WorldWideScience

Sample records for narrow grass hedge

  1. 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.

  2. 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

  3. 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...

  4. 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...

  5. 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.

  6. 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...

  7. 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...

  8. 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.

  9. 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...

  10. 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 ...

  11. 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...

  12. 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.

  13. 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.

  14. 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.

  15. 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,

  16. 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.

  17. 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

  18. 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...

  19. 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)

  20. 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.

  1. 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.

  2. 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.

  3. 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:.

  4. 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

  5. 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...

  6. 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...

  7. 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)

  8. 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

  9. 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...

  10. 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.

  11. 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)

  12. 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.

  13. 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.

  14. 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...

  15. 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 ...

  16. 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.

  17. 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.

  18. 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.

  19. 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

  20. 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.

  1. 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...

  2. 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

  3. 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.

  4. 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,...

  5. 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....

  6. 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

  7. 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....

  8. 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.

  9. 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)

  10. 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)

  11. 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...

  12. 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.

  13. 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.

  14. 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.

  15. 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...

  16. 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...

  17. 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

  18. 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

  19. 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

  20. 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 ...

  1. 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 ...

  2. 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

  3. 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

  4. 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.

  5. Grass genomes

    OpenAIRE

    Bennetzen, Jeffrey L.; SanMiguel, Phillip; Chen, Mingsheng; Tikhonov, Alexander; Francki, Michael; Avramova, Zoya

    1998-01-01

    For the most part, studies of grass genome structure have been limited to the generation of whole-genome genetic maps or the fine structure and sequence analysis of single genes or gene clusters. We have investigated large contiguous segments of the genomes of maize, sorghum, and rice, primarily focusing on intergenic spaces. Our data indicate that much (>50%) of the maize genome is composed of interspersed repetitive DNAs, primarily nested retrotransposons that in...

  6. 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

  7. 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...

  8. 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 ...

  9. 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...

  10. 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.

  11. 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...

  12. 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

  13. 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...

  14. 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...

  15. 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...

  16. 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.

  17. 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.

  18. 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...

  19. 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

  20. 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...

  1. 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

  2. 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

  3. 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…

  4. 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

  5. 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...

  6. 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

  7. 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

  8. 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.

  9. 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.

  10. 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.

  11. 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

  12. 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...

  13. 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....

  14. 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

  15. 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.

  16. 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)

  17. 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

  18. 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)

  19. 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.

  20. 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...

  1. 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...

  2. 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...

  3. 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 ...

  4. 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 ...

  5. 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.

  6. 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.

  7. 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)

  8. 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.

  9. 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)

  10. 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

  11. 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)

  12. 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...

  13. 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.

  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. 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

  20. 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,"…

  1. 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...

  2. 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

  3. 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

  4. 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

  5. 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.

  6. 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

  7. 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...

  8. 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

  9. 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...

  10. 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

  11. 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

  12. 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

  13. 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

  14. Effects of planting density and bearing-branch composition on the yield of sweet cherry [Prunus avium] grown by hedge-row training

    International Nuclear Information System (INIS)

    Tomita, A.; Shinya, K.; Watanabe, K.; Inomata, M.

    2008-01-01

    To improve the yield of sweet cherries (Prunus avium L.) grown by hedge-row training, the following two methods were compared: increased numbers of spurs and bouquet spurs to improve the spur composition and narrowed row intervals to increase planting density. To develop spurs and bouquet spurs, 30 cm long branches were positioned at 30 cm intervals on lateral branches in addition to the conventional spur development from 5 cm current shoots. Although this measure decreased the number of bouquet spurs, it increased the total number of spurs including the conventional short spurs to improve the yield to 1,024 kg/10a from 557 kg/10a using conventional hedge-row training. However, this method decreased solar radiation in the tree crowns thereby lowering fruit quality. In contrast, increasing planting density from 3-m intervals to 2- or 1.5-m intervals did not affect fruit quality. Moreover, in contrast to a yield of 588 kg/10a when row intervals were 3 m, the row intervals narrowed to 2 m and 1.5 m improved the yield to 881 kg/10a and 1,101 kg/10a, respectively. The above results show that decreasing row intervals is an effective method for increasing the yield of sweet cherries grown by hedge-row training without lowering fruit quality

  15. resistance of napier grass clones to napier grass stunt disease

    African Journals Online (AJOL)

    ACSS

    Napier grass (Pennisetum purpureum Schumach) is the major livestock fodder under intensive and semi-intensive systems in East Africa. However, the productivity of the grass is constrained by Napier grass Stunt Disease. (NSD). The purpose of this study was to identify Napier grass clones with resistance to NSD.

  16. Resistance of Napier grass clones to Napier grass Stunt Disease ...

    African Journals Online (AJOL)

    Napier grass (Pennisetum purpureum Schumach) is the major livestock fodder under intensive and semi-intensive systems in East Africa. However, the productivity of the grass is constrained by Napier grass Stunt Disease (NSD). The purpose of this study was to identify Napier grass clones with resistance to NSD.

  17. 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)

  18. Narrow dibaryon resonances

    International Nuclear Information System (INIS)

    Kajdalov, A.B.

    1986-01-01

    Experimental data on np interactions indicating to existence of narrow resonances in pp-system are discussed. Possible theoretical interpretations of these resonances are given. Experimental characteristics of the dibaryon resonances with isospin I=2 are considered

  19. 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.

  20. Grass Rooting the System

    Science.gov (United States)

    Perlman, Janice E.

    1976-01-01

    Suggests a taxonomy of the grass roots movement and gives a general descriptive over view of the 60 groups studied with respect to origin, constituency, size, funding, issues, and ideology. (Author/AM)

  1. 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.

  2. 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.

  3. 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...

  4. 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

  5. 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...

  6. 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...

  7. Jihadism, Narrow and Wide

    DEFF Research Database (Denmark)

    Sedgwick, Mark

    2015-01-01

    The term “jihadism” is popular, but difficult. It has narrow senses, which are generally valuable, and wide senses, which may be misleading. This article looks at the derivation and use of “jihadism” and of related terms, at definitions provided by a number of leading scholars, and at media usage....... It distinguishes two main groups of scholarly definitions, some careful and narrow, and some appearing to match loose media usage. However, it shows that even these scholarly definitions actually make important distinctions between jihadism and associated political and theological ideology. The article closes...

  8. 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

  9. 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)

  10. 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.

  11. 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)

  12. 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.

  13. Correlates of Narrow Bracketing

    DEFF Research Database (Denmark)

    Koch, Alexander; Nafziger, Julia

    We examine whether different phenomena of narrow bracketing can be traced back to some common characteristic and whether and how different phenomena are related. We find that making dominated lottery choices or ignoring the endowment when making risky choices are related phenomena and are both as...

  14. 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 ...

  15. 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...

  16. 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.

  17. 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.

  18. GUI development for GRASS GIS

    Directory of Open Access Journals (Sweden)

    Martin Landa

    2007-12-01

    Full Text Available This article discusses GUI development for GRASS GIS. Sophisticated native GUI for GRASS is one of the key points (besides the new 2D/3D raster library, vector architecture improvements, etc. for the future development of GRASS. In 2006 the GRASS development team decided to start working on the new generation of GUI instead of improving the current GUI based on Tcl/Tk.

  19. 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.

  20. 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

  1. 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...

  2. 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

  3. 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....

  4. 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

  5. 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

  6. 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...

  7. 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

  8. 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-

  9. 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

  10. 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...

  11. 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.

  12. 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.

  13. 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

  14. Narrow beam neutron dosimetry.

    Science.gov (United States)

    Ferenci, M Sutton

    2004-01-01

    Organ and effective doses have been estimated for male and female anthropomorphic mathematical models exposed to monoenergetic narrow beams of neutrons with energies from 10(-11) to 1000 MeV. Calculations were performed for anterior-posterior, posterior-anterior, left-lateral and right-lateral irradiation geometries. The beam diameter used in the calculations was 7.62 cm and the phantoms were irradiated at a height of 1 m above the ground. This geometry was chosen to simulate an accidental scenario (a worker walking through the beam) at Flight Path 30 Left (FP30L) of the Weapons Neutron Research (WNR) Facility at Los Alamos National Laboratory. The calculations were carried out using the Monte Carlo transport code MCNPX 2.5c.

  15. 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.

  16. 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

  17. 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.

  18. 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.

  19. 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.

  20. 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

  1. 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

  2. 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.

  3. 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....

  4. 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....

  5. 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.

  6. 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.

  7. 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...

  8. 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.

  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. Meadow-grass gall midge

    DEFF Research Database (Denmark)

    Hansen, Lars Monrad

    The area with meadow-grass (Poa pratensis, L.) grown for seed production in Den-mark is a significant proportion of the entire seed production. The meadow-grass gall midge (Mayetiola schoberi, Barnes 1958) is of considerable economic importance since powerful attacks can reduce the yield...

  11. Narrow, duplicated internal auditory canal

    Energy Technology Data Exchange (ETDEWEB)

    Ferreira, T. [Servico de Neurorradiologia, Hospital Garcia de Orta, Avenida Torrado da Silva, 2801-951, Almada (Portugal); Shayestehfar, B. [Department of Radiology, UCLA Oliveview School of Medicine, Los Angeles, California (United States); Lufkin, R. [Department of Radiology, UCLA School of Medicine, Los Angeles, California (United States)

    2003-05-01

    A narrow internal auditory canal (IAC) constitutes a relative contraindication to cochlear implantation because it is associated with aplasia or hypoplasia of the vestibulocochlear nerve or its cochlear branch. We report an unusual case of a narrow, duplicated IAC, divided by a bony septum into a superior relatively large portion and an inferior stenotic portion, in which we could identify only the facial nerve. This case adds support to the association between a narrow IAC and aplasia or hypoplasia of the vestibulocochlear nerve. The normal facial nerve argues against the hypothesis that the narrow IAC is the result of a primary bony defect which inhibits the growth of the vestibulocochlear nerve. (orig.)

  12. 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.

  13. Extending juvenility in grasses

    Energy Technology Data Exchange (ETDEWEB)

    Kaeppler, Shawn; de Leon Gatti, Natalia; Foerster, Jillian

    2017-04-11

    The present invention relates to compositions and methods for modulating the juvenile to adult developmental growth transition in plants, such as grasses (e.g. maize). In particular, the invention provides methods for enhancing agronomic properties in plants by modulating expression of GRMZM2G362718, GRMZM2G096016, or homologs thereof. Modulation of expression of one or more additional genes which affect juvenile to adult developmental growth transition such as Glossy15 or Cg1, in conjunction with such modulation of expression is also contemplated. Nucleic acid constructs for down-regulation of GRMZM2G362718 and/or GRMZM2G096016 are also contemplated, as are transgenic plants and products produced there from, that demonstrate altered, such as extended juvenile growth, and display associated phenotypes such as enhanced yield, improved digestibility, and increased disease resistance. Plants described herein may be used, for example, as improved forage or feed crops or in biofuel production.

  14. 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

  15. 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.

  16. 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...

  17. 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 ...

  18. 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...

  19. (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 ...

  20. 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.

  1. 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.

  2. 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

  3. DESIGN OF GRASS BRIQUETTE MACHINE

    African Journals Online (AJOL)

    user

    E-mail addresses: 1 mike.ajieh@gmail.com, 2 dracigboanugo@yahoo.com, ... machine design was considered for processing biomass of grass origin. The machine operations include pulverization, compaction and extrusion of the briquettes.

  4. Breeding for Grass Seed Yield

    DEFF Research Database (Denmark)

    Boelt, Birte; Studer, Bruno

    2010-01-01

    Seed yield is a trait of major interest for many fodder and amenity grass species and has received increasing attention since seed multiplication is economically relevant for novel grass cultivars to compete in the commercial market. Although seed yield is a complex trait and affected...... by agricultural practices as well as environmental factors, traits related to seed production reveal considerable genetic variation, prerequisite for improvement by direct or indirect selection. This chapter first reports on the biological and physiological basics of the grass reproduction system, then highlights...... important aspects and components affecting the seed yield potential and the agronomic and environmental aspects affecting the utilization and realization of the seed yield potential. Finally, it discusses the potential of plant breeding to sustainably improve total seed yield in fodder and amenity grasses....

  5. Grass and weed killer poisoning

    Science.gov (United States)

    ... medlineplus.gov/ency/article/002838.htm Grass and weed killer poisoning To use the sharing features on this page, please enable JavaScript. Many weed killers contain dangerous chemicals that are harmful if ...

  6. High green fodder yielding new grass varieties

    OpenAIRE

    C. Babu, K. Iyanar and A. Kalamani

    2014-01-01

    Two high biomass yielding forage grass varieties one each in Cumbu Napier hybrid and Guinea grass have been evolved at the Department of Forage Crops, Centre for Plant Breeding and Genetics, Tamil Nadu Agricultural University, Coimbatore and identified for release at national (All India) level as Cumbu Napier hybrid grass CO (BN) 5 and Guinea grass CO (GG) 3 during 2012 and 2013 respectively. Cumbu Napier hybrid grass CO (BN) 5 secured first rank at all national level with reference to green ...

  7. Flooding correlations in narrow channel

    International Nuclear Information System (INIS)

    Kim, S. H.; Baek, W. P.; Chang, S. H.

    1999-01-01

    Heat transfer in narrow gap is considered as important phenomena in severe accidents in nuclear power plants. Also in heat removal of electric chip. Critical heat flux(CHF) in narrow gap limits the maximum heat transfer rate in narrow channel. In case of closed bottom channel, flooding limited CHF occurrence is observed. Flooding correlations will be helpful to predict the CHF in closed bottom channel. In present study, flooding data for narrow channel geometry were collected and the work to recognize the effect of the span, w and gap size, s were performed. And new flooding correlations were suggested for high-aspect-ratio geometry. Also, flooding correlation was applied to flooding limited CHF data

  8. Narrow n anti n resonances

    International Nuclear Information System (INIS)

    Bogdanova, L.N.; Dalkarov, O.D.; Kerbikov, B.O.; Shapiro, I.S.

    1975-01-01

    The present status of the problem of quasinuclear states in systems of nucleons and antinucleons is reviewed. The theoretical predictions are compared with experimental data on narrow meson resonances near N anti N threshold which appeared in 1971-74

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

    Energy Technology Data Exchange (ETDEWEB)

    Enge, Thomas

    2010-09-20

    strategy for this benchmark that is based on quantile regression. It defines a price interval for executing an individual swing right and is therefore very well suited for real world applications. In case of an American option we are able to show EaR-efficiency of our strategy in particular for a changing risk profile of the underlying price (altering volatility). Finally, we investigate hedging strategies before the delivery period as a function of the maximum available energy. In particular, we look at a hedge for the spot price risk of the power plant using a swing option. We propose a heuristic based on our synthetic spot deltas to find the relevant parameters of the swing option (number of swing rights and swing size) for a given upper generation amount. (orig.)

  10. 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.

  11. 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.

  12. 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.

  13. 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.

  14. 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.

  15. 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.

  16. 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

  17. 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.

  18. 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.

  19. 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.

  20. 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.

  1. 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.

  2. 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.

  3. 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)

  4. 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...

  5. 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…

  6. 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...

  7. 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.

  8. 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...

  9. 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....

  10. 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....

  11. 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...

  12. 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

  13. 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.

  14. 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.

  15. Bioenergy production from roadside grass

    DEFF Research Database (Denmark)

    Meyer, Ane Katharina Paarup; Ehimen, Ehiazesebhor Augustine; Holm-Nielsen, Jens Bo

    2014-01-01

    This paper presents a study of the feasibility of utilising roadside vegetation for biogas production in Denmark. The potential biomass yield, methane yields, and the energy balances of using roadside grass for biogas production was investigated based on spatial analysis. The results show...

  16. 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.

  17. 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

  18. 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.

  19. 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

  20. 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.

  1. 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...

  2. 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...

  3. 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

  4. 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.

  5. 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...

  6. 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...

  7. 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

  8. 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

  9. 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

  10. 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

  11. 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.

  12. 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

  13. [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.

  14. QSOs with narrow emission lines

    International Nuclear Information System (INIS)

    Baldwin, J.A.; Mcmahon, R.; Hazard, C.; Williams, R.E.

    1988-01-01

    Observations of two new high-redshift, narrow-lined QSOs (NLQSOs) are presented and discussed together with observations of similar objects reported in the literature. Gravitational lensing is ruled out as a possible means of amplifying the luminosity for one of these objects. It is found that the NLQSOs have broad bases on their emission lines as well as the prominent narrow cores which define this class. Thus, these are not pole-on QSOs. The FWHM of the emission lines fits onto the smoothly falling tail of the lower end of the line-width distribution for complete QSO samples. The equivalent widths of the combined broad and narrow components of the lines are normal for QSOs of the luminosity range under study. However, the NLQSOs do show ionization differences from broader-lined QSOs; most significant, the semiforbidden C III/C IV intensity ratio is unusually low. The N/C abundance ratio in these objects is found to be normal; the Al/C abundance ratio may be quite high. 38 references

  15. Combining 137Cs and topographic surveys for measuring soil erosion/deposition patterns in a rapidly accreting area

    International Nuclear Information System (INIS)

    Ritchie, J.C.

    2000-01-01

    Narrow, stiff grass hedges are biological barriers designed to slow runoff and capture soils carried in runoff water. This study was designed to measure quantitatively the deposition of soil up slope of a narrow, stiff grass hedge using topographic and 137 Cs surveys. Topographic surveys made in 1991, 1995, and 1998 measured 1 to 2 cm yr -1 of recent sediment deposited up slope of the grass hedge. 137 Cs analyses of soil samples were used to determine the medium-term (45 years) soil redistribution patterns. Erosion rates and patterns determined using 137 Cs measured medium-term erosion near the hedge do not reflect the recent deposition patterns near the grass hedge measured by topographic surveys. Using the combination of topographic and 137 Cs surveys allows a better understanding of the role of grass hedges as barriers for capturing eroding soils and suggest that the recent deposition is associated with the grass hedge but that there is still a net loss of soil near the hedge position over the past 45 years. (author)

  16. The Narrow Fellow in the Grass: Human Infants Associate Snakes and Fear

    Science.gov (United States)

    DeLoache, Judy S.; LoBue, Vanessa

    2009-01-01

    Why are snakes such a common target of fear? One current view is that snake fear is one of several innate fears that emerge spontaneously. Another is that humans have an evolved predisposition to learn to fear snakes. In the first study reported here, 9- to 10-month-old infants showed no differential spontaneous reaction to films of snakes versus…

  17. 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...

  18. 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.  

  19. 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

  20. 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

  1. 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.

  2. 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.

  3. 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.

  4. 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.

  5. 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.

  6. 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...

  7. 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...

  8. 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....

  9. 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.

  10. 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...

  11. (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...

  12. 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...

  13. 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

  14. 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...

  15. 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...

  16. 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...

  17. 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...

  18. Checklist of Serengeti Ecosystem Grasses

    Science.gov (United States)

    Ficinski, Paweł; Vorontsova, Maria

    2016-01-01

    Abstract We present the first taxonomic checklist of the Poaceae species of the Serengeti, Tanzania. A review of the literature and herbarium specimens recorded 200 species of grasses, in line with similar studies in other parts of East Africa. The checklist is supported by a total of 939 herbarium collections. Full georeferenced collection data is made available alongside a summary checklist in pdf format. More than a quarter of the species are known from a single collection highlighting the need for further research, especially concerning the rare species and their distribution. PMID:27226761

  19. Checklist of Serengeti Ecosystem Grasses.

    Science.gov (United States)

    Williams, Emma Victoria; Elia Ntandu, John; Ficinski, Paweł; Vorontsova, Maria

    2016-01-01

    We present the first taxonomic checklist of the Poaceae species of the Serengeti, Tanzania. A review of the literature and herbarium specimens recorded 200 species of grasses, in line with similar studies in other parts of East Africa. The checklist is supported by a total of 939 herbarium collections. Full georeferenced collection data is made available alongside a summary checklist in pdf format. More than a quarter of the species are known from a single collection highlighting the need for further research, especially concerning the rare species and their distribution.

  20. 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.

  1. 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.

  2. 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.

  3. 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.

  4. 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.

  5. Enhancing GRASS data communication with videographic technology

    Energy Technology Data Exchange (ETDEWEB)

    Sullivan, R.G. [Argonne National Lab., IL (United States); Gerdes, D.; Youngs, D. [Army Construction Engineering Research Lab., Champaign, IL (United States)

    1992-07-01

    Research at Argonne National Laboratory and the US Army Construction Engineering Research Laboratory has shown that computer videographic technology can be used to assist visualization and communication of GIS-generated geographic information. Videographic tools can be used to make results of GRASS analyses clear to decision-makers and to public interest groups, as well as to help GRASS users visualize geographic data more easily. Useful videographic visualization tools include graphic overlay of GRASS layers onto panchromatic images, allowing landscape features to be associated with GIS classifications; draping of GIS layers onto terrain models to create shaded relief maps; and incorporation of photographic imagery into GIS graphics. Useful videographic communications capabilities include convenient, direct interface to video formats, allowing incorporation of live video into GRASS graphics and output of GRASS graphics to video; convenient output of high-quality slides and prints; and enhanced labeling and editing of GRASS images. Conversion of GRASS imagery to standard videographic file formats also facilitates incorporation of GRASS images into other software programs, such as database and work-processing packages.

