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.

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...

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.

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.

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.

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)

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...

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:.

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...

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)

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...

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.

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...

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.

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

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

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.

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.

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)

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)

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....

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.

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.

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...

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

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.

The second Tuesday. We talk about feeling sorry for yourself.

Science.gov (United States)

Albom, M

1999-01-01

The following is an excerpt from Tuesdays with Morrie, a best-selling book by Mitch Albom about his relationship with a former professor and mentor. Albom rediscovered Morrie Schwartz in the last months of the older man's life. Knowing he was dying, Morrie visited with Mitch in his study every Tuesday. Their rekindled relationship turned into one final class: lessons in how to live.

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...

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.

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...

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.

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)

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 ...

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

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.

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)

First Tuesday @ CERN: Industrial Impact of Information Technology from CERN

CERN Multimedia

CERN. Geneva

2004-01-01

CERN is where the web was born, and remains a hothouse of innovation in information technology (IT). In this fourth First Tuesday @ CERN, we look at industrial partnership at CERN in the IT area from several different angles. The approach taken by CERN with software licencing - a very hot topic in the world of IT - will be discussed. The benefits that CERN hardware and software suppliers gain from working with CERN will be presented, and the CERN openlab, a new approach to industrial partnership at CERN, will be covered. A novel ingredient of this First Tuesday @ CERN is that it will be run in parallel with a similar event for the business community in London, and there will be webcast presentations between the Queen Elizabeth II Conference Centre in London and CERN during the event. Thus, First Tuesday @ CERN will take on a truly European dimension, to reflect CERN's European character.

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...

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

First Tuesday @ CERN: Industrial Impact of Information Technology from CERN

CERN Multimedia

CERN. Geneva

2004-01-01

CERN is where the web was born, and remains a hothouse of innovation in information technology (IT). In this fourth First Tuesday @ CERN, we look at industrial partnership at CERN in the IT area from several different angles. The approach taken by CERN with software licencing - a very hot topic in the world of IT - will be discussed. The benefits that CERN hardware and software suppliers gain from working with CERN will be presented, and the CERN openlab, a new approach to industrial partnership at CERN, will be covered. A novel ingredient of this First Tuesday @ CERN is that it will be run in parallel with a similar event for the business community in London, and there will be webcast presentations between the Queen Elizabeth II Conference Centre in London and CERN during the event. Thus, First Tuesday @ CERN will take on a truly European dimension, to reflect CERN's European character. More information: http://www.rezonance.ch, or view the joint UK event program

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...

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

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.

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...

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.

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.

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.

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...

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...

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...

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

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

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

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)

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...

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...

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

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

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.

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)

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,...

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

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.

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.

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....

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

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)

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....

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...

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.

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.

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.

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.

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

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.

Textbooks evaluation

OpenAIRE

Tauchmannová, Iva

2009-01-01

This thesis deals with an evaluation of textbooks and their operation at school. The theoretical part clarifies the purport of the term a textbook, functions and a structure of textbooks, and describes a text of textbooks, parameters of its evaluation, and the extratextual components of textbooks. It presents methods of work with a textbook and research into textbooks. The empirical part describes a research that was aimed to learn whether textbooks fit to modern parameters of textbooks. Furt...

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.

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.

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

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.

Tuesdays with an Open and Distance Learning Mentor

Science.gov (United States)

Michau, Abrie; Louw, Willa

2014-01-01

"Tuesdays with Morrie" is a 1997 non-fictional book by an American writer, Mitch Albom, which was later made into a film with the same title. It tells the true story of sociologist Morrie Schwartz and his relationship with Mitch Albom as his protégé. When the professor is diagnosed with a terminal disease, Mitch begins to visit him at…

An Analysis Of The Main Charaters’ Conflicts In Mitch Albom’s Tuesdays With Morrie

OpenAIRE

Rahmad Priadi

2010-01-01

Skripsi ini berjudul “An analysis of the Main Characters’ Conflicts in Mitch Albom Tuesdays with Morrie”, pembahasan pada skripsi ini memfokuskan pada analisis mengenai unsur konflik yang terdapat pada kedua tokoh yang ada pada novel berjudul Tuesdays with Morrie, yang ditulis oleh Mitch Albom. Penulis mengumpulkan dan menyeleksi kutipan-kutipan yang berasal dari novel tersebut yang mana sesuai dengan faktor-faktor yang mengakibatkan konflik yang dialami oleh tokoh utama di dalam novel te...

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

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 ...

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...

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...

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.

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.

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...

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...

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.

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 ...

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)

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

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)

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...

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.

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...

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.

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

OTHER SEMINARS - FIRST TUESDAY GENEVA @ CERN:
Special Topic: Grid Technology

CERN Multimedia

CERN. Geneva

2002-01-01

17:00 - 17:05 Introduction Geneviève Morand (event organiser) introduces First Tuesday Geneva François Grey (CERN host) introduces program and speakers 17:05 - 17:15 Elevator pitches 2-3 people in the a...

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.

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.

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…

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.

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

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 ...

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...

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...

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 ...

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

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.

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.

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 ...

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.

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

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.

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

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

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...

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.

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

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

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

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.

An Analysis Of Moral Lessons Found From The Main Character In Mitch Albom’s Tuesday With Morrie

OpenAIRE

Kaloko, Wahyu P.

2010-01-01

Skripsi ini berjudul “An analysis of the Moral Lessons Found From the Main Character Mitch Albom Tuesdays with Morrie”, pembahasan pada skripsi ini memfokuskan pada analisis mengenai unsur and nilai-nilai moral pada tokoh utama yang ada pada novel berjudul Tuesdays with Morrie, yang ditulis oleh Mitch Albom. Penulis mengumpulkan dan menyeleksi kutipan-kutipan yang berasal dari novel tersebut yang mana berhubungan dengan nilai-nilai moral yang disapaikan melalui tokoh utama pada novel ter...

First Tuesday@CERN: Industrial partnership and innovation management at European research laboratories

CERN Multimedia

2003-01-01

On Wednesday 19 March, CERN will host for the second time the 'First Tuesday Geneva' events for entrepreneurs, investors and all those interested in new technologies. The event is organised by the non-profit group Rezonance. The theme of this "First Tuesday@CERN" is familiar to CERN, as it concerns new trends of industrial partnership and innovation management at European research laboratories. As major sources of innovative technologies, large laboratories such as CERN, ESA, EMBL or ESRF have adopted over the past few years new strategies in the areas of industrial partnership and technological spin-offs. Speakers include: - Pierre Brisson, Head of Technology Transfer and Promotion Office, ESA : "The European Space Incubator at ESA" - Gabor Lamm, Managing Director EMBL Enterprise Management Technology Transfer : "EMBL Enterprise Management: Innovation Works" - Edward Mitchell, Coordinator of the PSB, ESRF : "The Partnership for Structural Biology" - Wolfgang von Rüden, Leader of Information Tech...

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.

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.

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...

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.

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

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.

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

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.

Communicative Textbooks: English Language Textbooks in Iranian Secondary School

Directory of Open Access Journals (Sweden)

Dahmardeh, Mahdi

2009-01-01

Full Text Available English language teaching materials (textbooks play an important role in many language classrooms, but recently there have been a lot of debates within the English language teaching profession based on the actual role that materials play in teaching English as a foreign language. Arguments have encompassed both the potential and the limitations of materials used for 'guiding' students through the learning processes and curriculum as well as the needs and preferences of teachers who are using the textbooks that are available. Other issues that have arisen in recent years include textbook design and practicality, methodological validity, the role of textbooks in innovation, the authenticity of materials in terms of their representation of language, communicative textbooks, and balance in presenting the language skills as well as cultural components.The purpose of this article is to report the findings of a study carried out in 2006 into how Iranian textbooks could be made more communicative. The textbooks referred to are three English language textbooks, which are currently used in Iranian Secondary Schools. Although the work has been done within Iranian context, many suggestions could be applied to other foreign/second language situations.I will start my discussion by presenting an overview about the English language teaching in Iran, before and after the revolution. This will be followed by presenting the findings of this research that would include the Iranian ELT curriculum, the questionnaire survey (author's and teachers' perspectives as well as their discomfort will be addressed as well as introducing the English language coursebooks for secondary schools in Iran (topic, progression, structure of the lessons, types of exercises etc.. I will then present a discussion on findings of this research which would be a detailed exemplary criticism and suggestions for changes to make the materials communicative.The findings of this explanatory case

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.

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.

Textbook research as scientific research: towards a common ground for research on mathematics textbooks

OpenAIRE

Fan, Lianghuo

2011-01-01

This article explores research issues and methods of textbook research. Drawing on literatures and the author’s own work in the area of mathematics textbook research, it conceptualizes textbooks as an intermediate variable in the context of education and hence defines textbook research as disciplined inquiry into issues about textbooks and the relationships between textbooks and other factors in education. Furthermore, it argues that to further advance the field of textbook research, research...

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.

Electronic Geometry Textbook: A Geometric Textbook Knowledge Management System

OpenAIRE

Chen, Xiaoyu

2010-01-01

Electronic Geometry Textbook is a knowledge management system that manages geometric textbook knowledge to enable users to construct and share dynamic geometry textbooks interactively and efficiently. Based on a knowledge base organizing and storing the knowledge represented in specific languages, the system implements interfaces for maintaining the data representing that knowledge as well as relations among those data, for automatically generating readable documents for viewing or printing, ...

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...

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

Some Perceptions of English Geography Textbook Authors on Writing Textbooks

Science.gov (United States)

Lee, Jongwon; Catling, Simon

2016-01-01

There has been much research into the nature and uses of school geography textbooks as teaching resources, yet the perceptions of their authors have been neglected. This study investigated the perspectives of a sample of authors of English primary and secondary school geography textbooks on their experiences as textbook authors. It enquired into…

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.

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.

Quickscan open textbooks

NARCIS (Netherlands)

Pierre Gorissen

2015-01-01

Deze quickscan open textbooks is uitgevoerd in opdracht van SURFnet ter voorbereiding van het seminar over open textbooks op 26 november 2015. Het is nadrukkelijk een quickscan, de beschikbare tijd om literatuur te verzamelen en te beoordelen rond open textbooks was begrensd. Deze quickscan heeft

THEORETICAL ASPECTS OF SCHOOL TEXTBOOK

Directory of Open Access Journals (Sweden)

Sveriene, Audrone

2006-12-01

Full Text Available School textbook is an important part of general education. Some theoretical works were written on school textbook theory. The question about textbook concept, structure and functions wasunder the dispute a long time in Lithuania and abroad.The main purpose of this article is to analyse and summarize the experience of researchers school textbook theory from Lithuania and foreign countries. The tasks of article are to determineconcept of textbook, describe the structure and the functions of the textbook. Famous scientists in this field are D. Zujev (Russia, P. Weinbrenner, F. Pingel (Germany, J. Mikk (Estonia, E. B. Johnsen (Norway, A. Choppin (France, F. M. Gerard and X. Roegiers Belgium, R. Bamberger (Austria. There are many interpretations of textbook concept, and different suggestions what is a textbook. In Lithuania the textbook concept was discussed with some specialists of Educational Development Centre and the Ministry of Education and Science. The Requirements on textbook development were approved in Lithuania only in 2003. According to the research litterature, the main aspect of the textbook is to meet the requirements of curriculum. The textbook consists of text, paratext and illustrations. All these parts of the textbook play many functions in education. The main function of the textbook is to motivate students. Other important functions of the textbook are: information, systematisation, coordination, differentiation, guidance education, learning strategy, value education, aesthetical.

Discrimination in Textbooks

OpenAIRE

大津, 尚志

1996-01-01

In this paper, I deal with the issues which concern discriminations in textbooks.In America, they have paid special attentions to these problems since 1960's. They made guidelines for textbooks to check various kinds of discriminative descriptions and tried to make textbooks to meet these standards. In this respects I would examine the present states about textbooks in America and would compare them to the Japanese ones. That would be useful, I believe, when we consider these issues in Japan.

Technology and Textbooks: The Future

Science.gov (United States)

Baglione, Stephen L.; Sullivan, Kevin

2016-01-01

This article describes two separate studies: a survey of students' textbook perceptions, purchases, and usage for e-textbooks and print textbooks and a conjoint analysis on e-textbook attributes. Print textbooks were perceived as easier to read, understand, and navigate, whereas e-textbooks were perceived to be cheaper. Students were willing to…

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

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...

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.

6th IT First Tuesday@CERN

CERN Multimedia

François Grey

2005-01-01

Thursday 12 May, 17:30-19:30, Main Auditorium, CERN Data management in the 21st Century: the Petabyte challenge A Petabyte is a million Gigabytes, the equivalent of over 200,000 DVDs. That may seem like an enormous amount of data, but managing such quantities of data is a reality in the world of science, and is increasingly becoming an imperative in the world of business. This IT First Tuesday@CERN presents the Petabyte challenge, and some of the emerging solutions, from both scientific and commercial perspectives. For CERN's Large Hadron Collider, a Grid solution has been chosen to provide the necessary distributed storage capacity for the anticipated 15 Petabytes of data per year that this collider will produce. IBM is CERN's storage partner in the CERN openlab for DataGrid applications, and is testing the companies innovative TotalStorage SAN distributed filesystem in CERN's demanding IT environment. For Lausanne-based VisioWave, managing stored video data provides an extreme storage challenge. For D...

History Textbooks at the New Century: A Report of the American Textbook Council.

Science.gov (United States)

Sewall, Gilbert T.

The American Textbook Council identified the nation's leading social studies textbooks based on estimated volume of sales and on adoptions in California, Indiana, North Carolina, Florida, and New York. Three multi-volume elementary-level programs and about a dozen secondary-level history textbooks command the market. The history textbooks at the…

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

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.

