the consequences of the choice of the model to (partial) hedging in incomplete markets in finance. As an application, we consider models in which the small variations in the price dynamics are modeled with a Poisson random measure with infinite activity and models in which these small variations are modeled with a Brownian motion or are cut off. Using the convergence results on BSDEJs, we show that quadratic hedging strategies are robust towards the approximation of the market prices and we derive an estimation of the model risk

  6. Renewable energy as a natural gas price hedge: the case of wind

    International Nuclear Information System (INIS)

    Berry, David

    2005-01-01

    Electric utilities use natural gas to fuel many of their power plants, especially those plants which provide electricity at peak and intermediate hours. Natural gas prices are highly volatile and have shown a general upward trend. Wind energy can provide a cost-effective hedge against natural gas price volatility or price increases. This conclusion is based on analysis of the costs of marginal conventional generation given the historical probability distribution of natural gas prices, the cost of wind energy, wind integration costs, transmission costs for wind energy, the capacity value of wind, and environmental benefits of wind energy for a hypothetical utility in the Southwestern United States. The efficacy of using wind energy as a hedge at a particular utility will depend on site specific conditions

  7. Testing Commodities as Safe Haven and Hedging Instrument on ASEAN's Five Stock Markets

    Directory of Open Access Journals (Sweden)

    Robiyanto Robiyanto

    2017-08-01

    Full Text Available This study attempts to analyze commodity market instruments such as gold, silver, platinum, palladium, and West Texas Intermediate (WTI crude oil’s potential as hedge and safe haven toward some stock markets in South East Asia such as in Indonesia, Singapore, Malaysia, Philippines, and Thailand. To analyze the data, GARCH (1,1 was applied. The research findings showed that gold, silver, platinum, palladium, and WTI could not play their role as hedging instrument for five South East Asian capital markets. WTI could act as a robust safe haven for most South East Asian capital markets. Gold could do the role as a robust safe haven in Singapore and Malaysia, whereas, platinum and silver consistently could be safe haven only for Singapore Stock Exchange. Palladium could only be safe haven for Philippines Stock Exchange.

  8. Robustness of Quadratic Hedging Strategies in Finance via Backward Stochastic Differential Equations with Jumps

    Energy Technology Data Exchange (ETDEWEB)

    Di Nunno, Giulia, E-mail: giulian@math.uio.no [University of Oslo, Center of Mathematics for Applications (Norway); Khedher, Asma, E-mail: asma.khedher@tum.de [Technische Universität München, Chair of Mathematical Finance (Germany); Vanmaele, Michèle, E-mail: michele.vanmaele@ugent.be [Ghent University, Department of Applied Mathematics, Computer Science and Statistics (Belgium)

    2015-12-15

    We consider a backward stochastic differential equation with jumps (BSDEJ) which is driven by a Brownian motion and a Poisson random measure. We present two candidate-approximations to this BSDEJ and we prove that the solution of each candidate-approximation converges to the solution of the original BSDEJ in a space which we specify. We use this result to investigate in further detail the consequences of the choice of the model to (partial) hedging in incomplete markets in finance. As an application, we consider models in which the small variations in the price dynamics are modeled with a Poisson random measure with infinite activity and models in which these small variations are modeled with a Brownian motion or are cut off. Using the convergence results on BSDEJs, we show that quadratic hedging strategies are robust towards the approximation of the market prices and we derive an estimation of the model risk.

  9. Fuzzy linguistic hedges for the selection of manufacturing process for prosthetic sockets

    Directory of Open Access Journals (Sweden)

    Richa Pandey

    2014-08-01

    Full Text Available In this paper, a comparison is presented between two prime methods of producing prosthetic sockets by using the fuzzy linguistic hedges approach on the qualitative feedback of Indian prosthetic users. Recent trends indicate that the Indian manufacturers have tried to adopt the newer technologies like reverse engineering (RE approach to achieve the desired goals. However, the satisfaction of the user is of utmost importance for the unique and customized products for rehabilitation. In order to analyze the effectiveness of the manufacturing approaches, user case studies are taken, based on the linguistic feedbacks, and a comparative study is conducted. Thirteen users from four different manufacturing units are taken for study and sockets made by conventional as well as RE are experimented. Fuzzy membership functions are constructed using the linguistic hedges based on the user feedbacks. An analytical hierarchy process (AHP is applied to arrive at a decision to select the manufacturing process for user satisfaction and manufacturing excellence.

  10. The European Union, Financial Crises and the Regulation of Hedge Funds: A Policy Cul-de-Sac or Policy Window?

    Directory of Open Access Journals (Sweden)

    David John Lutton

    2008-11-01

    Full Text Available A series of financial crises involving hedge funds has created a general perception that action needs to be taken. A number of key member states and political actors favour tighter regulation. Traditional bureaucratic theory suggests that the European Commission would seek to maximise this ‘policy window’, and yet there remains no single unified European Union (EU regulatory framework specifically targeting hedge funds. The nature of the regulatory regime, which has generally demanded a ‘light touch’ approach, means there are strict limits the EU’s ability to act. From an EU perspective, hedge fund regulation appears to be a policy cul-de-sac. However, the relationship between hedge funds and financial crisis is complex and less straightforward than is often portrayed. Hedge fund regulation cannot, however, be considered in isolation but should be viewed in the context of a wider programme to integrate European financial services markets. Viewed from this perspective, EU regulation is in fact changing the landscape of the hedge fund industry through a process of negative integration.

  11. Optimization of multi-reservoir operation with a new hedging rule: application of fuzzy set theory and NSGA-II

    Science.gov (United States)

    Ahmadianfar, Iman; Adib, Arash; Taghian, Mehrdad

    2017-10-01

    The reservoir hedging rule curves are used to avoid severe water shortage during drought periods. In this method reservoir storage is divided into several zones, wherein the rationing factors are changed immediately when water storage level moves from one zone to another. In the present study, a hedging rule with fuzzy rationing factors was applied for creating a transition zone in up and down each rule curve, and then the rationing factor will be changed in this zone gradually. For this propose, a monthly simulation model was developed and linked to the non-dominated sorting genetic algorithm for calculation of the modified shortage index of two objective functions involving water supply of minimum flow and agriculture demands in a long-term simulation period. Zohre multi-reservoir system in south Iran has been considered as a case study. The results of the proposed hedging rule have improved the long-term system performance from 10 till 27 percent in comparison with the simple hedging rule, where these results demonstrate that the fuzzification of hedging factors increase the applicability and the efficiency of the new hedging rule in comparison to the conventional rule curve for mitigating the water shortage problem.

  12. Impact Of Foreign Currency Hedging On Firm Value Among Indian Corporates

    OpenAIRE

    Gupta, Amit

    2016-01-01

    Indian economy was opened for globalization in 1991 and Indian Rupee was deregulated in 1993 and subjected to market fluctuations. Indian Rupee was very volatile during the past decade due to global events like US subprime crisis (2007-2009), European sovereign debt crisis, Oil prices fluctuations and Fed monetary policy speculations to name few. This volatility has put pressure on Indian firms to manage their foreign currency exposure. Hedging and use of Foreign Currency Derivatives (FCD) is...

  13. Using financial derivatives to hedge against currency risk : British large and medium-sized firms

    OpenAIRE

    Nguyen, My

    2012-01-01

    Nowadays, as a growing number of firms strive to conduct their business at international market place, currency risk has increasingly raised concern among financial mangers due to its substantial impact on companies’ financial results. Financial derivative instruments (Forward, Futures, Options, Swaps) are utilized as efficient hedging mechanisms against such an exchange rate exposure. The main objective of this study is to examine whether derivatives play a primary role in mitigating an adve...

  14. Derivatives Usage by Non-Financial Firms in Thailand; implications on the hedging strategy

    OpenAIRE

    Chawla, Veerathep

    2007-01-01

    This dissertation is the result of the research carried out to investigate the derivatives usage in 65 non-financial companies across 8 specified industries in Thailand. The use of derivatives in Thailand is growing rapidly every year, our survey shows 75% of firms using derivatives in their hedging strategy. There is no significance in the use between Thai and Foreign companies in Thailand, while smaller firms do not use derivatives as much as larger firms, especially large listed companies....

  15. Making renewable energy competitive in India: Reducing financing costs via a government-sponsored hedging facility

    International Nuclear Information System (INIS)

    Farooquee, Arsalan Ali; Shrimali, Gireesh

    2016-01-01

    In India, a significant barrier to market-competitiveness of renewable energy is a shortage of attractive debt. Domestic debt has high cost, short tenors, and variable interest rates, adding 30% to the cost of renewable energy compared to renewable energy projects elsewhere. Foreign debt is as expensive as domestic debt because it requires costly market-based currency hedging solutions. We investigate a government-sponsored foreign exchange facility as an alternative to reducing hedging costs. Using the geometric Brownian motion (GBM) as a representative stochastic model of the INR–USD foreign exchange rate, we find that the expected cost of providing a currency hedge via this facility is 3.5 percentage points, 50% lower than market. This leads to an up to 9% reduction in the per unit cost of renewable energy. However, this requires the government to manage the risks related to unexpected currency movements appropriately. One option to manage these risks is via a capital buffer; for the facility to obtain India's sovereign rating, the capital buffer would need to be almost 30% of the underlying loan. Our findings have significant policy implications given that the Indian government can use this facility to make renewable energy more competitive and, therefore, hasten its deployment. - Highlights: • We analyze a government-sponsored foreign exchange facility in India. •We use geometric Brownian motion to represent the INR–USD exchange rate. •This facility can reduce the currency hedging costs by 50%. •This facility can reduce the levelized cost of renewable energy by 9%. •The capital buffer to reach India's sovereign rating is 30% of the original loan.

  16. The Impact of Portfolio Disclosure on Hedge Fund Performance, Fees and Flows

    OpenAIRE

    Zhen Shi

    2011-01-01

    This study investigates the impact of portfolio disclosure on hedge fund performance. Using a regression discontinuity design, I investigate the effect of the disclosure requirements that take effect when an investment company's assets exceed $100 million; when that occurs, a fund is required by the U.S. Securities and Exchange Commission to submit form 13F disclosing its portfolio holdings. Consistent with the argument that portfolio disclosure reveals 'trade secrets' and also raises front r...

  17. (IAM Series No 005) Are “Market Neutral” Hedge Funds Really Market Neutral?

    OpenAIRE

    Andrew Patton

    2004-01-01

    One can consider the concept of market neutrality for hedge funds as having breadth and depth: breadth reflects the number of market risks to which a fund is neutral, while depth reflects the completeness of the neutrality of the fund to market risks. We focus on market neutrality depth, and propose five different neutrality concepts. Mean neutrality nests the standard correlation-based definition of neutrality. Variance neutrality, Value-at-Risk neutrality and tail neutrality all relate to t...

  18. Martingale approach in pricing and hedging European options under regime-switching

    OpenAIRE

    Grigori N. Milstein; Vladimir Spokoiny

    2011-01-01

    The paper focuses on the problem of pricing and hedging a European contingent claim for an incomplete market model, in which evolution of price processes for a saving account and stocks depends on an observable Markov chain. The pricing function is evaluated using the martingale approach. The equivalent martingale measure is introduced in a way that the Markov chain remains the historical one, and the pricing function satisfies the Cauchy problem for a system of linear parabolic equations. It...

  19. Coping With a Rising Power: Vietnam’s Hedging Strategy Toward China

    Science.gov (United States)

    2018-03-01

    bandwagoning, or neutrality.”14 Roy thinks hedging may or may not involve balancing, as small states seek to maintain more than one strategic option...competitive Sino-US relations, Southeast Asian states have found substantial economic and diplomatic benefits “without over- betting on any options that...navigate between the balancing and bandwagoning spectrum, while maintaining its positive relations with great powers “without over- betting on any

  20. Risk Neutral Option Pricing With Neither Dynamic Hedging nor Complete Markets

    OpenAIRE

    Nassim N. Taleb

    2014-01-01

    Proof that under simple assumptions, such as constraints of Put-Call Parity, the probability measure for the valuation of a European option has the mean derived from the forward price which can, but does not have to be the risk-neutral one, under any general probability distribution, bypassing the Black-Scholes-Merton dynamic hedging argument, and without the requirement of complete markets and other strong assumptions. We confirm that the heuristics used by traders for centuries are both mor...

  1. The Buyers’ Perspective on Security Design: Hedge Funds and Convertible Bond Call Provisions

    OpenAIRE

    Grundy, Bruce; Verwijmeren, Patrick

    2016-01-01

    textabstractWe provide evidence that security design reflects the interplay of capital supplier and security issuer preferences. While call provisions have historically been the default option in convertible security design, only a minority of post-2005 issues are callable. Because hedge funds dominate the market for new convertibles today and because convertible arbitrage is less risky without callability, the recent diminution in the frequency of call provisions in new convertible bond issu...

  2. The buyers’ perspective on security design: Hedge funds and convertible bond call provisions

    OpenAIRE

    Grundy, Bruce D.; Verwijmeren, Patrick

    2018-01-01

    We provide evidence that security design reflects the interplay of capital supplier and security issuer preferences. While call provisions have historically been the default option in convertible security design, only a minority of post-2005 issues are callable. Because hedge funds dominate the market for new convertibles today and because convertible arbitrage is less risky without callability, the recent diminution in the frequency of call provisions in new convertible bond issues illustrat...

  3. The Dirichlet Portfolio Model: Uncovering the Hidden Composition of Hedge Fund Investments

    OpenAIRE

    Korsos, Laszlo F.

    2013-01-01

    Hedge funds have long been viewed as a veritable "black box" of investing since outsiders may never view the exact composition of portfolio holdings. Therefore, the ability to estimate an informative set of asset weights is highly desirable for analysis. We present a compositional state space model for estimation of an investment portfolio's unobserved asset allocation weightings on a set of candidate assets when the only observed information is the time series of portfolio returns and the ca...

  4. Modeling seasonal water balance based on catchments' hedging strategy on evapotranspiration for climate seasonality

    Science.gov (United States)

    Wu, S.; Zhao, J.; Wang, H.

    2017-12-01

    This paper develops a seasonal water balance model based on the hypothesis that natural catchments utilize hedging strategy on evapotranspiration for climate seasonality. According to the monthly aridity index, one year is split into wet season and dry season. A seasonal water balance model is developed by analogy to a two-stage reservoir operation model, in which seasonal rainfall infiltration, evapotranspiration and saturation-excess runoff is corresponding to the inflow, release and surplus of the catchment system. Then the optimal hedging between wet season and dry season evapotranspiration is analytically derived with marginal benefit principle. Water budget data sets of 320 catchments in the United States covering the period from 1980 to 2010 are used to evaluate the performance of this model. The Nash-Sutcliffe Efficiency coefficient for evapotranspiration is higher than 0.5 in 84% of the study catchments; while the runoff is 87%. This paper validates catchments' hedging strategy on evapotranspiration for climate seasonality and shows its potential application for seasonal water balance, which is valuable for water resources planning and management.

  5. Descriptive Analysis on Flouting and Hedging of Conversational Maxims in the “Post Grad” Movie

    Directory of Open Access Journals (Sweden)

    Nastiti Rokhmania

    2012-11-01

    Full Text Available This research is focused on analyzing flouting and hedging of conversational maxim of utterances used by the main characters in “Post Grad” movie. Conversational maxims are the rules of cooperative principle categorized into four categories; Maxim of Quality, Maxim of Quantity, Maxim of Relevance, and Maxim of Manner. If these maxims are used in conversations, the conversations can go smoothly. However, people often break the maxims overtly (flouting maxim and sometimes break the maxims secretly (hedging maxims when they make a conversation. This research is conducted using descriptive qualitative method based on the theory known as Grice’s Maxims. The data are in form of utterances used by the characters in “Post Grad” movie. The data analysis reveals some finding covering the formulated research question. The maxims are flouted when the speaker breaks some conversational maxims when using the utterances in the form of rhetorical strategies, such as tautology, metaphor, hyperbole, irony, and rhetorical question. On the other hand, conversational maxims are also hedged when the information is not totally accurate or unclearly stated but seems informative, well-founded, and relevant.

  6. Bet hedging based cooperation can limit kin selection and form a basis for mutualism.

    Science.gov (United States)

    Uitdehaag, Joost C M

    2011-07-07

    Mutualism is a mechanism of cooperation in which partners that differ help each other. As such, mutualism opposes mechanisms of kin selection and tag-based selection (for example the green beard mechanism), which are based on giving exclusive help to partners that are related or carry the same tag. In contrast to kin selection, which is a basis for parochialism and intergroup warfare, mutualism can therefore be regarded as a mechanism that drives peaceful coexistence between different groups and individuals. Here the competition between mutualism and kin (tag) selection is studied. In a model where kin selection and tag-based selection are dominant, mutualism is promoted by introducing environmental fluctuations. These fluctuations cause reduction in reproductive success by the mechanism of variance discount. The best strategy to counter variance discount is to share with agents who experience the most anticorrelated fluctuations, a strategy called bet hedging. In this way, bet hedging stimulates cooperation with the most unrelated partners, which is a basis for mutualism. Analytic results and simulations reveal that, if this effect is large enough, mutualistic strategies can dominate kin selective strategies. In addition, mutants of these mutualistic strategies that experience fluctuations that are more anticorrelated to their partner, can outcompete wild type, which can lead to the evolution of specialization. In this way, the evolutionary success of mutualistic strategies can be explained by bet hedging-based cooperation. Copyright © 2011 Elsevier Ltd. All rights reserved.

  7. Pricing and hedging of arithmetic Asian options via the Edgeworth series expansion approach

    Directory of Open Access Journals (Sweden)

    Weiping Li

    2016-03-01

    Full Text Available In this paper, we derive a pricing formula for arithmetic Asian options by using the Edgeworth series expansion. Our pricing formula consists of a Black-Scholes-Merton type formula and a finite sum with the estimation of the remainder term. Moreover, we present explicitly a method to compute each term in our pricing formula. The hedging formulas (greek letters for the arithmetic Asian options are obtained as well. Our formulas for the long lasting question on pricing and hedging arithmetic Asian options are easy to implement with enough accuracy. Our numerical illustration shows that the arithmetic Asian options worths less than the European options under the standard Black-Scholes assumptions, verifies theoretically that the volatility of the arithmetic average is less than the one of the underlying assets, and also discovers an interesting phenomena that the arithmetic Asian option for large fixed strikes such as stocks has higher volatility (elasticity than the plain European option. However, the elasticity of the arithmetic Asian options for small fixed strikes as trading in currencies and commodity products is much less than the elasticity of the plain European option. These findings are consistent with the ones from the hedgings with respect to the time to expiration, the strike, the present underlying asset price, the interest rate and the volatility.

  8. Semi-nonparametric VaR forecasts for hedge funds during the recent crisis

    Science.gov (United States)

    Del Brio, Esther B.; Mora-Valencia, Andrés; Perote, Javier

    2014-05-01

    The need to provide accurate value-at-risk (VaR) forecasting measures has triggered an important literature in econophysics. Although these accurate VaR models and methodologies are particularly demanded for hedge fund managers, there exist few articles specifically devoted to implement new techniques in hedge fund returns VaR forecasting. This article advances in these issues by comparing the performance of risk measures based on parametric distributions (the normal, Student’s t and skewed-t), semi-nonparametric (SNP) methodologies based on Gram-Charlier (GC) series and the extreme value theory (EVT) approach. Our results show that normal-, Student’s t- and Skewed t- based methodologies fail to forecast hedge fund VaR, whilst SNP and EVT approaches accurately success on it. We extend these results to the multivariate framework by providing an explicit formula for the GC copula and its density that encompasses the Gaussian copula and accounts for non-linear dependences. We show that the VaR obtained by the meta GC accurately captures portfolio risk and outperforms regulatory VaR estimates obtained through the meta Gaussian and Student’s t distributions.

  9. A dynamic programming model for optimising feeding and slaughter decisions regarding fattening pigs

    Directory of Open Access Journals (Sweden)

    J. K. NIEMI

    2008-12-01

    Full Text Available Costs of purchasing new piglets and of feeding them until slaughter are the main variable expenditures in pig fattening. They both depend on slaughter intensity, the nature of feeding patterns and the technological constraints of pig fattening, such as genotype. Therefore, it is of interest to examine the effect of production technology and changes in input and output prices on feeding and slaughter decisions. This study examines the problem by using a dynamic programming model that links genetic characteristics of a pig to feeding decisions and the timing of slaughter and takes into account how these jointly affect the quality-adjusted value of a carcass. The state of nature and the genotype of a pig are known in the analysis. The results suggest that producer can benefit from improvements in the pig’s genotype. Animals of improved genotype can reach optimal slaughter maturity quicker and produce leaner meat than animals of poor genotype. In order to fully utilise the benefits of animal breeding, the producer must adjust feeding and slaughter patterns on the basis of genotype. The results also suggest that the producer can benefit from flexible feeding technology. Typically, such a technology provides incentives to feed piglets with protein-rich feed. When the pig approaches slaughter maturity, the share of protein-rich feed in the diet gradually decreases and the amount of energy-rich feed increases. Generally, the optimal slaughter weight is within the weight range that pays the highest price per kilogram of pig meat. The optimal feeding pattern and the optimal timing of slaughter depend on price ratios. Particularly, an increase in the price of pig meat provides incentives to increase the growth rates up to the pig’s biological maximum by increasing the amount of energy in the feed. Price changes and changes in slaughter premium can also have large income effects.;

  10. Characterization of hemorrhages in the tenderloins of slaughter pigs

    DEFF Research Database (Denmark)

    Dich-Jørgensen, Kristine; McEvoy, Fintan; Larsen, Helle Daugaard

    2016-01-01

    . Furthermore, all columns were radiographed and two were CT scanned. Histologically, the muscle hemorrhages contained cells from bone marrow and growth line cartilage. Ventral epiphysiolysis in either the cranial or caudal epiphysis of the first lumbar vertebrae (L1) in 8 out of the 9 vertebral columns......Muscle hemorrhages are regularly observed in especially the tip of the tenderloin muscles of slaughter pigs. In order to characterize the hemorrhages, a macro- and microscopic examination of tenderloins with (n = 5) and without (n = 4) hemorrhages and the associated vertebral column was carried out...... was present. In the 5 cases with tenderloin hemorrhage, similar hemorrhage with growth line cartilage was found within the fracture of the epiphysis. The hemorrhages develop secondarily to epiphysiolysis in the lumbar vertebrae, where the tenderloin attaches to the spine. The lesions probably develop around...

  11. Results from livestock monitoring - slaughter forecasts for 2003

    International Nuclear Information System (INIS)

    Gjelsvik, R.

    2004-07-01

    The report summarizes the results of monitoring 137Cs in sheep, cow and goats milk from selected farms in 2003. The results give a basis for this years slaughter forecasts in 2003 and give information about the levels, variation and long-term effects of 137Cs in some of Norway's most important food chains. There was good growth of mushrooms/fungi in the areas: Nordland, Troendelag and Moere and Romsdal in 2003. This is reflected in high 137Cs concentrations in goat's milk from North Troendelag. Concentrations of 137Cs in meat and milk from farms in Oppland, Rogaland and Sogn and Fjordane -were lower in 2003 compared to 2002. Sheep classification zones made clean feeding necessary in 25010 sheep wholly or partially in 49 municipalities in 2003. (Author)

  12. Feather retention force in broiler carcasses slaughtered and held up to 8 hours postmortem prior to scalding

    Science.gov (United States)

    One factor that could impact the feasibility of commercial on-farm slaughter of broilers is the time delay from on-farm slaughter to scalding and defeathering in the commercial plant that could be 4 h or more. This experiment evaluated feather retention force (FRF) in broilers that were slaughtered ...