  6. Enhancing GRASS data communication with videographic technology

    Energy Technology Data Exchange (ETDEWEB)

    Sullivan, R.G. (Argonne National Lab., IL (United States)); Gerdes, D.; Youngs, D. (Army Construction Engineering Research Lab., Champaign, IL (United States))

    1992-01-01

    Research at Argonne National Laboratory and the US Army Construction Engineering Research Laboratory has shown that computer videographic technology can be used to assist visualization and communication of GIS-generated geographic information. Videographic tools can be used to make results of GRASS analyses clear to decision-makers and to public interest groups, as well as to help GRASS users visualize geographic data more easily. Useful videographic visualization tools include graphic overlay of GRASS layers onto panchromatic images, allowing landscape features to be associated with GIS classifications; draping of GIS layers onto terrain models to create shaded relief maps; and incorporation of photographic imagery into GIS graphics. Useful videographic communications capabilities include convenient, direct interface to video formats, allowing incorporation of live video into GRASS graphics and output of GRASS graphics to video; convenient output of high-quality slides and prints; and enhanced labeling and editing of GRASS images. Conversion of GRASS imagery to standard videographic file formats also facilitates incorporation of GRASS images into other software programs, such as database and work-processing packages.

  7. Thermogravimetric analysis of forest understory grasses

    Science.gov (United States)

    Thomas Elder; John S. Kush; Sharon M. Hermann

    2011-01-01

    Forest understory grasses are of significance in the initiation, establishment and maintenance of fire, whether used as a management tool or when occurring as wildfire. The fundamental thermal properties of such grasses are critical to their behavior in fire situations and have been investigated in the current work by the application of thermogravimetric analysis (TGA...

  8. SQ grass sublingual allergy immunotherapy tablet for disease-modifying treatment of grass pollen allergic rhinoconjunctivitis

    DEFF Research Database (Denmark)

    Dahl, Ronald; Roberts, Graham; de Blic, Jacques

    2016-01-01

    BACKGROUND: Allergy immunotherapy is a treatment option for allergic rhinoconjunctivitis (ARC). It is unique compared with pharmacotherapy in that it modifies the immunologic pathways that elicit an allergic response. The SQ Timothy grass sublingual immunotherapy (SLIT) tablet is approved in North...... America and throughout Europe for the treatment of adults and children (≥5 years old) with grass pollen-induced ARC. OBJECTIVE: The clinical evidence for the use of SQ grass SLIT-tablet as a disease-modifying treatment for grass pollen ARC is discussed in this review. METHODS: The review included...... the suitability of SQ grass SLIT-tablet for patients with clinically relevant symptoms to multiple Pooideae grass species, single-season efficacy, safety, adherence, coseasonal initiation, and cost-effectiveness. The data from the long-term SQ grass SLIT-tablet clinical trial that evaluated a clinical effect 2...

  9. Narrow gap electronegative capacitive discharges

    Energy Technology Data Exchange (ETDEWEB)

    Kawamura, E.; Lieberman, M. A.; Lichtenberg, A. J. [Department of Electrical Engineering and Computer Sciences, University of California, Berkeley, California 94720 (United States)

    2013-10-15

    Narrow gap electronegative (EN) capacitive discharges are widely used in industry and have unique features not found in conventional discharges. In this paper, plasma parameters are determined over a range of decreasing gap length L from values for which an electropositive (EP) edge exists (2-region case) to smaller L-values for which the EN region connects directly to the sheath (1-region case). Parametric studies are performed at applied voltage V{sub rf}=500 V for pressures of 10, 25, 50, and 100 mTorr, and additionally at 50 mTorr for 1000 and 2000 V. Numerical results are given for a parallel plate oxygen discharge using a planar 1D3v (1 spatial dimension, 3 velocity components) particle-in-cell (PIC) code. New interesting phenomena are found for the case in which an EP edge does not exist. This 1-region case has not previously been investigated in detail, either numerically or analytically. In particular, attachment in the sheaths is important, and the central electron density n{sub e0} is depressed below the density n{sub esh} at the sheath edge. The sheath oscillations also extend into the EN core, creating an edge region lying within the sheath and not characterized by the standard diffusion in an EN plasma. An analytical model is developed using minimal inputs from the PIC results, and compared to the PIC results for a base case at V{sub rf}=500 V and 50 mTorr, showing good agreement. Selected comparisons are made at the other voltages and pressures. A self-consistent model is also developed and compared to the PIC results, giving reasonable agreement.

  10. Grass leaves as potential hominin dietary resources.

    Science.gov (United States)

    Paine, Oliver C C; Koppa, Abigale; Henry, Amanda G; Leichliter, Jennifer N; Codron, Daryl; Codron, Jacqueline; Lambert, Joanna E; Sponheimer, Matt

    2018-04-01

    Discussions about early hominin diets have generally excluded grass leaves as a staple food resource, despite their ubiquity in most early hominin habitats. In particular, stable carbon isotope studies have shown a prevalent C 4 component in the diets of most taxa, and grass leaves are the single most abundant C 4 resource in African savannas. Grass leaves are typically portrayed as having little nutritional value (e.g., low in protein and high in fiber) for hominins lacking specialized digestive systems. It has also been argued that they present mechanical challenges (i.e., high toughness) for hominins with bunodont dentition. Here, we compare the nutritional and mechanical properties of grass leaves with the plants growing alongside them in African savanna habitats. We also compare grass leaves to the leaves consumed by other hominoids and demonstrate that many, though by no means all, compare favorably with the nutritional and mechanical properties of known primate foods. Our data reveal that grass leaves exhibit tremendous variation and suggest that future reconstructions of hominin dietary ecology take a more nuanced approach when considering grass leaves as a potential hominin dietary resource. Copyright © 2017. Published by Elsevier Ltd.

  11. Grass Biomethane for Agriculture and Energy

    DEFF Research Database (Denmark)

    Korres, N.E.; Thamsiriroj, T.; Smith, B.

    2011-01-01

    have advanced the role of grassland as a renewable source of energy in grass biomethane production with various environmental and socio-economic benefits. It is underlined that the essential question whether the gaseous biofuel meets the EU sustainability criteria of 60% greenhouse gas emission savings...... by 2020 can be met since savings up to 89.4% under various scenarios can be achieved. Grass biomethane production compared to other liquid biofuels either when these are produced by indigenous of imported feedstocks is very promising. Grass biomethane, given the mature and well known technology...

  12. 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.

  13. 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...

  14. 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...

  15. 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...

  16. 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

  17. Genome sequence analysis of the model grass Brachypodium distachyon: insights into grass genome evolution

    Energy Technology Data Exchange (ETDEWEB)

    Schulman, Al

    2009-08-09

    Three subfamilies of grasses, the Erhardtoideae (rice), the Panicoideae (maize, sorghum, sugar cane and millet), and the Pooideae (wheat, barley and cool season forage grasses) provide the basis of human nutrition and are poised to become major sources of renewable energy. Here we describe the complete genome sequence of the wild grass Brachypodium distachyon (Brachypodium), the first member of the Pooideae subfamily to be completely sequenced. Comparison of the Brachypodium, rice and sorghum genomes reveals a precise sequence- based history of genome evolution across a broad diversity of the grass family and identifies nested insertions of whole chromosomes into centromeric regions as a predominant mechanism driving chromosome evolution in the grasses. The relatively compact genome of Brachypodium is maintained by a balance of retroelement replication and loss. The complete genome sequence of Brachypodium, coupled to its exceptional promise as a model system for grass research, will support the development of new energy and food crops

  18. Grass survey of the Itremo Massif records endemic central highland ...

    African Journals Online (AJOL)

    Twenty species are endemic to the central highlands, and a further 1 4 species are restricted to Madagascar. Five ecological groups of grasses were identified in the Itremo Massif: shade species in gallery forests, open wet area species, fire grasses, anthropogenic disturbance associated grasses and rock-dwelling grasses.

  19. Pampas Grass - Orange Co. [ds351

    Data.gov (United States)

    California Natural Resource Agency — This dataset provides the known distribution of pampas grass (Cortaderia selloana) in southern Orange County. The surveys were conducted from May to June, 2007 and...

  20. Tree-grass interactions in savannas

    CSIR Research Space (South Africa)

    Scholes, RJ

    1997-01-01

    Full Text Available Savannas occur where trees and grasses interact to create a biome that is neither grassland nor forest. Woody and gramineous plants interact by many mechanisms, some negative (competition) and some positive (facilitation). The strength and sign...

  1. POTENTIALS OF AGRICULTURAL WASTE AND GRASSES IN ...

    African Journals Online (AJOL)

    Shima

    Potentials of some agricultural waste and grasses were investigated. ... to education, printing, publishing and ... technical form, paper is an aqueous deposit ..... Period of. Soaking. Overnight. Overnight. Overnight. Overnight. Overnight.

  2. Grasses for energy production: hydrological guidelines

    Energy Technology Data Exchange (ETDEWEB)

    Hall, R.L.

    2003-07-01

    This report provides hydrological guidelines for growers, land and water resource managers, environmental groups and other parties interested in utilising grasses for energy production. The aim of the report is to help interested parties decide if a location is suitable for planting energy grasses by considering whether potential hydrological impacts will have an adverse effect on crop productivity and yield. The guidelines consider: the water use of energy grasses compared with other crops; the factors governing water use; the water requirements for a productive crop; and the likely impacts on the availability and quantity of water. The report points out that there are still gaps in our knowledge of the processes controlling the water use and growth of energy grasses and notes that, in some situations, there will be considerable uncertainty in predictions of water use and the magnitude of the associated hydrological impacts.

  3. Imaging spectroscopy for characterisation of grass swards

    NARCIS (Netherlands)

    Schut, A.G.T.

    2003-01-01

    Keywords: Imaging spectroscopy, imaging spectrometry, remote sensing, reflection, reflectance, grass sward, white clover, recognition, characterisation, ground cover, growth monitoring, stress detection, heterogeneity quantification

    The potential of imaging spectroscopy as a tool for

  4. Karl Konrad Grass jumalainimeste uurijana / Alar Laats

    Index Scriptorium Estoniae

    Laats, Alar

    2006-01-01

    Karl Konrad Grass oli 19. sajandil Dorpati keiserliku ülikooli usuteaduskonna Uue Testamendi õppejõud, kes tegeles hobi korras idakristluse (vene sektid) uurimisega. Tema peateoseks on uurimus "Die russischen Sekten". Ettekanne konverentsil 15.-16. aprill 2005. a.

  5. Using GAMM to examine inter-individual heterogeneity in thermal performance curves for Natrix natrix indicates bet hedging strategy by mothers.

    Science.gov (United States)

    Vickers, Mathew J; Aubret, Fabien; Coulon, Aurélie

    2017-01-01

    The thermal performance curve (TPC) illustrates the dependence on body- and therefore environmental- temperature of many fitness-related aspects of ectotherm ecology and biology including foraging, growth, predator avoidance, and reproduction. The typical thermal performance curve model is linear in its parameters despite the well-known, strong, non-linearity of the response of performance to temperature. In addition, it is usual to consider a single model based on few individuals as descriptive of a species-level response to temperature. To overcome these issues, we used generalized additive mixed modeling (GAMM) to estimate thermal performance curves for 73 individual hatchling Natrix natrix grass snakes from seven clutches, taking advantage of the structure of GAMM to demonstrate that almost 16% of the deviance in thermal performance curves is attributed to inter-individual variation, while only 1.3% is attributable to variation amongst clutches. GAMM allows precise estimation of curve characteristics, which we used to test hypotheses on tradeoffs thought to constrain the thermal performance curve: hotter is better, the specialist-generalist trade off, and resource allocation/acquisition. We observed a negative relationship between maximum performance and performance breadth, indicating a specialist-generalist tradeoff, and a positive relationship between thermal optimum and maximum performance, suggesting "hotter is better". There was a significant difference among matrilines in the relationship between Area Under the Curve and maximum performance - relationship that is an indicator of evenness in acquisition or allocation of resources. As we used unfed hatchlings, the observed matriline effect indicates divergent breeding strategies among mothers, with some mothers provisioning eggs unequally resulting in some offspring being better than others, while other mothers provisioned the eggs more evenly, resulting in even performance throughout the clutch. This

  6. Genetic compatibility determines endophyte-grass combinations.

    Directory of Open Access Journals (Sweden)

    Kari Saikkonen

    Full Text Available Even highly mutually beneficial microbial-plant interactions, such as mycorrhizal- and rhizobial-plant exchanges, involve selfishness, cheating and power-struggles between the partners, which depending on prevailing selective pressures, lead to a continuum of interactions from antagonistic to mutualistic. Using manipulated grass-endophyte combinations in a five year common garden experiment, we show that grass genotypes and genetic mismatches constrain genetic combinations between the vertically (via host seeds transmitted endophytes and the out-crossing host, thereby reducing infections in established grass populations. Infections were lost in both grass tillers and seedlings in F(1 and F(2 generations, respectively. Experimental plants were collected as seeds from two different environments, i.e., meadows and nearby riverbanks. Endophyte-related benefits to the host included an increased number of inflorescences, but only in meadow plants and not until the last growing season of the experiment. Our results illustrate the importance of genetic host specificity and trans-generational maternal effects on the genetic structure of a host population, which act as destabilizing forces in endophyte-grass symbioses. We propose that (1 genetic mismatches may act as a buffering mechanism against highly competitive endophyte-grass genotype combinations threatening the biodiversity of grassland communities and (2 these mismatches should be acknowledged, particularly in breeding programmes aimed at harnessing systemic and heritable endophytes to improve the agriculturally valuable characteristics of cultivars.

  7. 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.

  8. 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.

  9. 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.

  10. 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).

  11. 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)

  12. Treatment with grass allergen peptides improves symptoms of grass pollen-induced allergic rhinoconjunctivitis.

    Science.gov (United States)

    Ellis, Anne K; Frankish, Charles W; O'Hehir, Robyn E; Armstrong, Kristen; Steacy, Lisa; Larché, Mark; Hafner, Roderick P

    2017-08-01

    Synthetic peptide immunoregulatory epitopes are a new class of immunotherapy to treat allergic rhinoconjunctivitis (ARC). Grass allergen peptides, comprising 7 synthetic T-cell epitopes derived from Cyn d 1, Lol p 5, Dac g 5, Hol l 5, and Phl p 5, is investigated for treatment of grass pollen-induced ARC. We sought to evaluate the efficacy, safety, and tolerability of intradermally administered grass allergen peptides. A multicenter, randomized, double-blind, placebo-controlled study evaluated 3 regimens of grass allergen peptides versus placebo in patients with grass pollen-induced allergy (18-65 years). After a 4-day baseline challenge to rye grass in the environmental exposure unit (EEU), subjects were randomized to receive grass allergen peptides at 6 nmol at 2-week intervals for a total of 8 doses (8x6Q2W), grass allergen peptides at 12 nmol at 4-week intervals for a total of 4 doses (4x12Q4W), or grass allergen peptides at 12 nmol at 2-week intervals for a total of 8 doses (8x12Q2W) or placebo and treated before the grass pollen season. The primary efficacy end point was change from baseline in total rhinoconjunctivitis symptom score across days 2 to 4 of a 4-day posttreatment challenge (PTC) in the EEU after the grass pollen season. Secondary efficacy end points and safety were also assessed. Two hundred eighty-two subjects were randomized. Significantly greater improvement (reduction of total rhinoconjunctivitis symptom score from baseline to PTC) occurred across days 2 to 4 with grass allergen peptide 8x6Q2W versus placebo (-5.4 vs -3.8, respectively; P = .0346). Greater improvement at PTC also occurred for grass allergen peptide 8x6Q2W versus placebo (P = .0403) in patients with more symptomatic ARC. No safety signals were detected. Grass allergen peptide 8x6Q2W significantly improved ARC symptoms after rye grass allergen challenge in an EEU with an acceptable safety profile. Copyright © 2017 American Academy of Allergy, Asthma & Immunology

  13. 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.

  14. Device Physics of Narrow Gap Semiconductors

    CERN Document Server

    Chu, Junhao

    2010-01-01

    Narrow gap semiconductors obey the general rules of semiconductor science, but often exhibit extreme features of these rules because of the same properties that produce their narrow gaps. Consequently these materials provide sensitive tests of theory, and the opportunity for the design of innovative devices. Narrow gap semiconductors are the most important materials for the preparation of advanced modern infrared systems. Device Physics of Narrow Gap Semiconductors offers descriptions of the materials science and device physics of these unique materials. Topics covered include impurities and defects, recombination mechanisms, surface and interface properties, and the properties of low dimensional systems for infrared applications. This book will help readers to understand not only the semiconductor physics and materials science, but also how they relate to advanced opto-electronic devices. The last chapter applies the understanding of device physics to photoconductive detectors, photovoltaic infrared detector...

  15. Nutritional value of cabbage and kikuyu grass as food for grass carp ...

    African Journals Online (AJOL)

    and digestibility coefficients were obtained for the protein, fibre, ash and fat contents of both ... Cabbage is a superior feed compared to grass for raising grass carp and a suitable low-cost alternative ... Materials and Methods ... from jumping out and was fitted with an air lift under- .... In: Aquatic weeds in South East Asia.

  16. Gene Expression Profiling of Grass Carp (Ctenopharyngodon idellus and Crisp Grass Carp

    Directory of Open Access Journals (Sweden)

    Ermeng Yu

    2014-01-01

    Full Text Available Grass carp (Ctenopharyngodon idellus is one of the most important freshwater fish that is native to China, and crisp grass carp is a kind of high value-added fishes which have higher muscle firmness. To investigate biological functions and possible signal transduction pathways that address muscle firmness increase of crisp grass carp, microarray analysis of 14,900 transcripts was performed. Compared with grass carp, 127 genes were upregulated and 114 genes were downregulated in crisp grass carp. Gene ontology (GO analysis revealed 30 GOs of differentially expressed genes in crisp grass carp. And strong correlation with muscle firmness increase of crisp grass carp was found for these genes from differentiation of muscle fibers and deposition of ECM, and also glycolysis/gluconeogenesis pathway and calcium metabolism may contribute to muscle firmness increase. In addition, a number of genes with unknown functions may be related to muscle firmness, and these genes are still further explored. Overall, these results had been demonstrated to play important roles in clarifying the molecular mechanism of muscle firmness increase in crisp grass carp.

  17. Different techniques to study rumen fermentation characteristics of maturing grass and grass silage

    NARCIS (Netherlands)

    Cone, J.W.; Gelder, van A.H.; Soliman, I.A.; Visser, de H.; Vuuren, van A.M.

    1999-01-01

    Grass samples were harvested during the 1993 growing season after a precut on April 27, 1993 and were stored frozen or left to ensile in 30-L buckets. Effects on chemical composition and fermentation kinetics of the maturation of the grass and of ensiling were investigated. Chemical composition and

  18. Analysis of the soil food web structure under grass and grass clover

    NARCIS (Netherlands)

    Eekeren, van N.J.M.; Smeding, F.W.; Vries, de F.T.; Bloem, J.

    2006-01-01

    The below ground biodiversity of soil organisms plays an important role in the functioning of the the soil ecosystem, and consequently the above ground plant production. The objective of this study is to investigate the effect of grass or grass-clover in combination with fertilisation on the soil

  19. Post-ruminal digestibility of crude protein from grass and grass silages in cows

    NARCIS (Netherlands)

    Cone, J.W.; Gelder, van A.H.; Mathijssen-Kamman, A.A.; Hindle, V.A.

    2006-01-01

    Grass samples were grown on a clay or sandy soil, fertilised with 150 or 300 kg N/ha per year, and harvested on different days during two consecutive growing seasons. The grass samples were stored frozen or ensiled after wilting to approximately 250 or 450 g DM/kg. The recoveries of crude protein

  20. 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

  1. 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...

  2. 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…

  3. 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...

  4. 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

  5. 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.

  6. Role of carbohydrate metabolism in grass tetany

    Energy Technology Data Exchange (ETDEWEB)

    Miller, J.K.; Madsen, F.C.; Lentz, D.E.; Hansard, S.L.

    1977-01-01

    Clinical hypomagnesemia is confined primarily to beef cattle in the United States but also occurs in dairy cattle in other countries, probably due to different management practices. During periods when grass tetany is likely, early vegetative temperate zone grasses are usually low in total readily available carbohydrates and magnesium but high in potassium and nitrogen. The tetany syndrome may include hypoglycemia and ketosis, suggesting an imbalance in intermediary energy metabolism. Many enzyme systems critical to cellular metabolism, including those which hydrolyze and transfer phosphate groups, are activated by Mg. Thus, by inference, Mg is required for normal glucose utilization, fat, protein, nucleic acid and coenzyme synthesis, muscle contraction, methyl group transfer, and sulfate, acetate, and formate activation. Numerous clinical and experimental studies suggest an intimate relationship between metabolism of Mg and that of carbohydrate, glucagon, and insulin. The objective is to review this literature and suggest ways in which these relationships might contribute to a chain of events leading to grass tetany.

  7. Controlling grass weeds on hard surfaces

    DEFF Research Database (Denmark)

    Rask, Anne Merete; Kristoffersen, Palle; Andreasen, Christian

    2012-01-01

    An experiment was conducted on a specially designed hard surface to study the impact of time interval between flaming treatments on the regrowth and flower production of two grass weeds. The goal of this experiment was to optimize the control of annual bluegrass and perennial ryegrass, both species...... that are very difficult to control without herbicides. Aboveground biomass from 72 plants per treatment was harvested and dry weights were recorded at regular intervals to investigate how the plants responded to flaming. Regrowth of the grasses was measured by harvesting aboveground biomass 2 wk after......, as they did not increase the reduction of aboveground biomass compared with the 7-d treatment interval. Knowledge on the regrowth of grass weeds after flaming treatments provided by this study can help improve recommendations given to road keepers and park managers for management on these weeds. Nomenclature...