Evaluation of WorldView Textbooks; Textbooks Taught at a Military University

Science.gov (United States)

Khalili, Masoud; Jodai, Hojat

2012-01-01

This paper intends to evaluate the WorldView series textbooks of English learning, which are being taught at an Iranian military university foreign language center. No textbook evaluation had been conducted by the university administration prior to the introduction of the textbooks to the language program. Theorists in the field of ELT textbook…

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....

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....

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)

What Makes a Top-Selling Textbook? Comparing Characteristics of AIS Textbooks

Science.gov (United States)

Badua, Frank; Sharifi, Mohsen; Mendez Mediavilla, Francis

2014-01-01

The factors involved in the selection of accounting textbooks are under-investigated, and most of the research is survey-based, largely ignoring the information that could be analyzed by direct inspection of textbook content and its impact on textbook selection. In this study the authors fill this lacuna by deploying content analysis of the…

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)

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.

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.

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.

Journey to Textbook Affordability: An Investigation of Students’ Use of eTextbooks at Multiple Campuses

Directory of Open Access Journals (Sweden)

Eun-Ok Baek

2013-07-01

Full Text Available eTextbooks have steadily and recently more rapidly penetrated the textbook market. In order to effectively support students’ learning, it is important to comprehend students’ experiences using eTextbooks. This survey study was designed to gain an understanding of students’ experiences in using eTextbooks and variables that impact their experiences, perceptions, and attitudes towards eTextbooks. In a total of 33 courses, faculty members at five state university campuses in California participated in the eTextbook pilot project during the fall of 2010. Six hundred and sixty-two student questionnaires were returned from those courses. Key findings include: 1 More than one-third of the students were satisfied with the eTextbook; 2 more than half of the students felt that the eTextbook was easy-to-use; 3 older students (22 or older tended to have more positive experiences with the eTextbook than younger students; and 4 students most liked the eTextbook’s cost, accessibility, light weight, and keyword search features. This study implies that the eTextbook must be a high-quality, easy-to-use resource to serve as a viable textbook option for student learning.

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.

Joint Armaments Conference, Exhibition and Firing Demonstration. Volume 1. Monday - Tuesday

Science.gov (United States)

2010-05-20

Systems Conference Dallas, Texas May 2010 Support Equipment Design J75189 Ground Handling Adapter J75196 Mount Rail J75199 Gun Transfer Adapter J75208...AP and HE Flex Chutes Primary Container Cover (HE) w/ Indexing Conveyor MK44 30mm Bushmaster II Gun and Dual Feeder 6NDIA Gun and Missile Systems... Transfer Program Manager ARDEC Tuesday , May 18, 2010 KEYNOTE ADDRESS · BrigGen Michael M. Brogan, USMC, Commander, Marine Corps Systems

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.

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

(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 ...

Textbook language: Incentive or obstacle

Directory of Open Access Journals (Sweden)

Šefer Jasmina

2008-01-01

Full Text Available The criticism of the current language in school textbooks indicates the gravity of this problem in our environment and the need to solve it. The first step in approaching this problem is studying the reception of primary school textbooks. In the first part of the paper we discuss all primary school textbooks from the fifth to the eighth grade with regard to the frequency of textbook usage and the perception of the difficulty of textbook language. In the second part of the paper there is an additional analysis of history, geography, biology, physics and chemistry textbooks from the fifth to the eighth grade with regard to the reasons for which pupils find them difficult. This preliminary research comprised in total 120 pupils from an urban school, thirty from each fifth to eighth grade. We analyzed the textbooks of the Institute for Textbook Publishing and Teaching Aids, which are used most frequently in our educational practice, and hence can represent the general situation of the problem. Bearing in mind the limited size of the sample of pupils, the results are used only as an illustration and should encourage new studies on a more extensive sample. Textbook language is often difficult since it is mostly insufficiently comprehensible, longwinded and with many data. In natural sciences, physics and chemistry, pupils give up studying from the textbook. The textbooks in narrative subjects lead the way with respect to their usage, among which everybody finds history textbooks most difficult. Geography and biology textbooks were evaluated differently, depending on the grade and success of the pupils declaring themselves. The results present a guideline to the current and new writers of our textbooks, critics and publishing houses.

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.

Textbook America.

Science.gov (United States)

Karp, Walter

1980-01-01

Focuses on how political attitudes have been influenced by American history textbooks at various times throughout history. Excerpts from traditional and revisionist textbooks are presented, with emphasis on "America Revised" by Frances FitzGerald. Journal available from Harper's Magazine Co., 2 Park Ave., New York, NY 10016. (DB)

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

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-

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.

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

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

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

Principles of economics textbooks

DEFF Research Database (Denmark)

Madsen, Poul Thøis

2012-01-01

Has the financial crisis already changed US principles of economics textbooks? Rather little has changed in individual textbooks, but taken as a whole ten of the best-selling textbooks suggest rather encompassing changes of core curriculum. A critical analysis of these changes shows how individual...

Journey to Textbook Affordability: An Investigation of Students’ Use of eTextbooks at Multiple Campuses

OpenAIRE

Eun-Ok Baek; James Monaghan

2013-01-01

eTextbooks have steadily and recently more rapidly penetrated the textbook market. In order to effectively support students’ learning, it is important to comprehend students’ experiences using eTextbooks. This survey study was designed to gain an understanding of students’ experiences in using eTextbooks and variables that impact their experiences, perceptions, and attitudes towards eTextbooks. In a total of 33 courses, faculty members at five state university campuses in California participa...

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.

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...

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...

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...

Journey to Textbook Affordability: An Investigation of Students' Use of eTextbooks at Multiple Campuses

Science.gov (United States)

Baek, Eun-Ok; Monaghan, James

2013-01-01

eTextbooks have steadily and recently more rapidly penetrated the textbook market. In order to effectively support students' learning, it is important to comprehend students' experiences using eTextbooks. This survey study was designed to gain an understanding of students' experiences in using eTextbooks and variables that impact their…

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...

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...

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...

First Tuesday@CERN - THE GRID GETS REAL !

CERN Document Server

2003-01-01

A few years ago, "the Grid" was just a vision dreamt up by some computer scientists who wanted to share processor power and data storage capacity between computers around the world - in much the same way as today's Web shares information seamlessly between millions of computers. Today, Grid technology is a huge enterprise, involving hundreds of software engineers, and generating exciting opportunities for industry. "Computing on demand", "utility computing", "web services", and "virtualisation" are just a few of the buzzwords in the IT industry today that are intimately connected to the development of Grid technology. For this third First Tuesday @CERN, the panel will survey some of the latest major breakthroughs in building international computer Grids for science. It will also provide a snapshot of Grid-related industrial activities, with contributions from both major players in the IT sector as well as emerging Grid technology start-ups. Panel: - Les Robertson, Head of the LHC Computing Grid Project, IT ...

An Economic Analysis of Textbook Pricing and Textbook Markets. ACSFA College Textbook Cost Study Plan Proposal

Science.gov (United States)

Koch, James V.

2006-01-01

Between 1986 and 2004, textbook prices rose 186 percent in the United States, or slightly more than six percent per year. Meanwhile, other prices rose only about three percent per year. This paper examines the economic reasons why textbook prices have escalated so briskly and what reasonable alternatives are available that might slow down these…

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...

Textbook Reading Levels

Science.gov (United States)

Hopkins, Charles R.; Kim, Paul Y.

1974-01-01

Since the reading abilities of general business students vary from one individual to the next, the author's report on the readability of three general business textbooks to guide business teachers in their selection of textbooks. (AG)

Electronic textbooks: didactic aspect

Directory of Open Access Journals (Sweden)

Ivanova Elena O.

2016-01-01

Full Text Available The modern process of training proceeding in the information and education environment demands a textbook of a new format differing from that one of a traditional paper book. Research has shown that a new textbook is a specially designed subject information and education environment. Filling of this environment (the textbook - navigator, the textbook script, a set of materials for independent work, etc., structuring information (as the script of an educational process, the designer of a process of training, the integrator of the specified types is shown in the article. Characteristics of textbooks of a new generation are provided: orientation towards realizing the complete process of training from positing aims to a reflection of results, ensuring the maximum independence of pupils, accounting of specific features of pupils, granting opportunities of creation by pupils of an own educational product. Components of the subject information and education environment are presented: subject and target, substantial and organizational, estimated and reflexive components. The reformative and constructive tasks providing an activity orientation of the electronic textbook are considered.

Peace Values in Language Textbooks: The Case of "English for Ethiopia Student Textbook"

Science.gov (United States)

Gebregeorgis, Mehari Yimulaw

2017-01-01

Textbooks are not only meant to deliver subject knowledge; they are also a medium to convey universal and community-specific values. Aiming to explore the social and emotional development goals of "English for Ethiopia Student Textbook Grade 9," this study reviews the content and activities of the textbook by searching for embedded peace…

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)

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...

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

Education and Textbooks.

Science.gov (United States)

Simon, Josep; García-Belmar, Antonio

Education and textbooks have traditionally been standard objects of research in the history of science, technology, and medicine. However, they have often remained marginal in the formulation of large historiographical questions. In the last decades, the work of some historians of science has challenged this state of affairs. STEP has promoted a distinctive focus on education and textbooks, compared to other scholarship cultures such as the Anglo-American. This essay reviews its work in this field and stresses the potential of education and textbooks to produce interdisciplinary research in local, national, and international perspective.

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.

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

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...

Making an Interactive Calculus Textbook.

Science.gov (United States)

Larson, Timothy R.

1995-01-01

Presents a case study of the design and production of "Interactive Calculus," an interactive multimedia textbook. Discusses reasons for using multimedia textbooks; what an interactive textbook is; content, organization, graphic design, authoring and composition; and work flow. (AEF)

Morrie Schwartz's Perspectives On American Values In Mitch Albom's Tuesdays With Morrie

OpenAIRE

TIANI, KARTIKA DARIS

2014-01-01

Keywords: American values, perspectives, individualism, materialism, and activity and workValues are abstract concepts used by the society as the orientation in lifestyle, think, act, and so on. In connecting with literary works, they are on which values as intrinsic aspects rely on. That is because literary works are seen as the mirror of the social condit ion, including values. Mitch Albom's Tuesdays with Morrie is one of the literary works which contains American values, especially from ...

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...

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.

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.

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.

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

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,"…

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…

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

The Search for Meaning of Life in Mitch Albom's Tuesdays with Morrie

OpenAIRE

Rahmahwati, Ummu

2014-01-01

People often realize that they need to search the meaning of their life. The main character in the novel Mitch Albom's Tuesdays with Morrie, Morrie, exemplifies the process of this searching the meaning of life. This study is designed for analyzing how Morrie searches the meaning in life and how this process also influences the supporting character, Mitch, who tries to grasp the meaning in his life. The methods used in this study are library research and psychological approach that relate to ...

Students' Intentions to Purchase Electronic Textbooks

Science.gov (United States)

Stone, Robert W.; Baker-Eveleth, Lori J.

2013-01-01

Textbooks have played an important role in education for decades. Given the significant number of technology applications in education, it is not surprising that at least one such application is the electronic textbook (e-textbook). There are a variety of motivations to adopt an e-textbook, including frequent content updates and low costs. The…

Teachers' preferences towards textbook

Directory of Open Access Journals (Sweden)

Stanojević Darko D.

2016-01-01

Full Text Available In this paper, using the method named Conjoint analysis, and with the goal of determining teacher's preferences in the process of textbook selection, and also defining the prototype of quality textbook which will could be used in the classroom. With consideration of criteria defined in the previous researches on this topic, an continuing the work on those results, we will create clear hypothetical prototype of the textbook which will satisfy the teacher's preference.

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

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.

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...

Evaluation of Two ESP Textbooks

Science.gov (United States)

Al Fraidan, Abdullah

2012-01-01

This paper evaluated two ESP textbooks using the evaluation of McDonough and Shaw (2003) based on external and internal evaluation. The first textbook is "Business Objectives" (1996) by Vicki Hollett, and the second textbook is "Business Studies, Second Edition" (2002) by Alain Anderton. To avoid repetition, I will use BO and…

Scholarship, Textbooks, and Mythology

Science.gov (United States)

Noell, Laura K.

2004-01-01

A new textbook designed for first- or second-year courses in mythology as an introduction to literature shows that a community college faculty member who writes a textbook adds teaching experience to scholarship.

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 ...

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 ...

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

[Joint contractures in nursing textbooks].

Science.gov (United States)

Bartoszek, G; Meyer, G; Thiesemann, R

2014-01-01

The transparency criteria of the German statutory health insurance on joint contracture prevention have led to controversies about the appropriate assessment, prevention and treatment as well as to various actions in nursing practice. However, appropriate nursing assessments and proven treatment options are lacking so far. It is unclear whether textbooks on nursing reflect these uncertainties. Search for textbooks on nursing through internet-based search engines and publisher registers, data extraction by one investigator and control by a second. A total of 35 textbooks with contributions on joint contractures were identified of which 25 included a definition, causes/risk factors are presented in 32 textbooks and assessments are presented in 5 books. Most often positioning into a physiological or functional neutral position and passive moving of limbs are recommended as passive prophylaxis. Recommended therapeutic and preventive options do not differ. None of the textbooks reflect that there is a lack of scientific knowledge on the subject. Textbooks on nursing do not deal with complete and scientific sound information on joint contractures.