  13. Prevalence of Yersinia enterocolitica in Pigs Slaughtered in Chinese Abattoirs

    Science.gov (United States)

    Liang, Junrong; Wang, Xin; Xiao, Yuchun; Cui, Zhigang; Xia, Shengli; Hao, Qiong; Yang, Jinchuan; Luo, Longze; Wang, Shukun; Li, Kewei; Yang, Haoshu; Gu, Wenpeng; Xu, Jianguo; Kan, Biao

    2012-01-01

    The distribution of Yersinia enterocolitica in slaughtered pigs in China was studied. A total of 8,773 samples were collected and examined from different pig abattoirs in 11 provinces from 2009 to 2011. Of these, 4,495 were oral-pharyngeal swab (tonsils) samples from pigs, 1,239 were from intestinal contents, and 3,039 were feces samples from abattoirs or local pigpens. The data showed that 1,132 strains were obtained, from which the isolation rate for Yersinia enterocolitica was 19.53% (878/4,495) from the tonsil samples, 7.51% (93/1,239) from intestinal contents, and 5.30% (161/3,039) from feces. Of the 850 pathogenic Yersinia strains, except for three of bioserotype 2/O:9 and three of bioserotype 4/O:3, most (844/850) were of bioserotype 3/O:3. Interestingly, pathogenic Y. enterocolitica accounted for the majority of the isolated strains from most provinces (85.17% to 100%), whereas from Heilongjiang, 96.52% (111/115) were classified as nonpathogenic biotype 1A with various serotypes, and only 3.48% of the strains (4/115) were pathogenic 3/O:3. All of the pathogenic strains were analyzed using pulsed-field gel electrophoresis (PFGE), and 49 patterns were obtained for the O:3 pathogenic strains; most of them were K6GN11C30021 (53.13%: 450/847) and K6GN11C30012 (21.37%: 181/847). Several strains from diarrhea patient samples revealed PFGE patterns identical to that from samples of local pigs, suggesting a possible link between porcine isolates and human infection. The results above suggested that Yersinia enterocolitica in slaughtered pigs from Chinese abattoirs was characterized by region-specific PFGE patterns and confirmed that strains isolated from pigs are closely related to those from human infections. PMID:22327599

  14. Meat quality and cut yield of pigs slaughtered over 100kg live weight

    Directory of Open Access Journals (Sweden)

    T.M. Bertol

    2015-08-01

    Full Text Available Meat quality and cut yield of pigs slaughtered between 100 and 150kg live weight were evaluated. Pigs (417 Agroceres PIC barrows and gilts were fed a daily allowance of 2.8kg per head from 80kg until 100.71±0.85, 118.58±0.99, 134.07±1.18 or 143.90±1.24kg live weight. Seventy-one pigs were used for the evaluation of primal and subprimal cuts. There was no interaction between sex and slaughter weight for any of the evaluated parameters. Ham, shoulder, and loin weights linearly increased (P<0.01; R2: 84.3-93.2% with increasing slaughter weight, which, however, had little effect on primal cuts meat yield. Increasing slaughter weight promoted a linear (P<0.05 and a quadratic (P<0.01 increase of red/green coordinate (a* value of the loin and ham, respectively. Shear force showed a quadratic response (P<0.05, with minimum value estimated at 122kg slaughter weight. It was concluded that, under the applied management, increasing slaughter weight increased the volume of meat, but had little effect on meat yield. The meat of pigs slaughtered at heavier weights showed more intense red color and the same intramuscular fat content as lighter pigs, while tenderness was slightly affected.

  15. Herd composition and slaughtering strategy in reindeer husbandry – revisited

    Directory of Open Access Journals (Sweden)

    Øystein Holand

    2007-04-01

    Full Text Available I will review the drastic change seen in herd composition and slaughtering strategy the last decades inthe reindeer husbandry of Fennoscandia (i. e. Finland, Norway and Sweden. Herd composition was traditionally a function of the multipurpose herd, where reproduction of draught power played a major role. Hence, the slaughter scheme was based on adult males, in particular castrates. The herd represented the owner's capital and was viewed as the best insurance for staying in business. Indeed, a big and well composed herd announced social status as well as authority. Historically this has resulted in rises and falls in reindeer numbers. Control of the herd was being emphasized through age and sex composition and selection of behavioural traits and easily recognisable animals which favour handling. A high proportion of adults alleviated control of the herd as it eased the herding and reduced the mortality risk as they were able to withstand the highly stochastic environment. The introduction of the snowmobiles in the 1960s revolutionized the herding and transportation and hence reduced the importance of the male segment of the herd and amplified the ongoing transformation of the modern society into a market based economy. Now, the challenge was to efficiently convert the limited primary plant production into animal product, mainly meat. This is primarily achieved by balancing the animal numbers in accordance to the forage resources. However, also herd composition and slaughtering strategy are essential for maximizing the meat output per area unit. A highest possible proportion of reproductive females combined with a slaughtering scheme based on calves was tested and partly implemented in Soviet-Union already in the 1930s and introduced in the 1960s in Finland. Also in parts of Norway and Sweden this scheme was modified and tested. However, the formal work of refining and testing this new strategy based on modern population theory blended with

  16. Bleeding Efficiency, Microbiological Quality and Oxidative Stability of Meat from Goats Subjected to Slaughter without Stunning in Comparison with Different Methods of Pre-Slaughter Electrical Stunning

    Science.gov (United States)

    Sabow, Azad Behnan; Zulkifli, Idrus; Goh, Yong Meng; Ab Kadir, Mohd Zainal Abidin; Kaka, Ubedullah; Imlan, Jurhamid Columbres; Abubakar, Ahmed Abubakar; Adeyemi, Kazeem Dauda; Sazili, Awis Qurni

    2016-01-01

    The influence of pre-slaughter electrical stunning techniques and slaughter without stunning on bleeding efficiency and shelf life of chevon during a 14 d postmortem aging were assessed. Thirty two Boer crossbred bucks were randomly assigned to four slaughtering techniques viz slaughter without stunning (SWS), low frequency head-only electrical stunning (LFHO; 1 A for 3 s at a frequency of 50 Hz), low frequency head-to-back electrical stunning (LFHB; 1 A for 3 s at a frequency of 50 Hz) and high frequency head-to-back electrical stunning (HFHB; 1 A for 3 s at a frequency of 850 Hz). The SWS, LFHO and HFHB goats had higher (p<0.05) blood loss and lower residual hemoglobin in muscle compared to LFHB. The LFHB meat had higher (p<0.05) TBARS value than other treatments on d 7 and 14 d postmortem. Slaughtering methods had no effect on protein oxidation. Higher bacterial counts were observed in LFHB meat compared to those from SWS, LFHO and HFHB after 3 d postmortem. Results indicate that the low bleed-out in LFHB lowered the lipid oxidative stability and microbiological quality of chevon during aging. PMID:27035716

  17. Approaches to estimate body condition from slaughter records in reindeer

    Directory of Open Access Journals (Sweden)

    Anna Olofsson

    2008-12-01

    Full Text Available Long-term fluctuations in population densities of reindeer and caribou are common, where pasture is the limiting resource. Pasture quality affects the nutritional status and production of the animals. Therefore, continuous information about changes in the grazing resources is important when making management decisions. The objective of this study was to investigate different possibilities of using routine and additional slaughter records as body condition indicators, and thereby indicators of pasture resources in the summer ranges of reindeer husbandry. Records from 696 reindeer slaughtered in the winter 2002/2003 were included in the study. We developed a model with carcass weight as body condition indicator and two different models combining fatness, conformation, carcass weight, and body size as body condition indicators. The results showed age and sex dependent differences between the variables, and differentiation of animal age and sex improved the precision of models. Adjusting weight for body size also improved weight as a body condition indicator in adults. Conformation and fatness had good resemblance to weight and body size adjusted weight and should preferably be included, together with carcass weight and body size measures, when estimating body condition from carcasses. Our analysis showed that using non-invasive slaughter records is a good and non-expensive method of estimating body condition in reindeer. Abstract in Swedish / Sammandrag:Tillvägagångssätt för skattning avkroppskondition hos ren från slaktregistreringarFluktuationer i ren- och caribou-populationers täthet över tiden är vanliga då betet är en begränsad resurs och beteskvalitén påverkar djurens kondition och produktion. Kontinuerligt uppdaterad information om förändringar i betesresurserna är viktigt i samband med beslutsfattande om förvaltning avresurserna. Syftet med denna studie var att utvärdera olika möjliga sätt att anv

  18. Salmonella in Peripheral Lymph Nodes of Healthy Cattle at Slaughter

    Directory of Open Access Journals (Sweden)

    Hattie E. Webb

    2017-11-01

    Full Text Available To more fully characterize the burden of Salmonella enterica in bovine peripheral lymph nodes (PLN, PLN (n = 5,450 were collected from healthy cattle at slaughter in 12 commercial abattoirs that slaughtered feedlot-fattened (FF cattle exclusively (n = 7, cattle removed (or culled from breeding herds (n = 3, or both FF and cull cattle (n = 2. Qualitative and quantitative methods were used to estimate prevalence and concentration of Salmonella in PLN. Isolates were subjected to a variety of phenotypic, serological, and molecular assays. Overall, Salmonella prevalence in PLN from FF and cull cattle was 7.1 and 1.8%. However, burden varied by season in that observed prevalence in PLN collected in cooler or warmer seasons was 2.4 and 8.2%, respectively. Prevalence in PLN from cull cattle in the southwest region of the US was 2.1 and 1.1% for cool and warm seasons, respectively; however, prevalence in FF PLN was far greater in that it was 6.5 and 31.1%, respectively. Salmonella was recovered from 289 (5.6% PLN and 2.9% (n = 160 of all PLN tested had quantifiable concentrations that varied from 1.6 to 4.9 log10 colony forming units/PLN. The most common serotypes isolated from PLN were Montevideo (26.9%, Lille (14.9%, Cerro (13.0%, Anatum (12.8%, and Dublin (6.9%. In all, 376 unique isolates were collected from the 289 Salmonella-positive PLN. Antimicrobial susceptibility testing revealed the majority (80.6% of these isolates were pansusceptible; however, 10.7% of isolates were found to be resistant to two or more antimicrobial classes. We were able to document an observed increased in prevalence of Salmonella in PLN during the warmer season, particularly in FF cattle from the southwest region of the US. The mechanisms underlying the observed association between season, region, and production source have yet to be elucidated. Nevertheless, these findings increase our understanding of the sources of contamination of beef products and shed light on

  19. Manufacturing technology in the Danish pig slaughter industry.

    Science.gov (United States)

    Hinrichsen, Lars

    2010-02-01

    The Danish pig meat industry is very export oriented. Ninety per cent of the production of the big cooperative slaughterhouses is exported to more than 100 countries all over the world. This poses a requirement for the industry to be globally competitive in the sense of quality, product safety and--of course--price. A big challenge for the industry is therefore to maintain sufficient low unit costs in spite of the high factor costs of Denmark. In particular the high labour costs must be accompanied by correspondingly high labour productivity. And, it should be emphasized, this high labour productivity must be achieved without compromising the concern for good working conditions of the employees in the manufacturing. Technology is one of the means to achieve this combination of good working conditions and high labour productivity. One of the most important benefits from automation is the improved working environment. Pig slaughtering, cutting and boning is traditionally very labour intensive and requires hard and repetitive work. For many people a job in a slaughterhouse is therefore not their first choice. This situation can be changed by automation, which will not only reduce arduous and repetitive work but in addition will introduce more motivating jobs in terms of planning, supervision and control of the new technology. Automation will also improve the hygiene and thereby the food safety. This applies in particular to the clean slaughter line where cross contamination between carcasses is reduced because of less manual handling and because the tools in the machines can be sterilised more effectively between each carcass. Automated processes are more accurate and repeatable than manual work. For some processes, in particular in cutting and boning, this will enhance the product yield. New technology can also improve the animal welfare. The group-stunning system and mechanised lairage systems are examples of that. Improved animal welfare has an ethical value in

  20. Public lending to private hedge funds is inefficient, unstable, unconstitutional and unanimously disagreeable

    Directory of Open Access Journals (Sweden)

    Sankarshan Acharya

    2016-06-01

    Full Text Available Public funds include federally insured deposits held under the custody of private banks, central bank loans and taxpayer funds. The principal finding of this paper is that lending such public funds through a private banking system to private hedge funds allied with the banks is inefficient, unstable, fundamentally unfair (unconstitutional and unanimously disagreeable. This finding is akin to the unanimously agreeable safe central banking policy (Acharya, 1991-2016 which, in dynamic general equilibrium, (a eliminates federal guarantee of bank deposits, (b offers every business enterprise and household an option to keep in the central bank any part of its deposits it wants to be held absolutely safely, (c completely deregulates all private banks without any privilege to rob public or private wealth like too-big-to-fail or too-big-to-be-jailed status or the power of market making and clearing. Safe central banking is the only way to make private banks responsible to hold sufficient capital to attract uninsured private deposits like the trading houses currently do. The private banks will then have complete freedom to lend their uninsured deposits to private hedge funds. The Volker Rule (NYT, January 30, 2010, incorporated in the Dodd-Frank Act of 2010, is an infeasible and unworkable band-aid for the moral-hazard driven systemic robbery of wealth creators wrought by the government-ordained private banking custody of public funds. The established systemic moral-hazard problem can be efficiently and constitutionally resolved only through unanimously agreeable safe central banking. Current proposals on overhauling of Fannie and Freddie made by various pundits of systemic robbery amount to a gargantuan amount of public lending to private hedge funds and, hence, inefficient, unstable, unconstitutional and unanimously disagreeable.

  1. PREDICTION OF BULLS’ SLAUGHTER VALUE FROM GROWTH DATA USING ARTIFICIAL NEURAL NETWORK

    Directory of Open Access Journals (Sweden)

    Krzysztof ADAMCZYK

    2006-02-01

    Full Text Available The objective of this research was to investigate the usefulness of artifi cial neural network (ANN in the prediction of slaughter value of young crossbred bulls based on growth data. The studies were carried out on 104 bulls fattened from 120 days of life until the weight of 500 kg. The bulls were group fed using mainly farm feeds. After slaughter the carcasses were dissected and meat was subjected to physico-chemical and organoleptic analyses. The obtained data were used for the development of an artifi cial neural network model of slaughter value prediction. It was found that some slaughter value traits (hot carcass, cold half-carcass, neck and round weights, bone content in dissected elements in half-carcass, meat pH, dry-matter and protein contents in meat and meat tenderness and juiciness can be predicted with a considerably high accuracy using the artifi cial neural network.

  2. Use of slaughter house waste as a feed for shrimps and prawns

    Digital Repository Service at National Institute of Oceanography (India)

    Sumitra-Vijayaraghavan; Royan, J.P.; Krishnakumari, L.

    Feeding experiments with some shrimps and fishes (Metapenaeus monoceros, Metapenaeus dobsoni, Sarotherodon mossambicus and Etroplus suratensis) using slaughter house waste as food, showed that the shrimps and arotherodon were able to utilize...

  3. On-farm conditions that compromise animal welfare that can be monitored at the slaughter plant.

    Science.gov (United States)

    Grandin, Temple

    2017-10-01

    Handling and stunning at slaughter plants has greatly improved through the use of numerical scoring. The purpose of this paper is to encourage the use of numerical scoring systems at the slaughter plants to assess conditions that compromise welfare that occurred either during transport or on the farm. Some of the transport problems that can be assessed are bruises, death losses, and injured animals. Welfare issues that occurred on the farm that can be assessed at the abattoir are body condition, lameness, lesions, injuries, animal cleanliness and internal pathology. There are important welfare issues that cannot be assessed at slaughter. They are on-farm euthanasia methods, use of analgesics during surgeries, and the type of animal housing systems. Welfare evaluations at slaughter have the potential to greatly improve welfare. Copyright © 2017 The Author. Published by Elsevier Ltd.. All rights reserved.

  4. Design of a HACCP plan for indigenous chicken slaughter house in ...

    African Journals Online (AJOL)

    Indigenous chicken rearing is seen as a poverty alleviation and food security ... control, reduce or eliminate any potential hazards to guarantee food safety. ... of the slaughter house on the basis of good manufacturing practices, as well as ...

  5. Using electricity options to hedge against financial risks of power producers

    DEFF Research Database (Denmark)

    Pineda Morente, Salvador; Conejo, Antonio J.

    2013-01-01

    or unexpected unit failures faced by power producers. A multi-stage stochastic model is described in this tutorial paper to determine the optimal forward and option contracting decisions for a risk-averse power producer. The key features of electricity options to reduce both price and availability risks......As a consequence of competition in electricity markets, a wide variety of financial derivatives have emerged to allow market agents to hedge against risks. Electricity options and forward contracts constitute adequate instruments to manage the financial risks pertaining to price volatility...

  6. Gold as an Infl ation Hedge in a Time-Varying Coefficient Framework

    OpenAIRE

    Beckmann, Joscha; Czudaj, Robert

    2012-01-01

    This study analyzes the question whether gold provides the ability of hedging against inflation from a new perspective. Using data for four major economies, namely the USA, the UK, the Euro Area, and Japan, we allow for nonlinearity and discriminate between long-run and time-varying short-run dynamics. Thus, we conduct a Markov-switching vector error correction model (MS-VECM) approach for a sample period ranging from January 1970 to December 2011. Our main findings are threefold: First, we s...

  7. Gold as an Infl ation Hedge in a Time-Varying Coeffi cient Framework

    OpenAIRE

    Joscha Beckmann; Robert Czudaj

    2012-01-01

    This study analyzes the question whether gold provides the ability of hedging against inflation from a new perspective. Using data for four major economies, namely the USA, the UK, the Euro Area, and Japan, we allow for nonlinearity and discriminate between long-run and time-varying short-run dynamics. Thus, we conduct a Markov-switching vector error correction model (MS-VECM) approach for a sample period ranging from January 1970 to December 2011. Our main findings are threefold: First, we s...

  8. Weather derivatives or how an energy company can hedge its weather risks

    International Nuclear Information System (INIS)

    Tahghighi, A.; Carpentier, Ph.

    2000-01-01

    This paper gives a detailed overview of weather derivatives and explains where this new class of financial products falls. The emergence of weather derivatives came about as a response to a need in the energy sector to hedge this sector's weather risks. This article focuses on the nature of these financial contracts, what they include and how they are priced. This article concludes by stating that energy companies in Europe can no longer afford to remain exposed to weather risks in an increasingly privatized and competitive market

  9. Cadmium in the meat and organs of slaughtered animals

    Energy Technology Data Exchange (ETDEWEB)

    Kreuzer, W.; Sansoni, B.; Kracke, W.; Wissmath, P.

    1975-03-01

    The cadmium content of the meat, liver and kidneys of 150 cattle was determined, and in the case of 6 cattle, that of the spleen also. This was done to find out the natural cadmium content of the meat and organs of cattle with a view to laying down limits for the cadmium content of foods, and also to determine whether age, breed, sex, management, feeding or season of the year have any effect on the distribution of cadmium in cattle. 141 animals came from a mainly agricultural region with little traffic or industry in the Swabian/Bavarian foothills of the Alps, while 9 animals came from the Weser marshes near Nordenham. Samples were taken from July 1972 to March 1974. 200 g meat (Mm. adductores), the liver and the kidneys were taken from the carcass of each animal, and in some cases the spleen also was removed. Each 100 g sample was ashed wet with H/sub 2/O/sub 2/, the cadmium was concentrated by precipitation, separated and determined from a dilute nitric acid solution by flameless atomic absorption in a graphite tube. In view of the results obtained with normally slaughtered cattle from an industrial region and from a country area where there is little traffic, it is recommended that the limit of 0.5 ppm cadmium in organs, which is at present under discussion in the German Federal Republic, should be reconsidered as regards kidneys. 92 references.

  10. Value-Based Marketing: A Dsicussion of Issues and Trends in the Slaughter Cattle Market

    OpenAIRE

    Fausti, Scott W.; Diersen, Matthew A.; Qasmi, Bashir A.; Li, Jing

    2009-01-01

    Pricing and technological innovation are discussed within the context of the beef industry’s value-based marketing initiative. Cash and contract marketing practices for fed cattle are addressed with respect to slaughter volume and pricing methods (live, dressed, and grid). A methodology for estimating grid market share of weekly slaughter volume, based on USDA market reports (2004–2009), is introduced. Weekly grid market shares for the cash and contract markets are derived. Summary statis...

  11. Effect of acute heat stress and slaughter processing on poultry meat quality and postmortem carbohydrate metabolism.

    Science.gov (United States)

    Wang, R H; Liang, R R; Lin, H; Zhu, L X; Zhang, Y M; Mao, Y W; Dong, P C; Niu, L B; Zhang, M H; Luo, X

    2017-03-01

    This study investigated the effects of acute heat stress and slaughter processing on poultry meat quality and carbohydrate metabolism. Broilers (200) were randomly divided into 2 groups receiving heat stress (HS; 36°C for one h), compared to a non-stressed control (C). At slaughter, each group was further divided into 2 groups for slaughter processing (L = laboratory; F = commercial factory). L group breasts were removed immediately after bleeding without carcass scalding or defeathering, and stored at 4°C. F group broilers were scalded (60°C, 45 s) after bleeding and defeathering. Then the breasts were removed and cooled in ice water until the core temperature was ≤4°C. Rates of Pectoralis core temperature and pH decline were changed by slaughter processing, but only HS affected ultimate pH in group L. HS muscles had higher L* values (P  0.05). Sarcoplasmic protein solubility was higher in F processed birds (P < 0.05). HS decreased the solubility of myofibrillar and total protein in the L-slaughtered birds. Thus, HS caused a higher frequency of accelerated muscle glycolysis than controls. Factory processing (chilling) could not completely eliminate the effects of accelerated glycolysis caused by pre-slaughter HS. © 2016 Poultry Science Association Inc.

  12. Physical, chemical and sensorial parameters for lambs of different groups, slaughtered at different weights.

    Science.gov (United States)

    Landim, Aline Vieira; Castanheira, Marlos; Fioravanti, Maria Clorinda Soares; Pacheco, Aline; Cardoso, Maximiliano Tadeu Memória; Louvandini, Helder; McManus, Concepta

    2011-08-01

    The object of this experiment was to study physicochemical and sensorial traits in the 11th and 13th ribs of 24 Santa Ines (SI), 24 1/2 Ile de France × 1/2 Santa Inês (ILE × SI) and 8 1/2 Texel × 1/2 Santa Inês (TE × SI), slaughtered at different weights (30, 35, 40 and 45 kg, respectively). Subjective measurements (marbling, colour and texture) were carried out on the Longissimus dorsi, as well as initial pH (0 h) and final pH (24 h) after slaughter. The experiment was in a 3 × 4 factorial design and analysed using general linear model and correlation procedures in SAS®. Breed group did not influence colour (3.32), shear force (3.57 kg-force (kgf)) or loss in cooking (24.05%) of the L. dorsi, but slaughter weight affected these, with stronger colour, tougher meat and greater loss in cooking as slaughter weight increased. For sensorial analysis, the L. dorsi were cut, identified and evaluated by 30 untrained judges using a linear scale. Significant differences were detected in preference (6.61 points), tenderness (6.32 points), succulence (6.33 points) and flavour (7.08 points) of the meat from different breed groups and slaughter weights. For preference, all meats were well accepted although the crossbred animals slaughtered at 45 kg were less acceptable.

  13. Hedging to save face: a linguistic analysis of written comments on in-training evaluation reports.

    Science.gov (United States)

    Ginsburg, Shiphra; van der Vleuten, Cees; Eva, Kevin W; Lingard, Lorelei

    2016-03-01

    Written comments on residents' evaluations can be useful, yet the literature suggests that the language used by assessors is often vague and indirect. The branch of linguistics called pragmatics argues that much of our day to day language is not meant to be interpreted literally. Within pragmatics, the theory of 'politeness' suggests that non-literal language and other strategies are employed in order to 'save face'. We conducted a rigorous, in-depth analysis of a set of written in-training evaluation report (ITER) comments using Brown and Levinson's influential theory of 'politeness' to shed light on the phenomenon of vague language use in assessment. We coded text from 637 comment boxes from first year residents in internal medicine at one institution according to politeness theory. Non-literal language use was common and 'hedging', a key politeness strategy, was pervasive in comments about both high and low rated residents, suggesting that faculty may be working to 'save face' for themselves and their residents. Hedging and other politeness strategies are considered essential to smooth social functioning; their prevalence in our ITERs may reflect the difficult social context in which written assessments occur. This research raises questions regarding the 'optimal' construction of written comments by faculty.

  14. Integrated Strategic Planning of Global Production Networks and Financial Hedging under Uncertain Demands and Exchange Rates

    Directory of Open Access Journals (Sweden)

    Achim Koberstein

    2013-11-01

    Full Text Available In this paper, we present a multi-stage stochastic programming model that integrates financial hedging decisions into the planning of strategic production networks under uncertain exchange rates and product demands. This model considers the expenses of production plants and the revenues of markets in different currency areas. Financial portfolio planning decisions for two types of financial instruments, forward contracts and options, are represented explicitly by multi-period decision variables and a multi-stage scenario tree. Using an illustrative example, we analyze the impact of exchange-rate and demand volatility, the level of investment expenses and interest rate spreads on capacity location and dimensioning decisions. In particular, we show that, in the illustrative example, the exchange-rate uncertainty cannot be completely eliminated by financial hedging in the presence of demand uncertainty. In this situation, we find that the integrated model can result in better strategic planning decisions for a risk-averse decision maker compared to traditional modeling approaches.