  8. Biogas and Methane Yield from Rye Grass

    Directory of Open Access Journals (Sweden)

    Tomáš Vítěz

    2015-01-01

    Full Text Available Biogas production in the Czech Republic has expanded substantially, including marginal regions for maize cultivation. Therefore, there are increasingly sought materials that could partially replace maize silage, as a basic feedstock, while secure both biogas production and its quality.Two samples of rye grass (Lolium multiflorum var. westerwoldicum silage with different solids content 21% and 15% were measured for biogas and methane yield. Rye grass silage with solid content of 15% reached an average specific biogas yield 0.431 m3·kg−1 of organic dry matter and an average specific methane yield 0.249 m3·kg−1 of organic dry matter. Rye grass silage with solid content 21% reached an average specific biogas yield 0.654 m3·kg−1 of organic dry matter and an average specific methane yield 0.399 m3·kg−1 of organic dry matter.

  9. Rehabilitation experiment by phytoremediation using lawn grass

    International Nuclear Information System (INIS)

    2012-08-01

    Measures against environmental contamination by radioactive materials originated from the Fukushima Nuclear Accident (May, 2011), are being conducted in Fukushima and surrounding prefectures. Regarding to the measures, a phytoremediation experiment with several types of lawn grasses in a field scale have been carried out. Lawn grasses are generally characterized by shallow rhizosphere, high density and root mat formation. Decontamination effectiveness of radioactive cesium by plant uptake and by sod removing was investigated. As a result, the range of decontamination factors by plant uptake was below than 1% because of low transfer rate form soil to plant. On the other hand, maximum decontamination factor by sod removing reached about 100%. Decontamination activities with various methods will be implemented according to the national decontamination policy and related plans in each municipality. The phytoremediation method with lawn grass would be applicable in limited circumstances. (author)

  10. 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).

  11. 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)

  12. 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...

  13. 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.

  14. 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

  15. 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.

  16. 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.

  17. 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.

  18. Highly Tunable Narrow Bandpass MEMS Filter

    KAUST Repository

    Hafiz, Md Abdullah Al

    2017-07-07

    We demonstrate a proof-of-concept highly tunable narrow bandpass filter based on electrothermally and electrostatically actuated microelectromechanical-system (MEMS) resonators. The device consists of two mechanically uncoupled clamped-clamped arch resonators, designed such that their resonance frequencies are independently tuned to obtain the desired narrow passband. Through the electrothermal and electrostatic actuation, the stiffness of the structures is highly tunable. We experimentally demonstrate significant percentage tuning (~125%) of the filter center frequency by varying the applied electrothermal voltages to the resonating structures, while maintaining a narrow passband of 550 ± 50 Hz, a stopband rejection of >17 dB, and a passband ripple ≤ 2.5 dB. An analytical model based on the Euler-Bernoulli beam theory is used to confirm the behavior of the filter, and the origin of the high tunability using electrothermal actuation is discussed.

  19. Variation in important pasture grasses: I. Morphological and ...

    African Journals Online (AJOL)

    Variation in important pasture grasses: I. Morphological and geographical variation. ... Seven species are important pasture grasses throughout the western Transvaal, Orange Free State, northern Cape and Natal. ... Language: English.

  20. Assessment of some macromineral concentration of a grass/ legume ...

    African Journals Online (AJOL)

    Assessment of some macromineral concentration of a grass/ legume sward in ... Bulletin of Animal Health and Production in Africa ... The study aimed to determine the concentration of some macromineral elements in the grass/legume pasture ...

  1. Modelling of excess noise attnuation by grass and forest | Onuu ...

    African Journals Online (AJOL)

    , guinea grass (panicum maximum) and forest which comprises iroko (milicia ezcelea) and white afara (terminalia superba) trees in the ratio of 2:1 approximately. Excess noise attenuation spectra have been plotted for the grass and forest for ...

  2. Natural Convective Heat Transfer from Narrow Plates

    CERN Document Server

    Oosthuizen, Patrick H

    2013-01-01

    Natural Convective Heat Transfer from Narrow Plates deals with a heat transfer situation that is of significant practical importance but which is not adequately dealt with in any existing textbooks or in any widely available review papers. The aim of the book is to introduce the reader to recent studies of natural convection from narrow plates including the effects of plate edge conditions, plate inclination, thermal conditions at the plate surface and interaction of the flows over adjacent plates. Both numerical and experimental studies are discussed and correlation equations based on the results of these studies are reviewed.

  3. A naturally narrow positive-parity Θ+

    International Nuclear Information System (INIS)

    Carlson, Carl E.; Carone, Christopher D.; Kwee, Herry J.; Nazaryan, Vahagn

    2004-01-01

    We present a consistent color-flavor-spin-orbital wave function for a positive-parity Θ + that naturally explains the observed narrowness of the state. The wave function is totally symmetric in its flavor-spin part and totally antisymmetric in its color-orbital part. If flavor-spin interactions dominate, this wave function renders the positive-parity Θ + lighter than its negative-parity counterpart. We consider decays of the Θ + and compute the overlap of this state with the kinematically allowed final states. Our results are numerically small. We note that dynamical correlations between quarks are not necessary to obtain narrow pentaquark widths

  4. Narrow Escape of Interacting Diffusing Particles

    Science.gov (United States)

    Agranov, Tal; Meerson, Baruch

    2018-03-01

    The narrow escape problem deals with the calculation of the mean escape time (MET) of a Brownian particle from a bounded domain through a small hole on the domain's boundary. Here we develop a formalism which allows us to evaluate the nonescape probability of a gas of diffusing particles that may interact with each other. In some cases the nonescape probability allows us to evaluate the MET of the first particle. The formalism is based on the fluctuating hydrodynamics and the recently developed macroscopic fluctuation theory. We also uncover an unexpected connection between the narrow escape of interacting particles and thermal runaway in chemical reactors.

  5. Notes on Alien Bromus Grasses in Taiwan

    Directory of Open Access Journals (Sweden)

    Ming-Jer Jung

    2006-06-01

    Full Text Available Bromus carinatus Hook. & Arn., Bromus hordeaceus L., Bromus pubescens Muhl. ex Willd. and Bromus secalinus L. were recently found at middle elevations of southern and central Taiwan, respectively. We present taxonomic treatments, distribution map, and line-drawings of these introduced alien brome grasses.

  6. Notes on the nomenclature of some grasses

    NARCIS (Netherlands)

    Henrard, J.Th.

    1941-01-01

    In a former article 1) many new combinations and critical observations were published on various grasses all over the world. New investigations in critical genera together with the study of the existing literature made it necessary to accept various other arrangements in this important family. The

  7. Grass Pollen Pollution from Biofuels Farming

    Czech Academy of Sciences Publication Activity Database

    Ratajová, A.; Tříska, Jan; Vrchotová, Naděžda; Kolář, L.; Kužel, S.

    2013-01-01

    Roč. 26, č. 4 (2013), s. 199-203 ISSN 2151-321X R&D Projects: GA MŠk(CZ) ED1.1.00/02.0073 Institutional support: RVO:67179843 Keywords : grass pollen pollution * biofuels farming * temperate climate * PK-fertilization * N-fertilization * phenolic Subject RIV: EH - Ecology, Behaviour Impact factor: 0.556, year: 2013

  8. Germination of Themeda triandra (Kangaroo grass) as affected by ...

    African Journals Online (AJOL)

    Low rainfall in range areas restricts germination, growth and development of majority of range grasses. However, germination and establishment potential of forage grasses vary and depends on environmental conditions. Themeda triandra is an excellent known grass to grow under different environmental conditions.

  9. Convex relationships in ecosystems containing mixtures of trees and grass

    CSIR Research Space (South Africa)

    Scholes, RJ

    2003-12-01

    Full Text Available The relationship between grass production and the quantity of trees in mixed tree-grass ecosystems (savannas) is convex for all or most of its range. In other words, the grass production declines more steeply per unit increase in tree quantity...

  10. Names of Southern African grasses: Name changes and additional ...

    African Journals Online (AJOL)

    The main reasons for changes in botanical names are briefly reviewed, with examples from the lists. At this time, about 1040 grass species and subspecific taxa are recognized in the subcontinent. Keywords: botanical research; botanical research institute; botany; grass; grasses; identification; name change; nomenclature; ...

  11. Narrow linewidth pulsed optical parametric oscillator

    Indian Academy of Sciences (India)

    Tunable narrow linewidth radiation by optical parametric oscillation has many applications, particularly in spectroscopic investigation. In this paper, different techniques such as injection seeding, use of spectral selecting element like grating, grating and etalon in combination, grazing angle of incidence, entangled cavity ...

  12. Estimating grass and grass silage degradation characteristics by in situ and in vitro gas production methods

    Directory of Open Access Journals (Sweden)

    Danijel Karolyi

    2010-01-01

    Full Text Available Fermentation characteristics of grass and grass silage at different maturities were studied using in situ and in vitro gas production methods. In situ data determined difference between grass and silage. Degradable fraction decreased as grass matured while the undegradable fraction increased. Rate of degradation (kd was slower for silage than fresh grass. Gas production method (GP data showed that fermentation of degradable fraction was different between stage of maturity in both grass and silage. Other data did not show any difference with the exception for the rate of GP of soluble and undegradable fraction. The in situ degradation characteristics were estimated from GP characteristics. The degradable and undegradable fractions could be estimated by multiple relationships. Using the three-phases model for gas production kd and fermentable organic matter could be estimated from the same parameters. The only in situ parameter that could not be estimated with GP parameters was the soluble fraction. The GP method and the three phases model provided to be an alternative to the in situ method for animal feed evaluations.

  13. Grass pollen immunotherapy induces highly cross-reactive IgG antibodies to group V allergen from different grass species

    NARCIS (Netherlands)

    van Ree, R.; Brewczyński, P. Z.; Tan, K. Y.; Mulder-Willems, H. J.; Widjaja, P.; Stapel, S. O.; Aalberse, R. C.; Kroon, A. M.

    1995-01-01

    Sera from two groups of patients receiving grass pollen immunotherapy were tested on IgG reactivity with group V allergen from six different grass species. One group of patients was treated with a mixture of 10 grass species, and the other with a mixture of five. Only Lolium perenne, Dactylis

  14. Evolution of deformation velocity in narrowing for Zircaloy 2

    Energy Technology Data Exchange (ETDEWEB)

    Cetlin, P R [Minas Gerais Univ., Belo Horizonte (Brazil). Dept. de Engenharia Metalurgica; Okuda, M Y [Goias Univ., Goiania (Brazil). Inst. de Matematica e Fisica

    1980-09-01

    Some studies on the deformation instability in strain shows that the differences in this instability may lead to localized narrowing or elongated narrowing, for Zircaloy-2. The variation of velocity deformation with the narrowing evolution is expected to be different for these two cases. The mentioned variation is discussed, a great difference in behavior having been observed for the case of localized narrowing.

  15. 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

  16. 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...

  17. 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.

  18. 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

  19. 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

  20. 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

  1. Nowcasting daily minimum air and grass temperature

    Science.gov (United States)

    Savage, M. J.

    2016-02-01

    Site-specific and accurate prediction of daily minimum air and grass temperatures, made available online several hours before their occurrence, would be of significant benefit to several economic sectors and for planning human activities. Site-specific and reasonably accurate nowcasts of daily minimum temperature several hours before its occurrence, using measured sub-hourly temperatures hours earlier in the morning as model inputs, was investigated. Various temperature models were tested for their ability to accurately nowcast daily minimum temperatures 2 or 4 h before sunrise. Temperature datasets used for the model nowcasts included sub-hourly grass and grass-surface (infrared) temperatures from one location in South Africa and air temperature from four subtropical sites varying in altitude (USA and South Africa) and from one site in central sub-Saharan Africa. Nowcast models used employed either exponential or square root functions to describe the rate of nighttime temperature decrease but inverted so as to determine the minimum temperature. The models were also applied in near real-time using an open web-based system to display the nowcasts. Extrapolation algorithms for the site-specific nowcasts were also implemented in a datalogger in an innovative and mathematically consistent manner. Comparison of model 1 (exponential) nowcasts vs measured daily minima air temperatures yielded root mean square errors (RMSEs) <1 °C for the 2-h ahead nowcasts. Model 2 (also exponential), for which a constant model coefficient ( b = 2.2) was used, was usually slightly less accurate but still with RMSEs <1 °C. Use of model 3 (square root) yielded increased RMSEs for the 2-h ahead comparisons between nowcasted and measured daily minima air temperature, increasing to 1.4 °C for some sites. For all sites for all models, the comparisons for the 4-h ahead air temperature nowcasts generally yielded increased RMSEs, <2.1 °C. Comparisons for all model nowcasts of the daily grass

  2. 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.

  3. 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.

  4. Analytical approximations for wide and narrow resonances

    International Nuclear Information System (INIS)

    Suster, Luis Carlos; Martinez, Aquilino Senra; Silva, Fernando Carvalho da

    2005-01-01

    This paper aims at developing analytical expressions for the adjoint neutron spectrum in the resonance energy region, taking into account both narrow and wide resonance approximations, in order to reduce the numerical computations involved. These analytical expressions, besides reducing computing time, are very simple from a mathematical point of view. The results obtained with this analytical formulation were compared to a reference solution obtained with a numerical method previously developed to solve the neutron balance adjoint equations. Narrow and wide resonances of U 238 were treated and the analytical procedure gave satisfactory results as compared with the reference solution, for the resonance energy range. The adjoint neutron spectrum is useful to determine the neutron resonance absorption, so that multigroup adjoint cross sections used by the adjoint diffusion equation can be obtained. (author)

  5. Analytical approximations for wide and narrow resonances

    Energy Technology Data Exchange (ETDEWEB)

    Suster, Luis Carlos; Martinez, Aquilino Senra; Silva, Fernando Carvalho da [Universidade Federal, Rio de Janeiro, RJ (Brazil). Coordenacao dos Programas de Pos-graduacao de Engenharia. Programa de Engenharia Nuclear]. E-mail: aquilino@lmp.ufrj.br

    2005-07-01

    This paper aims at developing analytical expressions for the adjoint neutron spectrum in the resonance energy region, taking into account both narrow and wide resonance approximations, in order to reduce the numerical computations involved. These analytical expressions, besides reducing computing time, are very simple from a mathematical point of view. The results obtained with this analytical formulation were compared to a reference solution obtained with a numerical method previously developed to solve the neutron balance adjoint equations. Narrow and wide resonances of U{sup 238} were treated and the analytical procedure gave satisfactory results as compared with the reference solution, for the resonance energy range. The adjoint neutron spectrum is useful to determine the neutron resonance absorption, so that multigroup adjoint cross sections used by the adjoint diffusion equation can be obtained. (author)

  6. Dose evaluation of narrow-beam

    International Nuclear Information System (INIS)

    Goto, Shinichi

    1999-01-01

    Reliability of the dose from the narrow photon beam becomes more important since the single high-dose rate radiosurgery becoming popular. The dose evaluation for the optimal dose is difficult due to absence of lateral electronic equilibrium. Data necessary for treatment regimen are TMR (tissue maximum ratio), OCR (off center ratio) and S c,p (total scatter factor). The narrow-beam was 10 MV X-ray from Varian Clinac 2100C equipped with cylindrical Fischer collimator CBI system. Detection was performed by Kodak XV-2 film, a PTW natural diamond detector M60003, Scanditronics silicon detector EDD-5 or Fujitec micro-chamber FDC-9.4C. Phantoms were the water equivalent one (PTW, RW3), water one (PTW, MP3 system) and Wellhofer WP600 system. Factors above were actually measured to reveal that in the dose evaluation of narrow photon beam, TMR should be measured by micro-chamber, OCR, by film, and S c,p , by the two. The use of diamond detector was recommended for more precise measurement and evaluation of the dose. The importance of water phantom in the radiosurgery system was also shown. (K.H.)

  7. Electron correlations in narrow band systems

    International Nuclear Information System (INIS)

    Kishore, R.

    1983-01-01

    The effect of the electron correlations in narrow bands, such as d(f) bands in the transition (rare earth) metals and their compounds and the impurity bands in doped semiconductors is studied. The narrow band systems is described, by the Hubbard Hamiltonian. By proposing a local self-energy for the interacting electron, it is found that the results are exact in both atomic and band limits and reduce to the Hartree Fock results for U/Δ → 0, where U is the intra-atomic Coulomb interaction and Δ is the bandwidth of the noninteracting electrons. For the Lorentzian form of the density of states of the noninteracting electrons, this approximation turns out to be equivalent to the third Hubbard approximation. A simple argument, based on the mean free path obtained from the imaginary part of the self energy, shows how the electron correlations can give rise to a discontinous metal-nonmetal transition as proposed by Mott. The band narrowing and the existence of the satellite below the Fermi energy in Ni, found in photoemission experiments, can also be understood. (Author) [pt

  8. Lead-210 and polonium-210 in grass

    Energy Technology Data Exchange (ETDEWEB)

    Hill, C R

    1960-07-16

    It appears that an important contribution to the observed ..cap alpha..-activity of grass may be provided by a process of natural fall-out in which lead-210 resulting from decay of atmospheric radon, together with a fraction of the equilibrium amount of its descendant polonium-210 are deposited by rainfall directly on to foliage. Metabolic uptake of part of this activity by sheep is indicated by the presence in the kidney of polonium-210. 6 references, 1 figure, 2 tables.

  9. 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.

  10. 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)

  11. 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.

  12. 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)

  13. 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.

  14. 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)

  15. 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.

  16. 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.

  17. Pool Boiling CHF in Inclined Narrow Annuli

    International Nuclear Information System (INIS)

    Kang, Myeong Gie

    2010-01-01

    Pool boiling heat transfer has been studied extensively since it is frequently encountered in various heat transfer equipment. Recently, it has been widely investigated in nuclear power plants for application to the advanced light water reactors designs. Through the review on the published results it can be concluded that knowledge on the combined effects of the surface orientation and a confined space on pool boiling heat transfer is of great practical importance and also of great academic interest. Fujita et al. investigated pool boiling heat transfer, from boiling inception to the critical heat flux (CHF, q' CHF ), in a confined narrow space between heated and unheated parallel rectangular plates. They identified that both the confined space and the surface orientation changed heat transfer much. Kim and Suh changed the surface orientation angles of a downward heating rectangular channel having a narrow gap from the downward-facing position (180 .deg.) to the vertical position (90 .deg.). They observed that the CHF generally decreased as the inclination angle (θ ) increased. Yao and Chang studied pool boiling heat transfer in a confined heat transfer for vertical narrow annuli with closed bottoms. They observed that when the gap size ( s ) of the annulus was decreased the effect of space confinement to boiling heat transfer increased. The CHF was occurred at much lower value for the confined space comparing to the unconfined pool boiling. Pool boiling heat transfer in narrow horizontal annular crevices was studied by Hung and Yao. They concluded that the CHF decreased with decreasing gap size of the annuli and described the importance of the thin film evaporation to explain the lower CHF of narrow crevices. The effect of the inclination angle on the CHF on countercurrent boiling in an inclined uniformly heated tube with closed bottoms was also studied by Liu et al. They concluded that the CHF reduced with the inclination angle decrease. A study was carried out

  18. Grass-Shrub Associations over a Precipitation Gradient and Their Implications for Restoration in the Great Basin, USA.

    Directory of Open Access Journals (Sweden)

    Maike F Holthuijzen

    Full Text Available As environmental stress increases positive (facilitative plant interactions often predominate. Plant-plant associations (or lack thereof can indicate whether certain plant species favor particular types of microsites (e.g., shrub canopies or plant-free interspaces and can provide valuable insights into whether "nurse plants" will contribute to seeding or planting success during ecological restoration. It can be difficult, however, to anticipate how relationships between nurse plants and plants used for restoration may change over large-ranging, regional stress gradients. We investigated associations between the shrub, Wyoming big sagebrush (Artemisia tridentata ssp. wyomingensis, and three common native grasses (Poa secunda, Elymus elymoides, and Pseudoroegneria spicata, representing short-, medium-, and deep-rooted growth forms, respectively, across an annual rainfall gradient (220-350 mm in the Great Basin, USA. We hypothesized that positive shrub-grass relationships would become more frequent at lower rainfall levels, as indicated by greater cover of grasses in shrub canopies than vegetation-free interspaces. We sampled aerial cover, density, height, basal width, grazing status, and reproductive status of perennial grasses in canopies and interspaces of 25-33 sagebrush individuals at 32 sites along a rainfall gradient. We found that aerial cover of the shallow rooted grass, P. secunda, was higher in sagebrush canopy than interspace microsites at lower levels of rainfall. Cover and density of the medium-rooted grass, E. elymoides were higher in sagebrush canopies than interspaces at all but the highest rainfall levels. Neither annual rainfall nor sagebrush canopy microsite significantly affected P. spicata cover. E. elymoides and P. spicata plants were taller, narrower, and less likely to be grazed in shrub canopy microsites than interspaces. Our results suggest that exploring sagebrush canopy microsites for restoration of native perennial

  19. Cervical spinal canal narrowing in idiopathic syringomyelia

    International Nuclear Information System (INIS)

    Struck, Aaron F.; Carr, Carrie M.; Shah, Vinil; Hesselink, John R.; Haughton, Victor M.

    2016-01-01

    The cervical spine in Chiari I patient with syringomyelia has significantly different anteroposterior diameters than it does in Chiari I patients without syringomyelia. We tested the hypothesis that patients with idiopathic syringomyelia (IS) also have abnormal cervical spinal canal diameters. The finding in both groups may relate to the pathogenesis of syringomyelia. Local institutional review boards approved this retrospective study. Patients with IS were compared to age-matched controls with normal sagittal spine MR. All subjects had T1-weighted spin-echo (500/20) and T2-weighted fast spin-echo (2000/90) sagittal cervical spine images at 1.5 T. Readers blinded to demographic data and study hypothesis measured anteroposterior diameters at each cervical level. The spinal canal diameters were compared with a Mann-Whitney U test. The overall difference was assessed with a Friedman test. Seventeen subjects were read by two reviewers to assess inter-rater reliability. Fifty IS patients with 50 age-matched controls were studied. IS subjects had one or more syrinxes varying from 1 to 19 spinal segments. Spinal canal diameters narrowed from C1 to C3 and then enlarged from C5 to C7 in both groups. Diameters from C2 to C4 were narrower in the IS group (p < 0.005) than in controls. The ratio of the C3 to the C7 diameters was also smaller (p = 0.004) in IS than controls. Collectively, the spinal canal diameters in the IS were significantly different from controls (Friedman test p < 0.0001). Patients with IS have abnormally narrow upper and mid cervical spinal canal diameters and greater positive tapering between C3 and C7. (orig.)