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

Migrations in Slovenian geography textbooks

Directory of Open Access Journals (Sweden)

Jurij Senegačnik

2013-12-01

Full Text Available In Slovenia, the migrations are treated in almost all geographical textbooks for different levels of education. In the textbooks for the elementary school from the sixth to ninth grade, students acquire knowledge of the migrations by the inductive approach. Difficulty level of treatment and quantity of information are increasing by the age level. In the grammar school program a trail of gaining knowledge on migration is deductive. Most attention is dedicated to migrations in general geography textbooks. The textbooks for vocational and technical school programs deal with migrations to a lesser extent and with different approaches.

Provocative Opinion: Elephantiasis of the Textbook.

Science.gov (United States)

Kerber, Robert C.

1988-01-01

Addresses the growing size of college organic chemistry textbooks. Notes that at the current rate of growth, average textbooks will be 1544 pages long in year 2000. Suggests methods to reduce textbook size. (ML)

The Slovenian Art History Textbook in Comparison to Polish Textbooks: Authorship and Content, Didactic Structure and Publishing Circumstances

Directory of Open Access Journals (Sweden)

Marjana Dolšina

2014-09-01

Full Text Available The paper analyses two concepts of art history textbooks for secondary schools. It discusses their role in the learning and teaching process of art history and related school subjects within the formal educational programmes in Slovenia and their didactic structure. The comparison between one Slovenian and two Polish textbooks might contribute to better understanding of the present situation regarding art history textbook production in Slovenia, which is a result of several factors: the historical continuity of textbook writing and research in textbook didactics, the current school policy and financial competition on the textbook market. Its intention is also to clarify the idea of didactic transformation of the art history contents from the challenging scientific texts to a form suitable for secondary school students who are textbooks' main target audience.

What Every Textbook Evaluator Should Know.

Science.gov (United States)

Muther, Connie

1985-01-01

Presents information on textbook design and marketing practices, and their consequences for textbook content; recommends that selection committees firmly define the role of the textbook in curriculum, and adapt published materials to their school system's unique requirements. (MCG)

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.

The Great Depression: A Textbook Case of Problems with American History Textbooks.

Science.gov (United States)

Miller, Steven L.; Rose, Stephen A.

1983-01-01

The 16 US history textbooks reviewed failed to incorporate economists' research on the causes of the Great Depression and consistently presented information that the economics profession has rejected. Strategies that social studies educators might adopt to improve the quality of economic analysis in textbooks is suggested. (Author/RM)

The New Paradox of the College Textbook.

Science.gov (United States)

Lichtenberg, James

1992-01-01

As college textbooks have become more attractive, sophisticated, and useful, the textbook industry is suffering from high costs, increased popularity of used books, effects of rapidly advancing information and instructional technology, the atypical business structure of the college textbook market, and changing textbook development processes. (MSE)

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

English language teaching textbooks content, consumption, production

CERN Document Server

Harwood, N

2013-01-01

English language teaching textbooks (or coursebooks) play a central role in the life of a classroom. This edited volume contains research-informed chapters focusing on: analysis of textbook content; how textbooks are used in the classroom; and textbook writers' accounts of the materials writing, design, and publishing process.

Developing Textbook Materials in Uncommon Languages.

Science.gov (United States)

Lathrop, Thomas A.

Guidelines are offered for preparing and publishing textbook materials in Portuguese and other uncommonly taught languages. The available options for publishing Portuguese materials include two textbook publishers, three university presses, self-publication, and the Cabrilho Press, which produces language textbooks. Methods for submitting…

The normal vulva in medical textbooks.

Science.gov (United States)

Andrikopoulou, M; Michala, L; Creighton, S M; Liao, L-M

2013-10-01

When a healthy woman expresses concerns about her vulva, the doctor's response should be informed by clinical knowledge. For many doctors, accumulation of such knowledge would have begun with undergraduate teaching and medical textbooks. The aim of this study is to examine the information on female genital morphology in medical textbooks. A total of 59 gynaecology and anatomy textbooks were searched for information on the dimensions of vulval constitutent parts. No textbook gave measurements for all vulval structures. Vaginal length was reported in 21/59 textbooks, clitoral size in 15/59 and labia minora in 1/59. Where measurements appear, they suggest narrower ranges than recent reports. Information of vulval morphology is scanty and inaccurate in medical textbooks. The general lack of professional resources means that doctors may consciously or non-consciously rely upon personal experiences and popular culture to form their opinions, as do their patients.

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.

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

Psychology Ethics in Introductory Psychology Textbooks

Science.gov (United States)

Zucchero, Renee' A.

2011-01-01

Previous research revealed that introductory psychology textbooks included limited information about psychology ethics. This study reviewed 48 current introductory psychology textbooks for research and other APA ethics content. These textbooks included slightly more total ethics content and were more thorough in their review of research ethics…

Qualitative methods textbooks

OpenAIRE

Barndt, William

2003-01-01

Over the past few years, the number of political science departments offering qualitative methods courses has grown substantially. The number of qualitative methods textbooks has kept pace, providing instructors with an overwhelming array of choices. But how to decide which text to choose from this exhortatory smorgasbord? The scholarship desperately needs evaluated. Yet the task is not entirely straightforward: qualitative methods textbooks reflect the diversity inherent in qualitative metho...

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...

Management Textbooks as Propaganda.

Science.gov (United States)

Cameron, Kim S.; Ireland, R. Duane; Lussier, Robert N.; New, J. Randolph; Robbins, Stephen P.

2003-01-01

Four management textbook authors react to the metaphor of textbooks as propaganda. All write to support managerial ideology and are aware of the market, but believe their role in shaping the field is limited. Includes two responses: "Propaganda, Trusteeship, and Artifact" (Daniel R. Gilbert) and "The Hegemonic Discourse of…

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

Should Geography Educators Adopt Electronic Textbooks?

Science.gov (United States)

Romig, Kevin

2017-01-01

Significant changes in textbook publishing are at college instructors' door. Textbook representatives are directed to mesmerize potential clients with eye-catching displays and statements about digital literacy of the next generation of college students. Based on a one-year pilot study, in 2014-2015, of an electronic textbook, this commentary…

Explaining Teachers' Use of Textbooks

Science.gov (United States)

Reichenberg, Monica

2016-01-01

In educational systems without comprehensive systems for regulating textbooks, teachers can exert considerable influence on the use of textbooks. However, existing research has not yet identified the mechanisms of this use. Accordingly, the aim of this article is to examine and explain teachers' strategic use of textbooks. I administered a…

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.  

Education and Textbooks

OpenAIRE

Simon, Josep; García-Belmar, Antonio

2016-01-01

Education and textbooks have traditionally been standard objects of research in the history of science, technology, and medicine. However, they have often remained marginal in the formulation of large historiographical questions. In the last decades, the work of some historians of science has challenged this state of affairs. STEP has promoted a distinctive focus on education and textbooks, compared to other scholarship cultures such as the Anglo-American. This essay reviews its work in this ...

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...

What's Wrong with Economics Textbooks?

Science.gov (United States)

Culyer, A. J.

1985-01-01

Many things are wrong with college level economics textbooks. For example, they are too ahistorical, too particularist, or unsystematically eclectic. The requirements of a good college economics textbook are examined. (RM)

Do E-Textbooks Impact Learning Outcomes?

Science.gov (United States)

Fike, David; Fike, Renea

2016-01-01

The primary focus of this study was to determine if student learning outcomes in an undergraduate Statistics course differed based upon the type of textbook used (e-textbook or hardcopy). Fifty-six students enrolled in the course were allowed to choose textbook type. After controlling for student demographics and academic preparedness, student…

"World Religions" in Introductory Sociology Textbooks

Science.gov (United States)

Carroll, Michael P.

2017-01-01

A section on "world religions" (WRs) is now routinely included in the religion chapters of introductory sociology textbooks. Looking carefully at these WR sections, however, two things seem puzzling. The first is that the criteria for defining a WR varies considerably from textbook to textbook; the second is that these WRs sections…

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.

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

The Evolution of International Business Textbooks

Science.gov (United States)

Sagafi-nejad, Tagi; Limaye, Aditya

2014-01-01

As a field of study, international business (IB) has evolved with accelerated tempo in the last four decades. The subject has brought with it an increasing plethora of textbooks. We analyze the contents of major textbooks, both classic and new, to find the extent to which these textbooks cover the various components of the common body of knowledge…

Comparative analysis of a nontraditional general chemistry textbook and selected traditional textbooks used in Texas community colleges

Science.gov (United States)

Salvato, Steven Walter

The purpose of this study was to analyze questions within the chapters of a nontraditional general chemistry textbook and the four general chemistry textbooks most widely used by Texas community colleges in order to determine if the questions require higher- or lower-order thinking according to Bloom's taxonomy. The study employed quantitative methods. Bloom's taxonomy (Bloom, Engelhart, Furst, Hill, & Krathwohl, 1956) was utilized as the main instrument in the study. Additional tools were used to help classify the questions into the proper category of the taxonomy (McBeath, 1992; Metfessel, Michael, & Kirsner, 1969). The top four general chemistry textbooks used in Texas community colleges and Chemistry: A Project of the American Chemical Society (Bell et al., 2005) were analyzed during the fall semester of 2010 in order to categorize the questions within the chapters into one of the six levels of Bloom's taxonomy. Two coders were used to assess reliability. The data were analyzed using descriptive and inferential methods. The descriptive method involved calculation of the frequencies and percentages of coded questions from the books as belonging to the six categories of the taxonomy. Questions were dichotomized into higher- and lower-order thinking questions. The inferential methods involved chi-square tests of association to determine if there were statistically significant differences among the four traditional college general chemistry textbooks in the proportions of higher- and lower-order questions and if there were statistically significant differences between the nontraditional chemistry textbook and the four traditional general chemistry textbooks. Findings indicated statistically significant differences among the four textbooks frequently used in Texas community colleges in the number of higher- and lower-level questions. Statistically significant differences were also found among the four textbooks and the nontraditional textbook. After the analysis of

Conjunctions in Malaysian Secondary School English Language Textbooks

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Alicia Philip

2012-05-01

Full Text Available The present research aims to investigate the distribution pattern of conjunctions and their ranking in two different corpora, namely the Malaysian school English language Textbook Corpus (Textbook Corpus and the British National Corpus (BNC. An additional objective of the study was to find out how conjunctions had been presented in the Malaysian school English language textbooks (Forms 1-5. The method applied was qualitative content analysis. The findings indicated that coordinating conjunctions were the most frequent conjunctions that occurred in the five textbooks followed by subordinating and correlative conjunctions. The ranking of the different types of conjunctions in the Textbook Corpus was similar to that of the reference corpus, BNC. The results also indicated that the textbooks failed to present conjunctions effectively. The findings are expected to help textbook developers or language teachers in developing or adapting learning materials. Keywords: Conjunctions, Textbook evaluation, Distribution patterns

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

[The early medical textbooks in Korea: medical textbooks published at Je Joong Won-Severance Hospital Medical School].

Science.gov (United States)

Park, H W

1998-01-01

Kwang Hye Won(Je Joong Won), the first western hospital in Korea, was founded in 1885. The first western Medical School in Korea was open in 1886 under the hospital management. Dr. O. R. Avison, who came to Korea in 1893, resumed the medical education there, which was interrupted for some time before his arrival in Korea. He inaugurated translating and publishing medical textbooks with the help of Kim Pil Soon who later became one of the first seven graduates in Severance Hospital Medical School. The first western medical textbook translated into Korean was Henry Gray's Anatomy. However, these twice-translated manuscripts were never to be published on account of being lost and burnt down. The existing early anatomy textbooks, the editions of 1906 and 1909, are not the translation of Gray's Anatomy, but that of Japanese anatomy textbook of Gonda. The remaining oldest medical textbook in Korean is Inorganic Materia Medica published in 1905. This book is unique among its kind that O. R. Avison is the only translator of the book and it contains the prefaces of O. R. Avison and Kim Pil Soon. The publication of medical textbook was animated by the participation of other medical students, such as Hong Suk Hoo and Hong Jong Eun. The list of medical textbooks published includes almost all the field of medicine. The medical textbooks in actual existence are as follows: Inorganic Materia Medica (1905), Inorganic Chemistry (1906), Anatomy I (1906), Physiology (1906), Diagnostics I (1906), Diagnostics II (1907), Obstetrics (1908), Organic Chemistry (1909), Anatomy (1909), and Surgery (1910).

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...

Gender Representation in Elementary Level, African Language Textbooks

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Antonia Folarin Schleicher

2004-01-01

Full Text Available Foreign language learners' perceptions and understanding of a target culture(s are affected by the infonnation presented by their teacher(s, textbooks and other instructional materials. This paper focuses on an analysis of gender representation in elementary level, African language textbooks, with a specific concentration on Hausa, Swahili, Yoruba, and Zulu textbooks. Although the study of gender representation in textbooks is not new (see Blankenship, 1984; Clausen, 1982; Neussel, 1977 and others, relatively few authors have focused on gender representation in foreign language textbooks (Graci, 1989; Rifkin, 1998. This study seeks to extend the work of these scholars into the field of African languages. As a result, the present analysis focuses on (1 establishing criteria for evaluating African language textbooks for gender representation; (2 applying these criteria to seventeen different, elementary level, African language textbooks to create a basis for a comparative case study; (3 presenting the findings of a detailed analysis; and ( 4 utilizing the findings to formulate guidelines for future textbook writers.

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

Sociology of health textbooks and narratives: historical significance.

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Nunes, Everardo Duarte

2016-03-01

This article has as its starting point two central ideas: textbooks as a means of production and dissemination of knowledge and narrative as an approach. After a brief review of studies on health/medical sociology textbooks, I analyze a few of these textbooks from the 1900-2012 period, produced in the United States and England. I have selected eleven textbooks which I thought were representative. In addition to a content analysis, the textbooks are located within the process of constitution of the health/medical sociology with brief references to the biographies of the authors. The textbooks analyzed were classified according to the main narrative features: doctor-centered; interdisciplinary; pedagogical; analytical; almost autobiographical; critical; and synthetic-reflective. In the final remarks, some points about the textbooks, limits and possibilities are presented.