  15. Bayesian Nonparametric Measurement of Factor Betas and Clustering with Application to Hedge Fund Returns

    Directory of Open Access Journals (Sweden)

    Urbi Garay

    2016-03-01

    Full Text Available We define a dynamic and self-adjusting mixture of Gaussian Graphical Models to cluster financial returns, and provide a new method for extraction of nonparametric estimates of dynamic alphas (excess return and betas (to a choice set of explanatory factors in a multivariate setting. This approach, as well as the outputs, has a dynamic, nonstationary and nonparametric form, which circumvents the problem of model risk and parametric assumptions that the Kalman filter and other widely used approaches rely on. The by-product of clusters, used for shrinkage and information borrowing, can be of use to determine relationships around specific events. This approach exhibits a smaller Root Mean Squared Error than traditionally used benchmarks in financial settings, which we illustrate through simulation. As an illustration, we use hedge fund index data, and find that our estimated alphas are, on average, 0.13% per month higher (1.6% per year than alphas estimated through Ordinary Least Squares. The approach exhibits fast adaptation to abrupt changes in the parameters, as seen in our estimated alphas and betas, which exhibit high volatility, especially in periods which can be identified as times of stressful market events, a reflection of the dynamic positioning of hedge fund portfolio managers.

  16. Temporal variability and cooperative breeding: testing the bet-hedging hypothesis in the acorn woodpecker.

    Science.gov (United States)

    Koenig, Walter D; Walters, Eric L

    2015-10-07

    Cooperative breeding is generally considered an adaptation to ecological constraints on dispersal and independent breeding, usually due to limited breeding opportunities. Although benefits of cooperative breeding are typically thought of in terms of increased mean reproductive success, it has recently been proposed that this phenomenon may be a bet-hedging strategy that reduces variance in reproductive success (fecundity variance) in populations living in highly variable environments. We tested this hypothesis using long-term data on the polygynandrous acorn woodpecker (Melanerpes formicivorus). In general, fecundity variance decreased with increasing sociality, at least when controlling for annual variation in ecological conditions. Nonetheless, decreased fecundity variance was insufficient to compensate for reduced per capita reproductive success of larger, more social groups, which typically suffered lower estimated mean fitness. We did, however, find evidence that sociality in the form of larger group size resulted in increased fitness in years following a small acorn crop due to reduced fecundity variance. Bet-hedging, although not the factor driving sociality in general, may play a role in driving acorn woodpecker group living when acorns are scarce and ecological conditions are poor. © 2015 The Author(s).

  17. Market completeness. How options affect hedging and investments in the electricity sector

    International Nuclear Information System (INIS)

    Willems, Bert; Morbee, Joris

    2010-01-01

    The high volatility of electricity markets gives producers and retailers an incentive to hedge their exposure to electricity prices by buying and selling derivatives. This paper studies how welfare and investment incentives are affected when an increasing number of derivatives are introduced. It develops an equilibrium model of the electricity market with risk averse firms and a set of traded financial products, more specifically: a forward contract and an increasing number of options. We first show that aggregate welfare (the sum of individual firms' utility) increases with the number of derivatives offered, although most of the benefits are captured with one to three options. Secondly, power plant investments typically increase because additional derivatives enable better hedging of investments. However, the availability of derivatives sometimes leads to 'crowding-out' of physical investments because firms' limited risk-taking capabilities are being used to speculate on financial markets. Finally, we illustrate that players basing their investment decisions on risk-free probabilities inferred from market prices, may significantly overinvest when markets are not sufficiently complete. (author)

  18. Challenges facing the veterinary profession in Ireland: 3. emergency and casualty slaughter certification.

    Science.gov (United States)

    Magalhães-Sant'Ana, Manuel; More, Simon J; Morton, David B; Hanlon, Alison J

    2017-01-01

    Veterinarians are faced with significant conflicts of interest when issuing certificates for the transport and slaughter of acutely injured and casualty livestock. In a recent Policy Delphi study, emergency and casualty slaughter certification was a key concern identified by veterinary professionals in Ireland. In this case study (the third in a series of three resulting from a research workshop exploring challenges facing the veterinary profession in Ireland; the other two case studies investigate clinical veterinary services and the on-farm use of veterinary antimicrobials), we aim to provide a value-based reflection on the constraints and opportunities for best practice in emergency and casualty slaughter certification in Ireland. Using a qualitative focus group approach, this study gathered evidence from relevant stakeholders, namely a representative from the regulatory body, local authority veterinarians with research experience in emergency slaughter, an animal welfare research scientist, official veterinarians from the competent authority, a private veterinary practitioner, and a member of a farming organisation. Results revealed a conflict between the responsibility of private veterinary practitioners (PVPs) to safeguard the welfare of acutely injured bovines on-farm and the client's commercial concerns. As a consequence, some PVPs may feel under pressure to certify, for example, an acutely injured animal for casualty slaughter instead of recommending either on-farm emergency slaughter or disposal by the knackery service. Among Official Veterinarians, there are concerns about the pressure within processing plants to accept acutely injured livestock as casualty animals. Confusion pertaining to legislation and definition of fitness to travel also contribute to these dilemmas. Conflicts of interest arise due to the gap between governance and provision to facilitate on-farm emergency slaughter of livestock. Increased availability and acceptance of on

  19. Assessment of food safety risks associated with preslaughter activities during the traditional slaughter of goats in Gauteng, South Africa.

    Science.gov (United States)

    Qekwana, Nenene Daniel; Oguttu, James Wabwire

    2014-06-01

    The South African Department of Agriculture, Forestry and Fisheries estimated in 2012 that there were 2.033 million goats in the country. Of these animals, less than 0.5% are slaughtered at registered abattoirs. Although informal and traditional slaughter of goats for home consumption is permitted under the South African Meat Safety Act 40 of 2000, the responsibility for ensuring that products are safe is left to the traditional or ritual slaughter practitioners. The objective of the present study was to assess whether preslaughter activities associated with traditional or ritual slaughter promote or reduce food-associated risks and to recommend mitigation strategies for potential food safety hazards. Structured interviews were conducted with 105 selected respondents (in and around Tshwane, South Africa) who had been involved in traditional goat slaughter. Approximately 70% of goats slaughtered were obtained from sources that could be traced to ascertain the origin of the goats. None of the respondents were aware of the need for a health declaration for slaughter stock. Some slaughter practitioners (21%) perform prepurchase inspection of stock to ascertain their health status. However, this percentage is very small, and the approach is based on indigenous knowledge systems. The majority of respondents (67.6%) travelled 1 to 11 km to obtain a goat for traditional slaughter. Although approximately 70% of slaughter goats were transported by vehicles, the vehicles used did not meet the legal standard. More than two-thirds of goats were tied to a tree while waiting to be slaughtered, and the rest were held in a kraal. The holding period ranged from 1 to 72 h, but more than 70% of the animals were slaughtered within 36 h. This study revealed that traditional and ritual slaughter involves some preslaughter activities with potential to mitigate the risk of slaughtering animals that are not fit for human consumption. Such activities include prepurchase inspection, obtaining

  20. Ingredients derived from the slaughter of bovines in dog food

    Directory of Open Access Journals (Sweden)

    Karina De Carli Loureiro

    Full Text Available ABSTRACT: This study evaluated the nutritional levels, apparent digestibility coefficients, and faecal characteristics of dogs fed with four by-products from bovine slaughter: testicles, residue sirloin steak, trachea, and liver. Ingredients were processed and packed in tins for heat treatment in autoclaves. For the digestibility and faeces quality, ingredients were mixed with a reference diet (commercial food in the proportion of 30g kg-1 test ingredient and 70g kg-1 reference diet (as dry matter. Ten adult dogs were distributed in double Latin block squares (5x5 with five treatments and five periods, totalling ten repetitions per treatment. The residue sirloin steak presented the highest levels of essential (414.2g kg-1 of dry matter and non-essential (399.0g kg-1 of dry matter amino acids in tested ingredients. No differences (P>0.05 were observed in apparent digestibility coefficients of dry matter - ADCDM (907g kg-1, ADCOM (930g kg-1, ADCCP (841g kg-1, ADCAEE (954g kg-1 values, and DE (5069kcal kg-1 and ME (4781kcal kg-1 values between testicle, residue sirloin steak, and liver. The trachea presented lower digestibility and energy values (digestible and metabolizable than the other ingredients. This lower trachea digestibility resulted in higher faecal volume for natural and dry matter (P0.05 in faecal score between ingredients. Ingredients tested in this study can be used in feeds for adult dogs; however, their nutritional levels and digestibility values should be considered for correct diet balance.

  1. Hedging customers.

    Science.gov (United States)

    Dhar, Ravi; Glazer, Rashi

    2003-05-01

    You are a marketing director with $5 million to invest in customer acquisition and retention. Which customers do you acquire, and which do you retain? Up to a point, the choice is obvious: Keep the consistent big spenders and lose the erratic small ones. But what about the erratic big spenders and the consistent small ones? It's often unclear whether you should acquire or retain them and at what cost. Businesses have begun dealing with unpredictable customer behavior by following the practices of sophisticated investors who own portfolios comprising dozens of stocks with different, indeed divergent, histories and prospects. Each portfolio is diversified so as to produce the investor's desired returns at the particular level of uncertainty he or she can tolerate. Customers, too, are assets--risky assets. As with stocks, the cost of acquiring them is supposed to reflect the cash-flow values they are likely to generate. The authors explain how to construct a portfolio based on the notion that a customer's risk-adjusted lifetime value depends on its anticipated effect on the riskiness of the group it is joining. They also show how this approach was used to identify the best prospects for Myron Corporation, a global leader in the personalized business-gift industry. The concept of risk-adjusted lifetime value has a transforming power: For companies that rely on it, product managers will be replaced by customer managers, and the current method of accounting for profit and loss--which is by product--will be replaced by one that determines each customer's P&L. Once adjusted for risk, those P&Ls will become the firm's key performance and operational metric.

  2. Cattle cruelty and risks of meat contamination at Akinyele cattle market and slaughter slab in Oyo State, Nigeria.

    Science.gov (United States)

    Adeyemo, Olanike K; Adeyemi, Isaac G; Awosanya, Emmanuel J

    2009-12-01

    Cattle transported to the government-run cattle market and slaughter slab in Akinyele, Oyo State, Nigeria on their final voyage are facing a disturbingly cruel, filthy and unsafe environment that is also raising the risk of contamination of meat sold for human consumption. This report gives a picture of what the cattle have to go through before they are slaughtered. This study also reveals cattle awaiting slaughter in abysmal health conditions, cows pulled with extreme force towards lairage and slaughter slab. Equally disturbing is the filthy situation inside the abattoir where the risk of contamination of meat is significant. Also, poor meat handling, transportation and sales practices subject meat to contamination leading to poor quality and exposure of human consumers to health risk. Development of hygienic slaughter slab operations, improved transportation system for both livestock and meat is therefore recommended; not only for Akinyele, but all abattoirs and slaughter slabs in Nigeria.

  3. Physicochemical characteristics of meat from pantaneiro lambs slaughtered with different of subcutaneous fat thicknesses

    Directory of Open Access Journals (Sweden)

    Natália Holtz Alves Pedroso Mora

    2015-08-01

    Full Text Available Twenty-four lambs of the pantaneiro genetic group were used in a completely randomized design with eight replicates, slaughtered with subcutaneous fat thicknesses (SFT of 2.0, 3.0 and 4.0 mm, which was evaluated by ultrasound in the longissimus dorsi muscle to measure the effect of the SFT on the physicochemical properties of the meat. The animals received water ad libitum throughout the experimental period and were fed a complete, pelleted ration formulated to provide an average daily gain of 0.300 kg-1. As the lambs reached the predetermined SFT in the fortnightly evaluation by ultrasound, they were slaughtered the day after the measurements, regardless of weight. The pH values for 0h00 (6.58 and 24h00 (5.50 and cooking loss (23.99% did not differ between treatments. Regarding the meat color, lambs slaughtered with 2.0 mm and 3.0 mm SFT had meat with greater lightness and the meat from those with 3.0 and 4.0 mm SFT showed higher values for the intensity of red and yellow. Lambs slaughtered with 4.0 mm SFT (1.43 kgf had more tender meat than those slaughtered with a SFT of 2.0 mm. Lambs slaughtered with 4.0 mm SFT had the greatest sarcomere length (1.47 ?m. The crude protein (21.15% and moisture (72.38% contents in the 2.0 mm treatment were higher than those in the 4.0 mm treatment. The total lipids (4.84% in the meat from 4.0 mm SFT animals were higher than those in the meat from 2.0 mm SFT lambs. Slaughtering lambs with 3.0 mm of fat thickness in the loin is recommended, as these animals comprise a larger number of favorable characteristics with regard to the meat chemical composition, softness, and color.

  4. Longevity Risk and Natural Hedge Potential in Portfolios Of Life Insurance Products : The Effect of Investment Risk

    NARCIS (Netherlands)

    Stevens, R.S.P.; De Waegenaere, A.M.B.; Melenberg, B.

    2011-01-01

    Payments of life insurance products depend on the uncertain future evolution of survival probabilities. This uncertainty is referred to as longevity risk. Existing literature shows that the effect of longevity risk on single life annuities can be substantial, and that there exists a (natural) hedge

  5. Severity of scab and its effects on fruit weight in mechanically hedge-pruned and topped pecan trees

    Science.gov (United States)

    Scab is the most damaging disease of pecan in the southeastern USA. Pecan trees can attain 44 m in height, so managing disease in the upper canopy is a problem. Fungicide is ordinarily applied using ground-based air-blast sprayers. Although mechanical hedge-pruning and topping of pecan is done for s...

  6. Rhetorical Impact through Hedging Devices in the "Results and Discussion" Part of a Civil Engineering Research Article

    Science.gov (United States)

    Khamesian, Minoo

    2015-01-01

    It is common knowledge that hedging devices as a rhetorical technique common in all persuasive writing are considerably important in scientific discourse, for they are tools which facilitate presenting claims or arguments in a polite, acceptable and respectful manner. In addition, they are discoursal resources available to a scientific writer's…

  7. Rooting stem cuttings of northern red oak (Quercus rubra L.) utilizing hedged stump sprouts formed on recently felled trees

    Science.gov (United States)

    Matthew H. Gocke; Daniel J. Robinson

    2010-01-01

    The ability to root stem cuttings collected from hedged stump sprouts formed on recently felled trees was evaluated for 26 codominant northern red oak (Quercus rubra L.) trees growing in Durham County, NC. Sprouting occurred, the same year as felling, on 23 of the 26 tree stumps and sprout number was significantly and positively correlated with stump diameter. The...

  8. Hedging Price Risks of Farmers by Commodity Boards: A Simulation Applied to the Indian Natural Rubber Market

    NARCIS (Netherlands)

    Zant, W.

    2001-01-01

    This paper investigates a hypothetical hedging scheme in a domestic commodity market under which a commodity board offers a forward contract to domestic producers and local traders and covers its commitments on an international futures exchange. It is aimed to quantify welfare gains to agents in the

  9. Poultry slaughtering practices in rural communities of Bangladesh and risk of avian influenza transmission: a qualitative study.

    Science.gov (United States)

    Rimi, Nadia Ali; Sultana, Rebeca; Ishtiak-Ahmed, Kazi; Khan, Salah Uddin; Sharker, M A Yushuf; Uz Zaman, Rashid; Azziz-Baumgartner, Eduardo; Gurley, Emily S; Nahar, Nazmun; Luby, Stephen P

    2014-01-01

    Slaughtering sick poultry is a risk factor for human infection with highly pathogenic avian influenza and is a common practice in Bangladesh. This paper describes human exposures to poultry during slaughtering process and the customs and rituals influencing these practices in two Bangladeshi rural communities. In 2009, we conducted 30 observations to observe slaughtering practices and 110 in-depth and short interviews and 36 group discussions to explore reasons behind those practices. The villagers reported slaughtering 103 poultry, including 20 sick poultry during 2 months. During different stages of slaughtering, humans, the environment, healthy poultry, and other animals were exposed to poultry blood and body parts. Women performed most of the slaughtering tasks, including evisceration. Defeathering required the most time and involved several persons. During festivals, ceremonies, and rituals, many people gathered and participated in the slaughtering of poultry. Exposure to poultry slaughtering created numerous opportunities for potential avian influenza transmission. Strategies that can be further tested to determine if they reduce the risk of transmission include skinning the carcasses of sick poultry, using hot water for defeathering and cleaning, using a bucket to contain slaughtering blood and carcass, burying the offal and encouraging handwashing.

  10. [Investigation of Cryptosporidium sp. in workers of the Van municipality slaughterhouse and in slaughtered animals].

    Science.gov (United States)

    Ciçek, Mutalip; Körkoca, Hanifi; Gül, Abdurrahman

    2008-01-01

    This study was carried out in order to investigate the prevalence of Cryptosporidium sp. in slaughtered animals and workers of the Van municipality slaughterhouse in Van. Animals slaughtered at different times and workers who had been working in different departments of the slaughter house were included in the study for three months. A total of 309 fecal specimens from animals including 167 sheep, 56 goats and 86 cattle and 87 fecal specimens from workers were examined for Cryptosporidium sp. oocysts. In slaughtered animals, the modified acid-fast staining method was used to determine the oocysts of Cryptosporidium sp. The fecal samples of slaughter workers were examined by using RIDA (R) Quick Cryptosporidium Strip Test (R-Biopharm, Germany) and the modified acid-fast staining method. Fecal samples found to be positive by stripe test were also confirmed with the ELISA method (R-Biopharm, Germany). Oocysts of Cryptosporidium sp. were found in fecal specimens of 22 sheep (13.17%), 6 goats (10.71%) and 7 cattle (8.13%). Intestinal parasites were observed in 34 fecal specimens of workers (39.08%). Cryptosporidium sp., Hymenolepis nana, Chilomastix mesnili, Endolimax nana, Iodamoeba bütschlii were found in the specimen of one worker (1.14%), Entamoeba coli in 4 workers (4.59%), Blastocystis hominis (9.19%) in 8 workers, and Giardia intestinalis (19.54%) in 17 workers.

  11. Meat quality of "Galician Mountain" foals breed. Effect of sex, slaughter age and livestock production system.

    Science.gov (United States)

    Franco, Daniel; Rodríguez, Eva; Purriños, Laura; Crecente, Santiago; Bermúdez, Roberto; Lorenzo, José M

    2011-06-01

    The effects of sex, slaughter age (9 vs. 12 months) and livestock production system (freedom extensive system (FES) vs. semi extensive system (SES)) of "Galician Mountain" foals breed on meat quality from the Longissimus dorsi (LD) muscle were investigated. Forty-two foals had been used for this study, 19 (11 females and 8 males) were reared in a semi extensive system and weaned three months prior to slaughtering (8 and 11 were slaughtered at 9 and 12 months, respectively) while the other 23 (11 females and 12 males) were reared together with its mothers in a system in freedom and were slaughtered at the age of 9 months. The obtained results showed that there were no significant differences between the sexes and the slaughter age whereas the livestock production system was a significant variation source on intramuscular fat content and meat tenderness because SES foals showed 51.6% more of IMF and the improved meat tenderness achieved a shear force of lean meat (20.5%) and heme-iron (1.62 mg/100g meat) comparable to veal meat. Furthermore, the meat samples showed a higher luminosity (L*>40), a very good water holding capacity, measured by cooking losses (<18.3%), and a tenderness less than 4 kg. Thus, it can be classified as "very tender" meat. Copyright © 2011 Elsevier Ltd. All rights reserved.

  12. Dual mode linguistic hedge fuzzy logic controller for an isolated wind-diesel hybrid power system with superconducting magnetic energy storage unit

    International Nuclear Information System (INIS)

    Thameem Ansari, M.Md.; Velusami, S.

    2010-01-01

    A design of dual mode linguistic hedge fuzzy logic controller for an isolated wind-diesel hybrid power system with superconducting magnetic energy storage unit is proposed in this paper. The design methodology of dual mode linguistic hedge fuzzy logic controller is a hybrid model based on the concepts of linguistic hedges and hybrid genetic algorithm-simulated annealing algorithms. The linguistic hedge operators are used to adjust the shape of the system membership functions dynamically and can speed up the control result to fit the system demand. The hybrid genetic algorithm-simulated annealing algorithm is adopted to search the optimal linguistic hedge combination in the linguistic hedge module. Dual mode concept is also incorporated in the proposed controller because it can improve the system performance. The system with the proposed controller was simulated and the frequency deviation resulting from a step load disturbance is presented. The comparison of the proportional plus integral controller, fuzzy logic controller and the proposed dual mode linguistic hedge fuzzy logic controller shows that, with the application of the proposed controller, the system performance is improved significantly. The proposed controller is also found to be less sensitive to the changes in the parameters of the system and also robust under different operating modes of the hybrid power system.

  13. Robustness of critical points in a complex adaptive system: Effects of hedge behavior

    Science.gov (United States)

    Liang, Yuan; Huang, Ji-Ping

    2013-08-01

    In our recent papers, we have identified a class of phase transitions in the market-directed resource-allocation game, and found that there exists a critical point at which the phase transitions occur. The critical point is given by a certain resource ratio. Here, by performing computer simulations and theoretical analysis, we report that the critical point is robust against various kinds of human hedge behavior where the numbers of herds and contrarians can be varied widely. This means that the critical point can be independent of the total number of participants composed of normal agents, herds and contrarians, under some conditions. This finding means that the critical points we identified in this complex adaptive system (with adaptive agents) may also be an intensive quantity, similar to those revealed in traditional physical systems (with non-adaptive units).

  14. Market efficiency, cross hedging and price forecasts: California's natural-gas markets

    International Nuclear Information System (INIS)

    Woo, C.K.; Olson, A.; Horowitz, I.

    2006-01-01

    An extensive North American pipeline grid that physically integrates individual natural-gas markets, in conjunction with economic ties binding the California markets to those at Henry Hub, Louisiana and the New York mercantile exchange via an array of financial instruments, suggests that the spot prices at Henry Hub will impact those in California. We verify the suggestion via a partial-adjustment regression model, thus affirming that California traders can exploit the cross-hedging opportunities made available to them via market integration with Henry Hub, and that they can accurately forecast the price they will have to pay to meet future demand based solely on the price of futures at Henry Hub and the price of a California natural-gas basis swaps contract. (author)

  15. Optimization of conventional rule curves coupled with hedging rules for reservoir operation

    DEFF Research Database (Denmark)

    Taghian, Mehrdad; Rosbjerg, Dan; Haghighi, Ali

    2014-01-01

    As a common approach to reservoir operating policies, water levels at the end of each time interval should be kept at or above the rule curve. In this study, the policy is captured using rationing of the target yield to reduce the intensity of severe water shortages. For this purpose, a hybrid...... to achieve the optimal water allocation and the target storage levels for reservoirs. As a case study, a multipurpose, multireservoir system in southern Iran is selected. The results show that the model has good performance in extracting the optimum policy for reservoir operation under both normal...... model is developed to optimize simultaneously both the conventional rule curve and the hedging rule. In the compound model, a simple genetic algorithm is coupled with a simulation program, including an inner linear programming algorithm. In this way, operational policies are imposed by priority concepts...

  16. Effectiveness of Domestic Wastewater Treatment Using a Bio-Hedge Water Hyacinth Wetland System

    Directory of Open Access Journals (Sweden)

    Alireza Valipour

    2015-01-01

    Full Text Available onstructed wetland applications have been limited by a large land requirement and capital investment. This study aimed to improve a shallow pond water hyacinth system by incorporating the advantages of engineered attached microbial growth technique (termed Bio-hedge for on-site domestic wastewater treatment. A laboratory scale continuous-flow system consists of the mesh type matrix providing an additional biofilm surface area of 54 m2/m3. Following one year of experimentation, the process showed more stability and enhanced performance in removing organic matter and nutrients, compared to traditional water hyacinth (by lowering 33%–67% HRT and facultative (by lowering 92%–96% HRT ponds. The wastewater exposed plants revealed a relative growth rate of 1.15% per day, and no anatomical deformities were observed. Plant nutrient level averaged 27 ± 1.7 and 44 ± 2.3 mg N/g dry weight, and 5 ± 1.4 & 9±1.2 mg P/g dry weight in roots and shoots, respectively. Microorganisms immobilized on Bio-hedge media (4.06 × 107 cfu/cm2 and plant roots (3.12 × 104 cfu/cm were isolated and identified (a total of 23 strains. The capital cost was pre-estimated for 1 m3/d wastewater at 78 US$/m3inflow and 465 US$/kg BOD5 removed. This process is a suitable ecotechnology due to improved biofilm formation, reduced footprint, energy savings, and increased quality effluent.