  20. Cervical spinal canal narrowing in idiopathic syringomyelia

    Energy Technology Data Exchange (ETDEWEB)

    Struck, Aaron F. [Massachusetts General Hospital, Department of Neurology, Boston, MA (United States); Carr, Carrie M. [Mayo Clinic, Department of Radiology, Rochester, MN (United States); Shah, Vinil [University of California San Francisco, Department of Radiology, San Francisco, CA (United States); Hesselink, John R. [University of California San Diego, Department of Radiology, San Diego, CA (United States); Haughton, Victor M. [University of Wisconsin, Department of Radiology, Madison, WI (United States)

    2016-08-15

    The cervical spine in Chiari I patient with syringomyelia has significantly different anteroposterior diameters than it does in Chiari I patients without syringomyelia. We tested the hypothesis that patients with idiopathic syringomyelia (IS) also have abnormal cervical spinal canal diameters. The finding in both groups may relate to the pathogenesis of syringomyelia. Local institutional review boards approved this retrospective study. Patients with IS were compared to age-matched controls with normal sagittal spine MR. All subjects had T1-weighted spin-echo (500/20) and T2-weighted fast spin-echo (2000/90) sagittal cervical spine images at 1.5 T. Readers blinded to demographic data and study hypothesis measured anteroposterior diameters at each cervical level. The spinal canal diameters were compared with a Mann-Whitney U test. The overall difference was assessed with a Friedman test. Seventeen subjects were read by two reviewers to assess inter-rater reliability. Fifty IS patients with 50 age-matched controls were studied. IS subjects had one or more syrinxes varying from 1 to 19 spinal segments. Spinal canal diameters narrowed from C1 to C3 and then enlarged from C5 to C7 in both groups. Diameters from C2 to C4 were narrower in the IS group (p < 0.005) than in controls. The ratio of the C3 to the C7 diameters was also smaller (p = 0.004) in IS than controls. Collectively, the spinal canal diameters in the IS were significantly different from controls (Friedman test p < 0.0001). Patients with IS have abnormally narrow upper and mid cervical spinal canal diameters and greater positive tapering between C3 and C7. (orig.)

  1. Volume dips; spot price ranges narrow

    International Nuclear Information System (INIS)

    Anon.

    1994-01-01

    This article is the September 1994 uranium market summary. Volume in the spot concentrates market fell below 1 million lbs U3O8. In total, twelve deals took place compared to 28 deals in August. Of the twelve deals, three took place in the spot concentrates market, two took place in the medium and long-term market, three in the conversion market, and four in the enrichment market. Restricted prices weakened, but unrestricted prices firmed slightly. The enrichment price range narrowed a bit

  2. f-band narrowing in uranium intermetallics

    International Nuclear Information System (INIS)

    Dunlap, B.D.; Litterst, F.J.; Malik, S.K.; Kierstead, H.A.; Crabtree, G.W.; Kwok, W.; Lam, D.J.; Mitchell, A.W.

    1987-01-01

    Although the discovery of heavy fermion behavior in uranium compounds has attracted a great deal of attention, relatively little work has been done which is sufficiently systematic to allow an assessment of the relationship of such behavior to more common phenomena, such as mixed valence, narrow-band effects, etc. In this paper we report bulk property measurements for a number of alloys which form a part of such a systematic study. The approach has been to take relatively simple and well-understood materials and alter their behavior by alloying to produce heavy fermion or Kondo behavior in a controlled way

  3. Itinerant ferromagnetism in the narrow band limit

    CERN Document Server

    Liu, S H

    2000-01-01

    It is shown that in the narrow band, strong interaction limit the paramagnetic state of an itinerant ferromagnet is described by the disordered local moment state. As a result, the Curie temperature is orders of magnitude lower than what is expected from the large exchange splitting of the spin bands. An approximate analysis has also been carried out for the partially ordered state, and the result explains the temperature evolvement of the magnetic contributions to the resistivity and low-energy optical conductivity of CrO sub 2.

  4. Critical unpairing currents in narrow niobium films

    International Nuclear Information System (INIS)

    Gershenzon, M.E.; Gubankov, V.N.

    1979-01-01

    Investigated are the dependences of critical currents of narrow ( with the width of W=0.5-15 μm) superconducting niobium films on temperature and a magnetic field. The proposed method of film production with the width of the 1μm order and with small edge inhomogeneities ((<=500 A) permitted to realize the Ginsburg-Landau unpairing currents in the wide range of temperatures. The correct comparison with the theory showed that the unpairing currents are observed if W(< or approximately) 2delta, where delta is the effective depth of the penetration of the perpendicular magnetic field

  5. Narrow electron injector for ballistic electron spectroscopy

    International Nuclear Information System (INIS)

    Kast, M.; Pacher, C.; Strasser, G.; Gornik, E.

    2001-01-01

    A three-terminal hot electron transistor is used to measure the normal energy distribution of ballistic electrons generated by an electron injector utilizing an improved injector design. A triple barrier resonant tunneling diode with a rectangular transmission function acts as a narrow (1 meV) energy filter. An asymmetric energy distribution with its maximum on the high-energy side with a full width at half maximum of ΔE inj =10 meV is derived. [copyright] 2001 American Institute of Physics

  6. Narrow-Bicliques: Cryptanalysis of Full IDEA

    DEFF Research Database (Denmark)

    Khovratovich, D.; Leurent, G.; Rechberger, C.

    2012-01-01

    We apply and extend the recently introduced biclique framework to IDEA and for the first time describe an approach to noticeably speed-up key-recovery for the full 8.5 round IDEA.We also show that the biclique approach to block cipher cryptanalysis not only obtains results on more rounds, but also...... extended with ways to allow for a significantly reduced data complexity with everything else being equal. For this we use available degrees of freedom as known from hash cryptanalysis to narrow the relevant differential trails. Our cryptanalysis is of high computational complexity, and does not threaten...

  7. The importance of cross-reactivity in grass pollen allergy

    Directory of Open Access Journals (Sweden)

    Aleksić Ivana

    2014-01-01

    Full Text Available According to the data obtained from in vivo and in vitro testing in Serbia, a significant number of patients have allergic symptoms caused by grass pollen. We examined the protein composition of grass pollens (Dactylis glomerata, Lolium perenne and Phleum pratense and cross-reactivity in patients allergic to grass pollen from our region. The grass pollen allergen extract was characterized by SDS-PAGE, while cross-reactivity of single grass pollens was revealed by immunoblot analysis. A high degree of cross-reactivity was demonstrated for all three single pollens in the sera of allergic patients compared to the grass pollen extract mixture. Confirmation of the existence of cross-reactivity between different antigenic sources facilitates the use of monovalent vaccines, which are easier to standardize and at the same time prevent further sensitization of patients and reduces adverse reactions. [Projekat Ministarstva nauke Republike Srbije, br. 172049 i br. 172024

  8. Evaluating grasses as a long-term energy resource

    Energy Technology Data Exchange (ETDEWEB)

    Christian, D.G.; Riche, A.B.

    2001-07-01

    The work reported here is part of an ongoing project that aims to evaluate the yields of three perennial rhizomatous grasses and determine their suitability as bio-energy crops. The work began in 1993, and the grasses have been monitored continuously since that time. This report covers the period 1999/2000, and includes: the performance of plots of the energy grasses Miscanthus grass, switchgrass and reed canary grass seven years after they were planted; assessment of the yield of 15 genotypes of Miscanthus planted in 1997; monitoring all the species throughout the growing period for the presence of pests, weeds and diseases; measurement of the amount of nitrate leached from below Miscanthus grass; investigating the occurrence of lodging in switchgrass. (Author)

  9. Determining the regional potential for a grass biomethane industry

    International Nuclear Information System (INIS)

    Smyth, Beatrice M.; Smyth, Henry; Murphy, Jerry D.

    2011-01-01

    Research highlights: → We identified assessment criteria for determining the regional potential for grass biomethane. → Grass biomethane is distributed via the natural gas grid. → The criteria include: land use; grass yields; gas grid coverage; availability of co-substrates. → The county with the highest potential can fuel 50% of cars or supply 130% of domestic gas consumption. - Abstract: Grass biogas/biomethane has been put forward as a renewable energy solution and it has been shown to perform well in terms of energy balance, greenhouse gas emissions and policy constraints. Biofuel and energy crop solutions are country-specific and grass biomethane has strong potential in countries with temperate climates and a high proportion of grassland, such as Ireland. For a grass biomethane industry to develop in a country, suitable regions (i.e. those with the highest potential) must be identified. In this paper, factors specifically related to the assessment of the potential of a grass biogas/biomethane industry are identified and analysed. The potential for grass biogas and grass biomethane is determined on a county-by-county basis using multi-criteria decision analysis. Values are assigned to each county and ratings and weightings applied to determine the overall county potential. The potential for grass biomethane with co-digestion of slaughter waste (belly grass) is also determined. The county with the highest potential (Limerick) is analysed in detail and is shown to have ready potential for production of gaseous biofuel to meet either 50% of the vehicle fleet or 130% of the domestic natural gas demand, through 25 facilities at a scale of ca. 30 kt yr -1 of feedstock. The assessment factors developed in this paper can be used in other resource studies into grass biomethane or other energy crops.

  10. Narrow field electromagnetic sensor system and method

    International Nuclear Information System (INIS)

    McEwan, T.E.

    1996-01-01

    A narrow field electromagnetic sensor system and method of sensing a characteristic of an object provide the capability to realize a characteristic of an object such as density, thickness, or presence, for any desired coordinate position on the object. One application is imaging. The sensor can also be used as an obstruction detector or an electronic trip wire with a narrow field without the disadvantages of impaired performance when exposed to dirt, snow, rain, or sunlight. The sensor employs a transmitter for transmitting a sequence of electromagnetic signals in response to a transmit timing signal, a receiver for sampling only the initial direct RF path of the electromagnetic signal while excluding all other electromagnetic signals in response to a receive timing signal, and a signal processor for processing the sampled direct RF path electromagnetic signal and providing an indication of the characteristic of an object. Usually, the electromagnetic signal is a short RF burst and the obstruction must provide a substantially complete eclipse of the direct RF path. By employing time-of-flight techniques, a timing circuit controls the receiver to sample only the initial direct RF path of the electromagnetic signal while not sampling indirect path electromagnetic signals. The sensor system also incorporates circuitry for ultra-wideband spread spectrum operation that reduces interference to and from other RF services while allowing co-location of multiple electronic sensors without the need for frequency assignments. 12 figs

  11. Dosimetry of narrow band UVB treatments

    International Nuclear Information System (INIS)

    Goode, D.H.; Mannering, D.M.

    1996-01-01

    Full text: For many years psoriasis has been treated with broad band UVB lamps. These lamps have a bell shaped spectrum which peaks at 305 nm and extends from 280 nm to 350 nm. However research with monochromatic UV radiation has shown that wavelengths between 300 nm and 320 nm are the most efficacious for clearing psoriasis while wavelengths below 305 nm are most effective for producing the undesirable side effect of erythema (sunburn). In response to these findings Philips developed a narrow band UVB tube in which a large fraction of the output was confined to a narrow peak (bandwidth 2.5 nm) situated at 311 nm. Christchurch Hospital replaced broad band UVB with narrow band treatments in August 1995 and as this required UV exposures to be substantially increased new protocols had to be developed. Three aspects needed to be addressed. These were translating the dose from broad band to narrow band for current patients, determining the initial dose for new patients and developing a formula for increasing subsequent exposures to both types of patient. To translate doses the spectral irradiance (μW/cm 2 /nm) that would fall on the patient was measured in both the old broad band and the new narrow band treatment units and from this UV doses were calculated. All doses were expressed in mJ/cm 2 of unweighted UV over the range 250 nm to 400 nm. The erythemal effectiveness of the two units were compared by using the CIE 1987 curve to express doses in terms of the equivalent exposure of monochromatic 297 nm radiation. It was found that an exposure of 3.96 mJ/cm 2 from the broad band FS40 tubes and 12.79 mJ/cm 2 from the narrow band TL/01 tubes were both equivalent to 1.00 mJ/cm 2 of monochromatic 297 nm radiation so when transferring patients all broad band doses needed to be increased by a factor of 3.2. Before transferring any patients this factor was confirmed by conducting two minimal erythema dose (MED) tests on a normal subject, one in each unit. For new patients a

  12. A methodology to enlarge narrow stability windows

    Energy Technology Data Exchange (ETDEWEB)

    Araujo, Ewerton M.P.; Pastor, Jorge A.S.C.; Fontoura, Sergio A.B. [Pontificia Univ. Catolica do Rio de Janeiro (PUC-Rio), RJ (Brazil). Dept. de Engenharia Civil. Grupo de Tecnologia e Engenharia de Petroleo

    2004-07-01

    The stability window in a wellbore design is defined by the difference between fracture pressure and collapse pressure. Deep water environments typically present narrow stability windows, because rocks have low strength due to under-compaction process. Often also, horizontal wells are drilled to obtain a better development of reservoirs placed in thin layers of sandstone. In this scenario, several challenges are faced when drilling in deep water. The traditional approach for predicting instabilities is to determine collapses and fractures at borehole wall. However, the initiation of rupture does not indicate that the borehole fails to perform its function as a wellbore. Thus, a methodology in which the stability window may be enlarged is desirable. This paper presents one practical analytical methodology that consists in allowing wellbore pressures smaller than the conventional collapse pressure, i.e., based upon failure on the borehole wall. This means that a collapse region (shear failure) will be developed around the borehole wall. This collapse region is pre-defined and to estimate its size is used a failure criterion. The aforementioned methodology is implemented in a user-friendly software, which can perform analyses of stress, pore pressure, formation failure, mud weight and mud salinity design for drilling in shale formations. Simulations of a wellbore drilling in a narrow stability window environment are performed to demonstrate the improvements of using the methodology. (author)

  13. Narrow resonances and short-range interactions

    International Nuclear Information System (INIS)

    Gelman, Boris A.

    2009-01-01

    Narrow resonances in systems with short-range interactions are discussed in an effective field theory (EFT) framework. An effective Lagrangian is formulated in the form of a combined expansion in powers of a momentum Q 0 | 0 --a resonance peak energy. At leading order in the combined expansion, a two-body scattering amplitude is the sum of a smooth background term of order Q 0 and a Breit-Wigner term of order Q 2 (δε) -1 which becomes dominant for δε 3 . Such an EFT is applicable to systems in which short-distance dynamics generates a low-lying quasistationary state. The EFT is generalized to describe a narrow low-lying resonance in a system of charged particles. It is shown that in the case of Coulomb repulsion, a two-body scattering amplitude at leading order in a combined expansion is the sum of a Coulomb-modified background term and a Breit-Wigner amplitude with parameters renormalized by Coulomb interactions.

  14. 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

  15. Investigation of Desso GrassMaster® as application in hydraulic engineering

    NARCIS (Netherlands)

    Steeg, van der P.; Paulissen, M.P.C.P.; Roex, E.; Mommer, L.

    2015-01-01

    Dessa GrassMaster® is a reinforced grass system which is applied successfully on sports fields and enables to use a sports field more intensively than a normal grass field. In this report the possibility of an application of Dessa GrassMaster®in hydraulic conditions, with a focus on grass dikes, is

  16. 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.

  17. Early inflorescence development in the grasses (Poaceae

    Directory of Open Access Journals (Sweden)

    Elizabeth A. Kellogg

    2013-07-01

    Full Text Available The shoot apical meristem of grasses produces the primary branches of the inflorescence, controlling inflorescence architecture and hence seed production. Whereas leaves are produced in a distichous pattern, with the primordia separated from each other by an angle of 180o, inflorescence branches are produced in a spiral in most species. The morphology and developmental genetics of the shift in phyllotaxis have been studied extensively in maize and rice. However, in wheat, Brachypodium, and oats, all in the grass subfamily Pooideae, the change in phyllotaxis does not occur; primary inflorescence branches are produced distichously. It is unknown whether the distichous inflorescence originated at the base of Pooideae, or whether it appeared several times independently. In this study, we show that Brachyelytrum, the genus sister to all other Pooideae has spiral phyllotaxis in the inflorescence, but that in the remaining 3000+ species of Pooideae, the phyllotaxis is two-ranked. These two-ranked inflorescences are not perfectly symmetrical, and have a clear front and back; this developmental axis has never been described in the literature and it is unclear what establishes its polarity. Strictly distichous inflorescences appear somewhat later in the evolution of the subfamily. Two-ranked inflorescences also appear in a few grass outgroups and sporadically elsewhere in the family, but unlike in Pooideae do not generally correlate with a major radiation of species. After production of branches, the inflorescence meristem may be converted to a spikelet meristem or may simply abort; this developmental decision appears to be independent of the branching pattern.

  18. ANATOMIC STRUCTURE OF CAMPANULA ROTUNDIFOLIA L. GRASS

    Directory of Open Access Journals (Sweden)

    V. N. Bubenchikova

    2017-01-01

    Full Text Available The article present results of the study for a anatomic structure of Campanula rotundifolia grass from Campanulaceae family. Despite its dispersion and application in folk medicine, there are no data about its anatomic structure, therefore to estimate the indices of authenticity and quality of raw materials it is necessary to develop microdiagnostical features in the first place, which could help introducing of thisplant in a medical practice. The purpose of this work is to study anatomical structureof Campanula rotundifolia grass to determine its diagnostic features. Methods. Thestudy for anatomic structure was carried out in accordance with the requirements of State Pharmacopoeia, edition XIII. Micromed laboratory microscope with digital adjutage was used to create microphotoes, Photoshop CC was used for their processing. Result. We have established that stalk epidermis is prosenchymal, slightly winding with straight of splayed end cells. After study for the epidermis cells we established that upper epidermis cells had straight walls and are slightly winding. The cells of lower epidermishave more winding walls with prolong wrinkled cuticule. Presence of simple one-cell, thin wall, rough papillose hair on leaf and stalk epidermis. Cells of epidermis in fauces of corolla are prosenchymal, with winding walls, straight or winding walls in a cup. Papillary excrescences can be found along the cup edges. Stomatal apparatus is anomocytic. Conclusion. As the result of the study we have carried out the research for Campanula rotundifolia grass anatomic structure, and determined microdiagnostic features for determination of raw materials authenticity, which included presence of simple, one-cell, thin-walled, rough papillose hair on both epidermises of a leaf, along the veins, leaf edge, and stalk epidermis, as well as the presence of epidermis cells with papillary excrescences along the edges of leaves and cups. Intercellular canals are situatedalong the

  19. Upgrated fuel from reed canary grass

    Energy Technology Data Exchange (ETDEWEB)

    Oravainen, H. [VTT Energy, Jyvaeskylae (Finland)

    1997-12-01

    Results described in this presentation are from a large EU-project - Development of a new crop production system based on delayed harvesting and system for its combined processing to chemical pulp and biofuel powder. This is a project to develop the use of Reed Canary Grass (Phalaris Arundinaceae) both for pulp industry and energy production. The main contractor of the project is Swedish University of Agricultural Sciences (coordinator), task coordinators are United Milling Systems A/S from Denmark, and Jaakko Poeyry Oy and VTT Energy from Finland In addition, there are partners from several countries participating in the project

  20. Prospects for Hybrid Breeding in Bioenergy Grasses

    DEFF Research Database (Denmark)

    Aguirre, Andrea Arias; Studer, Bruno; Frei, Ursula

    2012-01-01

    , we address crucial topics to implement hybrid breeding, such as the availability and development of heterotic groups, as well as biological mechanisms for hybridization control such as self-incompatibility (SI) and male sterility (MS). Finally, we present potential hybrid breeding schemes based on SI...... of different hybrid breeding schemes to optimally exploit heterosis for biomass yield in perennial ryegrass (Lolium perenne L.) and switchgrass (Panicum virgatum), two perennial model grass species for bioenergy production. Starting with a careful evaluation of current population and synthetic breeding methods...

  1. Grass-on-grass competition along a catenal gradient in mesic ...

    African Journals Online (AJOL)

    Three aboveground treatments (full light competition, no light competition and clipping to simulate grazing), and two belowground treatments (full belowground competition and belowground competition excluded by a root tube), were used. On all soil depths the three grass species differed in mean mass, with E. racemosa ...

  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. Analysis of narrow effects in pp annihilations

    CERN Document Server

    Defoix, C

    1972-01-01

    The author describes briefly some methods of analysis that final states involving a number of like particles require. A first method consists of separating two competing channels to minimize the reflections due to the undesirable one. Later techniques of analysis lead to the isolation of the only channel of interest and circumvention of the problems of background and reflections due to irrelevant final states. Generally, all these processes are based on the presence of a narrow and identified resonance, for example the eta /sup 0/ or omega /sup 0/ ( to pi /sup +/ pi /sup -/ pi /sup 0/). To be efficient, it is necessary that the observed width of such a basic resonance not be increased too much by experimental errors. (6 refs).

  5. Search for narrow four-baryon states

    International Nuclear Information System (INIS)

    Badelek, B.