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

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

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

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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.

Methods of Use of an Online Economics Textbook

Science.gov (United States)

Miller, Jon R.; Baker-Eveleth, Lori

2010-01-01

The rising cost of college textbooks over the last decade provides an opportunity for alternatives. Electronic or online textbooks are an effective substitute to the traditional paper-based textbooks, although students have been slow to transition to the new method. A custom, professor-written online textbook not only addresses the reduction in…

Textbooks for biology applied in schools in Russia

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Sergey Vitalevich Sumatokhin

2018-04-01

Full Text Available This article describes textbooks that are used in the teaching of biology in schools in Russia. The characteristics of designing biological programme content are presented. The school textbook, as a book, consists of a system of texts, illustrations, apparatus for acquiring knowledge (methodical apparatus and elements for orientation in the presented contents. In the textbook of biology, different types of texts are distinguished: basic, additional, explanatory. In Russia, biology textbooks for the school public more than ten publishers. A set of biology textbooks, ensuring the continuity of the study of biology in grades 5-9 (10-11 is called the subject line. Authors of different subject lines of textbooks differently select and structure the content of biological education. Depending on the approach to the structuring of the educational material, all subject lines of textbooks can be divided into two groups (system-structural approach and functional approach. These approaches can have a linear or concentric content structure. Each teacher has the right to choose from the variety of subject lines of biology textbooks those that most satisfy his needs.

Geometric Transformations in Middle School Mathematics Textbooks

Science.gov (United States)

Zorin, Barbara

2011-01-01

This study analyzed treatment of geometric transformations in presently available middle grades (6, 7, 8) student mathematics textbooks. Fourteen textbooks from four widely used textbook series were evaluated: two mainline publisher series, Pearson (Prentice Hall) and Glencoe (Math Connects); one National Science Foundation (NSF) funded curriculum…

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.

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

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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.

A Study of Four Textbook Distribution Models

Science.gov (United States)

Graydon, Benjamin; Urbach-Buholz, Blake; Kohen, Cheryl

2011-01-01

Textbooks too often hinder rather than help students because of their prohibitively expensive prices. Colleges and universities facing intense pressure to lower education expenses while increasing access, retention, and achievement now find addressing the textbook problem more and more urgent. Used textbook sales have grown dramatically over the…

Do mathematics textbooks cultivate shallow teaching? Applying the TIMSS Video Study criteria to Australian eighth-grade mathematics textbooks

Science.gov (United States)

Vincent, Jill; Stacey, Kaye

2008-04-01

Australian eighth-grade mathematics lessons were shown by the 1999 TIMSS Video Study to use a high proportion of problems of low procedural complexity, with considerable repetition, and an absence of deductive reasoning. Using definitions from the Video Study, this study re-investigated this `shallow teaching syndrome' by examining the problems on three topics in nine eighth-grade textbooks from four Australian states for procedural complexity, type of solving processes, degree of repetition, proportion of `application' problems and proportion of problems requiring deductive reasoning. Overall, there was broad similarity between the characteristics of problems in the textbooks and in the Australian Video Study lessons. There were, however, considerable differences between textbooks and between topics within textbooks. In some books, including the best-selling textbooks in several states, the balance is too far towards repetitive problems of low procedural complexity.

Pragmatic Content in Global and Local ELT Textbooks

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Hussein Meihami

2015-11-01

Full Text Available This study is an attempt to explore the frequency of pragmatic content occurrence represented as three speech acts of requesting, refusing, and apologizing in global and local English Language Teaching (ELT textbooks. Three global elementary ELT textbooks, namely Interchange, Top Notch, and American English File along with the local elementary textbooks of Iran Language Institute (ILI Series, were examined for their pragmatic content. To analyze the pragmatic content of these textbooks, the researchers used three different frameworks. The results indicated that while both global and local ELT textbooks shared a sufficient number of speech acts of request and refusal, they failed to pay enough attention to the speech act of apology regarding its frequency and the strategies through which it is performed. To sum, the findings of this study highlight the differences in the frequency of different speech acts and the strategies used to perform them in global and local elementary ELT textbooks, which bear some implications for ELT textbook developers and language instructors.

Textbook Graphics and Maps: Keys to Learning.

Science.gov (United States)

Danzer, Gerald A.

1980-01-01

Explains how social studies pupils can use an awareness of textbook design to become better students. Suggestions include reproducing the collage on an American history textbook as a large poster for classroom use and directing students to design a graphic unit opener in the same style as the ones in their textbooks. (DB)

Development of Open Textbooks Learning Analytics System

Science.gov (United States)

Prasad, Deepak; Totaram, Rajneel; Usagawa, Tsuyoshi

2016-01-01

Textbook costs have skyrocketed in recent years, putting them beyond the reach of many students, but there are options which can mitigate this problem. Open textbooks, an open educational resource, have proven capable of making textbooks affordable to students. There have been few educational development as promising as the development of open…

Textbook-Caused Misconceptions, Inconsistencies, and Experimental Safety Risks of a Grade 8 Physics Textbook

Science.gov (United States)

Zajkov, Oliver; Gegovska-Zajkova, Sonja; Mitrevski, Boce

2017-01-01

A physics textbook for the 8th grade was analyzed, in particular the section on the interaction between electric current and magnetic field. The textbook is written in the Macedonian language, but is translated into Albanian, Serbian, and Turkish, which provides an opportunity to influence a larger population of children, in a larger ethnic area.…

An Investigation of the Communicative Approach Teaching in Primary English Textbooks in Hong Kong and Malaysia: A Search into Communicative Language Teaching (CLT) Textbooks, and How CLT Is Applied in Textbooks

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Ko, Charles

2014-01-01

In the present research, it will be shown how grammar activities in textbooks still retain the structural method of teaching grammar. The results found by previous scholars' research will be covered, and illustrated by excerpts of textbooks, including comparison of Hong Kong and Malaysian textbooks. Communicative Language Teaching (CLT)…

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.

A Framework for Open Textbooks Analytics System

Science.gov (United States)

Prasad, Deepak; Totaram, Rajneel; Usagawa, Tsuyoshi

2016-01-01

In the last few years, open textbook development has picked up dramatically due both to the expense of commercially published textbooks and the increasing availability of high-quality OER alternatives. While this offers a tremendous benefit in terms of lowering student textbook costs, the question remains, to what extent (if any) do open textbooks…

Textbooks evaluations in the National Textbook Commission: the school knowledge conformation in the 1940’s

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Juliana Miranda Filgueiras

2013-05-01

Full Text Available This article analyzes the textbooks evaluations, performed during the 1940’s, and the relationship with the school knowledge conformation. The schoolbook policy was promulgated by Law n. 1.006/38, which created the National Textbook Commission (CNLD, responsible for examining and authorizing the textbooks to be adopted across the country. We tried to discuss the Commission constitution, understand who its members were and the work those people developed, focusing on the study of the textbooks evaluations. The analysis highlighted the conflicts between the people involved in those evaluations, who were trying to update the contents and teaching methods in accordance with the official programs and scientific research areas, as well as seeking an official spelling conform for the whole country.

Syntactical Analysis of Economics Textbooks.

Science.gov (United States)

Wilcox, George K.

An analysis of the syntax of economics textbooks was undertaken to (1) provide real-language examples of the difficult grammatical structures being taught in an advanced economics reading course, and (2) construct a factual database of the nature of economics textbooks. Five texts representative of those typically used in introductory economics…

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

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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.

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

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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.

Europe representations in textbooks

OpenAIRE

Brennetot , Arnaud

2011-01-01

This EuroBroadMap working paper presents an analysis of textbooks dealing with the representations of Europe and European Union. In most of these textbooks from secondary school, the teaching of the geography of Europe precedes the evocation of the EU. Europe is often depicted as a given object, reduced to a number of structural aspects (relief, climate, demography, traditional cultures, economic activities, etc.) whose only common point is their location within conventional boundaries. Such ...

Genocide in World History Textbooks.

Science.gov (United States)

Fleming, Dan

1987-01-01

Analyzes the treatment of genocide in secondary world history textbooks. Acknowledges that textbook space is limited, but argues that all should contain some reference to the subject. Concludes that the Armenian genocide, as well as the genocidal acts of Hitler, Stalin, and Mao Tse-tung should be presented in all survey texts. (GEA)

TEXTBOOK ANALYSIS IN THE SERVICE OF CHEMISTRY TEACHING

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Aija Ahtineva

2005-06-01

Full Text Available The authors of textbooks have their own visions of contents and teaching methods, which should lead to a high level of scientific thinking. However, the textbook alone does not guarantee good results because the personal and social relationships between the teacher and students have a major influence on teaching and learning. Therefore, the teacher’s study of the textbook before teaching facilitates the teaching process. This paper suggests one method of textbook analysis. In the analysis, one upper secondary level course of chemistry instruction involved the use of a learning strategy: classification of the central concepts and a classification of activities based on task difficulty. The study also attempted to find out the goodness of fit between the national curriculum and the textbook chemistry course. The national objectives concerned the content of knowledge, social significance, emphasis on experimental chemistry, and inspiring students for further study. The majority of the textbook tasks fall into higher order categories characterized by knowledge structures assuming application of knowledge or making inferences. Good textbook activities also have social significance, and a number of experimental tasks are included. The textbook quality is further enhanced by up-to-date content. All of the above qualities are related to high study motivation.

Textbook Religion and Lived Religion: A Comparison of the Christian Faith as Expressed in Textbooks and by Young Church Members

Science.gov (United States)

Vestøl, Jon Magne

2016-01-01

Drawing on perspectives from sociocultural theory, this article investigates how Christian denominations are represented in Norwegian textbooks of religious education and by young believers. The main finding is that textbooks and young adherents present religion in substantially different ways. While textbooks relate religion to global and…

Libraries Leading the Way on the Textbook Problem

OpenAIRE

Billings, Marilyn; Cross, William M; O'Connell, Brendan; Raschke, Gregory; Roh, Charlotte

2015-01-01

Escalating textbook costs and continually evolving technologies for delivering course content have combined to place the “textbook problem” at a boiling point ripe for systemic change. This article describes two efforts to address the “textbook problem” by offering incentive grants to faculty members who adopt, adapt, or create open educational resources (OERs) to replace costly textbooks. It describes programs at UMass Amherst and North Carolina State University and discusses the role of the...

Nursing Student Perceptions of Digital Textbooks: A Pilot Study.

Science.gov (United States)

Mennenga, Heidi A

2016-01-01

Digital textbooks are increasing in popularity, often resulting from the perception that students demand the use of technology in academics. However, few studies have been done on student perceptions of digital textbooks. A pilot study was conducted with students enrolled in a nursing research course; 123 nursing students participated. This study found that students overwhelmingly preferred print textbooks over digital textbooks. More research needs to be done before assuming students would prefer digital textbooks over print.

Turkish Accounting Standards, IAS - 39 "Financial Instruments: Recognition and Measurement" Under the Cash Flow Hedge Derivative Products Use: The Case of Forward

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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.

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...

Introductory Business Textbook Revision Cycles: Are They Getting Shorter?

Science.gov (United States)

Zinser, Brian; Brunswick, Gary

2010-01-01

The rate of textbook revision cycles is examined in light of the recent trend towards more rapid revisions (and adoptions of textbooks). The authors conduct background research to better understand the context for textbook revision cycles and the environmental forces that have been influencing what appears to be more rapid textbook revisions. A…

Breastfeeding information in pharmacology textbooks: a content analysis.

Science.gov (United States)

Amir, Lisa H; Raval, Manjri; Hussainy, Safeera Y

2013-07-01

Women often need to take medicines while breastfeeding and pharmacists need to provide accurate information in order to avoid undue caution about the compatibility of medicines and breastfeeding. The objective of this study was to review information provided about breastfeeding in commonly used pharmacology textbooks. We asked 15 Australian universities teaching pharmacy courses to provide a list of recommended pharmacology textbooks in 2011. Ten universities responded, generating a list of 11 textbooks that we analysed for content relating to breastfeeding. Pharmacology textbooks outline the mechanisms of actions of medicines and their use: however, only a small emphasis is placed on the safety/compatibility of medicines for women during breastfeeding. Current pharmacology textbooks recommended by Australian universities have significant gaps in their coverage of medicine use in breastfeeding. Authors of textbooks should address this gap, so academic staff can recommend texts with the best lactation content.

Can Tech Transcend the Textbook?

Science.gov (United States)

Waters, John K.

2011-01-01

After traveling a long, tortuous road, the much-anticipated e-book revolution has finally arrived. So where is the revolution in the "e-textbook" market? According to the National Association of College Stores (NACS), digital books currently account for less than 3 percent of textbook sales. NACS expects that percentage to reach 10 to 15 percent…

Evaluating Junior Secondary Science Textbook Usage in Australian Schools

Science.gov (United States)

McDonald, Christine V.