  17. Futures and forward contract as a route of hedging the risk

    Directory of Open Access Journals (Sweden)

    Misbahul Islam

    2015-10-01

    Full Text Available In the present highly uncertain business scenario, the importance of risk management is much greater than ever before. Variations in the prices of agricultural and non-agricultural commodities are induced, over time, by demand-supply dynamics. The last two decades have witnessed many-fold increase in the volume of international trade and business due to the wave of globalization and liberalization sweeping across the world. This has led to rapid and unpredictable variations in financial assets prices, interest rates and exchange rates, and subsequently, to exposing the corporate world to an unwieldy financial risk. As a result, financial markets have experienced rapid variations in interest and exchange rates, stock market prices thus exposing the corporate world to a state of growing financial risk. The emergence of derivatives market is an ingenious feat of financial engineering that provides an effective and less costly solution to the problem of risk that is embedded in the price unpredictability of the underlying asset. Derivatives provide an effective solution to the problem of risk caused by uncertainty and volatility in underlying assets. These are the financial instruments that are linked to a specific financial instrument or indicator or commodity and through which specific risks can be traded in financial markets in their own right. In actual practice there are various different types of derivatives but this paper emphasizes on the two most important types of derivatives i.e. futures and forward contracts. These two are the most commonly used types of derivatives in financial markets. We can hedge the risk of price variations in stocks, bonds, commodities, currencies, interest rates, market indices etc. This study is about the futures and forward contracts. This paper presents various types of futures and forward contract and what advantages and disadvantages these two important types of derivatives have? It also includes that how

  18. From Socialism to Hedge Fund: The Human Element and the New History of Capitalism

    Directory of Open Access Journals (Sweden)

    David Huyssen

    2015-08-01

    Full Text Available Alfred Winslow Jones was a socialist who founded the first hedge fund in 1949. He had been U.S. Vice Consul in Berlin from 1931 to 1932, Soviet sympathizer and anti-Nazi spy with dissident German communists, humanitarian observer during the Spanish Civil War, acclaimed sociologist of class, and an editor for Fortune magazine. At every stage of his life, Jones occupied positions of advantage, and his invention of the modern hedge fund has had an outsized impact on global capitalism’s contemporary round of financialization. On its face, then, his life would appear to offer ideal material for a “great-man” biography. Yet this “great man” also wrestled with the continual recognition that structural forces were undermining his fondest hopes for social change. Following Georgi Derluguian, Giovanni Arrighi, and Marc Bloch, this article proposes a world-system biography of Jones as a method better suited for mapping the internal dialectics of twentieth-century capitalism, using Jones as a human connection between cyclical and structural transformations of capitalism, and across changes of phase from financial to material expansion—and back again. On another level, it suggests a theoretical reorientation—toward what Bloch called “the human element”—for studies of capitalism’s cultural and material history. It argues that such a reorientation would hold rewards for the “new history of capitalism” field, which until now has pursued its quarry primarily by tracing the movements of commodities, capital, institutions, and ideas.

  19. Multi-Objective Optimization of the Hedging Model for reservoir Operation Using Evolutionary Algorithms

    Directory of Open Access Journals (Sweden)

    sadegh sadeghitabas

    2015-12-01

    Full Text Available Multi-objective problems rarely ever provide a single optimal solution, rather they yield an optimal set of outputs (Pareto fronts. Solving these problems was previously accomplished by using some simplifier methods such as the weighting coefficient method used for converting a multi-objective problem to a single objective function. However, such robust tools as multi-objective meta-heuristic algorithms have been recently developed for solving these problems. The hedging model is one of the classic problems for reservoir operation that is generally employed for mitigating drought impacts in water resources management. According to this method, although it is possible to supply the total planned demands, only portions of the demands are met to save water by allowing small deficits in the current conditions in order to avoid or reduce severe deficits in future. The approach heavily depends on economic and social considerations. In the present study, the meta-heuristic algorithms of NSGA-II, MOPSO, SPEA-II, and AMALGAM are used toward the multi-objective optimization of the hedging model. For this purpose, the rationing factors involved in Taleghan dam operation are optimized over a 35-year statistical period of inflow. There are two objective functions: a minimizing the modified shortage index, and b maximizing the reliability index (i.e., two opposite objectives. The results show that the above algorithms are applicable to a wide range of optimal solutions. Among the algorithms, AMALGAM is found to produce a better Pareto front for the values of the objective function, indicating its more satisfactory performance.

  20. Analysis of Nova 1 strategy formed by barrier options and its application in hedging against a price drop in oil market

    Directory of Open Access Journals (Sweden)

    Michal Šoltés

    2015-12-01

    Full Text Available This paper investigates hedging analysis against an underlying price drop by using the Nova 1 strategy formed by standard vanilla and barrier options. There are used European down and knock-in put options together with barrier call options. Derived income functions from the secured positions in analytical expressions are presented. Based on the theoretical results, the hedged portfolio is applied to SPDR SandP Oil and Gas Exploration and Production ETF. The proposed hedging variants are analysed and compared with the recommendation of the best possibilities for investors.

  1. Profile of selected bacterial counts and Salmonella prevalence on raw poultry in a poultry slaughter establishment.

    Science.gov (United States)

    James, W O; Williams, W O; Prucha, J C; Johnston, R; Christensen, W

    1992-01-01

    The USDA Food Safety and Inspection Service determined populations of bacteria on poultry during processing at a slaughter plant in Puerto Rico in November and December 1987. The plant was selected because of its management's willingness to support important changes in equipment and processing procedures. The plant was representative of modern slaughter facilities. Eight-hundred samples were collected over 20 consecutive 8-hour days of operation from 5 sites in the processing plant. Results indicated that slaughter, dressing, and chilling practices significantly decreased the bacterial contamination on poultry carcasses, as determined by counts of aerobic bacteria, Enterobacteriaceae, and Escherichia coli. Salmonella was not enumerated; rather, it was determined to be present or absent by culturing almost the entire rinse. The prevalence of Salmonella in the study decreased during evisceration, then increased during immersion chilling.

  2. Organoleptic properties of meat from Altamurana and Trimeticcio lambs slaughtered at two different ages

    Directory of Open Access Journals (Sweden)

    A. Girolami

    2010-04-01

    Full Text Available The experiment was performed with thirty-two Altamurana and Trimeticcio lambs slaughtered at 42 and at 70 days of age. Meat organoleptic characteristics were determined on samples of M. Longissimus lumborum and Longissimus thoracis. Colour parameters were not affected by genotype, while L* value and index of yellow decreased (P<0.01 and P<0.05, respectively as age of slaughtering increased. Meat from Altamurana lambs showed lower juiciness (P<0.01 and fatness (P<0.05 than Trimeticcio lambs. No genotype and age of slaughtering effects were found for Warner-Bratzler shear force (WBSF values. Meat from younger lambs was more tender and chewable (P<0.01 but less juicy (P<0.001 and fatty (P<0.05 than meat from lambs slaughterd at 70 days.

  3. Salmonella enterica prevalence in finishing pigs at slaughter plants in Northern Italy

    Directory of Open Access Journals (Sweden)

    Irene Alpigiani

    2014-04-01

    Full Text Available Finishing pigs carrying Salmonella enterica are believed to be the main source of carcass contamination at the beginning of slaughtering. The aim of this study was to assess the S. enterica carrier status of finishing pigs at herd level by sampling pooled faeces on farm and mesenteric lymph nodes at slaughter in the North East of Italy. Environmental faecal samples belonging to 30 batches of pigs were collected on farm. At slaughter, mesenteric lymph nodes were collected from five randomly selected pigs per batch. S. enterica was isolated from 16 lymph nodes out of 150 (10.6% and from seven out of 30 (23.3% faecal samples. Four batches (13.3% were positive to S. enterica both in lymph nodes and in faeces. The number of batches positive to S. enterica either in lymph nodes or in faeces was 13 out of 30 (43.3%. The most prevalent serovars from lymph nodes were S. Derby (25.0% and S. Typhimurium monophasic variant 1, 4,[5],12:i:- (18.6%, which were also isolated from faecal material (14.3 and 42.8% respectively. Contaminated faecal material or lymph nodes could be a primary source of carcass contamination at slaughter during evisceration. S. enterica contamination is widespread on pig farms and carrier pigs pass undetected the inspection visits at slaughter, entering the food chain. Therefore, in order to control S. enterica in pigs, the need to quantify possible risk factors at slaughter and develop effective management strategies on farm is of paramount importance to ensure food safety.

  4. Slaughtering Age Effect on Carcass Traits and Meat Quality of Italian Heavy Draught Horse Foals

    Directory of Open Access Journals (Sweden)

    P. De Palo

    2013-11-01

    Full Text Available The present work describes the effect of slaughtering age on horse carcass traits and on meat quality. Eighteen male Italian heavy draught horse (IHDH breed foals were employed in the study. Soon after foaling they were randomly subdivided in 3 groups according to 3 age at slaughtering classes: 6 months old, 11 months old and 18 months old. Live weight, hot carcass weight and dressing percentage of each animal were recorded. After slaughtering, meat samples were collected from Longissimus Dorsi muscle between 13th and 18th thoracic vertebra of each animal and then analyzed. The right half carcass of each animal was then divided in cuts. Each one was subdivided into lean, fat and bones. Then, the classification of the lean meat in first and second quality cuts was performed according to the butchers’ customs. Older animals were characterized by a lower incidence of first quality cuts (p<0.01 on carcass. Younger animals showed greater content in protein (p<0.01. Fatty acid profile showed an increasing trend of PUFA connected to the increasing of slaughtering age (p<0.05. The unsaturation index of intramuscular fatty acids was not affected by slaughtering age, confirming that horse meat, if compared to beef, is more suitable from a nutritional point of view. Season influenced reproduction, birth as well as production aspects of this species. The different slaughtering age could represent the way to produce meat of IHDH foals during the entire year without change in the qualitative standard expected by consumers.

  5. Study of methicillin resistant Staphylococcus aureus (MRSA) in Danish pigs at slaughter and in imported retail meat reveals a novel MRSA type in slaughter pigs

    DEFF Research Database (Denmark)

    Agersø, Yvonne; Hasman, Henrik; Cavaco, Lina M.

    2012-01-01

    Methicillin-resistant Staphylococcus aureus (MRSA), especially CC398, have emerged in livestock worldwide. We investigated the occurrence of MRSA in pigs at slaughter and in retail meat. During 2009, nasal swabs (n=789) were taken from pigs at slaughter. Moreover, 866 meat samples [Danish: pork...... (153), broiler meat (121), beef (142) and; imported: pork (173), broiler meat (193), and beef (84)] were randomly collected in retail stores and outlets. MRSA was isolated from nasal swabs or from meat samples after preenrichment (Mueller Hinton broth with 6.5% NaCl), selective enrichment (tryptone...... soya broth with 4mg/L cefoxitine and 75mg/L aztreonam) and selective plating on Brilliance Chromogenic MRSA agar. The presence of mecA was confirmed by PCR and the MRSA isolates were spa typed. Novel MRSA spa types were characterized by MLST, PFGE and SCCmec typing. Thirteen percent (101...

  6. Assessment of bacterial superficial contamination in classical or ritually slaughtered cattle using metagenetics and microbiological analysis.

    Science.gov (United States)

    Korsak, N; Taminiau, B; Hupperts, C; Delhalle, L; Nezer, C; Delcenserie, V; Daube, G

    2017-04-17

    The aim of this study was to investigate the influence of the slaughter technique (Halal vs Classical slaughter) on the superficial contamination of cattle carcasses, by using traditional microbiological procedures and 16S rDNA metagenetics. The purpose was also to investigate the neck area to identify bacteria originating from the digestive or the respiratory tract. Twenty bovine carcasses (10 from each group) were swabbed at the slaughterhouse, where both slaughtering methods are practiced. Two swabbing areas were chosen: one "legal" zone of 1600cm 2 (composed of zones from rump, flank, brisket and forelimb) and locally on the neck area (200cm 2 ). Samples were submitted to classical microbiology for aerobic Total Viable Counts (TVC) at 30°C and Enterobacteriaceae counts, while metagenetic analysis was performed on the same samples. The classical microbiological results revealed no significant differences between both slaughtering practices; with values between 3.95 and 4.87log CFU/100cm 2 and 0.49 and 1.94log CFU/100cm 2 , for TVC and Enterobacteriaceae respectively. Analysis of pyrosequencing data showed that differences in the bacterial population abundance between slaughtering methods were mainly observed in the "legal" swabbing zone compared to the neck area. Bacterial genera belonging to the Actinobacteria phylum were more abundant in the "legal" swabbing zone in "Halal" samples, while Brevibacterium and Corynebacterium were encountered more in "Halal" samples, in all swabbing areas. This was also the case for Firmicutes bacterial populations (families of Aerococcaceae, Planococcaceae). Except for Planococcoceae, the analysis of Operational Taxonomic Unit (OTU) abundances of bacteria from the digestive or respiratory tract revealed no differences between groups. In conclusion, the slaughtering method does not influence the superficial microbiological pattern in terms of specific microbiological markers of the digestive or respiratory tract. However

  7. Bacterial Dissemination. Main Pathogens and Hygiene in Chicken Slaughter: A Review

    OpenAIRE

    Sales, Ronaldo de Oliveira; Universidade Federal do Ceará; Porto, Ernani; Universidade Luis de Queiroz - Piracicaba - SP

    2013-01-01

    In this bibliographical review, the different types of bacterial dissemination are presented, as well as the main pathogenic bacteria involved in chicken slaughter. The influence of hygiene in chicken slaughter upon storage and sale conditions on the retail market is also discussed. Nesta revisão bibliográfica são apresentados os diferentes tipos de disseminação bacteriana, como também as principais bactérias patogênicas envolvidas no abate de frangos. Discute-se ainda a influência da higi...

  8. COMPARISON OF SLAUGHTER YIELD AND CARCASS TISSUE COMPOSITION IN BROILER CHICKENS OF VARIOUS ORIGIN

    Directory of Open Access Journals (Sweden)

    DARIUSZ KOKOSZYŃSKI

    2008-07-01

    Full Text Available Slaughter yield and carcass tissue composition were compared in three different broiler chicken production sets. The highest body weight (1892.5 g, eviscerated carcass weight with neck (1406.9 g and slaughter yield (74.5% were found in Ross 308 chickens, whilst the lowest values of these traits occurred in JV chickens (respectively: 1753.3; 1288.2 g; 73.3%. The highest muscle contents (45.4% breast muscles and leg muscles in carcass and the lowest fattiness (7.9% skin with subcutaneous fat and 1.5% abdominal fat were found in Hubbard Evolution chickens.

  9. Effect of post-slaughter vibration treatment on water holding in meat during its maturation

    International Nuclear Information System (INIS)

    Stasiak, D.M.; Dolatowski, Z.J.; Siudziak, A.; Latoch, A.

    2001-01-01

    Dissipation of ultrasonic wave energy may be accompanied by the changes in meat tissue structures; these changes affect the water holding capacity in meat during its maturing. Paper presents the results of study on water retention by homogenous beef in gravitation field of 1500 g and water holding capacity in meat under influence of external force 20 N and osmotic forces. Significant changes in meat properties connected with water holding capacity along the first 3 days after slaughter were observed. These changes were generated by meat treatment with ultrasonic field just after slaughter

  10. Nation-wide Salmonella enterica surveillance and control in Danish slaughter swine herds

    DEFF Research Database (Denmark)

    Mousing, Jan; Jensen, P.T.; Halgaard, C.

    1997-01-01

    ranging from four to more than 60 swine are obtained quarterly at the abattoir. A meat sample from each pig is frozen, and meat juice (harvested after thawing) is examined for specific antibodies against S. enterica using an indirect enzyme-linked immunosorbent assay (ELISA). The ELISA combines several S...... during 1995 ranged from a mean of 2.9% in smaller herds (101-200 swine slaughtered per year) to 6.1% in relatively large herds (more than 5000 swine slaughtered per year)....

  11. 9 CFR 313.50 - Tagging of equipment, alleyways, pens, or compartments to prevent inhumane slaughter or handling...

    Science.gov (United States)

    2010-01-01

    ... AGENCY ORGANIZATION AND TERMINOLOGY; MANDATORY MEAT AND POULTRY PRODUCTS INSPECTION AND VOLUNTARY... inspector. All livestock slaughtered prior to such tagging may be dressed, processed, or prepared under... livestock slaughtered prior to the tagging may be dressed, processed, or prepared under inspection. (c) If...

  12. 9 CFR 381.67 - Young chicken and squab slaughter inspection rate maximums under traditional inspection procedure.

    Science.gov (United States)

    2010-01-01

    ... 9 Animals and Animal Products 2 2010-01-01 2010-01-01 false Young chicken and squab slaughter... INSPECTION REGULATIONS Operating Procedures § 381.67 Young chicken and squab slaughter inspection rate... inspector per minute under the traditional inspection procedure for the different young chicken and squab...

  13. 9 CFR 93.420 - Ruminants from Canada for immediate slaughter other than bovines, sheep, and goats.

    Science.gov (United States)

    2010-01-01

    ... 9 Animals and Animal Products 1 2010-01-01 2010-01-01 false Ruminants from Canada for immediate slaughter other than bovines, sheep, and goats. 93.420 Section 93.420 Animals and Animal Products ANIMAL AND... goats. The requirements for the importation of sheep and goats from Canada for immediate slaughter are...

  14. The Comparison of Growth, Slaughter and Carcass Traits of Meat Chicken Genotype Produced by Back-Crossing with A Commercial Broiler Genotype

    OpenAIRE

    Musa Sarıca; Umut Sami Yamak; Mehmet Akif Boz; Ahmet Uçar

    2014-01-01

    This study was conducted to determine the growth and some slaughter traits between commercial fast growing chickens and three-way cross M2 genotypes. 260 male female mixed chickens from each genotype was reared 10 replicate per genotype in the same house. Two different slaughtering ages were applied to commercial chickens and slaughtered at 6 and 7 weeks of age for comparing with cross genotypes. F chickens reached to slaughtering age at 42 days, whereas cross groups reached at 49 days. Genot...

  15. Slaughtering for a living: A hermeneutic phenomenological perspective on the well-being of slaughterhouse employees.

    Science.gov (United States)

    Victor, Karen; Barnard, Antoni

    2016-01-01

    Slaughterhouses constitute a unique work setting exposing employees to particular physical and psychological health challenges. Research that focuses on the well-being of slaughterhouse employees is limited, and the aim of this study was to explore their well-being by conducting a hermeneutic phenomenological study of specifically the slaughterfloor employees' work-life experiences. The study was conducted in a South African commercial abattoir setting. Thirteen slaughterfloor employees and two managers of the slaughterfloor section participated in unstructured interviews. A hermeneutic phenomenological approach to data analysis was adopted following the stages of a naïve reading, a structural thematic analysis, and a comprehensive understanding. Data analysis resulted in four process-related themes representing the different stages of becoming a slaughterer, (mal)adjusting to slaughter work, coping with and maintaining the work, and living with the psycho-social consequences of slaughter work. Results facilitate an understanding of how employee well-being manifests in each of these stages of being a slaughterfloor employee. The risk potential of employees suffering from post-traumatic stress syndrome was evident throughout the stages of being a slaughterfloor employee and offers a useful diagnostic framework to facilitate employee well-being assistance. Slaughterhouse management should develop a holistic focus addressing employee well-being needs evident in each of the stages of being a slaughter worker and by extending well-being interventions to the broader communities that the slaughterhouse functions in.

  16. An extended theory of planned behavior to predict consumers' willingness to buy mobile slaughter unit meat

    NARCIS (Netherlands)

    Hoeksma, Djura L.; Gerritzen, Marien A.; Lokhorst, Anne Marike; Poortvliet, Marijn

    2017-01-01

    The current study investigated the determinants of consumers' intention to purchase meat from mobile slaughter units (MSU). The theory of planned behavior (TPB) and the value belief norm theory (VBN) were used as conceptual lenses to guide this investigation. We conducted a survey among 329

  17. Slaughtering age effect on carcass traits and meat quality of italian heavy draught horse foals.

    Science.gov (United States)

    De Palo, P; Maggiolino, A; Centoducati, P; Tateo, A

    2013-11-01

    The present work describes the effect of slaughtering age on horse carcass traits and on meat quality. Eighteen male Italian heavy draught horse (IHDH) breed foals were employed in the study. Soon after foaling they were randomly subdivided in 3 groups according to 3 age at slaughtering classes: 6 months old, 11 months old and 18 months old. Live weight, hot carcass weight and dressing percentage of each animal were recorded. After slaughtering, meat samples were collected from Longissimus Dorsi muscle between 13th and 18th thoracic vertebra of each animal and then analyzed. The right half carcass of each animal was then divided in cuts. Each one was subdivided into lean, fat and bones. Then, the classification of the lean meat in first and second quality cuts was performed according to the butchers' customs. Older animals were characterized by a lower incidence of first quality cuts (phorse meat, if compared to beef, is more suitable from a nutritional point of view. Season influenced reproduction, birth as well as production aspects of this species. The different slaughtering age could represent the way to produce meat of IHDH foals during the entire year without change in the qualitative standard expected by consumers.

  18. Colour Changes in Meat of Foals as Affected by Slaughtering Age and Post-thawing Time

    Directory of Open Access Journals (Sweden)

    P. De Palo

    2012-12-01

    Full Text Available The aim of the present work was to investigate how colour changes of foal meat can vary after thawing out in relation to the slaughtering age of the horses and to the post-thawing time. Eighteen Italian Heavy Draught Horse (IHDH foals were used for the trial. They were subdivided in three groups according to their slaughtering age (6, 11 and 18 months. Two different surfaces were investigated for each sample: a fresh cut surface (daily renewed cutting surface: DRCS, and not-renewed cutting surface (NRCS. The redness of both investigated surfaces increased with slaughtering age (p<0.01. Moreover, this parameter decreased during post-thawing time (p<0.01 only on the NRCS, probably due to the myoglobin oxidation processes. Colour is an important visual cue denoting perceived quality by consumers. So, by a chromatic perspective the thawed meat of IHDH foals slaughtered at 6 and 11 months proved to be that which best meets the market requirements.

  19. The incidence of gastric lesions in slaughtered pigs in Ibadan, Nigeria

    African Journals Online (AJOL)

    ADEYEYE

    histopathological changes observed are that of ulceration with foci of chronic nodular gastritis and fibrous granulation. There is a possible age predisposition in the occurrence of gastric lesions. The pin point ulcers and chronic nodular gastritis observed showed that most stomach lesions observed in slaughtered pigs in this.

  20. The effect of sex, slaughter weight and weight gains in PEN-AR-LAN ...

    African Journals Online (AJOL)

    ajl yemi

    2011-11-14

    Nov 14, 2011 ... was positively influenced by implementation of objective classification methods of ... chemical composition of feed mixtures is shown in Table 1. Feeding ... In conducting experimental analyses, the following data were collected: age ..... The sex is one of the factors affecting fattening and the slaughter value ...

  1. 9 CFR 381.190 - Transactions in slaughtered poultry and other poultry products restricted; vehicle sanitation...

    Science.gov (United States)

    2010-01-01

    ... 9 Animals and Animal Products 2 2010-01-01 2010-01-01 false Transactions in slaughtered poultry and other poultry products restricted; vehicle sanitation requirements. 381.190 Section 381.190... sanitation requirements. (a) No person shall sell, transport, offer for sale or transportation, or receive...

  2. Pre-slaughter effects on bleed-out times and some behavioural and ...

    African Journals Online (AJOL)

    Pre-slaughter effects on bleed-out times and some behavioural and physiological responses of Nguni and non-descript steers. ... South African Journal of Animal Science ... Some environmental conditions and steer behavioural responses were monitored during on- and off-loading, transportation, lairage, and stunning.

  3. On-farm welfare and estimated daily carcass gain of slaughtered bulls

    NARCIS (Netherlands)

    Herva, T.; Virtala, A.M.; Huuskonen, A.; Saatkamp, H.W.; Peltoniemi, O.

    2009-01-01

    Welfare of growing bulls was evaluated using on-farm scoring modified by well-described test theory methods. Production parameters of the bulls were collected at slaughter. A positive relationship was observed between on-farm welfare, using the full A-Index score, and daily carcass gain of bulls.

  4. THE EFFECT OF RESTRICTED FEEDING AND DIFFERENT OF SLAUGHTERING AGE ON PRODUCTION OF REX RABBIT PELT

    Directory of Open Access Journals (Sweden)

    Y. Yurniati

    2014-10-01

    Full Text Available The purpose of this research is to study the interaction between slaughter age and restricted feed, aswell as the influence of each factor on the production of rex rabbits pelt. Randomized Block Designwith Factorial was used in this experiment with the first factor was 3 levels of restricted feedingtreatment where the amount of feed as follow: P1= 100 % from the total feed requirement, P2 = 80%from total feed requirement and P3 = 60% from the total feed requirement. Feed was given in the amountof rabbits requirement, in which 100% of the total requirement was calculated based on body weight(6.7% of body weight in dry matter basis, and second factor was 3 levels of slaughter age (U1= 120 d,U2= 150 d, U3= 180 d and each treatment was repeated 6 times. The data were analyzed by Anova,and analyzing between the treatments used Contrast Orthogonal. The variable measured were peltproduction (weight pelt, width pelt, thickness dermis and epidermis of Rex rabbit. There was aninteraction betwen slaughtered age and the amount of feed given to Rex rabbits. Feeding 80% from thetotal feed requirement and the slaughtered age at 150 d were the most efficient in producing pelt of Rexrabbits, with weight 261.0 ± 30.33 g, width 928.0 ± 75.5 cm2, and epidermal thickness 32.50 ± 1.1μ,and dermis 2685.50 ± 15.0 μ.