    1981-01-01

    Highly excited (4.10 2 ) four-baryon resonances have been searched for in the missing-mass spectrum of the reaction π - + 4 He → π - + X at 5 GeV/c in the region of small four-momentum transfer (0.005 2 ), where one of the decay products of the X is either proton or deuteron or triton. No resonance signal is seen in the mass spectrum of X. Within our limited acceptance, the cross section for the production of a narrow (GAMMA approx. 20 MeV/c 2 ) four-baryon state with mass 4.9 GeV/c 2 is estimated to be smaller than approx. 100 nb. (orig.)

  6. Active Brownian motion in a narrow channel

    Science.gov (United States)

    Ao, X.; Ghosh, P. K.; Li, Y.; Schmid, G.; Hänggi, P.; Marchesoni, F.

    2014-12-01

    We review recent advances in rectification control of artificial microswimmers, also known as Janus particles, diffusing along narrow, periodically corrugated channels. The swimmer self-propulsion mechanism is modeled so as to incorporate a nonzero torque (propulsion chirality). We first summarize the effects of chirality on the autonomous current of microswimmers freely diffusing in channels of different geometries. In particular, left-right and upside-down asymmetric channels are shown to exhibit different transport properties. We then report new results on the dependence of the diffusivity of chiral microswimmers on the channel geometry and their own self-propulsion mechanism. The self-propulsion torque turns out to play a key role as a transport control parameter.

  7. From pasture grass to cattle milk

    International Nuclear Information System (INIS)

    Miyamoto, Susumu

    1979-01-01

    Iodine-131 is one of the important fission products since it is selectively accumulated in the thyroid gland of man. The transfer of this isotope from contaminated grass to cows' milk is therefore of particular importance since milk is a major constituent of the diet especially for infants. The purpose of this paper is to discuss the transfer rate of this isotope from grass to milk of lactuating cows and its distribution in milk. It is said that the orally administered iodide is rapidly absorbed through the rumen wall and excreted mainly to urine. The absorbed iodine is accumulated highly in the thyroid gland and the considerable amount is secreted to milk. Garner et al. showed that about 5% of a dose of 131 I was found in the milk within 7 days. The extremes were 1.43 to 16.4%. Present author obtained that 18 - 30% of the dosed 131 I was secreted into milk within 7 days, indicating somewhat higher transfer rate than that of Garner et al. It was reported that more than 90% of 131 I was found in milk serum in the ionic form. The countermeasures for diminishing 131 I in milk were also presented. (author)

  8. Genetic modification of wetland grasses for phytoremediation

    Energy Technology Data Exchange (ETDEWEB)

    Czako, M.; Liang Dali; Marton, L. [Dept. of Biological Sciences, Univ. of South Carolina, Columbia, SC (United States); Feng Xianzhong; He Yuke [National Lab. of Plant Molecular Genetics, Shanghai Inst. of Plant Physiology, Chinese Academy of Sciences, Shanghai, SH (China)

    2005-04-01

    Wetland grasses and grass-like monocots are very important natural remediators of pollutants. Their genetic improvement is an important task because introduction of key transgenes can dramatically improve their remediation potential. Tissue culture is prerequisite for genetic manipulation, and methods are reported here for in vitro culture and micropropagation of a number of wetland plants of various ecological requirements such as salt marsh, brackish water, riverbanks, and various zones of lakes and ponds, and bogs. The monocots represent numerous genera in various families such as Poaceae, Cyperaceae, Juncaceae, and Typhaceae. The reported species are in various stages of micropropagation and Arundo donax is scaled for mass propagation for selecting elite lines for pytoremediation. Transfer of key genes for mercury phytoremediation into the salt marsh cordgrass (Spartina alterniflora) is also reported here. All but one transgenic lines contained both the organomercurial lyase (merB) and mercuric reductase (merA) sequences showing that co-introduction into Spartina of two genes from separate Agrobacterium strains is possible. (orig.)

  9. Factors influencing seed germination in Cerrado grasses

    Directory of Open Access Journals (Sweden)

    Rosana Marta Kolb

    2016-03-01

    Full Text Available Few studies address the ecology of herbs of Cerrado grasslands, which are ecosystems where the long dry season, high temperatures, insolation, fire and invasive grasses greatly influencing germination and the establishment of plants. We assessed germination of 13 species of Poaceae from Cerrado grasslands under nursery conditions or in germination chambers, the latter with i recently collected seeds and seeds after six months storage, ii under constant and alternating temperatures, and iii in the presence and absence of light. Germinability, mean germination time (MGT and required light were quantified to elucidate factors involved in successful germination. Germinability was low for most grasses, probably because of low seed viability. For most species, germinability and MGT were not altered by seed storage. Germination percentages were higher at alternating temperatures and in the presence of light, factors that are more similar to natural environmental situations compared with constant temperature or the absence of light. Our findings indicate that alternating temperatures and light incidence are key factors for germination of species of Poaceae. The maintenance of these environmental factors, which are crucial for the conservation of Cerrado grasslands, depends on appropriate management interventions, such as fire management and the control of biological invasion.

  10. Elephant grass clones for silage production

    Directory of Open Access Journals (Sweden)

    Rerisson José Cipriano dos Santos

    2013-02-01

    Full Text Available Ensiling warm-season grasses often requires wilting due to their high moisture content, and the presence of low-soluble sugars in these grasses usually demands the use of additives during the ensiling process. This study evaluated the bromatological composition of the fodder and silage from five Pennisetum sp. clones (IPA HV 241, IPA/UFRPE Taiwan A-146 2.114, IPA/UFRPE Taiwan A-146 2.37, Elephant B, and Mott. The contents of 20 Polyvinyl chloride (PVC silos, which were opened after 90 days of storage, were used for the bromatological analysis and the evaluation of the pH, nitrogen, ammonia, buffer capacity, soluble carbohydrates, and fermentation coefficients. The effluent losses, gases and dry matter recovery were also calculated. Although differences were observed among the clones (p < 0.05 for the concentrations of dry matter, insoluble nitrogen in acid detergents, insoluble nitrogen in neutral detergents, soluble carbohydrates, fermentation coefficients, and in vitro digestibility in the forage before ensiling, no differences were observed for most of these variables after ensiling. All of the clones were efficient in the fermentation process. The IPA/UFRPE TAIWAN A-146 2.37 clone, however, presented a higher dry matter concentration and the best fermentation coefficient, resulting in a better silage quality, compared to the other clones.

  11. The effect of narrow provider networks on health care use.

    Science.gov (United States)

    Atwood, Alicia; Lo Sasso, Anthony T

    2016-12-01

    Network design is an often overlooked aspect of health insurance contracts. Recent policy factors have resulted in narrower provider networks. We provide plausibly causal evidence on the effect of narrow network plans offered by a large national health insurance carrier in a major metropolitan market. Our econometric design exploits the fact that some firms offer a narrow network plan to their employees and some do not. Our results show that narrow network health plans lead to reductions in health care utilization and spending. We find evidence that narrow networks save money by selecting lower cost providers into the network. Copyright © 2016 Elsevier B.V. All rights reserved.

  12. Perennial Grass Bioenergy Cropping on Wet Marginal Land

    NARCIS (Netherlands)

    Das, Srabani; Teuffer, Karin; Stoof, Cathelijne R.; Walter, Michael F.; Walter, M.T.; Steenhuis, Tammo S.; Richards, Brian K.

    2018-01-01

    The control of soil moisture, vegetation type, and prior land use on soil health parameters of perennial grass cropping systems on marginal lands is not well known. A fallow wetness-prone marginal site in New York (USA) was converted to perennial grass bioenergy feedstock production. Quadruplicate

  13. No positive feedback between fire and a nonnative perennial grass

    Science.gov (United States)

    Erika L. Geiger; Guy R. McPherson

    2005-01-01

    Semi-desert grasslands flank the “Sky Island” mountains in southern Arizona and Northern Mexico. Many of these grasslands are dominated by nonnative grasses, which potentially alter native biotic communities. One specific concern is the potential for a predicted feedback between nonnative grasses and fire. In a large-scale experiment in southern Arizona we investigated...

  14. Analysis of Fusarium causing dermal toxicosis in marram grass planters

    NARCIS (Netherlands)

    Snijders, CHA; Samson, RA; Hoekstra, ES; Ouellet, T; Miller, JD; deRooijvanderGoes, PCEM; Baar, AJM; Dubois, AEJ; Kauffman, HF

    1996-01-01

    In the European coastal dunes, marram grass (Ammophila arenaria) is planted in order to control sand erosion. In the years 1986 to 1991, workers on the Wadden islands in the Netherlands planting marram grass showed lesions of skin and mucous membranes, suggesting a toxic reaction. Fusarium culmorum

  15. Conceptual model for reinforced grass on inner dike slopes

    NARCIS (Netherlands)

    Verhagen, H.J.; ComCoast

    2005-01-01

    A desk study has been carried out in order to develop a conceptual model for the erosion of inner dike slopes with reinforced grass cover. Based on the results the following can be concluded: The presence of a geosynthetic in a grass slope can be taken into account in the EPM method by increasing

  16. Grass defoliation affecting survival and growth of seedlings of ...

    African Journals Online (AJOL)

    Two experiments were conducted, one in the field and the other in the greenhouse, to investigate the effects of the intensity and frequency of grass defoliation on the survival and growth of Acacia karroo seedlings. In the greenhouse, seedlings growing with heavily clipped grasses had higher biomass production than those ...

  17. Defoliation effects of perennial grasses – continuing confusion | DL ...

    African Journals Online (AJOL)

    Although an adequate knowledge of growth patterns and defoliation effects in perennial grasses is a prerequisite for the rational use of veld and pastures for animal production, our knowledge of this subject is far from adequate. The results of various physiological and clipping studies on tropical and sub-tropical grasses are ...

  18. MACRO NUTRIENTS UPTAKE OF FORAGE GRASSES AT DIFFERENT SALINITY STRESSES

    Directory of Open Access Journals (Sweden)

    F. Kusmiyati

    2014-10-01

    Full Text Available The high concentration of sodium chloride (NaCl in saline soils has negative effects on the growth ofmost plants. The experiment was designed to evaluate macro nutrient uptake (Nitrogen, Phosphorus andPotassium of forage grasses at different NaCl concentrations in growth media. The experiment wasconducted in a greenhouse at Forage Crops Laboratory of Animal Agriculture Faculty, Diponegoro University.Split plot design was used to arrange the experiment. The main plot was forage grasses (Elephant grass(Pennisetum purpureum and King grass (Pennisetum hybrida. The sub plot was NaCl concentrationin growth media (0, 150, and 300 mM. The nitrogen (N, phosphorus (P and potassium (K uptake in shootand root of plant were measured. The result indicated increasing NaCl concentration in growth mediasignificantly decreased the N, P and K uptake in root and shoot of the elephant grass and king grass. Thepercentage reduction percentage of N, P and K uptake at 150 mM and 300 mM were high in elephant grassand king grass. It can be concluded that based on nitrogen, phosphorus and potassium uptake, elephantgrass and king grass are not tolerant to strong and very strong saline soil.

  19. EBIPM | Finding the Tools to Manage Invasive Annual Grasses

    Science.gov (United States)

    management decisions for a given landscape based on ecological principles. Take a look at our video " Grass Management How much could prevention save you? Guidelines to Implement EBIPM Weed Prevention Areas Grass Facts/ID The EBIPM Model Crooked River Weed Management Area Guide Tools for Educators EBIPM High

  20. Lessons learned in managing alfalfa-grass mixtures

    Science.gov (United States)

    Grass-alfalfa mixtures have a number of benefits that make them attractive to producers. However, they can be problematic to establish and maintain. Research programs have made progress in understanding the benefits and challenges of alfalfa-grass mixtures. Mixtures may have greater winter survival ...

  1. Agricultural field reclamation utilizing native grass crop production

    Science.gov (United States)

    J. Cure

    2013-01-01

    Developing a method of agricultural field reclamation to native grasses in the Lower San Pedro Watershed could prove to be a valuable tool for educational and practical purposes. Agricultural field reclamation utilizing native grass crop production will address water table depletion, soil degradation and the economic viability of the communities within the watershed....

  2. Effect of grass species on NDF ruminal degradability and ...

    African Journals Online (AJOL)

    uzivatel

    Abstract. The objective of this study was to compare the ruminal degradability of neutral detergent fibre (NDF) .... Felina were evaluated in the present study. The grass was harvested from the primary growth of monocultured grasses on 19 and 26 May of 2004 and 27 May and 10 ...... Nutritional Ecology of the Ruminant.

  3. Soil nitrogen mineralization not affected by grass species traits

    Science.gov (United States)

    Maged Ikram Nosshi; Jack Butler; M. J. Trlica

    2007-01-01

    Species N use traits was evaluated as a mechanism whereby Bromus inermis (Bromus), an established invasive, might alter soil N supply in a Northern mixed-grass prairie. We compared soils under stands of Bromus with those from three representative native grasses of different litter C/N: Andropogon...

  4. Seed production and establishment of western Oregon native grasses

    Science.gov (United States)

    Dale C. Darris

    2005-01-01

    It is well understood that native grasses are ecologically important and provide numerous benefits. However, unfavorable economics, low seed yields for some species, genetic issues, and a lack of experience behind the production and establishment of most western Oregon native grasses remain significant impediments for their expanded use. By necessity, adaptation of...

  5. Analysis of Some Heavy Metals in Grass ( Paspalum Orbiculare ...

    African Journals Online (AJOL)

    The increased deposition of trace metals from vehicle exhausts on plants has raised concerns about the risks of the quality of food consumed by humans since the heavy metals emitted through the exhaust by vehicles can enter food chain through deposition on grass grazed by animals. Grass (Paspalum Orbiculare) and ...

  6. Identification of grazed grasses using epidermal characters | R ...

    African Journals Online (AJOL)

    The use of anatomical features of the abaxial epidermis of grasses is discussed for the identification of fragments of epidermis present in samples of rumen. The reliability of this technique, and the variation of the epidermal characters in two widely distributed species of grass, is given. A "Key" to identity certain genera of ...

  7. Invasive grasses change landscape structure and fire behavior in Hawaii

    Science.gov (United States)

    Lisa M. Ellsworth; Creighton M. Litton; Alexander P. Dale; Tomoaki Miura

    2014-01-01

    How does potential fire behavior differ in grass-invaded non-native forests vs open grasslands? How has land cover changed from 1950–2011 along two grassland/forest ecotones in Hawaii with repeated fires? A study on non-native forest with invasive grass understory and invasive grassland (Megathyrsus maximus) ecosystems on Oahu, Hawaii, USA was...

  8. 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.

  9. Mass variation effect of teki grass (cyperus rotundus) composite against tensile strength and density

    Science.gov (United States)

    Rafiq Yanhar, Muhammad; Haris Nasution, A.

    2018-05-01

    The primary purpose of this study is to determine the tensile strength using ASTM D638 - 02a type IVB and density of teki grass (Cyperus rotundus) composite. The production process is carried out by mass variation of 2 gr, 3 gr, and 4 gr. Hand lay-up method with three repetitions is applied. Teki grass is chosen because it is easy to find and has some advantages biodegradable, harmless to health, available in large quantities, and cost-efficient. The test result showed the largest tensile strength is 21,61 MPa at 2-gram mass fiber. Fiber addition to 3 gram and 4-gram cause tensile strength decreases to 18,51 MPa and 11,65 MPa. It happens because the fibers are random and spread in all directions, so many fibers are undirectional with the tensile force. Beside that fibers addition made matrix volume reduced and a bond between fiber and matrix decreases, finally make fiber unable to hold the tensile force properly. It is recommended to use another type of ASTM D638 - 02a which has a larger narrow section like type I (13 mm) and type III (19mm) so specimens are not broken when removed from the mold, and there isn’t any decrease in tensile strength.Density test showed that fiber mass does not significantly affect the density.

  10. "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.

  11. Native Grass Community Management Plan for the Oak Ridge Reservation

    Energy Technology Data Exchange (ETDEWEB)

    Ryon, Michael G [ORNL; Parr, Patricia Dreyer [ORNL; Cohen, Kari [ORNL

    2007-06-01

    Land managers at the Department of Energy's Oak Ridge National Laboratory in East Tennessee are restoring native warm-season grasses and wildflowers to various sites across the Oak Ridge Reservation (ORR). Some of the numerous benefits to planting native grasses and forbs include improved habitat quality for wildlife, improved aesthetic values, lower long-term maintenance costs, and compliance with Executive Order 13112 (Clinton 1999). Challenges to restoring native plants on the ORR include the need to gain experience in establishing and maintaining these communities and the potentially greater up-front costs of getting native grasses established. The goals of the native grass program are generally outlined on a fiscal-year basis. An overview of some of the issues associated with the successful and cost-effective establishment and maintenance of native grass and wildflower stands on the ORR is presented in this report.

  12. 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.

  13. 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.

  14. Establishing native warm season grasses on Eastern Kentucky strip mines

    Energy Technology Data Exchange (ETDEWEB)

    Barnes, T.G.; Larkin, J.L.; Arnett, M.B. [Univ. of Kentucky, Lexington, KY (United States). Dept. of Forestry

    1998-12-31

    The authors evaluated various methods of establishing native warm season grasses on two reclaimed Eastern Kentucky mines from 1994--1997. Most current reclamation practices incorporate the use of tall fescue (Festuca arundinacea) and other cool-season grasses/legumes that provide little wildlife habitats. The use of native warm season grasses will likely improve wildlife habitat on reclaimed strip mines. Objectives of this study were to compare the feasibility of establishing these grasses during fall, winter, or spring using a native rangeland seeder or hydroseeding; a fertilizer application at planting; or cold-moist stratification prior to hydroseeding. Vegetative cover, bare ground, species richness, and biomass samples were collected at the end of each growing season. Native warm season grass plantings had higher plant species richness compared to cool-season reclamation mixtures. There was no difference in establishment of native warm season grasses as a result of fertilization or seeding technique. Winter native warm season grass plantings were failures and cold-moist stratification did not increase plant establishment during any season. As a result of a drought during 1997, both cool-season and warm season plantings were failures. Cool-season reclamation mixtures had significantly more vegetative cover and biomass compared to native warm season grass mixtures and the native warm season grass plantings did not meet vegetative cover requirements for bond release. Forbs and legumes that established well included pale purple coneflower (Echinacea pallida), lance-leaf coreopsis (Coreopsis lanceolata), round-headed lespedeza (Lespedeza capitata), partridge pea (Cassia fasiculata), black-eyed susan (Rudbeckia hirta), butterfly milkweed (Asclepias tuberosa), and bergamot (Monarda fistulosa). Results from two demonstration plots next to research plots indicate it is possible to establish native warm season grasses on Eastern Kentucky strip mines for wildlife habitat.

  15. Establishing native warm season grasses on Eastern Kentucky strip mines

    International Nuclear Information System (INIS)

    Barnes, T.G.; Larkin, J.L.; Arnett, M.B.

    1998-01-01

    The authors evaluated various methods of establishing native warm season grasses on two reclaimed Eastern Kentucky mines from 1994--1997. Most current reclamation practices incorporate the use of tall fescue (Festuca arundinacea) and other cool-season grasses/legumes that provide little wildlife habitats. The use of native warm season grasses will likely improve wildlife habitat on reclaimed strip mines. Objectives of this study were to compare the feasibility of establishing these grasses during fall, winter, or spring using a native rangeland seeder or hydroseeding; a fertilizer application at planting; or cold-moist stratification prior to hydroseeding. Vegetative cover, bare ground, species richness, and biomass samples were collected at the end of each growing season. Native warm season grass plantings had higher plant species richness compared to cool-season reclamation mixtures. There was no difference in establishment of native warm season grasses as a result of fertilization or seeding technique. Winter native warm season grass plantings were failures and cold-moist stratification did not increase plant establishment during any season. As a result of a drought during 1997, both cool-season and warm season plantings were failures. Cool-season reclamation mixtures had significantly more vegetative cover and biomass compared to native warm season grass mixtures and the native warm season grass plantings did not meet vegetative cover requirements for bond release. Forbs and legumes that established well included pale purple coneflower (Echinacea pallida), lance-leaf coreopsis (Coreopsis lanceolata), round-headed lespedeza (Lespedeza capitata), partridge pea (Cassia fasiculata), black-eyed susan (Rudbeckia hirta), butterfly milkweed (Asclepias tuberosa), and bergamot (Monarda fistulosa). Results from two demonstration plots next to research plots indicate it is possible to establish native warm season grasses on Eastern Kentucky strip mines for wildlife habitat

  16. Rumen escape protein in grass and grass silage deterimened with a nylon bag and an enzymatic technique

    NARCIS (Netherlands)

    Cone, J.W.; Gelder, van A.H.; Mathijssen-Kamman, A.A.; Hindle, V.A.

    2004-01-01

    Rumen escape protein (REP) was determined for six grasses and 16 grass silages using a nylon bag technique and an in vitro technique using a proteolytic enzyme preparation of Streptomyces griseus. In vitro, the samples were incubated for 0, 1, 6 and 24 h. The highest correlation observed between

  17. EroGRASS : Failure of grass cover layers at seaward and shoreward dike slopes. design, construction and performance

    NARCIS (Netherlands)

    Verhagen, H.J.; Verheij, H.J.; Cao, T.M.; Dassanayake, D.; Roelvink, D.; Piontkowitz, T.

    2009-01-01

    A large number of the dikes in the North Sea and Baltic Sea regions are covered with grass that is exposed to hydraulic loading from waves and currents during storm surges. During previous storm surges the grass cover layers often showed large strength and remained undamaged. A clear physical

  18. Established native perennial grasses out-compete an invasive annual grass regardless of soil water and nutrient availability

    Science.gov (United States)

    Christopher M. McGlone; Carolyn Hull Sieg; Thomas E. Kolb; Ty Nietupsky

    2012-01-01

    Competition and resource availability influence invasions into native perennial grasslands by nonnative annual grasses such as Bromus tectorum. In two greenhouse experiments we examined the influence of competition, water availability, and elevated nitrogen (N) and phosphorus (P) availability on growth and reproduction of the invasive annual grass B. tectorum and two...