2016-08-01

A large body of research has drawn attention to the importance of providing engaging learning experiences in junior secondary science classes, in an attempt to attract more students into post-compulsory science courses. The reality of time and resource constraints, and the high proportion of non-specialist science teachers teaching science, has resulted in an overreliance on more transmissive pedagogical tools, such as textbooks. This study sought to evaluate the usage of junior secondary science textbooks in Australian schools. Data were collected via surveys from 486 schools teaching junior secondary (years 7-10), representing all Australian states and territories. Results indicated that most Australian schools use a science textbook in the junior secondary years, and textbooks are used in the majority of science lessons. The most highly cited reason influencing choice of textbook was layout/colour/illustrations, and electronic technologies were found to be the dominant curricula material utilised, in addition to textbooks, in junior secondary science classes. Interestingly, the majority of respondents expressed high levels of satisfaction with their textbooks, although many were keen to stress the subsidiary role of textbooks in the classroom, emphasising the textbook was `one' component of their teaching repertoire. Importantly, respondents were also keen to stress the benefits of textbooks in supporting substitute teachers, beginning teachers, and non-specialist science teachers; in addition to facilitating continuity of programming and staff support in schools with high staff turnover. Implications from this study highlight the need for high quality textbooks to support teaching and learning in Australian junior secondary science classes.

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

E-Books or Textbooks: Students Prefer Textbooks

Science.gov (United States)

Woody, William Douglas; Daniel, David B.; Baker, Crystal A.

2010-01-01

Previous research has demonstrated that the experience of reading e-books is not equivalent to reading textbooks. This study examines factors influencing preference for e-books as well as reported use of e-book content. Although the present student cohort is the most technologically savvy to ever enter universities, students do not prefer e-books…

Textbooks and citizenship education

OpenAIRE

Freitas, Maria Luísa Amaral Varela de

2000-01-01

This paper relates an investigation that tries to listen to children's voices about the social studies textbooks they would like to use the following year. It was developed in nine elementary classrooms. Children answered an open question, in a written form, about what they liked and disliked in their textbooks. They were then asked to select three pages they liked and three they did not like, and give reasons. The children loved this particular task. I did not have an explicit hypothesis but...

Textbooks in the EFL classroom: Defining, assessing and analyzing

Directory of Open Access Journals (Sweden)

Radić-Bojanić Biljana B.

2016-01-01

Full Text Available The aim of this paper is to define textbooks, analyze their advantages and disadvantages and to explicate the process of textbook selection and reasons for analyzing textbooks. The paper describes two reasons for performing a textbook analysis: evaluating for potential and evaluating for suitability, and further states various processes of textbook content analysis including the analysis of the stated aims and objectives, learner needs, their abilities and preferences, as well as the establishment of criteria in relation to previously set objectives. The paper concludes by stating that the task that teachers are faced with when selecting and evaluating textbooks is not that is an easy one, but it is crucial. With the assistance of clear guidelines and detailed criteria, they should be able to make an informed decision and choose a textbook that is most suitable for the requirements of their specific classroom context.

English Textbooks in Parallel-Language Tertiary Education

OpenAIRE

Pecorari, D.; Shaw, P.; Irvine, Aileen; Malmstrom, H.

2011-01-01

Tertiary education in many countries is increasingly bilingual, with English used in parallel with the national language, particularly as a reading language. This article describes the results of a survey of student attitudes toward, and reading practices regarding, English language textbooks. Over 1,000 students at three Swedish universities responded to a questionnaire asking about their experiences with English textbooks. Textbooks written in English were generally unpopular, and the perce...

High Textbook Reading Rates When Using an Interactive Textbook for a Material and Energy Balances Course

Science.gov (United States)

Liberatore, Matthew

2017-01-01

Textbooks are experiencing a 21st century makeover. The author has created a web-based electronic textbook, Material and Energy Balances zyBook, that records students' interactions. Animations and question sets create interactive and scaffolded content. The interactive format is adopted successfully in other engineering disciplines and is now…

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

Learning English with Electronic Textbooks on Tablet PCs

Science.gov (United States)

Lin, Chih-cheng

2017-01-01

Previous studies on electronic textbooks were all survey studies of college students in the U.S.A. Their main findings revealed that using electronic textbooks and using print textbooks showed no statistical differences in learning achievements. As mobile devices became popular in classrooms, the present study was intended to confirm the…

Manufacturing Visions of Society and History in Textbooks.

Science.gov (United States)

Perlmutter, David D.

1997-01-01

Finds that the secondary-school textbook vision of society is homogenized and sanitized to reduce the risk of controversy. Reveals three domains of control that influence textbook visual content: industrial (how the image world of a textbook is created); commercial (marketing pressures); and social (interest groups that influence the visual…

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.

The Spanish Language textbook in Chile and Cuba

Directory of Open Access Journals (Sweden)

Jorge Marcelo Ayzum Echeverría

2015-09-01

Full Text Available The paper presents a description and analysis of the content of textbook of Language and Communication (Spanish in Cuba considering the indispensable tasks for fostering a developmental learning. A comparative analysis of fourth year Cuban and Chilean textbook contents was carried following certain criteria that normally promote good learning practices. Once the textbooks were compared, the findings suggest that school textbooks should be selected on the basis of the criteria taken as reference, in the meantime, such criteria may lead teacher to design complementary tasks.

Navigating the Minefield of Self-Publishing E-Textbooks

Science.gov (United States)

Schultz, Leah

2017-01-01

This paper examines the issues useful for faculty members that are considering electronically self-publishing their course textbook. A brief history of the use of electronic textbooks is presented as well as the advantages and disadvantages associated with self-publishing and electronic textbooks. A brief overview is provided on the process of…

Coordinating Multiple Representations in a Reform Calculus Textbook

Science.gov (United States)

Chang, Briana L.; Cromley, Jennifer G.; Tran, Nhi

2016-01-01

Coordination of multiple representations (CMR) is widely recognized as a critical skill in mathematics and is frequently demanded in reform calculus textbooks. However, little is known about the prevalence of coordination tasks in such textbooks. We coded 707 instances of CMR in a widely used reform calculus textbook and analyzed the distributions…

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.

Usability of PDF based Digital Textbooks to the Physically Disabled University Student.

Science.gov (United States)

Oku, Hidehisa; Matsubara, Kayoko; Booka, Masayuki

2015-01-01

Digital textbooks have been expected for providing multimedia information that the print textbooks could not handle. The original digital textbook can be fabricated relatively easily by using Epub or DAISY. Print textbooks are, however, employed as textbooks in the most of lectures in universities. Therefore, it is considered necessary to convert the content of the print textbook to the digital textbook simply and in a short time. In this paper, the digital textbook using PDF files of the print textbook was suggested as one of simple and practical solution to provide an alternative textbook for the physically disabled university student who has difficulty handling the print textbook. Then usability of the suggested method was evaluated experimentally from the point of workload. Result of the experiment indicates that the digital textbook fabricated as the alternative one for the print textbook by the suggested method has a potential to reduce workload for the physically disabled university students. In addition, the digital textbook with larger LCD display needs less workload than the print textbook. Then, there are not so much difference in the workload between the print book which is smaller than the print textbook and the digital book made from the print book.

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

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)

Paper-Based Textbooks with Audio Support for Print-Disabled Students.

Science.gov (United States)

Fujiyoshi, Akio; Ohsawa, Akiko; Takaira, Takuya; Tani, Yoshiaki; Fujiyoshi, Mamoru; Ota, Yuko

2015-01-01

Utilizing invisible 2-dimensional codes and digital audio players with a 2-dimensional code scanner, we developed paper-based textbooks with audio support for students with print disabilities, called "multimodal textbooks." Multimodal textbooks can be read with the combination of the two modes: "reading printed text" and "listening to the speech of the text from a digital audio player with a 2-dimensional code scanner." Since multimodal textbooks look the same as regular textbooks and the price of a digital audio player is reasonable (about 30 euro), we think multimodal textbooks are suitable for students with print disabilities in ordinary classrooms.

Teachers' Use of Textbooks in the Digital Age

Science.gov (United States)

Knight, Bruce Allen

2015-01-01

This paper explores teachers' use of textbooks in the digital age. After discussing student expectancies and needs, textbook use and the affordances of modern technology, the paper reports the results of a small-scale pilot study involving eight higher education teachers in Australia who discuss the use of textbooks in higher education in the…

Textbook difference

DEFF Research Database (Denmark)

Bennike, Rune Bolding

2015-01-01

space. However, it also highlights how this schooling concomitantly extended a language of ‘anthropological’ and ‘ecological’ difference with which to organise and negotiate this space. Below the textbook surface of unity-in-diversity, remnants of imperial caste and racial hierarchies remained. And...

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...

The institution as e-textbook publisher

Directory of Open Access Journals (Sweden)

Andrew Barker

2015-11-01

Full Text Available Providing students with sufficient copies of core textbooks is an increasing challenge in an age of ever higher fees, economic realities and heightened student expectations regarding provision of library resources. This article outlines the partnership between the University of Liverpool Library and Liverpool University Press (LUP, which has progressed from the creation of a library advisory board to the co-creation of two bespoke and open access (OA e-textbooks as part of a Jisc-funded project. It tells the story of why we have gone down this route at Liverpool and what we hope to gain from the creation of these e-textbooks.

Consumer Economics and Consumer Mathematics Textbooks.

Science.gov (United States)

Eastern Michigan Univ., Ypsilanti. National Inst. for Consumer Education.

This publication lists a selection of consumer economics and consumer mathematics textbooks available for review from the National Institute for Consumer Education. Twenty-six textbooks for the secondary level are cited. Nine advanced level texts are also listed. These texts are generally considered college level texts but could be adapted for…

The Introductory Psychology Textbook Market: Perceptions of Authors and Editors.

Science.gov (United States)

Griggs, Richard A.; Jackson, Sherri L.

1989-01-01

Surveys psychology textbook authors and editors on their perceptions of the introductory psychology textbook market. Finds that the textbook market is divided into three levels according to quality, and that authors and editors are not familiar with most textbooks. Notes that the growth of used book companies has adversely affected the market.…

Who's Who in Introductory Psychology Textbooks: A Citation Analysis Redux

Science.gov (United States)

Griggs, Richard A.; Christopher, Andrew N.

2016-01-01

It is important to assess periodically how introductory textbooks portray our discipline because introductory psychology is the most popular psychology course, almost all teachers use textbooks for it, and textbooks play a major role in defining the course for students. To do so, past studies have used textbook citation analyses. We analyzed…

Gender Scripts in Professional Writing Textbooks.

Science.gov (United States)

Carrell, David

1991-01-01

Examines sexual stereotypes in selected professional writing textbooks published from the 1930s to the 1950s. Maintains that these textbooks--portraying women as subservient, emotional, and frivolous, and men as decisive, logical, and strong--suggest that men are more suited for positions of authority, and have played an important role in…

Open-Access Electronic Textbooks: An Overview

Science.gov (United States)

Ovadia, Steven

2011-01-01

Given the challenging economic climate in the United States, many academics are looking to open-access electronic textbooks as a way to provide students with traditional textbook content at a more financially advantageous price. Open access refers to "the free and widely available information throughout the World Wide Web. Once an article's…

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

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.

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...

A Thorough Scrutiny of ELT Textbook Evaluations: A Review Inquiry

Directory of Open Access Journals (Sweden)

Reza Gholami

2017-07-01

Full Text Available It is thoroughly agreed that English language textbooks stand amongst the foremost components in any language classrooms worldwide, being referred to as valid, beneficial and labor-saving tools to fulfill an extensive range of needs. An ELT textbook is not merely a set of sheets of paper fastened together to hinge at one side, but is the beating heart of any education system whereupon the whole learning revolves. Notwithstanding their interminable benefits, it is admitted that still the compiled textbooks, especially the ones prescribed in Educational systems have to be evaluated and assessed to confirm whether they fulfil the objectives they are meant for or not, as it is said no perfect textbook exists. Having dealt with evaluation in general, this research meticulously elaborates on textbook evaluation more specifically concluding that there is a dearth of inquiry on textbook selection and evaluation. Afterwards, this research introduces the most common approaches for evaluating ELT textbooks and materials. The paper culminates with concluding remarks and implications, hoping to shed light on how textbook evaluation is practiced worldwide.

Results of a Textbook Survey Given in Introductory Astronomy

Science.gov (United States)

Willoughby, Shannon

2007-05-01

Textbooks are required for virtually all college science courses taught around the country, but whether students use them and find them valuable is not clear. In order to get a better idea about what the students thought of the textbook and how they spent their time using it, an anonymous survey was taken by 305 (out of 400) students enrolled in Physics 101 during the Fall semester of 2005. Developed and administered by www.textrev.com, this is a free survey that college faculty may use for physics and chemistry textbooks. This survey revealed two interesting points. First, although 75% of the students found the textbook to be moderately to very challenging, only 38% of students reported spending 2 or more hours per week reading the text. Reading was assigned the majority of class periods, with the intention that they would read the material before it was covered in class. Second, 81% of the students found that the end of chapter problems were moderately to very challenging, but 62% reported spending one hour or less per week working on the assigned questions. Homework was assigned regularly from the textbook for the first half of the class, after which point we experimented with an online homework system. Next semester a new textbook is being adopted for this class, which has no color pictures and is significantly slimmer than the current textbook. This textbook survey will be given again at the end of next semester to look for any changes in textbook usage.

Sex division of labour in Syrian school textbooks

Science.gov (United States)

Alrabaa, Sami

1985-12-01

The sexist division of labour, particularly in the occupational sector, which is believed to be more eminent in developing countries than in the developed ones, is reinforced by school textbooks. This state of affairs is hampering sex-role equality on the way to emancipation. Various Syrian school textbooks have been scrutinized and proved to be malebiased in content and language. Despite quantitative growth of education, the emancipatory quality of the school textbooks leaves much to be desired. The government has had the chance since 1963 to produce textbooks conductive to its promise of sex-role equality in education. The textbooks portray males for a bustling world of decision making, while conditioning the females to seek fulfilment in the background where servitude and support are the only requirement. Females are derogated and victimized. These contents, which are internalized at school and reproduced in society, certainly do not serve development. The exclusion of one-half of the population from contributing to the tasks of development is a waste of human talent which no society can afford. Furthermore, the sexist portrayal of females in Syrian textbooks is a pale reflection of Arab women in Arab history and literature.