  5. "Instant status" during the slaughter: social positioning and power in a Sardinian shepherd family

    NARCIS (Netherlands)

    Janssens, F.

    2012-01-01

    This article uses food as a means to critically explore the existing theoretical debate on social change and power structures. Through a detailed ethnographic analysis of two events the milking of sheep and the slaughtering of a steer in rural Sardinia, Italy the article introduces the concept of

  6. Slaughtering for a living: A hermeneutic phenomenological perspective on the well-being of slaughterhouse employees

    Directory of Open Access Journals (Sweden)

    Karen Victor

    2016-04-01

    Full Text Available Slaughterhouses constitute a unique work setting exposing employees to particular physical and psychological health challenges. Research that focuses on the well-being of slaughterhouse employees is limited, and the aim of this study was to explore their well-being by conducting a hermeneutic phenomenological study of specifically the slaughterfloor employees’ work-life experiences. The study was conducted in a South African commercial abattoir setting. Thirteen slaughterfloor employees and two managers of the slaughterfloor section participated in unstructured interviews. A hermeneutic phenomenological approach to data analysis was adopted following the stages of a naïve reading, a structural thematic analysis, and a comprehensive understanding. Data analysis resulted in four process-related themes representing the different stages of becoming a slaughterer, (maladjusting to slaughter work, coping with and maintaining the work, and living with the psycho-social consequences of slaughter work. Results facilitate an understanding of how employee well-being manifests in each of these stages of being a slaughterfloor employee. The risk potential of employees suffering from post-traumatic stress syndrome was evident throughout the stages of being a slaughterfloor employee and offers a useful diagnostic framework to facilitate employee well-being assistance. Slaughterhouse management should develop a holistic focus addressing employee well-being needs evident in each of the stages of being a slaughter worker and by extending well-being interventions to the broader communities that the slaughterhouse functions in.

  7. Colour Changes in Meat of Foals as Affected by Slaughtering Age and Post-thawing Time

    Science.gov (United States)

    De Palo, P.; Maggiolino, A.; Centoducati, P.; Tateo, A.

    2012-01-01

    The aim of the present work was to investigate how colour changes of foal meat can vary after thawing out in relation to the slaughtering age of the horses and to the post-thawing time. Eighteen Italian Heavy Draught Horse (IHDH) foals were used for the trial. They were subdivided in three groups according to their slaughtering age (6, 11 and 18 months). Two different surfaces were investigated for each sample: a fresh cut surface (daily renewed cutting surface: DRCS), and not-renewed cutting surface (NRCS). The redness of both investigated surfaces increased with slaughtering age (p<0.01). Moreover, this parameter decreased during post-thawing time (p<0.01) only on the NRCS, probably due to the myoglobin oxidation processes. Colour is an important visual cue denoting perceived quality by consumers. So, by a chromatic perspective the thawed meat of IHDH foals slaughtered at 6 and 11 months proved to be that which best meets the market requirements. PMID:25049544

  8. Quantitative analysis of production traits in saltwater crocodiles (Crocodylus porosus): II. age at slaughter.

    Science.gov (United States)

    Isberg, S R; Thomson, P C; Nicholas, F W; Barker, S G; Moran, C

    2005-12-01

    Crocodile morphometric (head, snout-vent and total length) measurements were recorded at three stages during the production chain: hatching, inventory [average age (+/-SE) is 265.1 +/- 0.4 days] and slaughter (average age is 1037.8 +/- 0.4 days). Crocodile skins are used for the manufacture of exclusive leather products, with the most common-sized skin sold having 35-45 cm in belly width. One of the breeding objectives for inclusion into a multitrait genetic improvement programme for saltwater crocodiles is the time taken for a juvenile to reach this size or age at slaughter. A multivariate restricted maximum likelihood analysis provided (co)variance components for estimating the first published genetic parameter estimates for these traits. Heritability (+/-SE) estimates for the traits hatchling snout-vent length, inventory head length and age at slaughter were 0.60 (0.15), 0.59 (0.12) and 0.40 (0.10) respectively. There were strong negative genetic (-0.81 +/- 0.08) and phenotypic (-0.82 +/- 0.02) correlations between age at slaughter and inventory head length.

  9. Effect of slaughter age on foal carcass traits and meat quality.

    Science.gov (United States)

    Domínguez, R; Crecente, S; Borrajo, P; Agregán, R; Lorenzo, J M

    2015-10-01

    Meat has played a crucial role in human evolution and is an important component of a healthy and well-balanced diet due to its nutritional richness. Recent studies have shown that horsemeat may be considered as an alternative to other meat (such as beef or pork), and it may have a positive effect on human health from a nutritional point of view. This research was conducted to characterize the carcass measurement, meat quality (chemical composition, colour characteristics and textural traits) and nutritional value (fatty acid and amino acid composition) of foals slaughtered at 8 and 11 months of age (8 and 11 m groups). For this study, a total of 21 foals (10 and 11 animals from the 8 and 11-m groups, respectively) were used. The results obtained showed a positive influence on carcass characteristics with an increase in slaughter age, because 11 m animals had slightly higher values of live (275 v. 247 kg) and carcass weights (148 v. 133 kg), length of leg (72.86 v. 69.85 cm) and carcass (100.41 v. 96.30 cm) and perimeter of leg (97.68 v. 89.22 cm) compared with animals from the 8-m group. Regarding meat quality, only Fe-haeme and cholesterol content in chemical composition and luminosity (L*) in colour parameters showed significant differences. Foals from the 8-m group had the highest content of cholesterol (0.47 v. 0.28 mg/100 g of meat) and luminosity values (39.66 v. 37.88) and the lowest content of ash (1.20% v. 1.40%). In fatty acids content, only five out of 23 fatty acids showed differences between the two groups. However, an interesting change in the fatty acid profile occurred with an increase in the slaughter age. Foals from the 8-m group had the highest values of α-linolenic acid and n-3 fatty acids and the lowest values of linoleic and n-6 fatty acids, which is an interesting fact from a health point of view. Finally, slaughter age had no statistical influence on textural properties or amino acid content. As a main conclusion, animals slaughtered at 8

  10. HORMONAL PROFILE AND NONSPECIFIC RESISTANCE IN BOAR UNDER PRE-SLAUGHTER STRESS

    Directory of Open Access Journals (Sweden)

    S.S. Grabovskyi

    2016-03-01

    Full Text Available The article is devoted to determination of hormonal profile and nonspecific resistance in boars blood before slaughter after using of biologically active substances — animal origin antistressors andimmunostimulators. The purpose of research — determination of changes of insulin, adrenocorticotropic hormone (ACTH, cortisol content in boars blood before slaughter and their correction of natural origin biologically active substances of spleen extract. Object and research methods. The spleen extract has been additionally entered to the boars feed at 5 days before slaughter as an antistressors and immunostimulators in pre-slaughter period. The experiment was conducted on 15 boars with standard diet. Three groups of boars six months of age (5 boars each were formed for research. The pig’s spleen extract was obtained with ultrasound application (Iresearch group were using as a biologically active substances to the feed boars in pre-slaughter period. The extracts were applied to dry feed by aerosol method (70 % alcohol solution of spleen extract volume of 1.4 ml per kg body weight. The boars of II research group in the same way received to the feed of 70 % ethanol solution in the same volume. The boars of control group received only dry feed economy. Theboars slaughter was held on day 13 hours a.m. Mathematical treatment of the research results worked statistically using the software package Statistica 6.0. Results and discussion. The ACTH and cortisol level in the boars’ blood plasma of experimental and control groups significantly increased after transportation (before the slaughter compared with the indexes before transportation to meat plant. The ACTH concentration in the boars’ blood plasma of І experimental group, which was added to the basic diet spleen extract, was 10 % lower than in the control group boars compared with indicators before and after transportation

  11. A Study on the risk-return characteristics and the diversification benefit of the Hedge Fund industry

    OpenAIRE

    Bagaria, Neha

    2007-01-01

    Hedge funds with their dynamic trading strategies have gained great popularity in the past decade and have been found to provide significant diversification benefits to a traditional portfolio of assets. As an investment strategy they assure higher returns at a lower risk. Thus we will investigate its unique characteristics and its relation with the S&P 500 index through various quantitative tools like simple regression analysis, Sharpe ratios and graphical and correlation analysis of the dif...

  12. Quantifying the value that energy efficiency and renewable energy provide as a hedge against volatile natural gas prices

    Energy Technology Data Exchange (ETDEWEB)

    Bolinger, Mark; Wiser, Ryan; Bachrach, Devra; Golove, William

    2002-05-15

    Advocates of energy efficiency and renewable energy have long argued that such technologies can mitigate fuel price risk within a resource portfolio. Such arguments--made with renewed vigor in the wake of unprecedented natural gas price volatility during the winter of 2000/2001--have mostly been qualitative in nature, however, with few attempts to actually quantify the price stability benefit that these sources provide. In evaluating this benefit, it is important to recognize that alternative price hedging instruments are available--in particular, gas-based financial derivatives (futures and swaps) and physical, fixed-price gas contracts. Whether energy efficiency and renewable energy can provide price stability at lower cost than these alternative means is therefore a key question for resource acquisition planners. In this paper we evaluate the cost of hedging gas price risk through financial hedging instruments. To do this, we compare the price of a 10-year natural gas swap (i.e., what it costs to lock in prices over the next 10 years) to a 10-year natural gas price forecast (i.e., what the market is expecting spot natural gas prices to be over the next 10 years). We find that over the past two years natural gas users have had to pay a premium as high as $0.76/mmBtu (0.53/242/kWh at an aggressive 7,000 Btu/kWh heat rate) over expected spot prices to lock in natural gas prices for the next 10 years. This incremental cost to hedge gas price risk exposure is potentially large enough - particularly if incorporated by policymakers and regulators into decision-making practices - to tip the scales away from new investments in variable-price, natural gas-fired generation and in favor of fixed-price investments in energy efficiency and renewable energy.

  13. Quantifying the value that energy efficiency and renewable energy provide as a hedge against volatile natural gas prices

    International Nuclear Information System (INIS)

    Bolinger, Mark; Wiser, Ryan; Bachrach, Devra; Golove, William

    2002-01-01

    Advocates of energy efficiency and renewable energy have long argued that such technologies can mitigate fuel price risk within a resource portfolio. Such arguments-made with renewed vigor in the wake of unprecedented natural gas price volatility during the winter of 2000/2001-have mostly been qualitative in nature, however, with few attempts to actually quantify the price stability benefit that these sources provide. In evaluating this benefit, it is important to recognize that alternative price hedging instruments are available-in particular, gas-based financial derivatives (futures and swaps) and physical, fixed-price gas contracts. Whether energy efficiency and renewable energy can provide price stability at lower cost than these alternative means is therefore a key question for resource acquisition planners. In this paper we evaluate the cost of hedging gas price risk through financial hedging instruments. To do this, we compare the price of a 10-year natural gas swap (i.e., what it costs to lock in prices over the next 10 years) to a 10-year natural gas price forecast (i.e., what the market is expecting spot natural gas prices to be over the next 10 years). We find that over the past two years natural gas users have had to pay a premium as high as$0.76/mmBtu (0.53/242/kWh at an aggressive 7,000 Btu/kWh heat rate) over expected spot prices to lock in natural gas prices for the next 10 years. This incremental cost to hedge gas price risk exposure is potentially large enough - particularly if incorporated by policymakers and regulators into decision-making practices - to tip the scales away from new investments in variable-price, natural gas-fired generation and in favor of fixed-price investments in energy efficiency and renewable energy

  14. The European carbon market (2005-2007): banking, pricing and risk hedging strategies

    International Nuclear Information System (INIS)

    Chevallier, J.

    2008-11-01

    This thesis investigates the market rules of the European carbon market (EU ETS) during 2005-2007. We provide theoretical and empirical analyses of banking and borrowing provisions, price drivers and risk hedging strategies attached to tradable quotas, which were introduced to cover the CO 2 emissions of around 10,600 installations in Europe. In Chapter 1, we outline the economic and environmental effects of banking and borrowing on tradable permits markets. More specifically, we examine the banking and borrowing provisions adopted in the EU ETS, and the effects of banning banking between Phases I and II on CO 2 price changes. We show statistically that the low levels of CO 2 prices recorded until the end of Phase I may be explained by the restriction on the inter-period transfer of allowances, besides the main explanations that were identified by market observers. In Chapter 2, we identify the carbon price drivers since the launch of the EU ETS on January 1, 2005. We emphasize the central role played by the 2005 yearly compliance event imposed by the European Commission in revealing the net short/long position at the installation level in terms of allowances allocated with respect to verified emissions. The main result of this study features that price drivers of CO 2 allowances linked to energy market prices and unanticipated weather events vary around institutional events. Moreover, we show the influence of the variation of industrial production in three sectors covered by the EU ETS on CO 2 price changes by applying a disentangling analysis, that has also been extended at the country-level. In Chapter 3, we focus on the risk hedging strategies linked to holding CO 2 allowances. By using a methodology applied on stock markets, we recover the changes in investors' average risk aversion. This study shows that, during the time period considered, risk aversion has been higher on the carbon market than on the stock market, and that the risk is linked to an increasing

  15. Investing in Cognac Producing Vineyards to Hedge Wealth While Receiving High Returns

    Directory of Open Access Journals (Sweden)

    Hakob Hakobyan

    2015-07-01

    Full Text Available The general trend over the last decade for investments has been moving towards emerging markets, where investors are promised high returns for risky investments. These kind of investments favor the brave and bold, but are frightening for the risk averse. In this paper I will be presenting the opportunities that an investment into cognac producing vineyards can offer. High return and relatively low risk investment opportunities that exists in France. Included in the paper will be examples of large investments made recently into the industry. I will analyze the trends in the market over the past 8 years for the prices of land, cognac itself and the ease of sales of such products. There will also be an in-depth explanation of why cognac is today’s least risky product to invest into, comparing it to the Champagne regions’ similar historic trends. The findings show that land prices have increased at an average of 10% while simultaneously the price of cognac, has grow at an average of 14%. This product also has a unique hedging opportunity for investors. In short, excluding the growth of cognac prices in general the product itself gains value the longer it is stored, by an average of 12%. In this industry there are 5 big players that compete with each other on quality and also access to future stocks. This reality gives an investor the unique ability to sign futures contracts for 100% of their production over a 5 year period (standard market contract. Similar contracts can be signed with cooperatives who manage the lands for the investor, making the investment hassle free. This allows for an assured projection of both costs and returns for an unprecedented length of time compared to any other industry today. In conclusion, cognac producing vineyards are an investment that can potentially bring high returns, while being able to hedge the investment and see capital gains over the course of time. There will be a final simulation of a 5 year

  16. The role of non-genetic inheritance in evolutionary rescue: epigenetic buffering, heritable bet hedging and epigenetic traps.

    Science.gov (United States)

    O'Dea, Rose E; Noble, Daniel W A; Johnson, Sheri L; Hesselson, Daniel; Nakagawa, Shinichi

    2016-01-01

    Rapid environmental change is predicted to compromise population survival, and the resulting strong selective pressure can erode genetic variation, making evolutionary rescue unlikely. Non-genetic inheritance may provide a solution to this problem and help explain the current lack of fit between purely genetic evolutionary models and empirical data. We hypothesize that epigenetic modifications can facilitate evolutionary rescue through 'epigenetic buffering'. By facilitating the inheritance of novel phenotypic variants that are generated by environmental change-a strategy we call 'heritable bet hedging'-epigenetic modifications could maintain and increase the evolutionary potential of a population. This process may facilitate genetic adaptation by preserving existing genetic variation, releasing cryptic genetic variation and/or facilitating mutations in functional loci. Although we show that examples of non-genetic inheritance are often maladaptive in the short term, accounting for phenotypic variance and non-adaptive plasticity may reveal important evolutionary implications over longer time scales. We also discuss the possibility that maladaptive epigenetic responses may be due to 'epigenetic traps', whereby evolutionarily novel factors (e.g. endocrine disruptors) hack into the existing epigenetic machinery. We stress that more ecologically relevant work on transgenerational epigenetic inheritance is required. Researchers conducting studies on transgenerational environmental effects should report measures of phenotypic variance, so that the possibility of both bet hedging and heritable bet hedging can be assessed. Future empirical and theoretical work is required to assess the relative importance of genetic and epigenetic variation, and their interaction, for evolutionary rescue.

  17. Aridity promotes bet hedging via delayed hatching: a case study with two temporary pond crustaceans along a latitudinal gradient.

    Science.gov (United States)

    Pinceel, Tom; Vanschoenwinkel, Bram; Hawinkel, Wouter; Tuytens, Karen; Brendonck, Luc

    2017-05-01

    Climate change does affect not only average rainfall and temperature but also their variation, which can reduce the predictability of suitable conditions for growth and reproduction. This situation is problematic for inhabitants of temporary waters whose reproductive success depends on rainfall and evaporation that determine the length of the aquatic phase. For organisms with long-lived dormant life stages, bet hedging models suggest that a fraction of these should stay dormant during each growing season to buffer against the probability of total reproductive failure in variable environments. Thus far, however, little empirical evidence supports this prediction in aquatic organisms. We study geographic variation in delayed hatching of dormant eggs in natural populations of two crustaceans, Branchinella longirostris and Paralimnadia badia, that occur in temporary rock pools along a 725 km latitudinal aridity gradient in Western Australia. Consistent with bet hedging theory, populations of both species were characterised by delayed hatching under common garden conditions and hatching fractions decreased towards the drier end of the gradient where the probability of reproductive success was shown to be lower. This decrease was most pronounced in the species with the longer maturation time, presumably because it is more sensitive to the higher prevalence of short inundations. Overall, these findings illustrate that regional variation in climate can be reflected in differential investment in bet hedging and hints at a higher importance of delayed hatching to persist when the climate becomes harsher. Such strategies could become exceedingly relevant as determinants of vulnerability under climate change.

  18. Advantages of recovery from pre-slaughter stress in tambaqui Colossoma macropomum (Cuvier 1816 agroindustry in the Amazon

    Directory of Open Access Journals (Sweden)

    Joana Maia MENDES

    Full Text Available Abstract Tambaqui is the main fish species farmed in the Amazon. It is produced on industrial scale, slaughtered in the field, primarily by post-harvest asphyxia. This procedure, however, is stressful because it depletes energy reserves that should be used in postmortem metabolism, which may compromise fish meat freshness and quality. The present study compared the quality of tambaquis slaughtered by asphyxia, the conventional industrial method, and hypothermia. Tambaquis weighing around 1.6 kg were harvested from dugout ponds, transported to experimental tanks and allowed to recover from transport stress for 48h. Biological parameters of fish were evaluated alive post- harvest (Harv, transport (Tr and recovery (Rc, and postmortem analysis was performed in fish slaughtered by asphyxia (Asph or hypothermia (Hyp after transport and recovery. Initial observations showed that the content of total volatile nitrogen bases (TVB-N and pH were higher in fish killed by asphyxia. Sensory analysis indicated that the quality of fish slaughtered immediately after transport was lower than in fish allowed to recover from pre-slaughter stress. The results suggest that recovery from pre-slaughter stress contributes to preserving meat freshness and quality in tambaquis slaughtered on an industrial scale, but other studies are required to determine the feasibility of this recommendation.

  19. Commercial slaughtering of rusa deer (Cervus timorensis russa in New Caledonia; System analysis and effect on carcass quality

    Directory of Open Access Journals (Sweden)

    S. Le Bel

    2000-04-01

    Full Text Available A survey on the environment and disease conditions of deer (Cervus timorensis russa slaughtering in New-Caledonia was set up during a deer export campaign in order to find answers to the increasing seizure of purpura-affected carcasses. Risk factors based on the animal husbandry system, animal handling and transport as well as slaughtering conditions were analyzed in an attempt to explain the presence of purpura and high pH levels. Out of 520 deer, 15% of the carcasses were condemned for purpura, 87% of the deer displayed a pH level over 6 and 48% a pH level over 6.5. In the case of slaughter-purpura, various analyses revealed inadequacies between the slaughter structure and the origin (i.e., farms in the process of intensifying of the deer. For carcasses with pH levels above 6.5, a more complex phenomenon was revealed that included the amount of animal handling, housing of animals the night before slaughter and the presence of slaughter-purpura. Slaughtering conditions of rusa deer in Australia and red deer in New Zealand showed that the present system could be improved.

  20. Disruptive selection and bet-hedging in planktonic Foraminifera: Shell morphology as predictor of extinctions

    Directory of Open Access Journals (Sweden)

    Manuel F. G. Weinkauf

    2014-10-01

    Full Text Available Extinction is a remarkably difficult phenomenon to study under natural conditions. This is because the outcome of stress exposure and associated fitness reduction is not known until the extinction occurs and it remains unclear whether there is any phenotypic reaction of the exposed population that can be used to predict its fate. Here we take advantage of the fossil record, where the ecological outcome of stress exposure is known. Specifically, we analyze shell morphology of planktonic Foraminifera in sediment samples from the Mediterranean, during an interval preceding local extinctions. In two species representing different plankton habitats, we observe shifts in trait state and decrease in variance in association with non-terminal stress, indicating stabilizing selection. At terminal stress levels, immediately before extinction, we observe increased growth asymmetry and trait variance, indicating disruptive selection and bet-hedging. The pre-extinction populations of both species show a combination of trait states and trait variance distinct from all populations exposed to non-terminal levels of stress. This finding indicates that the phenotypic history of a population may allow the detection of threshold levels of stress, likely to lead to extinction. It is thus an alternative to population dynamics in studying and monitoring natural population ecology.

  1. Analyzing and forecasting volatility spillovers, asymmetries and hedging in major oil markets

    International Nuclear Information System (INIS)

    Chang, Chia-Lin; McAleer, Michael; Tansuchat, Roengchai

    2010-01-01

    Crude oil price volatility has been analyzed extensively for organized spot, forward and futures markets for well over a decade, and is crucial for forecasting volatility and Value-at-Risk (VaR). There are four major benchmarks in the international oil market, namely West Texas Intermediate (USA), Brent (North Sea), Dubai/Oman (Middle East), and Tapis (Asia-Pacific), which are likely to be highly correlated. This paper analyses the volatility spillover and asymmetric effects across and within the four markets, using three multivariate GARCH models, namely the constant conditional correlation (CCC), vector ARMA-GARCH (VARMA-GARCH) and vector ARMA-asymmetric GARCH (VARMA-AGARCH) models. A rolling window approach is used to forecast the 1-day ahead conditional correlations. The paper presents evidence of volatility spillovers and asymmetric effects on the conditional variances for most pairs of series. In addition, the forecast conditional correlations between pairs of crude oil returns have both positive and negative trends. Moreover, the optimal hedge ratios and optimal portfolio weights of crude oil across different assets and market portfolios are evaluated in order to provide important policy implications for risk management in crude oil markets. (author)

  2. Hedging Financial Risks in the Economic Practices of Small Business: Current Imperatives

    Directory of Open Access Journals (Sweden)

    Kolomiyets Ganna M.

    2017-04-01

    Full Text Available The article considers the need to update approaches to hedging the financial risks of small businesses. Reducing the probability of financial costs and losses is of continuing relevance. It appears to be especially critical for small businesses. Small business plays a significant role in the country’s economic system as creator of jobs and as a producer of goods and services that adapts quickly to changing consumer requirements. However, its access to credit resources has certain limitations. The instability of the economic environment by individual factors can affect small businesses not less, and sometimes even more than large and medium-sized businesses. Design of the risk-management in terms of small business needs to be updated. In the current context, there is a need in re-evaluating that the efficient financial risk management can only be carried out in a complex of all the enterprise’s risks, with an increase in the planning horizon and the identification of obstacles to achieving the objective set.