  19. Properties of Narrow line Seyfert 1 galaxies

    Science.gov (United States)

    Rakshit, Suvendu; Stalin, Chelliah Subramonian; Chand, Hum; Zhang, Xue-Guang

    2018-04-01

    Narrow line Seyfert 1 (NLSy1) galaxies constitute a class of active galactic nuclei characterized by the full width at half maximum (FWHM) of the Hα broad emission line 10 pixel-1. A strong correlation between the Hα and Hα emission lines is found both in the FWHM and flux. The nuclear continuum luminosity is found to be strongly correlated with the luminosity of Hα, Hα and [O III] emission lines. The black hole mass in NLSy1 galaxies is lower compared to their broad line counterparts. Compared to BLSy1 galaxies, NLSy1 galaxies have a stronger FeII emission and a higher Eddington ratio that place them in the extreme upper right corner of the R4570 - λEdd diagram. The distribution of the radio-loudness parameter (R) in NLSy1 galaxies drops rapidly at R>10 compared to the BLSy1 galaxies that have powerful radio jets. The soft X-ray photon index in NLSy1 galaxies is on average higher (2.9 ± 0.9) than BLSy1 galaxies (2.4 ± 0.8). It is anti-correlated with the Hα width but correlated with the FeII strength. NLSy1 galaxies on average have a lower amplitude of optical variability compared to their broad lines counterparts. These results suggest Eddington ratio as the main parameter that drives optical variability in these sources.

  20. Thermoelectricity in correlated narrow-gap semiconductors

    Science.gov (United States)

    Tomczak, Jan M.

    2018-05-01

    We review many-body effects, their microscopic origin, as well as their impact on thermoelectricity in correlated narrow-gap semiconductors. Members of this class—such as FeSi and FeSb2—display an unusual temperature dependence in various observables: insulating with large thermopowers at low temperatures, they turn bad metals at temperatures much smaller than the size of their gaps. This insulator-to-metal crossover is accompanied by spectral weight-transfers over large energies in the optical conductivity and by a gradual transition from activated to Curie–Weiss-like behaviour in the magnetic susceptibility. We show a retrospective of the understanding of these phenomena, discuss the relation to heavy-fermion Kondo insulators—such as Ce3Bi4Pt3 for which we present new results—and propose a general classification of paramagnetic insulators. From the latter, FeSi emerges as an orbital-selective Kondo insulator. Focussing on intermetallics such as silicides, antimonides, skutterudites, and Heusler compounds we showcase successes and challenges for the realistic simulation of transport properties in the presence of electronic correlations. Further, we explore new avenues in which electronic correlations may contribute to the improvement of thermoelectric performance.

  1. Thermal tuning On narrow linewidth fiber laser

    Science.gov (United States)

    Han, Peiqi; Liu, Tianshan; Gao, Xincun; Ren, Shiwei

    2010-10-01

    At present, people have been dedicated to high-speed and large-capacity optical fiber communication system. Studies have been shown that optical wavelength division multiplexing (WDM) technology is an effective means of communication to increase the channel capacity. Tunable lasers have very important applications in high-speed, largecapacity optical communications, and distributed sensing, it can provide narrow linewidth and tunable laser for highspeed optical communication. As the erbium-doped fiber amplifier has a large gain bandwidth, the erbium-doped fiber laser can be achieved lasing wavelength tunable by adding a tunable filter components, so tunable filter device is the key components in tunable fiber laser.At present, fiber laser wavelength is tuned by PZT, if thermal wavelength tuning is combined with PZT, a broader range of wavelength tuning is appearance . Erbium-doped fiber laser is used in the experiments,the main research is the physical characteristics of fiber grating temperature-dependent relationship and the fiber grating laser wavelength effects. It is found that the fiber laser wavelength changes continuously with temperature, tracking several temperature points observed the self-heterodyne spectrum and found that the changes in spectra of the 3dB bandwidth of less than 1kHz, and therefore the fiber laser with election-mode fiber Bragg grating shows excellent spectral properties and wavelength stability.

  2. Perrenial Grasses for Sustainable European Protein Production

    DEFF Research Database (Denmark)

    Jørgensen, Uffe; Lærke, Poul Erik

    2016-01-01

    reduction goals for agriculture. Denmark has an especially vulnerable aquatic environment due to sandy soils, a long coast line, and high precipitation. Thus, fulfilling the WFD means some areas must halve their nitrate leaching, and radical changes are required to reduce losses while maintaining profitable...... crop production. National scenarios show that up to ten million tonnes of additional biomass can be sourced in Denmark without reducing food production or increasing the area under cultivation if a biorefinery industry is established. In one of the scenarios optimized for additional environmental...... in the “environment” scenario. This scenario was achieved by converting approx. 9 % of agricultural land from annual crops into perennial grass. New experimental results support the anticipated increase in total biomass yield and reduction in nitrate leaching, when converting land currently used for grain crop...

  3. Soil moisture and its consequences under different management in a six year old hedged agroforestry demonstration plot in semi-arid Kenya, for two successive contrasting seasons

    NARCIS (Netherlands)

    Otengi, S.B.B.; Stigter, C.J.; Ng'anga, J.K.; Liniger, H.

    2007-01-01

    Hedged agroforestry (AF) demonstration plots with maize/bean intercrops were studied at Matanya in Laikipia district, Kenya, between 1991 and 1995 inclusive, to understand crop yield behaviour due to selected soil moisture conservation methods applicable in semi-arid areas. The treatments were:

  4. Narrow Networks on the Individual Marketplace in 2017.

    Science.gov (United States)

    Polski, Daniel; Weiner, Janet; Zhang, Yuehan

    2017-09-01

    This Issue Brief describes the breadth of physician networks on the ACA marketplaces in 2017. We find that the overall rate of narrow networks is 21%, which is a decline since 2014 (31%) and 2016 (25%). Narrow networks are concentrated in plans sold on state-based marketplaces, at 42%, compared to 10% of plans on federally-facilitated marketplaces. Issuers that have traditionally offered Medicaid coverage have the highest prevalence of narrow network plans at 36%, with regional/local plans and provider-based plans close behind at 27% and 30%. We also find large differences in narrow networks by state and by plan type.

  5. Hedging against antiviral resistance during the next influenza pandemic using small stockpiles of an alternative chemotherapy.

    Directory of Open Access Journals (Sweden)

    Joseph T Wu

    2009-05-01

    large cities to investigate the robustness of these resistance-limiting strategies at a global scale. We found that as long as populations that were the main source of resistant strains employed these strategies (SMC or ECC, then those same strategies were also effective for populations far from the source even when some intermediate populations failed to control resistance. In essence, through the existence of many wild-type epidemics, the interconnectedness of the global network dampened the international spread of resistant strains.Our results indicate that the augmentation of existing stockpiles of a single anti-influenza drug with smaller stockpiles of a second drug could be an effective and inexpensive epidemiological hedge against antiviral resistance if either SMC or ECC were used. Choosing between these strategies will require additional empirical studies. Specifically, the choice will depend on the safety of combination therapy and the synergistic effect of one antiviral in suppressing the emergence of resistance to the other antiviral when both are taken in combination.

  6. Environmental performance assessment of Napier grass for bioenergy production

    DEFF Research Database (Denmark)

    Nimmanterdwong, Prathana; Chalermsinsuwan, Benjapon; Østergård, Hanne

    2017-01-01

    equivalence. This idea provides the quantitative indicators involving the resource use and the percent renewability of the systems. For the proposed biorefinery model, Napier grass (Pennisetum purpureum) grown in Thailand was used as lignocellulosic feedstock. An emergy assessment was performed in two parts...... cultivation and biorefinery stages. For Napier grass cultivation, most of the emergy support came from local resources in term of evapotranspiration of Napier grass (33%) and the diesel consumption during the cultivation process (21%). The emergy sustainability indicator of the cultivation was 0...

  7. The effects of energy grass plantations on biodiversity

    Energy Technology Data Exchange (ETDEWEB)

    Semere, T; Slater, F

    2005-07-01

    The ecological impact on local wildlife of biomass plantations of three different species of grasses has been monitored in the years 2002 to 2004 inclusive at farms in Herefordshire UK. Two of the grasses were not native to Britain. Wildlife monitored included ground flora, beetles, insects, birds, small mammals, butterflies, bees and hoverflies. The results provide a baseline of biodiversity data from biomass farms in England, although due to poor crop growth, the data from the switch-grass plantation was incomplete. The surveys were carried out by Cardiff University supported financially by the DTI.

  8. The effects of energy grass plantations on biodiversity

    International Nuclear Information System (INIS)

    Semere, T.; Slater, F.

    2005-01-01

    The ecological impact on local wildlife of biomass plantations of three different species of grasses has been monitored in the years 2002 to 2004 inclusive at farms in Herefordshire UK. Two of the grasses were not native to Britain. Wildlife monitored included ground flora, beetles, insects, birds, small mammals, butterflies, bees and hoverflies. The results provide a baseline of biodiversity data from biomass farms in England, although due to poor crop growth, the data from the switch-grass plantation was incomplete. The surveys were carried out by Cardiff University supported financially by the DTI

  9. Bet hedging in a warming ocean: predictability of maternal environment shapes offspring size variation in marine sticklebacks.

    Science.gov (United States)

    Shama, Lisa N S

    2015-12-01

    Bet hedging at reproduction is expected to evolve when mothers are exposed to unpredictable cues for future environmental conditions, whereas transgenerational plasticity (TGP) should be favoured when cues reliably predict the environment offspring will experience. Since climate predictions forecast an increase in both temperature and climate variability, both TGP and bet hedging are likely to become important strategies to mediate climate change effects. Here, the potential to produce variably sized offspring in both warming and unpredictable environments was tested by investigating whether stickleback (Gasterosteus aculeatus) mothers adjusted mean offspring size and within-clutch variation in offspring size in response to experimental manipulation of maternal thermal environment and predictability (alternating between ambient and elevated water temperatures). Reproductive output traits of F1 females were influenced by both temperature and environmental predictability. Mothers that developed at ambient temperature (17 °C) produced larger, but fewer eggs than mothers that developed at elevated temperature (21 °C), implying selection for different-sized offspring in different environments. Mothers in unpredictable environments had smaller mean egg sizes and tended to have greater within-female egg size variability, especially at 21 °C, suggesting that mothers may have dynamically modified the variance in offspring size to spread the risk of incorrectly predicting future environmental conditions. Both TGP and diversification influenced F2 offspring body size. F2 offspring reared at 21 °C had larger mean body sizes if their mother developed at 21 °C, but this TGP benefit was not present for offspring of 17 °C mothers reared at 17 °C, indicating that maternal TGP will be highly relevant for ocean warming scenarios in this system. Offspring of variable environment mothers were smaller but more variable in size than offspring from constant environment

  10. Mg2BIV: Narrow Bandgap Thermoelectric Semiconductors

    Science.gov (United States)

    Kim, Il-Ho

    2018-05-01

    Thermoelectric materials can convert thermal energy directly into electric energy and vice versa. The electricity generation from waste heat via thermoelectric devices can be considered as a new energy source. For instance, automotive exhaust gas and all industrial processes generate an enormous amount of waste heat that can be converted to electricity by using thermoelectric devices. Magnesium compound Mg2BIV (BIV = Si, Ge or Sn) has a favorable combination of physical and chemical properties and can be a good base for the development of new efficient thermoelectrics. Because they possess similar properties to those of group BIV elemental semiconductors, they have been recognized as good candidates for thermoelectric applications. Mg2Si, Mg2Ge and Mg2Sn with an antifluorite structure are narrow bandgap semiconductors with indirect band gaps of 0.77 eV, 0.74 eV, and 0.35 eV, respectively. Mg2BIV has been recognized as a promising material for thermoelectric energy conversion at temperatures ranging from 500 K to 800 K. Compared to other thermoelectric materials operating in the similar temperature range, such as PbTe and filled skutterudites, the important aspects of Mg2BIV are non-toxic and earth-abundant elements. Based on classical thermoelectric theory, the material factor β ( m* / m e)3/2μκ L -1 can be utilized as the criterion for thermoelectric material selection, where m* is the density-of-states effective mass, me is the mass of an electron, μ is the carrier mobility, and κL is the lattice thermal conductivity. The β for magnesium silicides is 14, which is very high compared to 0.8 for iron silicides, 1.4 for manganese silicides, and 2.6 for silicon-germanium alloys. In this paper, basic phenomena of thermoelectricity and transport parameters for thermoelectric materials were briefly introduced, and thermoelectric properties of Mg2BIV synthesized by using a solid-state reaction were reviewed. In addition, various Mg2BIV compounds were discussed

  11. Energy evaluation of fresh grass in the diets of lactating dairy cows

    NARCIS (Netherlands)

    Bruinenberg, M.H.; Zom, R.L.G.; Valk, H.

    2002-01-01

    The discrepancy between the estimated feeding value of fresh grass and the output per kg grass in terms of milk and maintenance was studied by evaluating 12 experiments with grass-fed dairy cows. The percentage grass in the diets varied between 40 and 90. Intake and milk production were recorded

  12. Brassinosteroid Mediated Cell Wall Remodeling in Grasses under Abiotic Stress

    Directory of Open Access Journals (Sweden)

    Xiaolan Rao

    2017-05-01

    Full Text Available Unlike animals, plants, being sessile, cannot escape from exposure to severe abiotic stresses such as extreme temperature and water deficit. The dynamic structure of plant cell wall enables them to undergo compensatory changes, as well as maintain physical strength, with changing environments. Plant hormones known as brassinosteroids (BRs play a key role in determining cell wall expansion during stress responses. Cell wall deposition differs between grasses (Poaceae and dicots. Grass species include many important food, fiber, and biofuel crops. In this article, we focus on recent advances in BR-regulated cell wall biosynthesis and remodeling in response to stresses, comparing our understanding of the mechanisms in grass species with those in the more studied dicots. A more comprehensive understanding of BR-mediated changes in cell wall integrity in grass species will benefit the development of genetic tools to improve crop productivity, fiber quality and plant biomass recalcitrance.

  13. Effect of machinery wheel load on grass yield

    DEFF Research Database (Denmark)

    Green, Ole; Jørgensen, Rasmus Nyholm; Kristensen, Kristian

    2010-01-01

    Effect of machinery wheel load on grass   Ole Green1, Rasmus N. Jørgensen2, Kristian Kristensen3, René Gislum3, Dionysis Bochtis1, & Claus G. Sørensen1   1University of Aarhus, Dept. of Agricultural Engineering 2University of Southern Denmark, Inst. of Chemical Eng., Biotechnology and Environmental...... 3University of Aarhus, Dept. of Genetics and Biotechnology   Corresponding author: Ole Green Address & e-mail: Research Centre Foulum, Blichers Allé 20, 8830 Tjele. Ole.Green@agrsci.dk     Abstract   Different traffic intensities have been shown to have a negative influence on the yield of grass...... and clover. A full scale grass-clover field trial was established to estimate the effect on clover-grass yields as a function of different wheel loads and tire pressures. The trial comprised 16 different traffic intensities with 35 replicates and 1 traffic free treatment with 245 replicates, totalling 17...

  14. Seasonal variation in diurnal atmospheric grass pollen concentration profiles

    DEFF Research Database (Denmark)

    Peel, Robert George; Ørby, Pia Viuf; Skjøth, Carsten Ambelas

    2014-01-01

    the time of day when peak concentrations are most likely to occur using seasonally averaged diurnal profiles. Atmospheric pollen loads are highly dependent upon emissions, and different species of grass are known to flower and emit pollen at different times of the day and during different periods......In this study, the diurnal atmospheric grass pollen concentration profile within the Danish city of Aarhus was shown to change in a systematic manner as the pollen season progressed. Although diurnal grass pollen profiles can differ greatly from day-to-day, it is common practice to establish...... of the pollen season. Pollen concentrations are also influenced by meteorological factors - directly through those parameters that govern pollen dispersion and transport, and indirectly through the weather-driven flowering process. We found that three different profiles dominated the grass pollen season...

  15. The design and development of GRASS file reservation system

    International Nuclear Information System (INIS)

    Huang Qiulan; Zhu Suijiang; Cheng Yaodong; Chen Gang

    2010-01-01

    GFRS (GRASS File Reservation System) is designed to improve the file access performance of GRASS (Grid-enabled Advanced Storage System) which is a Hierarchical Storage Management (HSM) system developed at Computing Center, Institute of High Energy Physics. GRASS can provide massive storage management and data migration, but the data migration policy is simply based factors such as pool water level, the intervals for migration and so on, so it is short of precise control over files. As for that, we design GFRS to implement user-based file reservation which is to reserve and keep the required files on disks for High Energy physicists. CFRS can improve file access speed for users by avoiding migrating frequently accessed files to tapes. In this paper we first give a brief introduction of GRASS system and then detailed architecture and implementation of GFRS. Experiments results from GFRS have shown good performance and a simple analysis is made based on it. (authors)

  16. Designing a New Raster Sub-System for GRASS-7

    Directory of Open Access Journals (Sweden)

    Martin Hruby

    2012-03-01

    Full Text Available The paper deals with a design of a new raster sub-system intended for modern GIS systems open for client and server operation, database connection and strong application interface (API. Motivation for such a design comes from the current state of API working in GRASS 6. If found attractive, the here presented design and its implementation (referred as RG7 may be integrated to the future new generation of the GRASS Geographical Information System version 7-8. The paper describes in details the concept of raster tiling, computer storage of rasters and basic raster access procedures. Finally, the paper gives a simple benchmarking experiment of random read access to raster files imported from the Spearfish dataset. The experiment compares the early implementation of RG7 with the current implementation of rasters in GRASS 6. As the result, the experiment shows the RG7 to be significantly faster than GRASS in random read access to large raster files.

  17. Grass survey of the Itremo Massif records endemic central highland ...

    African Journals Online (AJOL)

    Grasses are members of the plant family Poaceae, and are primar- ily known for their ... Madagascar Conservation & Development is the journal of. Indian Ocean .... cording to the classification by Kellogg (2015). With 64 ..... Flowering plants.

  18. Q2 anti Q2 states with relatively narrow widths

    International Nuclear Information System (INIS)

    Ono, Seiji.

    1978-09-01

    Using the mass formulas which correctly predict the mass of mesons and baryons the mass of diquark states is computed. From this mass spectrum the existance of the observed narrow baryonia and wide baryonia can be naturally understood. Other relatively narrow Q 2 anti Q 2 states are predicted to exist. (orig.) [de

  19. Bayesian Face Recognition and Perceptual Narrowing in Face-Space

    Science.gov (United States)

    Balas, Benjamin

    2012-01-01

    During the first year of life, infants' face recognition abilities are subject to "perceptual narrowing", the end result of which is that observers lose the ability to distinguish previously discriminable faces (e.g. other-race faces) from one another. Perceptual narrowing has been reported for faces of different species and different races, in…

  20. Sonoran Desert ecosystem transformation by a C4 grass without the grass/fire cycle

    Science.gov (United States)

    Olsson, Aaryn D.; Betancourt, Julio; McClaran, Mitchel P.; Marsh, Stuart E.

    2012-01-01

    Aim Biological invasions facilitate ecosystem transformation by altering the structure and function, diversity, dominance and disturbance regimes. A classic case is the grass–fire cycle in which grass invasion increases the frequency, scale and/or intensity of wildfires and promotes the continued invasion of invasive grasses. Despite wide acceptance of the grass–fire cycle, questions linger about the relative roles that interspecific plant competition and fire play in ecosystem transformations. Location Sonoran Desert Arizona Upland of the Santa Catalina Mountains, Arizona, USA. Methods We measured species cover, density and saguaro (Carnegiea gigantea) size structure along gradients of Pennisetum ciliare invasion at 10 unburned/ungrazed P. ciliare patches. Regression models quantified differences in diversity, cover and density with respect to P. ciliare cover, and residence time and a Fisher's exact test detected demographic changes in saguaro populations. Because P. ciliare may have initially invaded locations that were both more invasible and less diverse, we ran analyses with and without the plots in which initial infestations were located. Results Richness and diversity decreased with P. ciliare cover as did cover and density of most dominant species. Richness and diversity declined with increasing time since invasion, suggesting an ongoing transformation. The proportion of old-to-young Carnegiea gigantea was significantly lower in plots with dominant P. ciliare cover. Main conclusions Rich desert scrub (15–25 species per plot) was transformed into depauperate grassland (2–5 species per plot) within 20 years following P. ciliare invasion without changes to the fire regime. While the onset of a grass–fire cycle may drive ecosystem change in the later stages and larger scales of grass invasions of arid lands, competition by P. ciliare can drive small-scale transformations earlier in the invasion. Linking competition-induced transformation rates with

  1. BUFFEL GRASS MORPHOAGRONOMIC CHARACTERIZATION FROM Cenchrus GERMPLASM ACTIVE BANK

    OpenAIRE

    BRUNO, LEILA REGINA GOMES PASSOS; ANTONIO, RAFAELA PRISCILA; ASSIS, JOSÉ GERALDO DE AQUINO; MOREIRA, JOSÉ NILTON; LIRA, IRLANE CRISTINE DE SOUZA ANDRADE

    2017-01-01

    ABSTRACT This study aimed to characterize buffel grass accessions of the Cenchrus Germplasm Active Bank (CGAB) from Embrapa Semi-Arid in a morphoagronomic way, checking the descriptors variability and efficiency in accessions on two consecutive cuts. Twenty-five accessions and five buffel grass cultivars were used in randomized complete block design with three replications. Evaluations were conducted after two consecutive cuts, each evaluation performed 90 days after each cut. Characterizatio...