Scientific explanations in Greek upper secondary physics textbooks

Science.gov (United States)

Velentzas, Athanasios; Halkia, Krystallia

2018-01-01

In this study, an analysis of the structure of scientific explanations included in physics textbooks of upper secondary schools in Greece was completed. In scientific explanations for specific phenomena found in the sample textbooks, the explanandum is a logical consequence of the explanans, which in all cases include at least one scientific law (and/or principle, model or rule) previously presented, as well as statements concerning a specific case or specific conditions. The same structure is also followed in most of the cases in which the textbook authors explain regularities (i.e. laws, rules) as consequences of one or more general law or principle of physics. Finally, a number of the physics laws and principles presented in textbooks are not deduced as consequences from other, more general laws, but they are formulated axiomatically or inductively derived and the authors argue for their validity. Since, as it was found, the scientific explanations presented in the textbooks used in the study have similar structures to the explanations in internationally known textbooks, the findings of the present work may be of interest not only to science educators in Greece, but also to the community of science educators in other countries.

Motivating students to read the textbook before class

Science.gov (United States)

Pepper, Rachel E.

2016-11-01

Many faculty in STEM courses assign textbook reading in advance of lecture, yet evidence shows few students actually read the textbook. Those students that do read often do so only after the material has been presented in class. Preparing for class by reading the textbook beforehand improves student learning and is particularly critical for classes that employ active engagement strategies. Here I present strategies I have used to successfully motivate my students to read the textbook before class in physics classes ranging from introductory algebra-based physics to advanced courses for physics majors. In the introductory course, I used pre-class reading quizzes, a common strategy that has been shown effective in previous studies, but one that is somewhat time-consuming to implement. In my more advanced courses I used reading reflections, which required considerably less time. While it was typical for less than 25% of students to read the textbook before I implemented reading quizzes or reflections, after implementing these strategies 70-90% of students reported reading the textbook before class most of the time. Students also report finding both the readings themselves and the quizzes and reflections valuable for their learning.

Student Perceptions of Textbook Layout and Learnability in Private Schools

Directory of Open Access Journals (Sweden)

Alefiyah Hoshangabadwala

2015-06-01

Full Text Available This research is an exploratory study that investigates students’ perceptions pertinent to textbook layout and organization and their evaluation of the textbook ease of learning. The objective is to find out whether the layout dynamics of school textbooks make any difference in students’ interest in studying or subject understanding. 73 students from various private schools of Pakistan’s cosmopolitan city Karachi responded to a quantitative survey that gauged their perceptions regarding textbook components such as paper, print, color, and textbook pedagogical features. Findings indicate that students rank print and color above paper quality, and that there is no particular relationship between a book layout and the actual use of textbooks.

Textbooks on the Move: Transforming a Textbook Collection

Science.gov (United States)

Ferguson, Yoko Inagi; Riley-Reid, Trevar

2017-01-01

Recently, The City College of New York (CCNY) libraries engaged in a collaborative project to transfer the bibliographic holdings for textbook course reserves to a new module when their integrated library systems, the Ex Libris Aleph Integrated Library System, underwent a system upgrade. In this article, the Chief of Circulation and the Chief of…

Waste management - textbook for secondary schools

International Nuclear Information System (INIS)

Chmielewska, E.; Kuruc, J.

2010-09-01

This text-book consist of five parts: (I) Waste management; (II) Solid waste management; (III) Recovery and recycling of secondary raw materials; (IV) Radioactive waste management; Examples of verification knowledge and testing of the secondary students through the worksheet. (V) Suggestions for leisure time activities. This text-book is assigned for high school students.

Gender bias in Islamic textbooks for Muslim children in Indonesia

Directory of Open Access Journals (Sweden)

Suwardi Suwardi

2018-01-01

Full Text Available Textbook has a strong influence on the formation of children’s attitudes and value system. Therefore, Islamic textbooks as the main learning source for Muslim children in Indonesia need to consider the gender equality. This is very important to note, because feminists often view that Islam contains teachings of gender inequality. Islam places men in the higher position, while women are placed in the lower position. For example, men can be imam for women in prayer, but women cannot be imam for men. It is easier for children to learn textbook material presented in pictures. Therefore, the pictures presented in Islamic textbooks ideally do not contain gender bias. So, a research is needed to know if there is gender bias in the pictures presented in Islamic textbooks taught to Muslim children in Indonesia. To prove it, a literary research is conducted on the Islamic textbooks taught to the first grade Muslim student of Islamic Elementary School/ Madrasah Ibtidaiyah (MI in Indonesia which includes pictures in their teaching materials. Islamic textbooks studied in the research include Fikih, Akidah Akhlak, and Arabic textbooks. The results of this study conclude that the pictures presented in Islamic textbooks taught in Muslim children in Indonesia contain gender bias. The man favor pictures are more than those of woman favor. Based on the conclusion, this study recommends an improvement of pictures presented in Islamic textbooks taught to Muslim children in Indonesia.

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...

RHETORIC AND IDEOLOGY IN ECONOMICS TEXTBOOKS: AN OVERVIEW

OpenAIRE

ABA, Anıl

2018-01-01

This paper reviews the somewhat disconnected studies on the introductory level economics textbooks. First, specifying the best-sellers, it is argued that there is visible standardization and concentration in the textbook market. Second, studies focusing on the rhetorical and ideological aspects of economics textbooks are reviewed. While the heterodoxy, with determination, asserts that economics is inherently political and ideological, the mainstream, understandably, tends to deny the ideologi...

Textbook Forum: The Nernst Equation in High School Textbooks.

Science.gov (United States)

Perrine, Daniel M.

1984-01-01

Presents a problem on nonstandard concentrations at nonstandard temperature modeled after an example problem on the Nernst equation found in a high school chemistry textbook. Discusses why the problem is incorrect, offering a second problem which is correctly solved. Implications for teaching the Nernst equation are considered. (JN)

Who times the foreign exchange market? Corporate speculation and CEO characteristics

NARCIS (Netherlands)

Beber, A.; Fabbri, D.

2008-01-01

This paper documents that managers' compensation and personal characteristics explain a large share of the substantial time-variation of derivatives use, suggesting that corporate risk management deviates from textbook hedging. We construct a panel data set of foreign currency derivatives holdings

Reasoning and Proving Opportunities in Textbooks: A Comparative Analysis

Science.gov (United States)

Hong, Dae S.; Choi, Kyong Mi

2018-01-01

In this study, we analyzed and compared reasoning and proving opportunities in geometry lessons from American standard-based textbooks and Korean textbooks to understand how these textbooks provide student opportunities to engage in reasoning and proving activities. Overall, around 40% of exercise problems in Core Plus Mathematics Project (CPMP)…

Islam in the Classroom: What The Textbooks Tell Us

Science.gov (United States)

Sewall, Gilbert T.

2008-01-01

This review samples ten of the nation's most widely used junior and senior high school history textbooks comparing what respected historians say about Islam in authoritative histories to what is being said in textbooks. It assesses how today's history textbooks characterize Islam's foundations and creeds; changes and additions that have occurred…

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.

Evaluation of Malaysian English Language Teaching Textbooks

Directory of Open Access Journals (Sweden)

Jayakaran Mukundan

2013-07-01

Full Text Available Research in materials evaluation has been an important focus in ELT since the 1980s. The objective of the present study is to evaluate the general attributes of the textbooks and to evaluate the learning-teaching content. In this study, 944 male and female English teachers (Year 1 to Year 6 & Form 1 to Form 5 evaluated the English books using a valid and reliable checklist. In terms of general attributes and learning-teaching content of the textbooks, the results showed that Year 1 to Year 6 teachers reported that the current textbooks are ‘highly useful’ to the students, whereas Form 1 to Form 5 teachers contended that the school books are only ‘moderately useful’. The findings of this study can be useful for curricula designers and Ministry of Education as a reference for improving or modifying the textbooks.

Secondary-school chemistry textbooks in the 19th century

Directory of Open Access Journals (Sweden)

Milanović Vesna D.

2015-01-01

Full Text Available The teaching of chemistry in Serbia as a separate subject dates from 1874. The first secondary-school chemistry textbooks appeared in the second half of the 19th century. The aim of this paper is to gain insight, by analysing two secondary-school chemistry textbooks, written by Sima Lozanić (1895 and Mita Petrović (1892, into what amount of scientific knowledge from the sphere of chemistry was presented to secondary school students in Serbia in the second half of the 19th century, and what principles textbooks written at the time were based on. Within the framework of the research conducted, we defined the criteria for assessing the quality of secondary-school chemistry textbooks in the context of the time they were written in. The most important difference between the two textbooks under analysis that we found pertained to the way in which their contents were organized. Sima Lozanić’s textbook is characterized by a greater degree of systematicness when it comes to the manner of presenting its contents and consistency of approach throughout the book. In both textbooks one can perceive the authors’ attempts to link chemistry-related subjects to everyday life, and to point out the practical significance of various substances, as well as their toxicness.

Top Textbooks on Reserve: Creating, Promoting, and Assessing a Program to Help Meet Students' Need for Affordable Textbooks

Science.gov (United States)

Thompson, Hilary H.; Cotton, Jennifer E. M.

2017-01-01

In Fall 2014 the University of Maryland Libraries launched a textbook reserves program to help relieve the burden of high textbook costs on students. Although its initial performance was lackluster, workflow refinements and expanded promotion greatly improved usage, resulting in a tenfold increase in circulation and expansion of the program. This…

Textbooks in transitional countries: Towards a methodology for comparative analysis

Directory of Open Access Journals (Sweden)

Miha Kovač

2004-01-01

Full Text Available In its first part, the paper analyses the ambiguous nature of the book as a medium: its physical production and its distribution to the end user takes place on a market basis; on the other hand, its content is predominantly consumed in a sector that was at least in the continental Europe traditionally considered as public and non-profit making. This ambiguous nature of the book and with it the impact of the market on the organization of knowledge in book format remains a dark spot in contemporary book research. On the other hand, textbooks are considered as ephemera both in contemporary education and book studies. Therefore, research on textbooks publishing models could be considered as a blind-spot of contemporary social studies. As a consequence, in the majority of European countries, textbook publishing and the organization of the textbook market are considered as self-evident. Throughout a comparative analysis of textbook publishing models in small transitional and developed countries, the paper points out that this self-evident organization of the textbook market is always culturally determined. In its final part, the paper compares different models of textbook publishing and outlines the scenarios for the development of the Slovene textbook market.

Emerging Technologies: E-Textbooks, One Piece of the Puzzle

Science.gov (United States)

Wiese, Melanie; Du Plessis, Giselle

2017-01-01

The Internet has not only brought about a new technological era, but also seen the introduction of a number of emerging technologies such as e-textbooks. However, the slow acceptance of e-textbooks is an issue of concern. The objective of this study is to investigate students' perceptions and use of e-textbooks. Data was collected by using a…

Islam and Muslim Life in Current Bavarian Geography Textbooks

Science.gov (United States)

Zecha, Stefanie; Popp, Stephan; Yasar, Aysun

2016-01-01

This paper investigates the Islam and Muslim life in German textbooks. The study is based on the analysis of current Geography textbooks in Bavarian secondary schools. As a first step, the authors developed a system for objective analysis of the textbooks that structures the content in categories. In a second step, the authors used the qualitative…

The Determinants of Electronic Textbook Use among College Students

Science.gov (United States)

Miller, Jon R.; Nutting, Andrew W.; Baker-Eveleth, Lori

2012-01-01

Electronic books are a fast-growing component of the publishing industry. Sales of electronic textbooks (e-textbooks) are growing, but at a slower rate. In this research we use data from an undergraduate student survey to estimate the determinants of e-textbook use. We find that students who are younger, lower-income, and from larger high schools…

A tale of two textbooks: Experiments in genre.

Science.gov (United States)

Kaiser, David

2012-03-01

Though the notion of a scientific textbook has been around for almost three centuries, the category has hardly been stable. The plasticity of the textbook genre may be illustrated by recent variations as well as long-term trends. In this brief essay I examine two idiosyncratic but highly successful physics books, each published in the mid 1970s, whose production, marketing, and adoption reveal some of the slippage between such categories as textbook, scholarly monograph, and popular best seller.

"Essential Principles of Economics:" A Hypermedia Textbook.

Science.gov (United States)

McCain, Roger A.

2000-01-01

Discusses an electronic textbook called "Essential Principles of Economics." Explains that economic concepts are found by following links from the table of contents, while each chapter includes both expository information and interactive material including online multiple-choice drill questions. States that the textbook is a "work…

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.

Physics that Textbook Writers Usually Get Wrong: III.

Science.gov (United States)

Bauman, Robert P.

1992-01-01

Examines inconsistencies in science textbook discussions of vector quantities and force. Provides illustrations of textbook inconsistencies related to Newton's laws of motion and the concepts of centrifugal and coriolis force. (MDH)

Comparing the development of the multiplication of fractions in Turkish and American textbooks

Science.gov (United States)

Kar, Tuğrul; Güler, Gürsel; Şen, Ceylan; Özdemir, Ercan

2018-02-01

This study analyzed the methods used to teach the multiplication of fractions in Turkish and American textbooks. Two Turkish textbooks and two American textbooks, Everyday Mathematics (EM) and Connected Mathematics 3 (CM), were analyzed. The analyses focused on the content and the nature of the mathematical problems presented in the textbooks. The findings of the study showed that the American textbooks aimed at developing conceptual understanding first and then procedural fluency, whereas the Turkish textbooks aimed at developing both concurrently. The American textbooks provided more opportunities for different computational strategies. The solutions to most problems in all textbooks required a single computational step, a numerical answer, and procedural knowledge. Furthermore, compared with the Turkish textbooks, the American textbooks contained a greater number of problems that required high-level cognitive skills such as mathematical reasoning.