  3. Analyzing and forecasting volatility spillovers, asymmetries and hedging in major oil markets

    Energy Technology Data Exchange (ETDEWEB)

    Chang, Chia-Lin [Department of Applied Economics National Chung Hsing University Taichung, 250 Kuo Kuang Road, National Chung Hsing University Taichung 402 (China); McAleer, Michael [Econometric Institute, Erasmus School of Economics, Erasmus University Rotterdam (Netherlands); Tinbergen Institute (Netherlands); Tansuchat, Roengchai [Faculty of Economics, Maejo University (Thailand)

    2010-11-15

    Crude oil price volatility has been analyzed extensively for organized spot, forward and futures markets for well over a decade, and is crucial for forecasting volatility and Value-at-Risk (VaR). There are four major benchmarks in the international oil market, namely West Texas Intermediate (USA), Brent (North Sea), Dubai/Oman (Middle East), and Tapis (Asia-Pacific), which are likely to be highly correlated. This paper analyses the volatility spillover and asymmetric effects across and within the four markets, using three multivariate GARCH models, namely the constant conditional correlation (CCC), vector ARMA-GARCH (VARMA-GARCH) and vector ARMA-asymmetric GARCH (VARMA-AGARCH) models. A rolling window approach is used to forecast the 1-day ahead conditional correlations. The paper presents evidence of volatility spillovers and asymmetric effects on the conditional variances for most pairs of series. In addition, the forecast conditional correlations between pairs of crude oil returns have both positive and negative trends. Moreover, the optimal hedge ratios and optimal portfolio weights of crude oil across different assets and market portfolios are evaluated in order to provide important policy implications for risk management in crude oil markets. (author)

  4. How stable 'should' epigenetic modifications be? Insights from adaptive plasticity and bet hedging.

    Science.gov (United States)

    Herman, Jacob J; Spencer, Hamish G; Donohue, Kathleen; Sultan, Sonia E

    2014-03-01

    Although there is keen interest in the potential adaptive value of epigenetic variation, it is unclear what conditions favor the stability of these variants either within or across generations. Because epigenetic modifications can be environmentally sensitive, existing theory on adaptive phenotypic plasticity provides relevant insights. Our consideration of this theory suggests that stable maintenance of environmentally induced epigenetic states over an organism's lifetime is most likely to be favored when the organism accurately responds to a single environmental change that subsequently remains constant, or when the environmental change cues an irreversible developmental transition. Stable transmission of adaptive epigenetic states from parents to offspring may be selectively favored when environments vary across generations and the parental environment predicts the offspring environment. The adaptive value of stability beyond a single generation of parent-offspring transmission likely depends on the costs of epigenetic resetting. Epigenetic stability both within and across generations will also depend on the degree and predictability of environmental variation, dispersal patterns, and the (epi)genetic architecture underlying phenotypic responses to environment. We also discuss conditions that favor stability of random epigenetic variants within the context of bet hedging. We conclude by proposing research directions to clarify the adaptive significance of epigenetic stability. © 2013 The Author(s). Evolution © 2013 The Society for the Study of Evolution.

  5. Risk hedging against the fuel price fluctuation in energy service business

    International Nuclear Information System (INIS)

    Bannai, Masaaki; Tomita, Yasushi; Ishida, Yasushi; Miyazaki, Takahiko; Akisawa, Atsushi; Kashiwagi, Takao

    2007-01-01

    Energy service business, or energy service company (ESCO), is expanding among industrial users as a means of energy saving. The ESCO business normally tends to become a long-term operation. During the operation, fluctuations of fuel and electricity costs significantly impact on the stability of the profit from ESCO business. Therefore, it is essential to reduce the risk of fuel and electricity cost fluctuations. Generally, a transaction called ''financial derivative'' is used as a measure of hedging against the fuel price fluctuation. In the case of ESCO business, it is necessary to manage the risk of both electricity and fuel price fluctuations because the variation in electricity price strongly affects the profit from ESCO as that in fuel price does. In this paper, the stabilization of the ESCO profit using financial derivatives was discussed by quantitative analyses of the actual data from existing plants. Case studies revealed that the appropriate volume of the fuel derivative implementation was less than a half of the fuel consumption at the ESCO facilities, and it ranged from 5% to 50%. (author)

  6. Use of Solar and Wind as a Physical Hedge against Price Variability within a Generation Portfolio

    Energy Technology Data Exchange (ETDEWEB)

    Jenkin, T.; Diakov, V.; Drury, E.; Bush, B.; Denholm, P.; Milford, J.; Arent, D.; Margolis, R.; Byrne, R.

    2013-08-01

    This study provides a framework to explore the potential use and incremental value of small- to large-scale penetration of solar and wind technologies as a physical hedge against the risk and uncertainty of electricity cost on multi-year to multi-decade timescales. Earlier studies characterizing the impacts of adding renewable energy (RE) to portfolios of electricity generators often used a levelized cost of energy or simplified net cash flow approach. In this study, we expand on previous work by demonstrating the use of an 8760 hourly production cost model (PLEXOS) to analyze the incremental impact of solar and wind penetration under a wide range of penetration scenarios for a region in the Western U.S. We do not attempt to 'optimize' the portfolio in any of these cases. Rather we consider different RE penetration scenarios, that might for example result from the implementation of a Renewable Portfolio Standard (RPS) to explore the dynamics, risk mitigation characteristics and incremental value that RE might add to the system. We also compare the use of RE to alternative mechanisms, such as the use of financial or physical supply contracts to mitigate risk and uncertainty, including consideration of their effectiveness and availability over a variety of timeframes.

  7. Bet-hedging in bacteriocin producing Escherichia coli populations: the single cell perspective

    Science.gov (United States)

    Bayramoglu, Bihter; Toubiana, David; van Vliet, Simon; Inglis, R. Fredrik; Shnerb, Nadav; Gillor, Osnat

    2017-02-01

    Production of public goods in biological systems is often a collaborative effort that may be detrimental to the producers. It is therefore sustainable only if a small fraction of the population shoulders the cost while the majority reap the benefits. We modelled this scenario using Escherichia coli populations producing colicins, an antibiotic that kills producer cells’ close relatives. Colicin expression is a costly trait, and it has been proposed that only a small fraction of the population actively expresses the antibiotic. Colicinogenic populations were followed at the single-cell level using time-lapse microscopy, and showed two distinct, albeit dynamic, subpopulations: the majority silenced colicin expression, while a small fraction of elongated, slow-growing cells formed colicin-expressing hotspots, placing a significant burden on expressers. Moreover, monitoring lineages of individual colicinogenic cells showed stochastic switching between expressers and non-expressers. Hence, colicin expressers may be engaged in risk-reducing strategies—or bet-hedging—as they balance the cost of colicin production with the need to repel competitors. To test the bet-hedging strategy in colicin-mediated interactions, competitions between colicin-sensitive and producer cells were simulated using a numerical model, demonstrating a finely balanced expression range that is essential to sustaining the colicinogenic population.

  8. The Effects of Pre-slaughter Stress and Season on the Activity of Plasma Creatine Kinase and Mutton Quality from Different Sheep Breeds Slaughtered at a Smallholder Abattoir

    Directory of Open Access Journals (Sweden)

    A. Y. Chulayo

    2013-12-01

    Full Text Available The objective of the current study was to determine the effect of pre-slaughter stress, season and breed on the activity of plasma creatine kinase (CK and the quality of mutton. One hundred and seventy-three (173 castrated sheep from Dormer (DM, South African Mutton Merino (SAMM, Dorper (DP and Blackhead Persian (BP sheep breeds were used in the study. The animals were grouped according to age-groups as follows: Group 1 (6 to 8 months, Group 2 (9 to 12 months and Group 3 (13 to 16 months. Blood samples were collected during exsanguinations using disposable vacutainer tubes for CK analysis. Representative samples of the Muscularis longissimuss thoracis et. lumborum (LTL were collected from 84 castrated sheep, of different breeds (28 per breed 24 h after slaughter. The following physico-chemical characteristics of mutton were determined; meat pH (pH24, color (L*, a* and b*, thawing and cooking losses and Warner Braztler Shear Force (WBSF. The activity of plasma CK was significantly higher (p0.001 levels (1,358.6±191.08 of CK. South African Mutton Merino had higher values for pH24 (5.9±0.06, L* (34.2±0.97, b* (12.2±0.50 and WBSF (26.8±1.51 and Blackhead Persian had higher values (35.5±2.17 for cooking loss (CL% than the other breeds. Computed Principal Component Analyses (PCA on the activity of plasma CK and physico-chemical characteristics of mutton revealed no correlations between these variables. However, positive correlations were observed between pH24, L*, a*, b*, CL% and WBSF. Relationships between pre-slaughter stress, CK activity and physico-chemical characteristics of mutton were also observed. It was therefore concluded that although mutton quality and creatine kinase were not related, pre-slaughter stress, season and breed affected the activity of creatine kinase and mutton quality.

  9. Sheep pre-slaughter handling practices and their effect on meat quality

    Directory of Open Access Journals (Sweden)

    Francisco Gerardo Ríos-Rincón

    2013-06-01

    Full Text Available Aspects related to ovine production systems in Mexico were revisited, as well as the relationship between the transport and the ante-mortem handling with ovine welfare and pre slaughter operations. Animals stress evaluation is fundamental importance for this process, where the observation of animal behavior is basic to determinate and understands the scope of this biological phenomenon. Finally, we make reference to two of the main meat quality attributes that can be affected as consequence of non-appropriated handling practice and operations that implies the un-knowledge of animal conduct. The conclusion is that the handling practices previous to slaughter of ovine specie had a considerable influence on carcass quality. In Mexico is important to focus the cattle research on the productive systems improvement in consideration to animal welfare in the different productive process steps.

  10. Stunning effect of different rifle-bullets for slaughter of outdoor cattle

    Directory of Open Access Journals (Sweden)

    Stefanie Retz

    2014-12-01

    Full Text Available The slaughter method via gunshot implies a stunning of cattle by means of a targeted shot from a rifle and is as an alternative to regular slaughter at abattoirs. This method is only permitted under restricted circumstances and if the cattle is held on a pasture all the year. However, there is a considerable lack of specifications regulated by law concerning calibre and bullet-type. In this study, four different calibres, two bullet-types and two different shot placements were investigated with respect to their stunning efficiency. All of the calibres exhibited an entry-energy over 400 J and provided sufficient stunning potential. Yet, only calibre .22 Magnum caused no exit of the bullet out of the scull, which provides higher safety conditions for man and cattle.

  11. Seroprevalence of Neospora caninum in slaughtered native cattle in Kurdistan province, Iran.

    Science.gov (United States)

    Heidari, Heidar; Mohammadzadeh, Abdolmajid; Gharekhani, Jamal

    2014-01-01

    Neospora caninum is a worldwide distributed pathogen which causes abortion in cattle leading to economic loss in the cattle industry. The aim of this study was to determine the seroprevalence of N. caninum antibodies in the native cattle slaughtered in various areas of Kurdistan province (western Iran) from September 2010 to September 2011. Serum samples from 368 cattle slaughtered in seven slaughterhouses in this region were taken for detection of anti-N. caninum antibodies using commercial N. caninum ELISA kit. Antibodies to N. caninum were found in 29 samples (7.80%). The present study was the first report of Neospora infection in this region and indicated that native cattle of Kurdistan province were exposed to this parasite.

  12. Does the presence of umbilical outpouchings affect the behaviour of pigs during the day of slaughter?

    DEFF Research Database (Denmark)

    Schild, Sarah-Lina Aagaard; Brandt, Pia; Rousing, Tine

    2015-01-01

    national guidelines involving the diameter of the UOs, considerable attention was paid to this measure. A total of 29 pairs of pigs from seven different commercial herds with standard pig housing, involving pens of partially slatted flooring, were included in this observational study. Focal animals were...... selected in the home pen on the day before transport to the abattoir and subjected to a clinical evaluation involving scores of skin lesions in healthy control animals and pigs with UOs. On the day of slaughter, video recordings were conducted during unloading at the abattoir and in the race to the stunner....... For both pigs with UOs and control pigs, the skin lesion score increased over the day of slaughter. No significant differences between pigs with UOs and controls were found for any of the measures considered relevant for the fitness for transport....

  13. Meat safety consequences of implementing visual postmortem meat inspection procedures in Danish slaughter pigs

    DEFF Research Database (Denmark)

    Mousing, Jan; Kyrval, J.; Jensen, Tim Kåre

    1997-01-01

    The consequences of a change from a traditional meat inspection procedure, including manual handling, palpation and incision, to an entirely postmortem meat inspection procedure in Danish slaughter pigs were assessed by a comparative study of the two methods in 188,383 slaughter pigs. Out of 58...... lesion codes (selected with a prevalence less-than-or-equal-to 5.5 x 10(-5)), 26 (45 percent) were assessed either as merely aesthetic or as the healed stage of an earlier lesion and nine (15 percent) as active, but local processes, occurring only in non-edible tissue. Five lesion codes (9 percent) were...... assessed as active, non-abscessal processes occurring in edible tissue, caused by swine-specific pathogens and 10 (17 percent) were abscessal or pyaemic lesions occurring in edible tissue. Seven lesion codes (12 percent) may be associated with consumer health hazards (two frequently and five rarely...

  14. Evaluation of different pre-slaughter light intensities and fasting duration in broilers

    Directory of Open Access Journals (Sweden)

    IB Ramão

    2011-12-01

    Full Text Available The aim of this study was to determine the effects of different levels of light intensity (0, 5 or 20 lx and different pre-slaughter feed fasting duration (3, 6, 9, 12 and 15 hours on the parameters body weight loss, carcass yield, commercial cuts yield, water carcass retention, bacterial counts and breast meat pH. A number of 72 broiler chickens at 45 days of age (Cobb 500 strain was distributed in three chambers, in a total of 24 broilers per chamber. The results showed that feed fasting significantly influenced (p0.05. The presence of feed in the crop and gizzard did not depend on light intensity, but was affected by pre-slaughter feed fasting duration. Bacterial counts decreased with feed fasting duration (p<0.05.

  15. Serological prevalence of leptospirosis in cattle slaughtered in the Zango abattoir in Zaria, Kaduna State, Nigeria

    Directory of Open Access Journals (Sweden)

    Emmanuel O. Ngbede

    2012-06-01

    Full Text Available Leptospirosis is an occupational zoonosis caused by pathogenic leptospires. In this study, the presence and prevalence of antibodies specific to Leptospira spp. serovar Hardjo in 142 cattle slaughtered between June and July 2011 was investigated using the enzyme-linked immunosorbent assay (ELISA. Five (3.50% of the 142 cattle sampled were seropositive for antibodies to Leptospira spp. serovar Hardjo. Despite the fact that there was no significant difference (p>0.05 in seropositivity between sexes and between breeds sampled, there was a significant difference (p<0.05 in sero-positivity between the different age groups examined. Leptospirosis is present in cattle slaughtered in the Zango abattoir; butchers and abattoir workers are exposed to infected animals and are at risk of being infected by Leptospira spp. serovar Hardjo.

  16. Evaluation of the pathology, pathogenesis and aetiology of auricular elephantiasis in slaughter pigs.

    Science.gov (United States)

    Kvist, P H; Jensen, E S; Aalbaek, B; Jensen, H E

    2002-12-01

    Ears from slaughter pigs with auricular elephantiasis (n = 24) and the corresponding lymph nodes (lnn.) (n = 26) were grossly, histopathologically and microbiologically examined. Immunostaining for IgM, IgG, Cd3epsilon and bacterial antigens of Arcanobacterium pyogenes and Staphylococcus aureus was performed by indirect enzyme-based techniques. Ears were variably thickened depending on the sampled area (basis, centre and apex). However, at all locations the thickness, the length from basis to apex and the weigh of whole ears with elephantiasis were significantly increased (P elephantiasis is a chronic pyogranulomatous inflammation that is frequently positive for S. aureus and is lymphogenically spread. Therefore, the lesions of the ears with auricular elephantiasis and the corresponding lnn. should be termed auricular botryomycosis and botryomycotic lymphadenitis, respectively. Moreover, as the disease is observed frequently in slaughter pigs it must also be considered according to the welfare of the animals and in relation to post-mortem meat inspection.

  17. Seroprevalence of Neospora caninum in slaughtered native cattle in Kurdistan province, Iran

    Directory of Open Access Journals (Sweden)

    Heidar Heidari

    2014-04-01

    Full Text Available Neospora caninum is a worldwide distributed pathogen which causes abortion in cattle leading to economic loss in the cattle industry. The aim of this study was to determine the seroprevalence of N. caninum antibodies in the native cattle slaughtered in various areas of Kurdistan province (western Iran from September 2010 to September 2011. Serum samples from 368 cattle slaughtered in seven slaughterhouses in this region were taken for detection of anti-N. caninum antibodies using commercial N. caninum ELISA kit. Antibodies to N. caninum were found in 29 samples (7.80%. The present study was the first report of Neospora infection in this region and indicated that native cattle of Kurdistan province were exposed to this parasite.

  18. Comparison of prevalence estimation of Mycobacterium avium subsp. paratuberculosis infection by sampling slaughtered cattle with macroscopic lesions vs. systematic sampling.

    Science.gov (United States)

    Elze, J; Liebler-Tenorio, E; Ziller, M; Köhler, H

    2013-07-01

    The objective of this study was to identify the most reliable approach for prevalence estimation of Mycobacterium avium ssp. paratuberculosis (MAP) infection in clinically healthy slaughtered cattle. Sampling of macroscopically suspect tissue was compared to systematic sampling. Specimens of ileum, jejunum, mesenteric and caecal lymph nodes were examined for MAP infection using bacterial microscopy, culture, histopathology and immunohistochemistry. MAP was found most frequently in caecal lymph nodes, but sampling more tissues optimized the detection rate. Examination by culture was most efficient while combination with histopathology increased the detection rate slightly. MAP was detected in 49/50 animals with macroscopic lesions representing 1.35% of the slaughtered cattle examined. Of 150 systematically sampled macroscopically non-suspect cows, 28.7% were infected with MAP. This indicates that the majority of MAP-positive cattle are slaughtered without evidence of macroscopic lesions and before clinical signs occur. For reliable prevalence estimation of MAP infection in slaughtered cattle, systematic random sampling is essential.

  19. Prevalence, severity, and relationships of lung lesions, liver abnormalities, and rumen health scores measured at slaughter in beef cattle.

    Science.gov (United States)

    Rezac, D J; Thomson, D U; Bartle, S J; Osterstock, J B; Prouty, F L; Reinhardt, C D

    2014-06-01

    An array of management tools exists within the beef industry to improve animal welfare and productivity; however, the ability to assess the outcomes of these tools is needed. Deficiencies in management commonly manifest as bovine respiratory disease complex or nutritional disorders such as acidosis; therefore, lung, liver, and rumen gross pathology lesions present at slaughter were measured as part of the Harvest Audit Program (HAP) and associations with performance determined. Individual gross pathology data from 19,229 cattle at commercial packing plants in Kansas and Texas were collected. Corresponding individual preharvest and carcass data were obtained on a subset of 13,226 cattle. Associations between lesions and performance were modeled using multivariable mixed effect models. Regression coefficients were used for estimation of lesion associative effects on continuous outcomes and odds ratios for dichotomous outcomes. Across the entire population, 67.3% of the cattle had no pulmonary lesions; 22.5 and 9.8% of cattle displayed mild and severe lesions, respectively. Severe pulmonary lesions were associated with a decreased ADG of 0.07 kg and a HCW 7.1 kg less than cohorts with no pulmonary lesions (P < 0.01). Overall, 68.6% of cattle observed had normal livers. Of cattle severely affected by liver abscesses (A+; 4.6%), 14.9% also displayed severe pulmonary lesions and 28.3% displayed mild pulmonary lesions. Rumenitis lesions were observed in 24.1% of the overall study population. Of cattle with mildly abscessed livers (A-), moderately abscessed livers (A), and severely abscessed livers, 20.6, 21.6, and 9.24% displayed mild or severe rumenitis lesions at slaughter. Severe rumenitis lesions were associated with a significant decrease in ADG and HCW (0.025 and 2.20 kg, respectively; P < 0.001). Although the majority of the cattle in this population would be considered low risk, after adjustments for cattle with multiple lesions, 22.9% of cattle in the overall

  20. Waste from rearing and slaughter of poultry – treat to the environment or feedstock for energy

    Directory of Open Access Journals (Sweden)

    Sylwia Myszograj

    2012-09-01

    Full Text Available Consumption of poultry has systematically grown for over 10 years. In 2007, Poland, with the participation of 11% dealt third place in Europe in the production of poultry meat with the input of 11% has taken the third place in Europe after France and the UK (about 14%. Intensification of poultry production on one hand provides to higher profitability, on the other hand generates more and more waste products, such as manure, slaughter wastes, dead birds, and the emission of gases (e.g. ammonia into the environment. Management of waste in breeding and slaughter plants of poultry rarely complies with current regulations. This is connected with high costs of waste disposal hazardous to the environment, harmful and dangerous to human health. because of chemical composition and potential health risks. The article, based on literature data and our own research, characterizes the waste from rearing and slaughter of poultry and define the possible ways to negative impact on human health: directly by microbial infections or indirectly by emissions of ammonia to the atmosphere, the migration of pollutants into groundwater and surface water. Options of waste utilization in methane fermentation process have been presented. This technology reduces the risk of environmental hazard , while allowing for recovery renewable energy of biogas from biowaste. Waste from the turkey farm and slaughterhouse (the size of slaughterhouse about 26,000 units per week were of mesophilic anaerobic digestion. Nine types of waste: turkey manure on straw, fresh straw used for bedding, heads, guts, feet and feathers were chosen. Flotation sediment, sewage from the slaughtering and chemical sludge was also fermented. High potential for methane from slaughterhouse waste (ca. 73% and manure (63%, indicate for simultaneous disposal and energy recovery from methane fermentation process.

  1. The effect of slaughter operations on the contamination of chicken carcasses with thermotolerant Campylobacter.

    Science.gov (United States)

    Rosenquist, Hanne; Sommer, Helle M; Nielsen, Niels L; Christensen, Bjarke B

    2006-04-25

    To evaluate the effect of specific slaughter operations on the contamination of broiler carcasses with naturally occurring thermotolerant Campylobacter, experiments were carried out in two Danish commercial slaughter plants (Plant I and Plant II). Six broiler flocks determined Campylobacter positive prior to slaughter were investigated at four sampling locations within each slaughter plant. Quantification of thermotolerant Campylobacter in 30 neck skin samples per flock per sampling location showed that the evisceration operation in Plant I led to a significant increase in the Campylobacter concentration of 0.5 log(10) cfu/g in average, whereas no significant changes were observed during this operation in Plant II. Air chilling (Plant I) and water chilling (Plant II), both including a carcass wash prior to the chilling operation, caused similar, but significant reductions of 0.83 and 0.97 log(10) cfu/g, respectively. In packed frozen chickens (Plant II) an additional reduction of 1.38 log(10) cfu/g in average was obtained due to the freezing operation. In packed chilled chickens (Plant I), however, the number of thermotolerant Campylobacter per gram remained at the same level as after air chilling. Enumeration of thermotolerant Campylobacter in 30 intestinal samples per flock showed that in two of the six flocks examined the within flock colonization was very low (defeathering operation was documented. This finding indicates that a reduction in the Campylobacter concentration on chicken carcasses may also be obtained by interventions aimed at reducing the concentration of Campylobacter in the intestines of the living birds.

  2. Broiler Pre-Slaughter Water Diet with Grass Lemongrass (Cymbopogon Citratus Stapf

    Directory of Open Access Journals (Sweden)

    RG Garcia

    Full Text Available ABSTRACT The pre-slaughter management is one of the predisposing factors to the reduction in the quality of the carcass and broiler meat, mainly for being a stressful condition. This study evaluates the inclusion of lemongrass (Cymbopogon citratus Stapf in the water used in the diet of pre-slaughter broilers for the first time. The carcass and meat quality parameters were evaluated. The experiment was carried out in the poultry production of an experimental sector of the Federal University of Grande Dourados - UFGD. A total of 2,594 broilers were distributed in an entirely randomized design in a factorial arrangement of 3x2x2, with three different lemongrass concentrations in the form of infusion (0. 1 and 5 g/L, two sexes and two genetic strains (Ross 308® and Cobb 500®, and with four replications. After 42 days, 144 broilers were slaughtered, and the quality parameters of carcass and meat were evaluated. A higher incidence of scratches and higher water retention capacity were found in Ross 308® male (p<0.05. Less exudate of breast fillets loss was observed in broiler Ross 308® males 72 h post-mortem (p<0.05. There was an interaction between sex and lemongrass levels in the drinking water of the broilers in the sensory analysis of meat (p<0.05, more preferably of chewiness and juiciness for males undergoing free diet for juiciness and lemongrass in the female diet with 5g/L. The use of lemongrass infusions in pre-slaughter did not bring considerable benefits to the quality of carcass and meat of broiler.

  3. Risk Factors for Whole Carcass Condemnations in the Swiss Slaughter Cattle Population

    Science.gov (United States)

    Vial, Flavie; Schärrer, Sara; Reist, Martin

    2015-01-01

    We used meat-inspection data collected over a period of three years in Switzerland to evaluate slaughterhouse-level, farm-level and animal-level factors that may be associated with whole carcass condemnation (WCC) in cattle after slaughter. The objective of this study was to identify WCC risk factors so they can be communicated to, and managed by, the slaughter industry and veterinary services. During meat inspection, there were three main important predictors of the risk of WCC; the slaughtered animal's sex, age, and the size of the slaughterhouse it was processed in. WCC for injuries and significant weight loss (visible welfare indicators) were almost exclusive to smaller slaughterhouses. Cattle exhibiting clinical syndromes that were not externally visible (e.g. pneumonia lesions) and that are associated with fattening of cattle, end up in larger slaughterhouses. For this reason, it is important for animal health surveillance to collect data from both types of slaughterhouses. Other important risk factors for WCC were on-farm mortality rate and the number of cattle on the farm of origin. This study highlights the fact that the many risk factors for WCC are as complex as the production system itself, with risk factors interacting with one another in ways which are sometimes difficult to interpret biologically. Risk-based surveillance aimed at farms with reoccurring health problems (e.g. a history of above average condemnation rates) may be more appropriate than the selection, of higher-risk animals arriving at slaughter. In Switzerland, the introduction of a benchmarking system that would provide feedback to the farmer with information on condemnation reasons, and his/her performance compared to the national/regional average could be a first step towards improving herd-management and financial returns for producers. PMID:25901751

  4. Bacteriological, cytological and histopathological evaluation of the reproductive tract of slaughtered cows

    OpenAIRE

    Casarin, Julia B.S.; Martini, Ana P.; Trentin, Janislene M.; Fiorenza, Mariani F.; Pessoa, Gilson A.; Barros, Severo S.; Rubin, Mara I.B.