  2. Buffel grass morphoagronomic characterization from cenchrus germplasm active bank.

    OpenAIRE

    BRUNO, L. R. G. P.; ANTONIO, R. P.; ASSIS, J. G. de A.; MOREIRA, J. N.; LIRA, I. C. de S. A.

    2017-01-01

    his study aimed to characterize buffel grass accessions of the Cenchrus Germplasm Active Bank (CGAB) from Embrapa Semi - Arid in a morphoagronomic way, checking the descriptors variability and efficiency in accessions on two consecutive cuts. Twenty - five accessions and five buffel grass cultivars were used in randomized complete block design with three replications. Evaluations were conducted after two consecutive cuts, each evaluation performed 90 days after each ...

  3. Persistence of Overseeded Cool-Season Grasses in Bermudagrass Turf

    OpenAIRE

    Thomas Serensits; Matthew Cutulle; Jeffrey F. Derr

    2011-01-01

    Cool-season grass species are commonly overseeded into bermudagrass turf for winter color. When the overseeded grass persists beyond the spring; however, it becomes a weed. The ability of perennial ryegrass, Italian (annual) ryegrass, intermediate ryegrass, and hybrid bluegrass to persist in bermudagrass one year after seeding was determined. Perennial ryegrass, intermediate ryegrass, and Italian ryegrass produced acceptable ground cover in the spring after fall seeding. Hybrid bluegrass di...

  4. Postharvest residues from grass seed crops for bioenergy

    OpenAIRE

    Simić, Aleksandar; Čolić, Vladislava; Vučković, Savo; Dželetović, Željko; Bijelić, Zorica; Mandić, Violeta

    2016-01-01

    During grass seed production, a large amount of low forage quality biomass has been produced. Tall growing perennial grasses such as tall fescue (Festuca arundinacea L.) and Italian ryegrass (Lolium multiflorum Lam.) can be used as an alternative source for bioenergy production as they can be grown in less cultivated areas, their residues in seed production could be valuable energy source and can be potentially used as a dual purpose crop (bioenergy and forage). In this research, potentials o...

  5. The Potential of Cellulosic Ethanol Production from Grasses in Thailand

    Directory of Open Access Journals (Sweden)

    Jinaporn Wongwatanapaiboon

    2012-01-01

    Full Text Available The grasses in Thailand were analyzed for the potentiality as the alternative energy crops for cellulosic ethanol production by biological process. The average percentage composition of cellulose, hemicellulose, and lignin in the samples of 18 types of grasses from various provinces was determined as 31.85–38.51, 31.13–42.61, and 3.10–5.64, respectively. The samples were initially pretreated with alkaline peroxide followed by enzymatic hydrolysis to investigate the enzymatic saccharification. The total reducing sugars in most grasses ranging from 500–600 mg/g grasses (70–80% yield were obtained. Subsequently, 11 types of grasses were selected as feedstocks for the ethanol production by simultaneous saccharification and cofermentation (SSCF. The enzymes, cellulase and xylanase, were utilized for hydrolysis and the yeasts, Saccharomyces cerevisiae and Pichia stipitis, were applied for cofermentation at 35°C for 7 days. From the results, the highest yield of ethanol, 1.14 g/L or 0.14 g/g substrate equivalent to 32.72% of the theoretical values was obtained from Sri Lanka ecotype vetiver grass. When the yields of dry matter were included in the calculations, Sri Lanka ecotype vetiver grass gave the yield of ethanol at 1,091.84 L/ha/year, whereas the leaves of dwarf napier grass showed the maximum yield of 2,720.55 L/ha/year (0.98 g/L or 0.12 g/g substrate equivalent to 30.60% of the theoretical values.

  6. Grass buffers for playas in agricultural landscapes: An annotated bibliography

    Science.gov (United States)

    Melcher, Cynthia P.; Skagen, Susan K.

    2005-01-01

    This bibliography and associated literature synthesis (Melcher and Skagen, 2005) was developed for the Playa Lakes Joint Venture (PLJV). The PLJV sought compilation and annotation of the literature on grass buffers for protecting playas from runoff containing sediments, nutrients, pesticides, and other contaminants. In addition, PLJV sought information regarding the extent to which buffers may attenuate the precipitation runoff needed to fill playas, and avian use of buffers. We emphasize grass buffers, but we also provide information on other buffer types.

  7. Turbulent transfer characteristics of radioiodine effluents from air to grass

    Energy Technology Data Exchange (ETDEWEB)

    Markee, E. H. [ARFRO, Environmental Science Services Administration, Idaho Falls, Idaho (United States)

    1967-07-01

    A total of 20 controlled field releases of radioiodine have been performed at the National Reactor Testing Station in Idaho as a portion of a program to study the transmission of gaseous radioiodine through the air-vegetation-cow-milk-human chain. Most of the releases were conducted over typical pasture grasses during different wind and stability conditions. Radioiodine adherence to grass and carbon plates was measured during most of the tests. Vertical air concentration profiles and turbulence parameters were measured to determine flux characteristics. Analysis of the data reveals the complex interdisciplinary nature of transfer of radioiodine from air to a natural surface. The data are in reasonable agreement with the deposition models of Sheppard and Chamberlain when corrections for the physical and biological receptiveness of the grass and grass density are made. The average ratios of momentum to mass flux were found to be 0.9 in stable conditions and 1.4 in unstable conditions. These ratios demonstrate the effect on mass flux in the lowest 4m by a surface that acts as a partial sink for gaseous effluents. This series of releases indicates the need for further research on the biological receptiveness of grass and turbulent transfer within a grass canopy. (author)

  8. Estimating grass-clover ratio variations caused by traffic intensities using image analysis

    DEFF Research Database (Denmark)

    Jørgensen, Rasmus Nyholm; Sørensen, Claus Grøn; Green, Ole

    Grass and especially clover have a negative yield response as a function of  traffic intensity.  Conventional grass-clover production for silage have high traffic intensity due to fertilizing with slurry, cutting the grass, rolling the grass into swaths, and collecting and chopping the grass...... to fulfill the aim [1]http://www.ruralni.gov.uk/index/publications/press_articles/dairy-2/role-of-clover.htm...

  9. Post-treatment efficacy of discontinuous treatment with 300IR 5-grass pollen sublingual tablet in adults with grass pollen-induced allergic rhinoconjunctivitis

    DEFF Research Database (Denmark)

    Didier, A; Malling, H-J; Worm, Marcel

    2013-01-01

    Sustained efficacy over three pollen seasons of pre- and co-seasonal treatment with 300IR 5-grass pollen sublingual tablet has been demonstrated in adults with moderate-severe grass pollen-associated allergic rhinoconjunctivitis.......Sustained efficacy over three pollen seasons of pre- and co-seasonal treatment with 300IR 5-grass pollen sublingual tablet has been demonstrated in adults with moderate-severe grass pollen-associated allergic rhinoconjunctivitis....

  10. Preliminary Results of Clover and Grass Coverage and Total Dry Matter Estimation in Clover-Grass Crops Using Image Analysis

    Directory of Open Access Journals (Sweden)

    Anders K. Mortensen

    2017-12-01

    Full Text Available The clover-grass ratio is an important factor in composing feed ratios for livestock. Cameras in the field allow the user to estimate the clover-grass ratio using image analysis; however, current methods assume the total dry matter is known. This paper presents the preliminary results of an image analysis method for non-destructively estimating the total dry matter of clover-grass. The presented method includes three steps: (1 classification of image illumination using a histogram of the difference in excess green and excess red; (2 segmentation of clover and grass using edge detection and morphology; and (3 estimation of total dry matter using grass coverage derived from the segmentation and climate parameters. The method was developed and evaluated on images captured in a clover-grass plot experiment during the spring growing season. The preliminary results are promising and show a high correlation between the image-based total dry matter estimate and the harvested dry matter ( R 2 = 0.93 with an RMSE of 210 kg ha − 1 .

  11. Upgraded fuel from reed canary grass

    Energy Technology Data Exchange (ETDEWEB)

    Heiskanen, V P

    1996-12-31

    The feasibility of RCG for commercial utilization depends primarily on its applicability for pulp production and its use in energy production will be based on the residue that will be available after extracting the pulp fraction of the RCG. Roughly 20 ..30% of the material will be available for energy production purposes. However, the percentage may be higher/lower depending on the quality standards of the pulp fiber material. The harvesting period has a significant effect on the fuel characteristics of RCG. For instance the contents of N, S, Cl, K are clearly lower if the RCG is harvested in the spring (delayed) instead of summer/autumn. These elements affect significantly overall emission formation and ash behaviour and its melting temperature. The combustion related research in this project has been focused on the spring-harvested RCG. The project aims to evaluate the feasibility of delayed harvested RCG for energy production. In order to reach this goal, the following combustion methods will be tested and studied: combustion of pelletized RCG; gasification; combustion of pulverized RCG. In addition, pelletizing, reactivity and NO conversion of pulverized RCG will be studied. The research described here is a part of `Reed Canary Grass` project (in AIR programme). The contractors of the project are Swedish University of Agricultural Sciences (coordinator), United Milling Systems from Denmark, Jaakko Poeyry Oy and VTT Energy. In addition, there are partners from several countries participating in the project. The project has been divided in five tasks, VTT Energy being responsible for combustion related task `Upgraded fuel` that includes the research topics discussed in this paper

  12. Upgraded fuel from reed canary grass

    Energy Technology Data Exchange (ETDEWEB)

    Heiskanen, V.P.

    1995-12-31

    The feasibility of RCG for commercial utilization depends primarily on its applicability for pulp production and its use in energy production will be based on the residue that will be available after extracting the pulp fraction of the RCG. Roughly 20 ..30% of the material will be available for energy production purposes. However, the percentage may be higher/lower depending on the quality standards of the pulp fiber material. The harvesting period has a significant effect on the fuel characteristics of RCG. For instance the contents of N, S, Cl, K are clearly lower if the RCG is harvested in the spring (delayed) instead of summer/autumn. These elements affect significantly overall emission formation and ash behaviour and its melting temperature. The combustion related research in this project has been focused on the spring-harvested RCG. The project aims to evaluate the feasibility of delayed harvested RCG for energy production. In order to reach this goal, the following combustion methods will be tested and studied: combustion of pelletized RCG; gasification; combustion of pulverized RCG. In addition, pelletizing, reactivity and NO conversion of pulverized RCG will be studied. The research described here is a part of `Reed Canary Grass` project (in AIR programme). The contractors of the project are Swedish University of Agricultural Sciences (coordinator), United Milling Systems from Denmark, Jaakko Poeyry Oy and VTT Energy. In addition, there are partners from several countries participating in the project. The project has been divided in five tasks, VTT Energy being responsible for combustion related task `Upgraded fuel` that includes the research topics discussed in this paper

  13. GRASS GIS: The first Open Source Temporal GIS

    Science.gov (United States)

    Gebbert, Sören; Leppelt, Thomas

    2015-04-01

    GRASS GIS is a full featured, general purpose Open Source geographic information system (GIS) with raster, 3D raster and vector processing support[1]. Recently, time was introduced as a new dimension that transformed GRASS GIS into the first Open Source temporal GIS with comprehensive spatio-temporal analysis, processing and visualization capabilities[2]. New spatio-temporal data types were introduced in GRASS GIS version 7, to manage raster, 3D raster and vector time series. These new data types are called space time datasets. They are designed to efficiently handle hundreds of thousands of time stamped raster, 3D raster and vector map layers of any size. Time stamps can be defined as time intervals or time instances in Gregorian calendar time or relative time. Space time datasets are simplifying the processing and analysis of large time series in GRASS GIS, since these new data types are used as input and output parameter in temporal modules. The handling of space time datasets is therefore equal to the handling of raster, 3D raster and vector map layers in GRASS GIS. A new dedicated Python library, the GRASS GIS Temporal Framework, was designed to implement the spatio-temporal data types and their management. The framework provides the functionality to efficiently handle hundreds of thousands of time stamped map layers and their spatio-temporal topological relations. The framework supports reasoning based on the temporal granularity of space time datasets as well as their temporal topology. It was designed in conjunction with the PyGRASS [3] library to support parallel processing of large datasets, that has a long tradition in GRASS GIS [4,5]. We will present a subset of more than 40 temporal modules that were implemented based on the GRASS GIS Temporal Framework, PyGRASS and the GRASS GIS Python scripting library. These modules provide a comprehensive temporal GIS tool set. The functionality range from space time dataset and time stamped map layer management

  14. Are narrow mesons, baryons and dibaryons evidence for multiquark states?

    International Nuclear Information System (INIS)

    Tatischeff, B.; Yonnet, J.

    2000-01-01

    Several narrow structures have been progressively observed since the last fifteen years, in di-baryonic invariant mass spectra or in missing mass spectra. More recently, narrow structures were observed in baryonic and now in mesonic mass spectra. Since these small peaks appear at fixed masses, independently of the experiment, they are associated with real states. There is no room to explain these states within classical nuclear physics taking into account baryonic and mesonic degrees of freedom. An interpretation is proposed, which associate these narrow structures with two coloured quark clusters. (authors)

  15. How much gas can we get from grass?

    International Nuclear Information System (INIS)

    Nizami, A.S.; Orozco, A.; Groom, E.; Dieterich, B.; Murphy, J.D.

    2012-01-01

    Highlights: ► We highlight the various results for biomethane potential that may be obtained from the same grass silage. ► The results indicated that methane potential varied from 350 to 493 L CH 4 kg −1 VS added for three different BMP procedures. ► We compare two distinct digestion systems using the same grass. ► A two stage wet system achieved 451 L CH 4 kg −1 VS added over a 50 day retention period. ► A two phase system achieved 341 L CH 4 kg −1 VS added at a 30 day retention time. -- Abstract: Grass biomethane has been shown to be a sustainable gaseous transport biofuel, with a good energy balance, and significant potential for economic viability. Of issue for the designer is the variation in characteristics of the grass depending on location of source, time of cut and species. Further confusion arises from the biomethane potential tests (BMP) which have a tendency to give varying results. This paper has dual ambitions. One of these is to highlight the various results for biomethane potential that may be obtained from the same grass silage. The results indicated that methane potential from the same grass silage varied from 350 to 493 L CH 4 kg −1 VS added for three different BMP procedures. The second ambition is to attempt to compare two distinct digestion systems again using the same grass: a two stage continuously stirred tank reactor (CSTR); and a sequentially fed leach bed reactor connected to an upflow anaerobic sludge blanket (SLBR–UASB). The two engineered systems were designed, fabricated, commissioned and operated at small pilot scale until stable optimal operating conditions were reached. The CSTR system achieved 451 L CH 4 kg −1 VS added over a 50 day retention period. The SLBR–UASB achieved 341 L CH 4 kg −1 VS added at a 30 day retention time.

  16. VAM populations in relation to grass invasion associated with forest decline.

    Science.gov (United States)

    Vosatka, M; Cudlin, P; Mejstrik, V

    1991-01-01

    Spruce stands in Northern Bohemia forests, damaged to various degrees by industrial pollution, have shown establishment of grass cover following tree defoliation. Populations of vesicular-arbuscular mycorrhizal (VAM) fungi were studied under this grass cover in four permanent plots with spruce under different levels of pollution stress. Soil and root samples were collected in April and June within each plot as follows: (1) sites without grass, (2) sites with initial stages of grass invasion, and (3) sites with fully developed grass cover. In all plots, the highest number of propagules were recovered from samples taken from sites having full grass cover. Mycorrhizal infection of grass was highest in the plot with the severest pollution damage and lowest in the least damaged plot. The development of grass cover and VAM infection of grass increased with tree defoliation caused by air pollution.

  17. A administração do lucro contábil e os critérios para determinação da eficácia do hedge accounting: utilização da correlação simples dentro do arcabouço do sfas nº 133

    Directory of Open Access Journals (Sweden)

    Alexsandro Broedel Lopes

    2003-04-01

    Full Text Available O hedge accounting constitui inovação relevante introduzida pelo SFAS 133. Dentro desse critério, operações designadas como hedge deverão ter seus resultados diferidos para o momento no qual os itens sendo protegidos forem reconhecidos. Problema central nessa contabilização é a determinação do quê constitui uma operação de hedge. Os órgãos reguladores analisados neste trabalho apresentam critérios ad hoc para a determinação da eficácia das operações de hedge. Esses critérios não possuem propriedades estatísticas de previsão do comportamento dos ativos no futuro, condição necessária para o sucesso do hedge. Esse tipo de qualificação de hedge introduz enorme subjetividade no processo de reconhecimento contábil, fornecendo ampla margem para manipulação dos resultados. Este trabalho analisa e critica a opção adotada pelo FASB e outros órgãos reguladores e oferece sugestões.The hedge accounting mechanism is a recent innovation introduced by SFAS 133. According to this method, transactions designated as hedge should have their results deferred to a future period when the hedged items are recognised. hedge characterisation is a central problem in this subject. Regulatory bodies studied in this work use ad hoc criteria to determine hedge effectiveness. Those criteria are not statistically significant in terms of forecasting the asset's behaviour, a necessary condition for a successful hedge. This sort of hedge characterisation introduces more subjectivity into accounting recognition, allowing for manipulation. This work criticises the option adopted by FASB and other regulatory bodies.

  18. What's in a name? Expiratory tracheal narrowing in adults explained

    International Nuclear Information System (INIS)

    Leong, P.; Bardin, P.G.; Lau, K.K.

    2013-01-01

    Tracheomalacia, tracheobronchomalacia, and excessive dynamic airway collapse are all terms used to describe tracheal narrowing in expiration. The first two describe luminal reduction from cartilage softening and the latter refers to luminal reduction from exaggerated posterior membrane movement. Expiratory tracheal narrowing is a frequent occurrence that can cause symptoms of airway obstruction, such as dyspnoea, wheeze, and exercise intolerance. The accurate diagnosis and quantification of expiratory tracheal narrowing has important aetiological, therapeutic, and prognostic implications. The reference standard for diagnosis has traditionally been bronchoscopy; however, this method has significant limitations. Expiratory tracheal disorders are readily detected by four-dimensional dynamic volume multidetector computed tomography (4D-CT), an emerging, non-invasive method that will potentially enable detection and quantification of these conditions. This review discusses the morphological forms of expiratory tracheal narrowing and demonstrates the utility of 4D-CT in the diagnosis, quantification, and treatment of these important conditions

  19. Single frequency narrow linewidth 2 micron laser, Phase I

    Data.gov (United States)

    National Aeronautics and Space Administration — NASA needs narrow linewidth lasers in the 1.5 or 2 micron wavelength regime for coherent Lidar applications. The laser should be tunable by several nm and frequency...

  20. Subglottic cysts and asymmetrical subglottic narrowing on neck radiograph

    International Nuclear Information System (INIS)

    Holinger, L.D.; Torium, D.M.; Anandappa, E.C.

    1988-01-01

    The congenital subglottic hemangioma typically appears as an asymmetric subglottic narrowing or mass on frontal neck radiograph. Therefore, soft tissue neck radiography has been advocated as a definitive non-operative approach for diagnosing these lesions. However, we have noted similar asymmetric subglottic narrowing in patients with acquired subglottic cysts. These retention cysts occur following long-term intubation in the neonate. The mechanism probably involves subglottic fibrosis which obstructs glands with subsequent cyst formation. Acquired subglottic cysts typically appear as an asymmetric narrowing on frontal or lateral soft tissue neck radiographs. These lesions may produce airway compromise but are effectively treated by forceps or laser removal. Acquired subglottic cysts must be included in the differential diagnosis of asymmetric subglottic narrowing. The definitive diagnosis is made by direct laryngoscopy, not soft tissue neck radiograph. (orig.)

  1. THE TREATMENT OF OPEN- AND NARROW-ANGLE GLAUCOMA

    African Journals Online (AJOL)

    1971-04-10

    Apr 10, 1971 ... glaucoma will be considered: narrow-angle glaucoma. (acute glaucoma) and ... emotional or a physical crisis. The pain is in the distribu- .... ness, not increased pressure, haunts people suffering from glaucoma'.' The saga of ...

  2. Comment on the narrow structure reported by Amaryan et al

    OpenAIRE

    Anghinolfi, M.; Ball, J.; Baltzell, N. A.; Battaglieri, M.; Bedlinskiy, I.; Bellis, M.; Biselli, A. S.; Bookwalter, C.; Boiarinov, S.; Bosted, P.; Burkert, V. D.; Carman, D. S.; Celentano, A.; Chandavar, S.; Cole, P. L.

    2012-01-01

    The CLAS Collaboration provides a comment on the physics interpretation of the results presented in a paper published by M. Amaryan et al. regarding the possible observation of a narrow structure in the mass spectrum of a photoproduction experiment.

  3. Narrow band interference cancelation in OFDM: Astructured maximum likelihood approach

    KAUST Repository

    Sohail, Muhammad Sadiq; Al-Naffouri, Tareq Y.; Al-Ghadhban, Samir N.