Assessing Prinary School; Second Cycle Social Science Textbooks ...

African Journals Online (AJOL)

Assessing Prinary School; Second Cycle Social Science Textbooks in ... second cycle primary level social science textbooks vis-à-vis the principles of multiculturalism. ... Biases were disclosed in gender, economic and occupational roles.

Textbook Development and Selection in Japan and the United States.

Science.gov (United States)

Tani, Masaru; And Others

1993-01-01

Reports on a study trip by 13 U.S. social studies educators and publishers to Japan. Compares development, marketing, and selection of textbooks in the United States and Japan. Concludes that both nations should improve textbooks and textbook selection processes. (CFR)

[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.

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...

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...

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...

Representations of the Nature of Scientific Knowledge in Turkish Biology Textbooks

Science.gov (United States)

Irez, Serhat

2016-01-01

Considering the impact of textbooks on learning, this study set out to assess representations of the nature of scientific knowledge in Turkish 9th grade biology textbooks. To this end, the ten most commonly used 9th grade biology textbooks were analyzed. A qualitative research approach was utilized and the textbooks were analyzed using…

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

As Good or Better than Commercial Textbooks: Students’ Perceptions and Outcomes from Using Open Digital and Open Print Textbooks

Directory of Open Access Journals (Sweden)

Rajiv S. Jhangiani

2018-04-01

Full Text Available The increase in the cost of college textbooks together with the proliferation of digital content and devices has inspired the development of open textbooks, open educational resources that are free, openly licensed, and often peer-reviewed. Although several published studies have investigated the impact of open textbook adoption on educational outcomes, none have separated the effects of textbook openness and format and only two have taken place in Canada (Hendricks, Reinsberg, & Rieger, 2017; Jhangiani & Jhangiani, 2017. This study investigates the perceptions, use, and course performance of Canadian post-secondary students assigned a commercial or open textbook in either print or digital format. Results show that students using the print format of the open textbook perceive its quality to be superior to the commercial textbook. Moreover, students assigned an open textbook in either format perform either no differently from or better than those assigned a commercial textbook. These results are consistent with the existing literature and support the conclusion that the cost savings to students associated with the adoption of open textbooks do not come at the expense of resource quality or student performance. L’augmentation du coût des manuels universitaires ainsi que la prolifération du contenu numérique et des appareils électroniques ont inspiré le développement de manuels ouverts, des ressources éducationnelles qui sont gratuites, dont les licences d’exploitation sont ouvertes et qui sont souvent évalués par les pairs. Bien que plusieurs études publiées aient étudié l’impact de l’adoption de manuels ouverts sur les résultats éducationnels, aucune n’a séparé les effets du caractère ouvert des manuels et du format et seulement deux études ont été menées au Canada (Hendricks, Reinsberg & Rieger, 2017; Jhangiani & Jhangiani, 2017. Cette étude examine les perceptions, l’emploi et les résultats des �

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.

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

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

Textbooks for Responsible Data Analysis in Excel

Science.gov (United States)

Garrett, Nathan

2015-01-01

With 27 million users, Excel (Microsoft Corporation, Seattle, WA) is the most common business data analysis software. However, audits show that almost all complex spreadsheets have errors. The author examined textbooks to understand why responsible data analysis is taught. A purposeful sample of 10 textbooks was coded, and then compared against…

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.

Principles of Economics Textbooks: Innovation and Product Differentiation--A Response.

Science.gov (United States)

Sichel, Werner

1988-01-01

Focusing on areas of contention, the author responds to "Principles of Economics Textbooks: Innovation and Product Differentiation" by Stiglitz. Contends that Stiglitz's description of principles textbooks is insufficient, states that the textbook market is more oligopolistic than monopolistic, and cautions writers against deleting parts…

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

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.

Potential benefits of student- and junior doctor-led textbooks.

Science.gov (United States)

Qureshi, Zeshan U; Lattey, Katherine; Bryne, Patrick; Rodrigues, Mark; Ross, Michael; Maxwell, Simon

2015-06-01

Medical textbooks are an important teaching supplement. Few have junior doctors or medical students ('juniors') as primary contributors. However, the strengths of junior-led face-to-face teaching are now well-established, and we hypothesized that similar advantages would be transferrable to a textbook setting. Juniors were approached to contribute to an independently published medical textbook, with senior clinicians recruited in parallel to ensure factual accuracy. Juniors directed every aspect of textbook writing and the production process. The published book stressed that it was an open collaboration with readers, inviting them to get in touch to evaluate the text and suggest ideas for new titles. Of 75 respondents, 93 % awarded the first textbook in the series 4 or 5 out of 5 for overall quality. Five other titles have been released, with seven more in development. Over 100 juniors are currently involved, with two students progressing from reviewers to editors after less than a year of mentorship. Juniors can be a motivated, dynamic, innovative group, capable of significant contributions to the medical textbook literature. This initiative has generated a sustainable infrastructure to facilitate junior-led publishing, and has the capacity for expansion to accommodate new initiatives and ideas.

TECHNOLOGY FOR DEVELOPMENT OF ELECTRONIC TEXTBOOK ON HANDICRAFTS METHODOLOGY

Directory of Open Access Journals (Sweden)

Iryna V. Androshchuk

2017-10-01

Full Text Available The main approaches to defining the concept of electronic textbook have been analyzed in the article. The main advantages of electronic textbooks in the context of future teachers’ training have been outlined. They are interactivity, feedback provision, availability of navigation and search engine. The author has presented and characterized the main stages in the technology of development of an electronic textbook on Handicraft and Technology Training Methodology: determination of its role and significance in the process of mastering the discipline; justification of its structure; outline of the stages of its development in accordance with the defined structure. The characteristic feature of the developed electronic textbook is availability of macro- and microstructure. Macrostructure is viewed as a sequence of components of the electronic textbook that are manifested in its content; microstructure is considered to be an internal pattern of each component of macrostructure.

The Educational Design of Textbooks: A Text for Being Interdisciplinary

Science.gov (United States)

Golding, Clinton

2014-01-01

This paper provides insights into both the educational design of textbooks and interdisciplinary education. The author introduces two educational principles for textbook design--instructional alignment and balancing diversity and meaningful guidance for readers--and applies them to writing his own textbook chapter for being interdisciplinary. The…

Marketing mix - project of a textbook for business academies

OpenAIRE

Zatloukalová, Zuzana

2010-01-01

The thesis deals with project of a textbook for business academies. The theme of the chapter of the textbook is marketing mix. The project is made in such a way the students get total information on these problems. The extant of the theme is intended for students of higher classes. The project consists of theoretical part (textbook, exercise book) and practical part (teaching at business academy).

Open Introductory Psychology Textbooks: Prose and Qualms

Science.gov (United States)

Griggs, Richard A.; Jackson, Sherri L.

2017-01-01

Given their high cost, many students no longer buy textbooks for all of their courses, impacting their learning and performance in these courses. This is especially prevalent at community colleges. Open (digitally free) textbooks constitute one solution to this problem, but the latest national survey of college faculty found that 66% were not…

46 CFR 310.63 - Uniforms and textbooks.

Science.gov (United States)

2010-10-01

... 46 Shipping 8 2010-10-01 2010-10-01 false Uniforms and textbooks. 310.63 Section 310.63 Shipping MARITIME ADMINISTRATION, DEPARTMENT OF TRANSPORTATION TRAINING MERCHANT MARINE TRAINING Admission and Training of Midshipmen at the United States Merchant Marine Academy § 310.63 Uniforms and textbooks. The Academy shall supply midshipmen uniforms an...

Communicating Physics and the Design of Textbooks.

Science.gov (United States)

Barojas, Jorge; Trigueros, Maria

1991-01-01

The planning of an introductory calculus textbook in classical mechanics is shown as an example of an approach to textbook design that uses four main cognitive categories: sources of learning, instruments of learning, processes of knowing, and mechanisms of knowing. The aspects, domains, description, and elements of each section of the textbook…

Textbook Evaluation and Selection: A Professional Responsibility.

Science.gov (United States)

Kachaturoff, Grace

1982-01-01

Discusses why teachers must help to review and/or select textbooks on a regular basis and how they can participate in this process. A slightly revised edition of the criteria used by the State of Michigan Social Studies Review Steering Committee illustrates critical factors that must be considered in evaluating textbooks. (SR)

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....

A Textbook Argument: Definitions of Argument in Leading Composition Textbooks

Science.gov (United States)

Knoblauch, A. Abby

2011-01-01

This essay examines the definitions and practices of argument perpetuated by popular composition textbooks, illustrating how even those texts that appear to forward expansive notions of argument ultimately limit it to an intent to persuade. In doing so, they help perpetuate constricted practices of argument within undergraduate composition…

Plutonium and textbooks

International Nuclear Information System (INIS)

Silver, G.L.

2008-01-01

Chemical equilibrium is not characterized by equilibrium constants alone. At least one conservation principle is necessary. Textbook descriptions of plutonium chemistry that are based on two-reaction-product disproportionation equations, or do not recognize the conservation principles, are incomplete and potentially misleading. (author)

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....

INSTRUCTIONAL MANUALS OF BOUNDARY‐WORK: PSYCHOLOGY TEXTBOOKS, STUDENT SUBJECTIVITIES, AND DISCIPLINARY HISTORIOGRAPHIES

Science.gov (United States)

FLIS, IVAN

2016-01-01

This article aims to provide an overview of the historiography of psychology textbooks. In the overview, I identify and describe in detail two strands of writing histories of introductory textbooks of psychology and juxtapose them to provide an integrated historiography of textbooks in psychology. One strand is developed by teachers of psychology—first as a general approach for investigating textbooks in a pedagogical setting, and then later upgraded into a full history of psychology textbooks in America. The other strand follows a more familiar perspective of historians of science and historians of psychology who build on various post‐Kuhnian and post‐Foucauldian perspectives on textbooks. I make an argument for integrating these two views for a more comprehensive historiography of textbooks in psychology, recasting textbooks as objects of research and sources that are interesting sui generis for historians of psychology in their investigations. PMID:27152736

Supporting Classroom Instruction: The Textbook Navigator/Journal

Science.gov (United States)

Cogan, Leland S.; Burroughs, Nathan; Schmidt, William H.

2015-01-01

Researchers at the Center for the Study of Curriculum at Michigan State University have developed a tool to help teachers implement the Common Core State Standards in mathematics by letting standards, not textbooks, guide their instruction. Using the web-based Textbook Navigator/Journal, teachers can pick a standard and ask which portions of the…

Introduction: The secret lives of textbooks.

Science.gov (United States)

Vicedo, Marga

2012-03-01

Textbooks have a low status in the history of science because they have been seen as mere repositories for scientific knowledge. But historians have recently shown how they play a number of roles that can illuminate different aspects of the history of science, from priority disputes to pedagogical practices. The essays in this Focus section aim to expand our vision of textbooks further by showing how they perform various hybrid functions in scientific development.

Student Perceptions of Textbook Layout and Learnability in Private Schools

Science.gov (United States)

Hoshangabadwala, Alefiyah

2015-01-01

This research is an exploratory study that investigates students' perceptions pertinent to textbook layout and organization and their evaluation of the textbook ease of learning. The objective is to find out whether the layout dynamics of school textbooks make any difference in students' interest in studying or subject understanding. 73 students…

INSTRUCTIONAL MANUALS OF BOUNDARY-WORK: PSYCHOLOGY TEXTBOOKS, STUDENT SUBJECTIVITIES, AND DISCIPLINARY HISTORIOGRAPHIES.

Science.gov (United States)

Flis, Ivan

2016-07-01

This article aims to provide an overview of the historiography of psychology textbooks. In the overview, I identify and describe in detail two strands of writing histories of introductory textbooks of psychology and juxtapose them to provide an integrated historiography of textbooks in psychology. One strand is developed by teachers of psychology-first as a general approach for investigating textbooks in a pedagogical setting, and then later upgraded into a full history of psychology textbooks in America. The other strand follows a more familiar perspective of historians of science and historians of psychology who build on various post-Kuhnian and post-Foucauldian perspectives on textbooks. I make an argument for integrating these two views for a more comprehensive historiography of textbooks in psychology, recasting textbooks as objects of research and sources that are interesting sui generis for historians of psychology in their investigations. © 2016 The Authors. Journal of the History of the Behavioral Sciences Published by Wiley Periodicals, Inc.

Misrepresentations of evolutionary psychology in sex and gender textbooks.

Science.gov (United States)

Winegard, Benjamin M; Winegard, Bo M; Deaner, Robert O

2014-05-20

Evolutionary psychology has provoked controversy, especially when applied to human sex differences. We hypothesize that this is partly due to misunderstandings of evolutionary psychology that are perpetuated by undergraduate sex and gender textbooks. As an initial test of this hypothesis, we develop a catalog of eight types of errors and document their occurrence in 15 widely used sex and gender textbooks. Consistent with our hypothesis, of the 12 textbooks that discussed evolutionary psychology, all contained at least one error, and the median number of errors was five. The most common types of errors were "Straw Man," "Biological Determinism," and "Species Selection." We conclude by suggesting improvements to undergraduate sex and gender textbooks.

25 CFR 36.41 - Standard XIV-Textbooks.

Science.gov (United States)

2010-04-01

... 25 Indians 1 2010-04-01 2010-04-01 false Standard XIV-Textbooks. 36.41 Section 36.41 Indians BUREAU OF INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR EDUCATION MINIMUM ACADEMIC STANDARDS FOR THE BASIC EDUCATION OF INDIAN CHILDREN AND NATIONAL CRITERIA FOR DORMITORY SITUATIONS Instructional Support § 36.41 Standard XIV—Textbooks. (a) Each school shal...