    2018-01-01

    ABSTRACT: Reproductive diseases, mainly endometritis, are important hurdles in cattle raising, In the current study we evaluated gross, bacteriological, cytological, and histological findings from selected sites of the genital from 23 slaughtered cows and tested whether there is an association between these findings and the probability of reaching a reliable diagnosis. The results from the examinations of macroscopic aspects of uterine secretions, the cytological, bacteriological, and histopa...

  5. Bacterial and parasitic zoonoses encountered at slaughter in Maiduguri abattoir, Northeastern Nigeria

    Directory of Open Access Journals (Sweden)

    Ali Emmanuel Garba

    Full Text Available An abattoir survey to determine the prevalence of zoonotic diseases encountered at postmortem examination of organs and carcasses was conducted in Maiduguri municipality, Nigeria, between 2000 and 2009. A total of 1,378,066 animals were examined and slaughtered from which 403,560 were cattle, 381,601 goats, 373,567 sheep and 219,308 camels. Out of these numbers, a total of 14,944 bacterial and parasitic zoonotic diseases were diagnosed which included tuberculosis (67.6%, dermatophilosis (15.8%, mange (16.7%, fascioliasis (1.5% and hydatidosis (4.3%. Occurrence of the diseases based on sex, species of animals and season of the year did not show any significant difference (P>0.05. It was not possible to get the exact records on breed and age for each slaughtered animal due to poor recording systems at the abattoir. With regards to the type of animals brought for slaughter, almost all animals come from the traditional sector and it was difficult to precisely trace back the geographical origins of all animals slaughtered due to lack of reliable animal identification method and so relating the finding of the study to a particular locality becomes difficult. Species-specific prevalence of tuberculosis was 1.6%, 0.4%, 0.3%, 0.3% for cattle, sheep, goats and camels respectively with a 0.7% crude prevalence. Analysis of the tuberculosis cases showed a high rate of occurrence in cattle (P<0.05 and the most affected organs were the lungs (55.1% and associated lymph nodes (27.7% (P<0.05. It was concluded that zoonotic diseases such as tuberculosis, dermatophilosis and mange are endemic in the study area. Abattoir records are invaluable in epidemiological surveillance and other aspects of disease control and prevention strategies. [Vet. World 2011; 4(10.000: 437-443

  6. The effect of sex, slaughter weight and weight gains in PEN-AR-LAN ...

    African Journals Online (AJOL)

    The aim of the study was to determine the effect of sex, body weight and growth rates on basic fattening and slaughter indexes in PEN-AR-LAN fatteners. The research was conducted on 274 PEN-ARLAN hybrid fatteners coming from sows of the Naïma maternal line and was sired by boars of the P-76 meat line. Recorded ...

  7. Risk factors for whole carcass condemnations in the Swiss slaughter cattle population.

    Directory of Open Access Journals (Sweden)

    Flavie Vial

    Full Text Available We used meat-inspection data collected over a period of three years in Switzerland to evaluate slaughterhouse-level, farm-level and animal-level factors that may be associated with whole carcass condemnation (WCC in cattle after slaughter. The objective of this study was to identify WCC risk factors so they can be communicated to, and managed by, the slaughter industry and veterinary services. During meat inspection, there were three main important predictors of the risk of WCC; the slaughtered animal's sex, age, and the size of the slaughterhouse it was processed in. WCC for injuries and significant weight loss (visible welfare indicators were almost exclusive to smaller slaughterhouses. Cattle exhibiting clinical syndromes that were not externally visible (e.g. pneumonia lesions and that are associated with fattening of cattle, end up in larger slaughterhouses. For this reason, it is important for animal health surveillance to collect data from both types of slaughterhouses. Other important risk factors for WCC were on-farm mortality rate and the number of cattle on the farm of origin. This study highlights the fact that the many risk factors for WCC are as complex as the production system itself, with risk factors interacting with one another in ways which are sometimes difficult to interpret biologically. Risk-based surveillance aimed at farms with reoccurring health problems (e.g. a history of above average condemnation rates may be more appropriate than the selection, of higher-risk animals arriving at slaughter. In Switzerland, the introduction of a benchmarking system that would provide feedback to the farmer with information on condemnation reasons, and his/her performance compared to the national/regional average could be a first step towards improving herd-management and financial returns for producers.

  8. Using renewables to hedge against future electricity industry uncertainties—An Australian case study

    International Nuclear Information System (INIS)

    Vithayasrichareon, Peerapat; Riesz, Jenny; MacGill, Iain F.

    2015-01-01

    A generation portfolio modelling was employed to assess the expected costs, cost risk and emissions of different generation portfolios in the Australian National Electricity Market (NEM) under highly uncertain gas prices, carbon pricing policy and electricity demand. Outcomes were modelled for 396 possible generation portfolios, each with 10,000 simulations of possible fuel and carbon prices and electricity demands. In 2030, the lowest expected cost generation portfolio includes 60% renewable energy. Increasing the renewable proportion to 75% slightly increased expected cost (by $0.2/MWh), but significantly decreased the standard deviation of cost (representing the cost risk). Increasing the renewable proportion from the present 15% to 75% by 2030 is found to decrease expected wholesale electricity costs by $17/MWh. Fossil-fuel intensive portfolios have substantial cost risk associated with high uncertainty in future gas and carbon prices. Renewables can effectively mitigate cost risk associated with gas and carbon price uncertainty. This is found to be robust to a wide range of carbon pricing assumptions. This modelling suggests that policy mechanisms to promote an increase in renewable generation towards a level of 75% by 2030 would minimise costs to consumers, and mitigate the risk of extreme electricity prices due to uncertain gas and carbon prices. - Highlights: • A generation portfolio with 75% renewables in 2030 is the most optimal in terms of cost, cost risk and emissions. • Investment in CCGT is undesirable compared to renewables given the cost risk due to gas and carbon price uncertainties. • Renewables can hedge against extreme electricity prices caused by high and uncertain carbon and gas prices. • Existing coal-fired plants still play a key role by moving into a peaking role to complement variable renewables. • Policy mechanisms to promote renewable generation are important

  9. Turkish Accounting Standards, IAS - 39 "Financial Instruments: Recognition and Measurement" Under the Cash Flow Hedge Derivative Products Use: The Case of Forward

    Directory of Open Access Journals (Sweden)

    Emine ÇINA BAL

    2013-06-01

    Full Text Available Businesses face interest rate, exchange rate, liquidity, use derivative financial instruments to hedge against such risks. Forward transactions with derivative financial instruments, the non-organized markets, interest rates pre-determined future date, foreign currency contracts that contain delivery of goods as well as financial assets. Cash flow hedge that forms the subject of this study, a recognized asset or liability or a highly probable forecast transaction and the net profit or loss attributable to a particular risk of affecting the nature of a cash flow hedge to hedge changes in the process. Study the case of the application of foreign money has a tangible fixed asset purchases. Related to the purchase of tangible fixed assets at future foreign mercenaries were forward contracts to hedge the cash flow risk. Forward contracts, principal accounts on the balance sheet in accordance with IAS 39 Standard, derivative financial instruments are shown as fixed assets. The fair value of the contract during the contract period at the end of the period to show the valuation differences arising from the valuation of equity shown in the balance sheet. Net valuation differences arising from the contract are accounted for by two separate options. The first option, the net costs associated with the asset valuation difference. The second option is deducted from the amount of depreciation for the asset at the end of the period.

  10. EVALUATION OF A “DRY” SYSTEM FOR THE SLAUGHTER OF POULTRY: MICROBIAL PROFILE OF CARCASSES - PRELIMINARY RESULTS

    OpenAIRE

    G. Soncini; S. Milesi; L. Valnegri; L. Vercellotti; M. Franzoni

    2008-01-01

    The “dry” system for the slaughter of poultry provides mechanical defeathering followed by waxing, without scalding. The microbical contamination of n. 60 poultry carcasses was evaluated in different phases of a “dry” slaughter process. Samples from the neck region after stun and from breast after defeathering and waxing were carried out by non-destructive methods, by swabbing (n. 30 carcasses) and by sponging (n. 30 carcasses). The collected samples were examined for ...

  11. Advantages of recovery from pre-slaughter stress in tambaqui Colossoma macropomum (Cuvier 1816) agroindustry in the Amazon

    OpenAIRE

    MENDES,Joana Maia; DAIRIKI,Jony Koji; INOUE,Luis Antonio Kioshi Aoki; JESUS,Rogério Souza de

    2017-01-01

    Abstract Tambaqui is the main fish species farmed in the Amazon. It is produced on industrial scale, slaughtered in the field, primarily by post-harvest asphyxia. This procedure, however, is stressful because it depletes energy reserves that should be used in postmortem metabolism, which may compromise fish meat freshness and quality. The present study compared the quality of tambaquis slaughtered by asphyxia, the conventional industrial method, and hypothermia. Tambaquis weighing around 1.6 ...

  12. Selection for stress responsiveness and slaughter stress affect flesh quality in pan-size rainbow trout, Oncorhynchus mykiss

    OpenAIRE

    Lefevre, Florence; Cos, Isabelle; Pottinger, Tom G.; Bugeon, Jérôme

    2016-01-01

    The control of slaughter stress is of importance with regard to both fish welfare and flesh quality. Muscle characteristics and instrumentally measured quality parameters were determined in rainbow trout lines selected for high-responsiveness (HR) or low-responsiveness (LR) of plasma cortisol to an acute confinement stressor. Measurements were made in both unstressed and stressed fish (a 15 min period of confinement before slaughter) from both lines. Compared to LR fish, HR fish were smaller,...

  13. Investigation Into the Humaneness of Slaughter Methods for Guinea Pigs (Cavia porcelus) in the Andean Region.

    Science.gov (United States)

    Limon, Georgina; Gonzales-Gustavson, Eloy A; Gibson, Troy J

    2016-01-01

    Guinea pigs (Cavia porcelus) are an important source of nonhuman animal protein in the Andean region of South America. Specific guidelines regarding the welfare of guinea pigs before and during slaughter have yet to be developed. This study critically assessed the humaneness of 4 different stunning/slaughter methods for guinea pigs: cervical neck dislocation (n = 60), electrical head-only stunning (n = 83), carbon dioxide (CO2) stunning (n = 21), and penetrating captive bolt (n = 10). Following cervical neck dislocation, 97% of guinea pigs had at least 1 behavioral or cranial/spinal response. Six percent of guinea pigs were classified as mis-stunned after electrical stunning, and 1% were classified as mis-stunned after captive bolt. Increased respiratory effort was observed during CO2 stunning. Apart from this finding, there were no other obvious behavioral responses that could be associated with suffering. Of the methods assessed, captive bolt was deemed the most humane, effective, and practical method of stunning guinea pigs. Cervical neck dislocation should not be recommended as a slaughter method for guinea pigs.

  14. Effect of slaughter methods on the quality of Chilean jack mackerel (Trachurus murphyi) during refrigerated storage.

    Science.gov (United States)

    Lyu, Fei; Huang, Rui-Ji; Liu, Lin; Zhou, Xuxia; Ding, Yu-Ting

    2015-03-01

    The main objective of this study was to assess the influence of slaughter methods on the quality of Chilean jack mackerel (Trachurus murphyi) during refrigerated storage on board. Fishes were slaughtered by asphyxia in air (AA), asphyxia in ice water (AI) or stunning fish heads (SH), and the rigor mortis, pH, total volatile basic nitrogen (TVB-N), trimethylamine (TMA), 2-thiobarbituric acid reactive substances (TBARS) and sensory properties for the fishes were analyzed. On day 0, Chilean jack mackerel samples of AI group displayed higher pH values than those of AA and SH groups. TVB-N, TMA and TBARS values of all samples increased with the storage time, and these values of AI had a lower increase than AA and SH. Moreover, samples of AI had a better sensory score than AA and SH during storage. It can be concluded that slaughter method of asphyxia in ice water for Chilean jack mackerel exhibit the better efficiency on maintaining the fish quality during refrigerated storage on board.

  15. WELFARE OF BROILERS INGESTING A PRE-SLAUGHTER HYDRIC DIET OF LEMON GRASS

    Directory of Open Access Journals (Sweden)

    AFB Royer

    2015-09-01

    Full Text Available ABSTRACTThe pre-slaughter period is considered critical in broiler production. Several factors contribute to increase the birds' stress, such as handling, harvesting, and transportation, negatively affecting their welfare. This study aimed at evaluating the addition of lemon grass (Cymbopogon citratusStapf to the drinking water of broilers during the pre-slaughter period on their behavior, blood cortisol, and surface temperature. The study was carried out at the experimental farm of the Federal University of Grande Dourados (UFGD, Dourados, MS, Brazil. In total, 2594 broilers were distributed according to a completely randomized experimental design, in a 3x2x2 factorial arrangement, with four replicates per treatment. Treatments consisted of three different lemon grass levels (Cymbopogon citratus Stapf used in the form of an infusion (0, 0.1, and 5 g per L of water, sex (male or female, and genetic strain (Ross(r 308 or Cobb(r 500. The infusion was offered when birds were 42 days old. On that day, blood was collected for blood cortisol level determination, broiler surface temperature was recorded, and an ethogram was applied to register broiler behavior. Blood cortisol level and broiler surface temperature were not affected by treatments (p>0.05. The behavior of beak opening was different between the genetic strains (p<0.05, being more frequent in Ross(r 308 broilers. Lemon grass water content did not affect broilers' surface temperature when consumed during the pre-slaughter period.

  16. Production, performance, slaughter characteristics, and meat quality of Ziwuling wild crossbred pigs.

    Science.gov (United States)

    Chen, Guoshun; Sui, Yanan

    2018-02-01

    Wild boars, because of their large size and ability to survive adverse conditions, are usually used to cross with domestic breeds to improve the quality of domesticated pigs. This study aimed to investigate the growth performance, slaughter performance, and meat quality of Ziwuling crossbred pigs. Crossbred pigs in four groups (n = 8 per group, 4 boars and 4 sows, all aged 100 days), F 1 [wild × B (Bamei)], F 1  × B, F 1  × Y (Yorkshire), and F 1  × F 1 , were selected at a commercial pig farm. Growth performance, slaughter performance, and meat quality of these crossbred pigs were determined. Characteristics of fatty acids, amino acids, and longissimus muscle fiber in relation to growth, carcass, and meat quality traits were also investigated. Pigs in F 1 and F 1  × F 1 groups had lower average daily weight gain, water and storage loss rates, larger meat color score, higher muscle amino acid levels, larger muscle fiber diameter, and higher ratio of flavor amino acids to unsaturated fatty acids compared to other groups. Crossbred pigs with higher rate of wild boar's consanguinity could improve production performance, slaughter performance, and meat quality. Thus, crossbreeding wild pig with domestic breeds might be an effective method to improve meat quality and flavor.

  17. Occurrences of Indigestible Foreign Bodies in Cattle Slaughtered at Morogoro Municipal Slaughterhouse, Tanzania

    Directory of Open Access Journals (Sweden)

    S. F. Bwatota

    2018-01-01

    Full Text Available A cross-sectional study was conducted to determine the occurrence of indigestible foreign bodies (IFB in cattle slaughtered at Morogoro Municipal Slaughterhouse, Tanzania. A total of 387 slaughter cattle were examined for presence of IFB. Out of 387 examined cattle, 93 (24.03% had IFB in their forestomachs. The observed IFB were plastic bags, fruit seeds, clothing materials, ropes, hairballs, leather materials, stones, metallic nails, and wire. Plastic bags were the most frequently (50.5% observed IFB followed by fruit seeds (18.3%. A significantly (p<0.05 high proportion of old animals (31.7% had IFB compared to the young animals (21.2%. Similarly, the frequency of occurrence of IFB was significantly high (p<0.05 in crossbred dairy cattle (42.3% compared to local breeds (22.7%. Cattle that appeared with poor body condition (37.8% were found to be more affected (p<0.05 by IFB than those with good body condition (15.9%. In 91.4% of animals which had IFB, all the materials were located in the rumen. This study showed that presence of IFB is a common problem in cattle slaughtered at Morogoro Municipal Slaughterhouse and may significantly cause poor production and mortality in affected animals. Therefore, appropriate solid waste disposal should be implemented.

  18. Occurrences of Indigestible Foreign Bodies in Cattle Slaughtered at Morogoro Municipal Slaughterhouse, Tanzania.

    Science.gov (United States)

    Bwatota, S F; Makungu, M; Nonga, H E

    2018-01-01

    A cross-sectional study was conducted to determine the occurrence of indigestible foreign bodies (IFB) in cattle slaughtered at Morogoro Municipal Slaughterhouse, Tanzania. A total of 387 slaughter cattle were examined for presence of IFB. Out of 387 examined cattle, 93 (24.03%) had IFB in their forestomachs. The observed IFB were plastic bags, fruit seeds, clothing materials, ropes, hairballs, leather materials, stones, metallic nails, and wire. Plastic bags were the most frequently (50.5%) observed IFB followed by fruit seeds (18.3%). A significantly ( p < 0.05) high proportion of old animals (31.7%) had IFB compared to the young animals (21.2%). Similarly, the frequency of occurrence of IFB was significantly high ( p < 0.05) in crossbred dairy cattle (42.3%) compared to local breeds (22.7%). Cattle that appeared with poor body condition (37.8%) were found to be more affected ( p < 0.05) by IFB than those with good body condition (15.9%). In 91.4% of animals which had IFB, all the materials were located in the rumen. This study showed that presence of IFB is a common problem in cattle slaughtered at Morogoro Municipal Slaughterhouse and may significantly cause poor production and mortality in affected animals. Therefore, appropriate solid waste disposal should be implemented.

  19. The effect of changing the pre-slaughter handling on bovine cattle DFD meat

    Directory of Open Access Journals (Sweden)

    Cristina Pérez-Linares

    2015-09-01

    Full Text Available Objective. To evaluate the effect that a series of changes in the handling techniques used throughout the pre and post slaughter periods and during the handling of cooled carcass have on the presence of DFD (Dark, firm and dry meat. Materials and methods. Odds ratios (OR and confidence intervals were estimated applying logistic regression models. Data from 18 visits to the slaughterhouse regarding: animal handling on arrival, slaughter period, and carcass storage was obtained through the use of a questionnaire. A total of 572 carcasses were analyzed to determine DFD meat using pH and color (L*, a*, b* and C* measurements done on the Longissimus dorsi muscle. Results. Even after of the changes were made, the lairage period to slaughter continued to be a factor (p<0.05 associated to the presence of DFD meat (OR=1.13. Of the complementary variables, the amount of time that cattle spent on the resting pens was associated (p<0.05 to the presence of DFD meat (OR=1.003. Conclusions. Regardless of the changes made in the ante mortem handling, a high frequency of DFD was found (39%, suggesting a permanent audit program to detect other critical points in the supply chain.

  20. Influence of gas stunning and halal slaughter (no stunning) on rabbits welfare indicators and meat quality.

    Science.gov (United States)

    Nakyinsige, K; Sazili, A Q; Zulkifli, I; Goh, Y M; Abu Bakar, F; Sabow, A B

    2014-12-01

    This study assessed the effect of gas stunning which has not been conducted until now in comparison with slaughter without stunning on the welfare and meat quality of rabbits. Eighty male New Zealand White rabbits were divided into two groups of 40 animals and subjected to either halal slaughter without stunning (HS) or gas stunning using 61.4% CO2, 20.3% oxygen and 18.3 % nitrogen (GS). Analysis of the sticking blood revealed that both slaughter procedures caused a substantial increase in the levels of catecholamines, hypercalcemia, hyperglycemia, lactic acidemia and an increase in enzyme activities. The ultimate pH of the Longissimus lumborum muscle did not differ between treatments. GS exhibited higher lightness and cooking loss, and lower glycogen and MFI than HS. This indicates that both GS and HS can be significant stressors although the amount of stress may be below the threshold to negatively affect rabbit meat quality. Copyright © 2014 Elsevier Ltd. All rights reserved.

  1. The interactive effects of transportation and lairage time on welfare indicators, carcass and meat quality traits in slaughter pigs

    Science.gov (United States)

    Čobanović, N.; Vasilev, D.; Dimitrijević, M.; Teodorović, V.; Parunović, N.; Betić, N.; Karabasil, N.

    2017-09-01

    This study assessed the effects of transportation and lairage time and their interaction on welfare, carcass and meat quality traits in slaughter pigs under commercial conditions. The study was conducted on 120 pigs with a live weight of approximately 115 kg and about six months old. A complete blood picture was measured in pigs to assess pre-slaughter stress. Also, nine different carcass quality parameters including live weight, hot and cold carcass weights, cooling loss, dressing percentage, backfat thickness, meatiness and skin lesions score were measured. The pH and temperature measurements were performed 45 minutes post-mortem. The results showed that short transportation time and slaughtering without lairaging and long transportation time and overnight lairaging negatively influenced the hematological parameters, which meant that the animal welfare was seriously compromised under these pre-slaughter conditions. Long transportation time and overnight lairaging reduced live and carcass weights and increased the incidence of skin lesions on the carcass and DFD pork. In addition, short transportation time and slaughtering without lairaging caused a significant deterioration in pork quality. It can be concluded that, from the standpoint of animal welfare, carcass and meat quality, the above-mentioned pre-slaughter conditions are not recommended to the farmers and/or pork producers.

  2. Hedge Accounting in the Brazilian Stock Market: Effects on the Quality of Accounting Information, Disclosure, and Information Asymmetry

    Directory of Open Access Journals (Sweden)

    Silas Adolfo Potin

    2016-08-01

    Full Text Available ABSTRACT This paper investigates, in the Brazilian stock market, the effect of hedge accounting on the quality of financial information, on the disclosure of derivative financial instruments, and on the information asymmetry. To measure the quality of accounting information, relevance metrics of accounting information and book earnings informativeness were used. For executing this research, a general sample was obtained through Brazilian companies, non-financial, listed on the Brazilian Securities, Commodities, and Futures Exchange (BM&FBOVESPA, comprising the 150 companies with highest market value on 01/01/2014. Through the general sample, samples were compiled for applying the econometric models of value relevance, informativeness, disclosure, and information asymmetry. The sample for relevance had 758 companies-years observations within the period from 2008 to 2013; the sample for informativeness had 701 companies-years observations with the period from 2008 to 2013; the sample for disclosure had 100 companies-years observations, within the period from 2011 to 2012; the sample for information asymmetry had 100 companies-years observations, also related to the period from 2011 to 2012. In addition to the econometric models, the propensity score matching method was applied to the analyses of the hedge accounting effect on disclosure and information asymmetry. The evidence found for the influence of hedge accounting indicates a relation: (i positive and significant concerning accounting information relevance and disclosure of derivatives; (ii negative and significant for book earnings informativeness. Regarding information asymmetry, although the coefficients showed up as expected, they were not statistically significant.

  3. A snapshot of soil water composition as an indicator of contrasted redox environments in a hedged farmland plot.

    Science.gov (United States)

    Albéric, Patrick; Vennink, Aurélie; Cornu, Sophie; Bourennane, Hocine; Bruand, Ary

    2009-10-15

    While soil water composition has long been recognised as being related to soil type (characteristics of the horizons), the influence of structures resulting from agricultural activities (hedges, ditches, wheel ruts, etc) is still under discussion. This work was undertaken to show that a snapshot of spatial variability of the geochemical characteristics of soil water at the scale of a plot can improve our understanding of soil geochemistry in a farmland setting. We selected a 3 hectare hedged plot located on a hillside, limited by a stream and used as pasture where soils have developed in weathered gneiss. The water depth, electrical conductivity, major ions, temperature, pH, dissolved organic carbon (DOC) content, dissolved oxygen content, fluorescence, alkalinity, Fe(2+), Mn(2+), NO(2)(-), Fe(III) and F(-) contents were measured in 62 auger holes randomly drilled on the site. Four sectors were identified in order to describe the distribution of the main geochemical parameters. Electrical conductivity and some major ions, especially sulphate, had larger concentrations near hedges where oxic conditions prevailed. These features were attributed to the impact of the linear anthropogenic network on the circulation of subsurface soil waters and evapo-transpiration and represent sector I. Dissolved Mn was an indicator of well channelled runoff subsurfaces facilitating the circulation of more highly reducing water (sector III), while DOC probably marked areas drained less well, with a prolonged contact time between soil solutions and organic topsoil horizons (sector II). The presence of dissolved Mn and Fe(II) indicates bottomland anoxic conditions (sector IV). It is concluded that a survey of the chemical composition of soil water may be a direct approach to show the influence of permanent structures on current soil properties and dynamics.