    2012-01-01

    This paper presents a maximum likelihood (ML) approach to mitigate the effect of narrow band interference (NBI) in a zero padded orthogonal frequency division multiplexing (ZP-OFDM) system. The NBI is assumed to be time variant and asynchronous

  4. Dose-response relationship of a new Timothy grass pollen allergoid in comparison with a 6-grass pollen allergoid.

    Science.gov (United States)

    Pfaar, O; Hohlfeld, J M; Al-Kadah, B; Hauswald, B; Homey, B; Hunzelmann, N; Schliemann, S; Velling, P; Worm, M; Klimek, L

    2017-11-01

    Subcutaneous allergen immunotherapy with grass pollen allergoids has been proven to be effective and safe in the treatment of patients with allergic rhinoconjunctivitis. Based on the extensive cross-reactivity among Pooideae species, it has been suggested that grass pollen extracts could be prepared from a single species, rather than from a multiple species mixture. To find the optimal dose of a Phleum pratense (P. pratense) allergoid preparation and compare its efficacy and safety to a 6-grass pollen allergoid preparation. In this double-blind, placebo-controlled study (EudraCT: 2011-000674-58), three doses of P. pratense allergoid (1800 therapeutic units (TU), standard-dose 6000 TU and 18 000 TU) were compared with placebo and the marketed 6-grass pollen allergoid (6000 TU). In a pre-seasonal dosing regimen, 102 patients were randomized to five treatment groups and received nine subcutaneous injections. The primary efficacy endpoint was the change in weal size (late-phase reaction [LPR]) in response to the intracutaneous testing (ICT) before and after treatment, comparing the active allergoids to placebo. Secondary outcomes were the change in Total Nasal Symptom Score (TNSS) assessed in the allergen exposure chamber (AEC), the changes in P. pratense-serum-specific IgG 4 and the incidence of adverse events (AEs). All three doses of the P. pratense and the 6-grass pollen allergoid preparations were significantly superior to placebo for the primary outcome, whereas there were no significant differences in the change in TNSS. Compared to the standard-dose, the high-dose of P. pratense did not produce any additional significant benefit, but showed a slight increase in AEs. Yet this increase in AEs was lower than for the 6-grass pollen preparation. The standard-dose of the new P. pratense allergoid was comparable to the marketed 6-grass pollen preparation at equal dose for the parameters measured. © 2017 The Authors. Clinical & Experimental Allergy Published by John

  5. Results from the 5-year SQ grass sublingual immunotherapy tablet asthma prevention (GAP) trial in children with grass pollen allergy.

    Science.gov (United States)

    Valovirta, Erkka; Petersen, Thomas H; Piotrowska, Teresa; Laursen, Mette K; Andersen, Jens S; Sørensen, Helle F; Klink, Rabih

    2018-02-01

    Allergy immunotherapy targets the immunological cause of allergic rhinoconjunctivitis and allergic asthma and has the potential to alter the natural course of allergic disease. The primary objective was to investigate the effect of the SQ grass sublingual immunotherapy tablet compared with placebo on the risk of developing asthma. A total of 812 children (5-12 years), with a clinically relevant history of grass pollen allergic rhinoconjunctivitis and no medical history or signs of asthma, were included in the randomized, double-blind, placebo-controlled trial, comprising 3 years of treatment and 2 years of follow-up. There was no difference in time to onset of asthma, defined by prespecified asthma criteria relying on documented reversible impairment of lung function (primary endpoint). Treatment with the SQ grass sublingual immunotherapy tablet significantly reduced the risk of experiencing asthma symptoms or using asthma medication at the end of trial (odds ratio = 0.66, P year posttreatment follow-up, and during the entire 5-year trial period. Also, grass allergic rhinoconjunctivitis symptoms were 22% to 30% reduced (P years). At the end of the trial, the use of allergic rhinoconjunctivitis pharmacotherapy was significantly less (27% relative difference to placebo, P < .001). Total IgE, grass pollen-specific IgE, and skin prick test reactivity to grass pollen were all reduced compared to placebo. Treatment with the SQ grass sublingual immunotherapy tablet reduced the risk of experiencing asthma symptoms and using asthma medication, and had a positive, long-term clinical effect on rhinoconjunctivitis symptoms and medication use but did not show an effect on the time to onset of asthma. Copyright © 2017 The Authors. Published by Elsevier Inc. All rights reserved.

  6. A novel method to characterize silica bodies in grasses.

    Science.gov (United States)

    Dabney, Clemon; Ostergaard, Jason; Watkins, Eric; Chen, Changbin

    2016-01-01

    The deposition of silicon into epidermal cells of grass species is thought to be an important mechanism that plants use as a defense against pests and environmental stresses. There are a number of techniques available to study the size, density and distribution pattern of silica bodies in grass leaves. However, none of those techniques can provide a high-throughput analysis, especially for a great number of samples. We developed a method utilizing the autofluorescence of silica bodies to investigate their size and distribution, along with the number of carbon inclusions within the silica bodies of perennial grass species Koeleria macrantha. Fluorescence images were analyzed by image software Adobe Photoshop CS5 or ImageJ that remarkably facilitated the quantification of silica bodies in the dry ash. We observed three types of silica bodies or silica body related mineral structures. Silica bodies were detected on both abaxial and adaxial epidermis of K. macrantha leaves, although their sizes, density, and distribution patterns were different. No auto-fluorescence was detected from carbon inclusions. The combination of fluorescence microscopy and image processing software displayed efficient utilization in the identification and quantification of silica bodies in K. macrantha leaf tissues, which should applicable to biological, ecological and geological studies of grasses including forage, turf grasses and cereal crops.

  7. A capillary pumping device utilizing super-hydrophobic silicon grass

    International Nuclear Information System (INIS)

    Kung, Chun-Fei; Chang, Chien-Cheng; Chu, Chin-Chou

    2011-01-01

    In this study, we show that a compact silicon grass surface can be generated by utilizing the induced coupled plasma method with suitably chosen fabrication parameters. This super-hydrophobic structure suspends deionized water on top of the grass and keeps the contact angle at around 153°. The silicon grass is used to improve the driving efficiency of a capillary pumping micro-duct (without sidewalls), which is completely defined by a bottom hydrophilic stripe (adjacent to a Teflon substrate) and a fully top-covered hydrophobic Teflon surface which is coated on a glass substrate. The channel has a height of 3 µm and a width of 100 µm. In this work, the Teflon substrate is replaced with the silicon grass surface. When the fluid is flowing through the micro-duct on the stripe, the interface between the silicon grass and the hydrophilic stripe forms a stable air cushion barrier to the fluid, thus effectively reducing the frictional force. By changing only the interface with this replacement, we demonstrate that the average measured velocities of the new design show improvements of 21% and 17% in the driving efficiency over the original design for transporting deionized water and human blood, respectively. It is also shown that the measured data of the present design are closer to the values predicted by a theoretical analysis which relates the flow velocity to the contact angles, surface tension and fluid viscosity

  8. Designing hybrid grass genomes to control runoff generation

    Science.gov (United States)

    MacLeod, C.; Binley, A.; Humphreys, M.; King, I. P.; O'Donovan, S.; Papadopoulos, A.; Turner, L. B.; Watts, C.; Whalley, W. R.; Haygarth, P.

    2010-12-01

    Sustainable management of water in landscapes requires balancing demands of agricultural production whilst moderating downstream effects like flooding. Pasture comprises 69% of global agricultural areas and is essential for producing food and fibre alongside environmental goods and services. Thus there is a need to breed forage grasses that deliver multiple benefits through increased levels of productivity whilst moderating fluxes of water. Here we show that a novel grass hybrid that combines the entire genomes of perennial ryegrass (Lolium perenne - the grass of choice for Europe’s forage agriculture) and meadow fescue (Festuca pratensis) has a significant role in flood prevention. Field plot experiments established differences in runoff generation with the hybrid cultivar reducing runoff by 50% compared to perennial ryegrass cultivar, and by 35% compared to a meadow fescue cultivar (34 events over two years, replicated randomized-block design, statistically significant differences). This important research outcome was the result of a project that combined plant genetics, soil physics and plot scale hydrology to identify novel grass genotypes that can reduce runoff from grassland systems. Through a coordinated series of experiments examining effects from the gene to plot scale, we have identified that the rapid growth and then turnover of roots in the L. perenne x F. pratensis hybrid is likely to be a key mechanism in reducing runoff generation. More broadly this is an exciting first step to realizing the potential to design grass genomes to achieve both food production, and to deliver flood control, a key ecosystem service.

  9. Genetic engineering of grass cell wall polysaccharides for biorefining.

    Science.gov (United States)

    Bhatia, Rakesh; Gallagher, Joe A; Gomez, Leonardo D; Bosch, Maurice

    2017-09-01

    Grasses represent an abundant and widespread source of lignocellulosic biomass, which has yet to fulfil its potential as a feedstock for biorefining into renewable and sustainable biofuels and commodity chemicals. The inherent recalcitrance of lignocellulosic materials to deconstruction is the most crucial limitation for the commercial viability and economic feasibility of biomass biorefining. Over the last decade, the targeted genetic engineering of grasses has become more proficient, enabling rational approaches to modify lignocellulose with the aim of making it more amenable to bioconversion. In this review, we provide an overview of transgenic strategies and targets to tailor grass cell wall polysaccharides for biorefining applications. The bioengineering efforts and opportunities summarized here rely primarily on (A) reprogramming gene regulatory networks responsible for the biosynthesis of lignocellulose, (B) remodelling the chemical structure and substitution patterns of cell wall polysaccharides and (C) expressing lignocellulose degrading and/or modifying enzymes in planta. It is anticipated that outputs from the rational engineering of grass cell wall polysaccharides by such strategies could help in realizing an economically sustainable, grass-derived lignocellulose processing industry. © 2017 The Authors. Plant Biotechnology Journal published by Society for Experimental Biology and The Association of Applied Biologists and John Wiley & Sons Ltd.

  10. Enhanced precipitation variability decreases grass- and increases shrub-productivity

    Science.gov (United States)

    Gherardi, Laureano A.; Sala, Osvaldo E.

    2015-01-01

    Although projections of precipitation change indicate increases in variability, most studies of impacts of climate change on ecosystems focused on effects of changes in amount of precipitation, overlooking precipitation variability effects, especially at the interannual scale. Here, we present results from a 6-y field experiment, where we applied sequences of wet and dry years, increasing interannual precipitation coefficient of variation while maintaining a precipitation amount constant. Increased precipitation variability significantly reduced ecosystem primary production. Dominant plant-functional types showed opposite responses: perennial-grass productivity decreased by 81%, whereas shrub productivity increased by 67%. This pattern was explained by different nonlinear responses to precipitation. Grass productivity presented a saturating response to precipitation where dry years had a larger negative effect than the positive effects of wet years. In contrast, shrubs showed an increasing response to precipitation that resulted in an increase in average productivity with increasing precipitation variability. In addition, the effects of precipitation variation increased through time. We argue that the differential responses of grasses and shrubs to precipitation variability and the amplification of this phenomenon through time result from contrasting root distributions of grasses and shrubs and competitive interactions among plant types, confirmed by structural equation analysis. Under drought conditions, grasses reduce their abundance and their ability to absorb water that then is transferred to deep soil layers that are exclusively explored by shrubs. Our work addresses an understudied dimension of climate change that might lead to widespread shrub encroachment reducing the provisioning of ecosystem services to society. PMID:26417095

  11. Narrow Framing and Long-Term Care Insurance

    OpenAIRE

    Daniel Gottlieb; Olivia S. Mitchell

    2015-01-01

    We propose a model of narrow framing in insurance and test it using data from a new module we designed and fielded in the Health and Retirement Study. We show that respondents subject to narrow framing are substantially less likely to buy long-term care insurance than average. This effect is distinct from, and much larger than, the effects of risk aversion or adverse selection, and it offers a new explanation for why people underinsure their later-life care needs.

  12. MERCURY INTOXICATION IN GRASS CARP (CTENOPHARYNGODON IDELLA

    Directory of Open Access Journals (Sweden)

    M. S. Khan, S. A. Khan, Z. I. Chaudhary, M. N. Khan,1 A. Aslam , K. Ashraf2, R. M. Ayyub and M. F. Rai.

    2004-01-01

    Full Text Available The present project was carried out to study the effects of acute and chronic mercury intoxication in Grass carp (Ctenopharyngodon idella. For acute phase experiment, 48 fish were divided into four equal groups (A, B, C and D. Groups B, C and D were given HgCl2 at sublethal dose as 0.4, 0.5 and 0.6 mg/L, respectively, while group A acted as control. Skin, gills and kidneys were isolated from the fish after 48 and 96 hours for pathological studies. For chronic phase, 72 fish were divided into five groups (E, F, G, H and I, containing 12 fish each except group E which contained 24 fish. Groups F, G, H and I were given HgCl2 at sublethal dose of 0.3 mg/L for 4, 8, 12 and 16 days, respectively, while group E acted as control. Skin, gills and kidneys were isolated from each group (F, G, H and I after 4, 8, 12 and 16 days respectively for pathological studies. During chronic phase in the treatment groups normal histology of epidermis was disturbed with increased number of immature cells. Overall, skin layers were atrophied and withered. Histopathology of gills showed hyperplasia of epithelial cells of gill filaments, fusion of secondary lamellae giving a club shaped appearance of filaments and contraction and sloughing of respiratory epithelium in groups F, G, H and I. Histopathological examination of kidneys also showed a wide range of toxicity lesions and destruction in treatment groups (F, G, H and I. Disintegration and disorganization of cells of both renal and haemopoitic systems including dilatation of capillaries and thickening of basal lumen were observed. Mild to sever tubular epithelial degeneration, karyolysis, dilation and shrinkage of Bowman’s capsule and glomerulus were also observed. In chronic phase experiment, fish showed clinical signs including restlessness, difficult breathing, fin flickering and jerky movements. Suppressed growth rate was also observed in treatment groups (F, G, H and I. During acute phase, after 48 hours, these

  13. Ocular Biometrics of Myopic Eyes With Narrow Angles.

    Science.gov (United States)

    Chong, Gabriel T; Wen, Joanne C; Su, Daniel Hsien-Wen; Stinnett, Sandra; Asrani, Sanjay

    2016-02-01

    The purpose of this study was to compare the ocular biometrics between myopic patients with and without narrow angles. Patients with a stable myopic refraction (myopia worse than -1.00 D spherical equivalent) were prospectively recruited. Angle status was assessed using gonioscopy and biometric measurements were performed using an anterior segment optical coherence tomography and an IOLMaster. A total of 29 patients (58 eyes) were enrolled with 13 patients (26 eyes) classified as having narrow angles and 16 patients (32 eyes) classified as having open angles. Baseline demographics of age, sex, and ethnicity did not differ significantly between the 2 groups. The patients with narrow angles were on average older than those with open angles but the difference did not reach statistical significance (P=0.12). The central anterior chamber depth was significantly less in the eyes with narrow angles (P=0.05). However, the average lens thickness, although greater in the eyes with narrow angles, did not reach statistical significance (P=0.10). Refractive error, axial lengths, and iris thicknesses did not differ significantly between the 2 groups (P=0.32, 0.47, 0.15). Narrow angles can occur in myopic eyes. Routine gonioscopy is therefore recommended for all patients regardless of refractive error.

  14. Acquisition and visualization techniques for narrow spectral color imaging.

    Science.gov (United States)

    Neumann, László; García, Rafael; Basa, János; Hegedüs, Ramón

    2013-06-01

    This paper introduces a new approach in narrow-band imaging (NBI). Existing NBI techniques generate images by selecting discrete bands over the full visible spectrum or an even wider spectral range. In contrast, here we perform the sampling with filters covering a tight spectral window. This image acquisition method, named narrow spectral imaging, can be particularly useful when optical information is only available within a narrow spectral window, such as in the case of deep-water transmittance, which constitutes the principal motivation of this work. In this study we demonstrate the potential of the proposed photographic technique on nonunderwater scenes recorded under controlled conditions. To this end three multilayer narrow bandpass filters were employed, which transmit at 440, 456, and 470 nm bluish wavelengths, respectively. Since the differences among the images captured in such a narrow spectral window can be extremely small, both image acquisition and visualization require a novel approach. First, high-bit-depth images were acquired with multilayer narrow-band filters either placed in front of the illumination or mounted on the camera lens. Second, a color-mapping method is proposed, using which the input data can be transformed onto the entire display color gamut with a continuous and perceptually nearly uniform mapping, while ensuring optimally high information content for human perception.

  15. Intramyocardial arterial narrowing in dogs with subaortic stenosis.

    Science.gov (United States)

    Falk, T; Jönsson, L; Pedersen, H D

    2004-09-01

    Earlier studies have described intramyocardial arterial narrowing based on hyperplasia and hypertrophy of the vessel wall in dogs with subaortic stenosis (SAS). In theory, such changes might increase the risk of sudden death, as they seem to do in heart disease in other species. This retrospective pathological study describes and quantifies intramyocardial arterial narrowing in 44 dogs with naturally occurring SAS and in eight control dogs. The majority of the dogs with SAS died suddenly (n=27); nine had died or been euthanased with signs of heart failure and eight were euthanased without clinical signs. Dogs with SAS had significantly narrower intramyocardial arteries (Pdogs. Male dogs and those with more severe hypertrophy had more vessel narrowing (P=0.02 and P=0.02, respectively), whereas dogs with dilated hearts had slightly less pronounced arterial thickening (P=0.01). Arterial narrowing was not related to age, but fibrosis increased with age (P=0.047). Dogs that died suddenly did not have a greater number of arterial changes than other dogs with SAS. This study suggests that most dogs with SAS have intramyocardial arterial narrowing and that the risk of dying suddenly is not significantly related to the overall degree of vessel obliteration.

  16. Remote sensing of St. Augustine Decline (SAD) disease. [spectral reflectance of healthy and diseased grass

    Science.gov (United States)

    Odle, W. C.

    1976-01-01

    Laboratory and field spectral reflectance measurements of healthy and infected St. Augustine grass were made using several different instruments. Spectral differences between healthy and infected grass occured in the visible and near infrared regions. Multiband and color infrared photographs were taken of healthy and diseased turf from ground-based platforms and low altitude aircraft. Qualitative (density slicing) and quantitative (transmission densitometry) analyses revealed distinct tonal differences between healthy and St. Augustine disease (SAD) infected grass. Similar experiments are described for determining if healthy and diseased grass can be distinguished from waterstressed grass and grass deficient in either nitrogen or iron.

  17. Indirect effects of an invasive annual grass on seed fates of two native perennial grass species.

    Science.gov (United States)

    Meyer, Susan E; Merrill, Katherine T; Allen, Phil S; Beckstead, Julie; Norte, Anna S

    2014-04-01

    Invasive plants exhibit both direct and indirect negative effects on recruitment of natives following invasion. We examined indirect effects of the invader Bromus tectorum (cheatgrass) on seed fates of two native grass species, Elymus elymoides and Pseudoroegneria spicata, by removing B. tectorum and by adding inoculum of the shared seed pathogen Pyrenophora semeniperda in factorial experiments at xeric and mesic field sites. We also included a supplemental watering treatment to increase emergence and also the potential for pathogen escape. We recorded emergence and survival of native seedlings and also determined the fate of unemerged seeds. At the xeric site, Pyrenophora-caused mortality was high (34%), and effects of other pathogens and failed emergence of germinants were smaller. Cheatgrass removal negatively affected both emergence (35 vs. 25%) and spring survival (69 vs. 42%). Pyrenophora-caused seed mortality increased with inoculum augmentation for both species (22 vs. 47% overall), but emergence was negatively impacted only for P. spicata (20 vs. 34%). At the mesic site, Pyrenophora-caused mortality was low (6%). Cheatgrass removal doubled emergence (26 vs. 14%). Seed mortality increased significantly with inoculum augmentation for P. spicata (12 vs. 5%) but not E. elymoides, while emergence was not significantly affected in either species. A large fraction of seeds produced germinants that failed to emerge (37%), while another large fraction (35%) was killed by other pathogens. We conclude that facilitation by cheatgrass at the xeric site but interference at the mesic site was probably mediated through litter effects that could be ameliorative or suppressive. Apparent competition between cheatgrass and native grasses could occur through Pyrenophora, especially in a xeric environment, but effects were weak or absent at emergence. This was probably because Pyrenophora attacks the same slow-germinating fraction that is subject to pre-emergence mortality from

  18. Cosmogenic Be-7 in grass of Maamora site

    International Nuclear Information System (INIS)

    El-khoukhi, T.; Fidah, M.; Oublaid, B.

    1994-01-01

    Be-7 is one of the radionuclides produced by the nuclear reactions of protons and alpha particulates of galactic and solar cosmic rays as well as the secondary neutrons produced during those reactions. it is submitted, as soon as it is produced, to the physical and chemical laws of the environment, such as air motions or the fixing to the atmospheric aerosols. In the framework of environmental radioactivity monitoring programme of Maamora site (Morocco), samples of grass were collected, prepared and analyzed using gamma spectrometry. The preparation consists of drying and ashing the grass. The detector used is coaxial Ge HP with 20% efficiency. Samples were counted for more than 50000 s. The activity of Be-7 calculated for samples collected in 10 km around Maamora site varies between 4 and 20 Bq/g of ashed grass. 3 refs. (author)

  19. Ensiling as pretreatment of grass for lignocellulosic biomass conversion

    DEFF Research Database (Denmark)

    Ambye-Jensen, Morten

    for subsequent enzymatic saccharification of cellulose and hemicellulose, by using the temperate grass Festulolium Hykor. The method was additionally combined with hydrothermal treatment, in order to decrease the required severity of an industrial applied pretreatment method. The first part of the project...... conditions providing the best possible pretreatment effect. The parameters were biomass composition, varied by ensiling of four seasonal cuts of grass, different dry matter (DM) content at ensiling, and an addition of different lactic acid bacteria species. First of all, the study confirmed that ensiling can...... act as a method of pretreatment and improve the enzymatic cellulose convertibility of grass. Furthermore, low DM ensiling was found to improve the effects of pretreatment due to a higher production of organic acids in the silage. The effect of applied lactic acid bacteria species was, however...

  20. Ground beetle (Coleoptera: Carabidae) assemblages in narrow hedgerows in a Danish agricultural landscape

    DEFF Research Database (Denmark)

    Lövei, G. L.; Magura, T.

    2015-01-01

    Sorbus intermedia), and the non-native spruce (Picea spp.). We hypothesised that hedgerows with deciduous trees harbour more diverse ground beetle assemblages than hedges composed of non-native conifer trees. We also investigated which vegetation structure characteristics might influence the ground...