  4. Hedge, redução de volatilidade dos lucros e o efeito sobre o imposto de renda das companhias abertas brasileiras

    Directory of Open Access Journals (Sweden)

    Valdir de Jesus Lameira

    2005-08-01

    Full Text Available Neste artigo, procurou-se identificar se as companhias abertas brasileiras teriam conseguido benefícios fiscais ao fazer hedge, fato esse derivado de uma expectativa de queda da sua carga tributária (Imposto de Renda a pagar. Com esse objetivo, inicialmente pesquisou-se em que situações have-ria possibilidade de geração desse benefício. Após essa revisão, foram estudadas situações em que a companhia tivesse grande volatilidade de seus resultados e os efeitos que o hedge traria no valor do I.R. a ser pago. Assim, pôde-se mensurar o efeito do resultado do hedge na carga tributária dessas companhias nesse período, simulando uma situação teórica para melhor evidenciarem-se os efeitos resultantes dessa prática. Posteriormente, utilizouse uma regressão linear múltipla para relacionar o valor do imposto de renda pago por companhias abertas brasileiras no ano de 2003 com os valores de hedge em 2002 e 2003 e os prejuízos acumulados em 2002. Os resultados são fundamentados em vasta bibliografia referente ao assunto.In this article we try to identify if Brazilian public companies hedge in response to tax incentives. With this goal, we first identify in which conditions the hedge causes reductions in tax obligations. Next, we study theoretical situations in which the companies' financial results change from great losses to great profits and we observe the impact in the companies' tax liabilities. Finally, we observe the results of a regression that tries to explain the tax obligations in 2003 in function of the hedge values in 2002, 2003 and the net operational losses in 2002. We conclude that it is possible to hedge in response to tax benefits in some special situations. Our results and conclusions are supported by other studies.

  5. "Near-term" Natural Catastrophe Risk Management and Risk Hedging in a Changing Climate

    Science.gov (United States)

    Michel, Gero; Tiampo, Kristy

    2014-05-01

    in risk-taking rather than the "downside" and the general notion that catastrophes will get worse. The focus will be on the industry's ability to hedge and optimize risk more efficiently in a changing environment.

  6. Designing and assessing weather-based financial hedging contracts to mitigate water conflicts at the river basin scale. A case study in the Italian Alps

    Science.gov (United States)

    Bellagamba, Laura; Denaro, Simona; Kern, Jordan; Giuliani, Matteo; Castelletti, Andrea; Characklis, Gregory

    2016-04-01

    Growing water demands and more frequent and severe droughts are increasingly challenging water management in many regions worldwide, exacerbating water disputes and reducing the space for negotiated agreements at the catchment scale. In the lack of a centralized controller, the design and deployment of coordination and/or regulatory mechanisms is a way to improve system-wide efficiency while preserving the distributed nature of the decision making setting, and facilitating cooperation among institutionally independent decision-makers. Recent years have witnessed an increased interest in index-based insurance contracts as mechanisms for sharing hydro-meteorological risk in complex and heterogeneous decision making context (e.g. multiple stakeholders and institutionally independent decision makers). In this study, we explore the potential for index-based insurance contracts to mitigate the conflict in a water system characterized by (political) power asymmetry between hydropower companies upstream and farmers downstream. The Lake Como basin in the Italian Alps is considered as a case study. We generated alternative regulatory mechanisms in the form of minimum release constraints to the hydropower facilities, and designed an insurance contract for hedging against hydropower relative revenue losses. The fundamental step in designing this type of insurance contracts is the identification of a suitable index, which triggers the payouts as well as the payout function, defined by strike level and slope (e.g., euros/index unit). A portfolio of index-based contracts was designed for the case study and evaluated in terms of revenue floor, basis risk and revenue fluctuation around the mean, both with and without insurance. Over the long term, the insurance proved to be capable to keep the minimum revenue above a specified level while providing a greater certainty on the revenue trend. This result shows the possibility to augment farmer's supply with little loss for hydropower

  7. Meat quality characteristics of Turkish indigenous Hair goat kids reared under traditional extensive production system: effects of slaughter age and gender.

    Science.gov (United States)

    Toplu, Hayriye Deger Oral; Goksoy, Ergun Omer; Nazligul, Ahmet; Kahraman, Tolga

    2013-08-01

    Meat quality characteristics of Turkish indigenous Hair goat kids reared under an extensive production system were investigated in this study. A total of 60 Hair goat kids (30 females and 30 males) were slaughtered at 3, 6, 9, and 12 months of ages. Slaughter age significantly affected meat quality characteristics. Cooking loss (P Meat color became darker red with increasing slaughter age (P meat from male kids contained a higher percentage of polyunsaturated fatty acid than that from females (P meat from Hair kids slaughtered between 3 and 9 months of ages had better quality than those slaughtered at the other ages and also meat from male kids had better quality than those female kids slaughtered at the same age under extensive production system.

  8. Bet-hedging as a complex interaction among developmental instability, environmental heterogeneity, dispersal, and life-history strategy.

    Science.gov (United States)

    Scheiner, Samuel M

    2014-02-01

    One potential evolutionary response to environmental heterogeneity is the production of randomly variable offspring through developmental instability, a type of bet-hedging. I used an individual-based, genetically explicit model to examine the evolution of developmental instability. The model considered both temporal and spatial heterogeneity alone and in combination, the effect of migration pattern (stepping stone vs. island), and life-history strategy. I confirmed that temporal heterogeneity alone requires a threshold amount of variation to select for a substantial amount of developmental instability. For spatial heterogeneity only, the response to selection on developmental instability depended on the life-history strategy and the form and pattern of dispersal with the greatest response for island migration when selection occurred before dispersal. Both spatial and temporal variation alone select for similar amounts of instability, but in combination resulted in substantially more instability than either alone. Local adaptation traded off against bet-hedging, but not in a simple linear fashion. I found higher-order interactions between life-history patterns, dispersal rates, dispersal patterns, and environmental heterogeneity that are not explainable by simple intuition. We need additional modeling efforts to understand these interactions and empirical tests that explicitly account for all of these factors.

  9. Evaluation of White Striping prevalence and predisposing factors in broilers at slaughter.

    Science.gov (United States)

    Russo, Elisa; Drigo, Michele; Longoni, Corrado; Pezzotti, Raffaele; Fasoli, Paolo; Recordati, Camilla

    2015-08-01

    White striping ( WS: ) is an alteration of breast and thigh muscles of broiler chickens characterized by the presence of white striations parallel to the direction of muscle fibers. This study was performed to evaluate the prevalence and the predisposing factors to WS in commercial broilers of different weight reared in northern Italy. Fifty seven broiler flocks, including animals of medium- and heavy-weight, were grossly evaluated at slaughter for the presence of WS. For each flock, breeding data (mean BW at slaughter, ADG, sex, color of skin and fat, genetic line, age, antibiotic treatment, and prevalence of deep pectoral myopathy) were collected and statistically analyzed to assess their correlation with WS. Histology of breast fillets affected by different grades of WS was performed to evaluate potential differences between medium- and heavy-weight broilers. The overall prevalence of WS in medium- and heavy-weight broilers (mean BW 2.59 ± 0.13 kg and 3.64 ± 0.34 kg, respectively) was 70.2 ± 7.9% and 82.51 ± 8.5%, respectively, while the percentage of severe WS was 13.3 ± 7.1% and 25.7 ± 12.8%, respectively. A strong correlation was found between presence of WS, BW at slaughter, and ADG (Pearson correlation = 0.69, P myopathy (Spearman's Rho slaughterhouse 1 = 0.74, Spearman's Rho slaughterhouse 2 = 0.51, P myopathy, and that the lesions, as expected, were more severe in heavy-weight broilers. In conclusion, WS is a major concern in commercial meat poultry reared in Italy, affecting more severely heavier broilers, and it is mainly related to the BW and ADG of animals. © 2015 Poultry Science Association Inc.

  10. Seroprevalence of brucellosis among cattle slaughtered in three municipal abattoirs of Gombe state, Northeastern Nigeria

    Directory of Open Access Journals (Sweden)

    Saleh Mohammed Jajere

    2016-10-01

    Full Text Available Aim: A cross-sectional study was conducted to determine the seroprevalence of bovine brucellosis among cattle slaughtered at three municipal abattoirs of Gombe State, Nigeria. Materials and Methods: A total of 200 blood samples collected from slaughtered cattle of different breeds (Sokoto Gudali - 50, White Fulani - 102, Red bororo – 34, and Crossbreeds - 14, sex (males - 19 and females - 181, and from different locations (Billiri - 30, Yamaltu Deba – 50, and Gombe - 120 were screened for brucellosis using rose bengal plate test (RBPT, serum agglutination test (SAT, and microtiter agglutination test (MAT. Results: Of the 200 serum samples analyzed, 7 (3.5%, 10 (5.0% and 18 (9.0% were positive by RBPT, SAT and MAT, respectively. The results showed no statistically significant association between sex and seropositivity to bovine brucellosis. However, seropositivity of bovine brucellosis was higher in females than in males. Similarly, no statistically significant association was observed between breed and occurrence of bovine brucellosis. Moreover, the prevalence of brucellosis was higher in Sokoto Gudali as compared with the other breeds. Based on the study locations, higher seroprevalence was observed in animals screened from Billiri as compared with those from other locations (p<0.05. Conclusion: The presence of Brucella abortus antigen in the sera of slaughtered cattle in Gombe state poses a significant public health risk. Therefore, it is important to carry out further epidemiological studies on fulani herdsmen and cattle herds in the study area, in order to explore the risk factors associated with the occurrence and perpetuation of brucellosis among cattle herds, ascertain the prevalence and status of the disease among both farms and nomadic herds.

  11. Financial indicators to evaluate the economic performance of feedlot steers with different slaughter weights

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    Edom de Avila Fabricio

    Full Text Available ABSTRACT: The objective of this study was to evaluate various financial indicators, estimated deterministically (considering historical quotes twelve consecutive years - 2003 to 2014, on the economic feasibility of finishing steers commercialized with different weights, using the simulation technique. Performance data steers were simulated with average initial weight of 350kg, fed in feedlot and slaughtered with 410, 440, 470, 500, 530, 560 and 590kg. The feeding period varies from 46 to 185 days, respectively. Based in various economic indicators, the viability of the investment decreased linearly according to the increase in slaughter weight. The coefficient of simple linear regression and means from lowest to highest slaughter weight were, respectively: net present value (-0.538 and R$ 67.37, R$ 65.28, R$ 32.14, R$ -7.34, R$ 8.01, R$ -12.38, R$ -23.41; index benefit: cost (-0.0003 and R$ 1.042, R$ 1.039, R$ 1.014, R$ 1.006, R$ 1.003, R$ 0.995, R$ 0.991; additional return on investment (-0.009 and 1.38, 1.29, 0.35, 0.11, 0.05, -0.08, -0.13% per month; internal rate of return (-0.009 and 2.21, 2.10, 1.28, 0.80, 0.93, 0.78, 0.73% per month. Feedlot use as termination option to obtain the direct benefits of this technology is an alternative investment with low economic return.

  12. Hydatidosis of slaughtered animals in Ngorongoro district of Arusha region, Tanzania.

    Science.gov (United States)

    Ernest, E; Nonga, H E; Kassuku, A A; Kazwala, R R

    2009-10-01

    A study on the prevalence of hydatidosis in cattle, goats and sheep was carried out in Ngorongoro district of Arusha region, Tanzania. A 4-years data records from four slaughter slabs were retrieved and analysed. In addition, meat inspection was done in the same slaughter slabs for nine months and 64 households were interviewed to assess the community awareness on hydatidosis. Results showed the overall prevalence of hydatidosis to be 47.9%. Species prevalence of 48.7%, 34.7% and 63.8% in cattle, goats and sheep respectively was recorded. Of 174 cysts examined in cattle, 37 (21.3%) were fertile, 126 (72.4%) were sterile and 11 (6.3%) were calcified. Out of 215 goats and 67 sheep cysts examined, 52 (24.7%) and 26 (38.8%) were fertile, 138 (64.2%) and 38 (56.7%) were sterile, 24 (11.2%) and 3 (4.5%) were calcified respectively. The higher percentage of fertile hydatid cysts in sheep and goats coupled with the practice of backyard slaughter of sheep and goats suggests that, these animals could be important intermediate hosts for the maintenance of the domestic life cycle of E. granulosus in the locality. Questionnaire survey revealed that 17.2% of the respondents were aware of hydatidosis but non of them were knowledgeable on its transmission. Up to 84.4% of the respondents had domestic ruminants and donkeys, while 89.1% had dogs. Of the households with dogs, only 19.3% had their dogs dewormed at least once in life time. Most of the households (87.7%) had their dogs managed freely and 77.2% of the respondents reported school children to be the closest friends of dogs in the family. The prevalence of E. granulosus infection in wildlife and the possible relationship of the domestic cycle to the sylvatic cycle operating in the same area are unknown and need to be studied.

  13. Sero-epidemiological survey and risk factors associated with bovine brucellosis among slaughtered cattle in Nigeria

    Directory of Open Access Journals (Sweden)

    Victor O. Akinseye

    2016-05-01

    Full Text Available Bovine brucellosis is endemic in Nigeria; however, limited data exist on nationwide studies and risk factors associated with the disease. Using a cross-sectional sero-epidemiological survey, we determined the prevalence of and risk factors for brucellosis in slaughtered cattle in three geographical regions of Nigeria. Serum samples from randomly selected unvaccinated cattle slaughtered over a period of 3 years (between December 2010 and September 2013 from northern, southern and south-western Nigeria were tested for antibodies to Brucella abortus using the Rose Bengal test. Data associated with risk factors of brucellosis were analysed by Stata Version 12. In all, 8105 cattle were screened. An overall seroprevalence of 3.9% (315/8105 was recorded by the Rose Bengal test, with 3.8%, 3.4% and 4.0% from the northern, southern and south-western regions, respectively. Bivariate analysis showed that cattle screened in northern Nigeria were less likely to be seropositive for antibodies to Brucella spp. than those from south-western Nigeria (odds ratio = 0.94; 95% confidence interval: 0.73–1.22. However, logistic regression analysis revealed that breed ( p = 0.04 and sex ( p £ 0.0001 of cattle were statistically significant for seropositivity to Brucella spp. The study found that brucellosis was endemic at a low prevalence among slaughtered cattle in Nigeria, with sex and breed of cattle being significant risk factors. Considering the public health implications of brucellosis, we advocate coordinated surveillance for the disease among diverse cattle populations in Nigeria, as is carried out in most developed countries. Keywords: Bovine brucellosis, RBT, Epidemiology, Public Health, Nigeria

  14. Genetic parameters of Visual Image Analysis primal cut carcass traits of commercial prime beef slaughter animals.

    Science.gov (United States)

    Moore, K L; Mrode, R; Coffey, M P

    2017-10-01

    Visual Image analysis (VIA) of carcass traits provides the opportunity to estimate carcass primal cut yields on large numbers of slaughter animals. This allows carcases to be better differentiated and farmers to be paid based on the primal cut yields. It also creates more accurate genetic selection due to high volumes of data which enables breeders to breed cattle that better meet the abattoir specifications and market requirements. In order to implement genetic evaluations for VIA primal cut yields, genetic parameters must first be estimated and that was the aim of this study. Slaughter records from the UK prime slaughter population for VIA carcass traits was available from two processing plants. After edits, there were 17 765 VIA carcass records for six primal cut traits, carcass weight as well as the EUROP conformation and fat class grades. Heritability estimates after traits were adjusted for age ranged from 0.32 (0.03) for EUROP fat to 0.46 (0.03) for VIA Topside primal cut yield. Adjusting the VIA primal cut yields for carcass weight reduced the heritability estimates, with estimates of primal cut yields ranging from 0.23 (0.03) for Fillet to 0.29 (0.03) for Knuckle. Genetic correlations between VIA primal cut yields adjusted for carcass weight were very strong, ranging from 0.40 (0.06) between Fillet and Striploin to 0.92 (0.02) between Topside and Silverside. EUROP conformation was also positively correlated with the VIA primal cuts with genetic correlation estimates ranging from 0.59 to 0.84, whereas EUROP fat was estimated to have moderate negative correlations with primal cut yields, estimates ranged from -0.11 to -0.46. Based on these genetic parameter estimates, genetic evaluation of VIA primal cut yields can be undertaken to allow the UK beef industry to select carcases that better meet abattoir specification and market requirements.

  15. Water Footprint of pigs slaughtered in the northeast region of Rio Grande do Sul State, Brazil

    Directory of Open Access Journals (Sweden)

    Vania Elisabete Schneider

    2016-03-01

    Full Text Available This study estimated the water footprint of pigs slaughtered in the municipalities that participate in the Regional Council for the Development of Serra (Corede Serra, in Portuguese, located in the northeast region of Rio Grande do Sul State, in 2014. In order to determine the water footprint, we estimated the water consumed in the production of grains (corn and soybeans used for animal feed, the water used for livestock watering, the water used for cleaning creation areas and the water consumed by animals during the growing and finishing phases. The total water footprint of slaughtered pigs was 0.19825 km3, the largest component of which was water used for the cultivation of grains (99.6%. The municipality of Nova Prata had the largest water footprint of Corede Serra (0.02343 km3 year1, followed by the municipalities of Paraí (0.02187 km3 year-1 and Serafina Corrêa (0.01658 km3 year-1. The municipalities of São Marcos (0.000006 km3 year-1, Bento Gonçalves (0,00002 km3 year-1 and Boa Vista do Sul (0.0004 km3 year-1 had the lowest water footprints, due to low corn productivity associated with the low number of hogs slaughtered. From this assessment, it was found that the management of water resources associated with pig chain production should include water used in the production of feed grain as well as the water used directly in animal husbandry.

  16. Seropositive pigs to Toxoplasma gondii (Apicomplexa: Toxoplasmatinae sent to slaughter and destined for human consumption

    Directory of Open Access Journals (Sweden)

    Wanderley M. de Almeida

    2015-12-01

    Full Text Available ABSTRACT. de Almdeida W., Miranda Z.B., Flausino W., Coelho C.D., Fonseca A.B.M. & Lopes C.W.G. [Seropositive pigs to Toxoplasma gondii (Apicomplexa: Toxoplasmatinae sent to slaughter and destined for human consumption.] Suínos sororreagentes a Toxoplasma gondii (Apicomplexa: Toxoplasmatinae enviados para abate e destinados ao consumo humano. Revista Brasileira de Medicina Veterinária, 37(4:397-400, 2015. Curso de Pós-Graduação em Medicina Veterinária - Higiene Veterinária e Processamento Tecnológico de Produtos de Origem Animal, Faculdade de Veterinária, Universidade Federal Fluminense, Rua Vital Brasil Filho, 64, Vital Brazil, Niterói, RJ 24230-340, Brasil. E-mail: wanderleyma@yahoo.com.br This study aimed to determine the frequency of pigs seropositive to Toxoplasma gondii by indirect immunofluorescence assay with cutoff 1:16. Of blood samples collected at slaughter, 250 of them were from animals raised in the State of Minas Gerais; while 181 were from the State of Rio de Janeiro with a total of 431 examined samples. Of these, 19/250 (4.41% of MG and 39/181 (9.04% of RJ, determining a total of 13.45% seropositive animals. Regardless of slaughter be under the control of the inspection service, the precedence of the animals was highly significant (p = 0.0001 in the number of seropositive animals. Although the percentage of seropositive animals to T. gondii from both regions studied in this work, and from the point of view of a public health problem, pork and its frescal type products may continue to be considered as a source of infection of this coccidia for humans, if they are consumed as raw or undercooked.

  17. Neutrophils stimulation index in people under consumption of broiler chickens meat at pre-slaughter stress correction

    Directory of Open Access Journals (Sweden)

    S. Grabovskyi

    2015-09-01

    Full Text Available The data about changes in neutrophils stimulation index in men blood after consumption of broiler chicken meat with the natural origin immunomodulators, introduced in feed before slaughter, is presented in this paper. Spleen extract biologically active substances were used as immunomodulators and anti-stressors during pre-slaughter period. Biologically active substances influence on putrescin, spermine and spermidine content in broiler chicken blood before slaughter and on some non-specific resistance indices in people was determined after consumption of broiler chicken meat. Two groups of broiler chickens at one month age were formed for the study. The spleen extract obtained with ultrasound application (I research group served as biologically active substances was added to the feed of broiler chickens in pre-slaughter period (five days before slaughter. Blood polyamines such as putrescin, spermine and spermidine were determined by the method of High-performance liquid chromatography (HPLC on the liquid chromatograph Agilent 1200 (USA. The second experiment was conducted on 10 people. We recruited 10 healthy male medical students (20 years old, on average after the National Medical license examination. Spleen extract polyamines as immunomodulators and anti-stressors have the most effective influence on total quantity of polyamines in broiler chicken blood. As a result of research, it is found that aerosol introduction of spleen extract into broiler chicken feed reliably increases total quantity of polyamines by 39% and, in particular, spermidine concentration by 34%, and spermine by 40% compared with broiler chickens of the control group. Some non-specific body resistance indices in men blood upon consumption of broiler chicken meat varied within the physiological norm. The neutrophils stimulation index increased in men blood (+0,82 after consumption of meat of broiler chickens to which spleen extract as immunomodulator and anti-stressor was

  18. Influence of On-farm pig Salmonella status on Salmonella Shedding at Slaughter.

    Science.gov (United States)

    Casanova-Higes, A; Andrés-Barranco, S; Mainar-Jaime, R C

    2017-08-01

    The risk of Salmonella shedding among pigs at slaughter with regard to their previous on-farm Salmonella status was assessed in a group of pigs from a farm from NE of Spain. A total of 202 pigs that had been serologically monitored monthly during the fattening period and from which mesenteric lymph nodes (MLN) and faecal (SFEC) samples were collected at slaughter for Salmonella isolation were included. A repeated-measures anova was used to assess the relationship between mean OD% values during the fattening period and sampling time and bacteriology on MLN and SFEC. Pigs were also grouped into four groups, that is pigs seronegative during the fattening period and Salmonella negative in MLN (group A; n = 69); pigs seronegative during the fattening period but Salmonella positive in MLN (B; n = 36); pigs seropositive at least once and Salmonella positive in MLN (C; n = 50); and pigs seropositive at least once but Salmonella negative in (D; n = 47). Pigs shedding at slaughter seroconverted much earlier and showed much higher mean OD% values than non-shedders pigs. The proportion of Salmonella shedders in groups A and D was high and similar (26.1% and 29.8%, respectively), but significantly lower than that for groups B and C. The odds of shedding Salmonella for groups B and C were 4.8 (95% CI = 1.5-15.5) and 20.9 (3.7-118) times higher, respectively, when compared to A. It was concluded that a large proportion of Salmonella seronegative pigs may shed Salmonella at slaughter, which would be likely associated to previous exposure with contaminated environments (i.e. transport and lairage). For pigs already infected at farm, the likelihood of shedding Salmonella was much higher and may depend on whether the bacterium has colonized the MLN or not. The odds of shedding Salmonella spp. were always much higher for pigs in which Salmonella was isolated from MLN. © 2016 Blackwell Verlag GmbH.

  19. A study of heterogeneity of environmental variance for slaughter weight in pigs

    DEFF Research Database (Denmark)

    Ibánez-Escriche, N; Varona, L; Sorensen, D

    2008-01-01

    This work presents an analysis of heterogeneity of environmental variance for slaughter weight (175 days) in pigs. This heterogeneity is associated with systematic and additive genetic effects. The model also postulates the presence of additive genetic effects affecting the mean and environmental...... variance. The study reveals the presence of genetic variation at the level of the mean and the variance, but an absence of correlation, or a small negative correlation, between both types of additive genetic effects. In addition, we show that both, the additive genetic effects on the mean and those...... on environmental variance have an important influence upon the future economic performance of selected individuals...

  20. Livestock transport from the perspective of the pre-slaughter logistic chain: a review.

    Science.gov (United States)

    Miranda-de la Lama, G C; Villarroel, M; María, G A

    2014-09-01

    New developments in livestock transport within the pre-slaughter chain are discussed in terms of three logistic nodes: origin, stopovers and slaughterhouse. Factors as transport cost, haulier, truck specifications, micro-environment conditions, loading density, route planning, vehicle accidents and journey length are discussed as well as causes of morbidity, mortality, live weight and carcass damage. Taking into account current trends towards increased transport times, logistics stopovers and mixed transport, there is a need to develop systems of evaluation and decision-making that provide tools and protocols that can minimize the biological cost to animals, which may have been underestimated in the past. Copyright © 2014 Elsevier Ltd. All rights reserved.