Nursing textbooks need to inform about spirituality.

Science.gov (United States)

2016-09-21

Considering the spiritual needs of patients is an important aspect of holistic patient care. However, many nurses lack knowledge and awareness of the subject, and spirituality is not strongly featured as a key part of holistic care in core nursing textbooks. The author argues that guidance given by nursing textbooks needs to be more applicable to practice.

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...

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.

The Prospect and Challenge of Textbook Research in English Language Education

OpenAIRE

王, 林鋒

2014-01-01

This paper respectively illustrates the development of generic textbook research and English language textbook research. The review of generic textbook research starts with the establishment of the field, then moves to the emergence of New Sociology of Education, and finally describes its research methodology as well. The development of English language textbook research is traced back to teaching material development in English-speaking countries. Following that, a survey of English language...

Student Voice in Textbook Evaluation: Comparing Open and Restricted Textbooks

Science.gov (United States)

Woodward, Scott; Lloyd, Adam; Kimmons, Royce

2017-01-01

Advocates for student voice in higher education believe students should have the right and power to engage in much of the decision-making traditionally dominated by instructors or administrators. This qualitative study examines the role of student voice in the evaluation of textbook quality. Evaluators included two graduate students enrolled in a…

The Living Textbook of Nuclear Chemistry

International Nuclear Information System (INIS)

Loveland, W.; Gallant, A.; Joiner, C.

2005-01-01

The Living Textbook of Nuclear Chemistry (http://livingtextbook.orst.edu) is a website, which is a collection of supplemental materials for the teaching of nuclear and radiochemistry. It contains audio-video presentations of the history of nuclear chemistry, tutorial lectures by recognized experts on advanced topics in nuclear and radiochemistry, links to data compilations, articles, and monographs, an audio course on radiochemistry, on-line editions of textbooks, training videos, etc. All content has been refereed. (author)

Replacing textbook problems with lab experiences

Science.gov (United States)

Register, Trevor

2017-10-01

End-of-the-chapter textbook problems are often the bread and butter of any traditional physics classroom. However, research strongly suggests that students be given the opportunity to apply their knowledge in multiple contexts as well as be provided with opportunities to do the process of science through laboratory experiences. Little correlation has been shown linking the number of textbook problems solved with conceptual understanding of topics in mechanics. Furthermore, textbook problems as the primary source of practice for students robs them of the joy and productive struggle of learning how to think like an experimental physicist. Methods such as Modeling Instruction tackle this problem head-on by starting each instructional unit with an inquiry-based lab aimed at establishing the important concepts and equations for the unit, and this article will discuss ideas and experiences for how to carry that philosophy throughout a unit.

The Mediating Role of Textbooks in High-Stakes Assessment Reform

Science.gov (United States)

Leung, Ching Yin; Andrews, Stephen

2012-01-01

Whenever high-stakes assessment/curriculum reforms take place, new textbooks appear on the market. These textbooks inevitably play a significant mediating role in the implementation of any reform and on teaching and learning. This paper reports on a small-scale study which attempts to investigate the role of textbooks in the mediation of a…

Critical analysis of science textbooks evaluating instructional effectiveness

CERN Document Server

2013-01-01

The critical analysis of science textbooks is vital in improving teaching and learning at all levels in the subject, and this volume sets out a range of academic perspectives on how that analysis should be done. Each chapter focuses on an aspect of science textbook appraisal, with coverage of everything from theoretical and philosophical underpinnings, methodological issues, and conceptual frameworks for critical analysis, to practical techniques for evaluation. Contributions from many of the most distinguished scholars in the field give this collection its sure-footed contemporary relevance, reflecting the international standards of UNESCO as well as leading research organizations such as the American Association for the Advancement of Science (whose Project 2061 is an influential waypoint in developing protocols for textbook analysis). Thus the book shows how to gauge aspects of textbooks such as their treatment of controversial issues, graphical depictions, scientific historiography, vocabulary usage, acc...

An innovative textbook: design and implementation.

Science.gov (United States)

Ortega, Rafael; Akhtar-Khavari, Vafa; Barash, Paul; Sharar, Sam; Stock, M Christine

2017-12-01

The 'flipped classroom' instructional strategy has gained much momentum in educational discourse, yet no single educational offering exists in postgraduate medical education (PME) to systematically replace the lecture element of didactic sessions. This article describes the design and implementation of Clinical Anesthesia Fundamentals, the first known textbook in PME addressing this gap in resources through the integration of full-length interactive multimedia-enhanced video lectures. The 'flipped classroom' instructional strategy has gained much momentum in educational discourse INNOVATION: The textbook was developed in alignment with the content outline for the specialty provided by the American Board of Anesthesiology. Its accompanying video lectures, produced at the Media Lab in the Department of Anesthesiology at Boston University Medical Center (BUMC), cover the topics in each chapter of the textbook and include review questions featuring explanatory feedback. Following a 5-month trial period at the BUMC Anesthesiology Residency Program, the complete resident class (25 of 25; 100%) participated in an anonymous, Institutional Review Board (IRB) -approved, five-point Likert-type scale survey assessing an underlying variable of preference for the use of multimedia learning tools. Survey results suggest that residents favour technology-enhanced learning environments in which textbooks are coupled with interactive multimedia, and the 'flipped classroom' approach is employed. Although the development of digital videos requires time and financial investment, the improved accessibility and uniform delivery of didactic content are two positive outcomes. This textbook provides an example for educators wishing to learn how to capitalise on advances in technology to further enhance learning and accessibility. Further studies could address the impact of this approach on the academic performance of residents. © 2016 John Wiley & Sons Ltd and The Association for the Study

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...

Retailers' risk management and vertical arrangements in electricity markets

International Nuclear Information System (INIS)

Boroumand, Raphaël Homayoun; Zachmann, Georg

2012-01-01

The failure of the asset-light retailer's organizational model is indicative of the incapacity of this organizational structure to manage efficiently the combination of sourcing and market risks in the current market environment. Because of the structural dimensions of electricity's market risks, a retailer's level of risk exposure is unknown ex ante and will only be revealed ex post when consumption is known. In contrast to the “textbook model” of electricity reforms, the paper demonstrates through numerical simulations that in the current market context pure portfolios of contracts are incomplete risk management instruments compared to physical hedging. The latter is critical to overcome the asset-light retailer's curse. - Highlights: ► The paper analyses the risks faced by electricity retailers. ► We study the limits of contractual hedging. ► Through numerical simulations, we compare the risk profiles of different portfolios of hedging. ► We demonstrate the superior efficiency of physical hedging.

Sex Bias in Georgia High School Economics Textbooks.

Science.gov (United States)

Blankenship, Glen; Hahn, Carole L.

1982-01-01

Analyzes 17 secondary level economics textbooks for sex bias. All of the texts reviewed are on Georgia's approved textbook list. Without exception, each of the texts is guilty of sex bias, although to varying degrees. The method used in analyzing the texts is explained. (RM)

The Financial Crisis and Principles of Economics Textbooks

DEFF Research Database (Denmark)

Madsen, Poul Thøis

2013-01-01

How have authors of widely used U.S. introductory economics textbooks responded to the traumatizing financial crisis? The answer interests textbook authors as well as the users. An encompassing quantitative and qualitative text analysis that applies new methods demonstrates that in general, the f...

[The brain in stereotaxic coordinates (a textbook for colleges)].

Science.gov (United States)

Budantsev, A Iu; Kisliuk, O S; Shul'govskiĭ, V V; Rykunov, D S; Iarkov, A V

1993-01-01

The present textbook is directed forward students of universities and medical colleges, young scientists and practicing doctors dealing with stereotaxic method. The Paxinos and Watson stereotaxic rat brain atlas (1982) is the basis of the textbook. The atlas has been transformed into computer educational program and seven laboratory works: insertion of the electrode into brain, microelectrophoresis, microinjection of drugs into brain, electrolytic destruction in the brain structures, local brain superfusion. The laboratory works are compiled so that they allow not only to study practical use of the stereotaxic method but to model simple problems involving stereotaxic surgery in the deep structures of brain. The textbook is intended for carrying by IBM PC/AT computers. The volume of the textbook is 1.7 Mbytes.

Teachers' selection and enactment of mathematical problems from textbooks

Science.gov (United States)

Son, Ji-Won; Kim, Ok-Kyeong

2015-12-01

In order to investigate how teachers' use of textbooks creates different kinds of opportunities for student learning, this study focused on teachers' selection and enactment of problems and tasks from the textbooks and their influence on the cognitive demand placed on students. By drawing on data from three elementary teachers in the USA, two of which used a reform-oriented textbook— Math Trailblazers and one a commercially developed textbook—this study examined kinds of problems the teachers chose and ways in which they enacted those problems in relation to the cognitive demand of the problems. In particular, we attended to the kinds of questions the teachers asked in enacting the problems and ways in which those questions influenced the cognitive demand of the textbook problems. This study also identified critical issues involved in teacher decision-making on task selection and enactment, such as the match between teachers' goals and those of the textbooks, and teachers' perception of textbook problems. Based on the results of the study, we discuss implications for teacher education and professional development.

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

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....

Indexing of Iranian Publications in Well-known Endodontic Textbooks: A Scientometric Analysis.

Science.gov (United States)

Kakooei, Sina; Mostafavi, Mahshid; Parirokh, Masoud; Asgary, Saeed

2016-01-01

Quoting an article in well-known textbooks is held as a credit for that paper. The numbers of Iranian publications mentioned in endodontic textbooks have increased during recent years. The aim of this investigation was to evaluate the number of Iranian articles quoted in eminent endodontic textbooks. Three known textbooks (Ingle's Endodontics, Seltzer and Bender's Dental Pulp and Cohen's Pathways of the Pulp) were chosen and all the editions of the textbooks since 2000 were investigated for quoted Iranian publications. Only Iranian authors with affiliations from a domestic university were chosen. All references at the end of each chapter were read by hand searching, and results were noted. The trend and percentage of Iranian publications in different editions of the textbooks were also calculated. The number of citations of these publications in Google Scholar and Scopus databases were also obtained. The number of Iranian publications in all well-known textbooks have notably increased since 2000. The number and percentage of Iranian publications in the latest edition of Cohen's Pathways of the Pulp was higher compared to other textbooks as well as the previous edition of the same text. Number and percentage of Iranian publications in the field of endodontics in all three textbooks have remarkably increased since 2000.

Are History Textbooks More "Considerate" after 20 Years?

Science.gov (United States)

Berkeley, Sheri; King-Sears, Margaret E.; Hott, Brittany L.; Bradley-Black, Katherine

2014-01-01

Features of eighth-grade history textbooks were examined through replication of a 20-year-old study that investigated "considerateness" of textbooks. Considerate texts provide clear, coherent information and include features that promote students' comprehension, such as explicit use of organizational structures, a range of question types…

Digital Game-Based Textbook vs. Traditional Print-Based Textbook: The Effect of Textbook Format on College Students' Engagement with Textbook Content outside of the Classroom

Science.gov (United States)

Thomas, Antonio Lamar

2017-01-01

The relatively little amount of time that some college students spend reading their textbooks outside of the classroom presents a significant threat to their academic success. Using Prenksy's (2001) digital game-based learning (DGBL) principles and Astin's student involvement theory as frameworks, the purpose of this true experiment was to…

The intercultural component in Business English textbooks

Directory of Open Access Journals (Sweden)

M. Carmen Lario de Oñate

2013-10-01

Full Text Available The relationship between culture and business is crucial; therefore, in an international business context Intercultural Communicative Competence (ICC is essential for effectively dealing with other cultures. The Common European Framework of Reference for Languages highlights the relevance of intercultural language education in developing effective communication across linguistic and cultural boundaries (Council of Europe, 2001. Thus, in recent years, whereas there has been an increasing interest in Intercultural Business Communication (IBC, relatively little attention has been paid to the study of the intercultural component in texts used for the teaching of English for Business, despite the fact that textbooks are a key resource for language instructors. This paper aims to examine the role that the intercultural component has played in Business English textbooks since the 1960s. It explores whether and to what extent those textbooks have promoted the acquisition of ICC, at the same time it reviews the development of ICC as a concept and the ways in which it has been taught over the years. A selection of 67 general Business English textbooks published between 1963 and 2009 are analysed.

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...

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.

Raising European Citizens: Constructing European Identities in French and English Textbooks

Directory of Open Access Journals (Sweden)

Inari Sakki

2016-06-01

Full Text Available Schools play a pivotal role in the formation of identities and in the political socialization of youth. This study explores the social representations of European integration in French and English school textbooks and shows how the social representations are discursively used to construct national and European identities. By analysing the history and civics textbooks of major educational publishers, this study aims to demonstrate how European integration is understood, made familiar and concretized in the school textbooks of the two influential but different European countries. The findings suggest some shared and some diverse patterns in the way the two European countries portray and construct the political project of European integration. These representations, constructed around French Europe in French textbooks and ambivalent Europe in English textbooks, share the images of a strong European economy and a French-led political Europe. However, they position themselves differently with respect to the United States, motivation for the European unification process and the significance of common values and heritage. In both countries textbooks draw upon memories that are important for group identity. While the French textbooks make European integration meaningful in reference to a shared post-war collective memory and to a cultural memory based on a more ancient idea of Europe, shared values and heritage, the English textbooks anchor it more strongly to domestic policy.

Secondary Students' Perceptions of Open Science Textbooks

Science.gov (United States)

Morales, Rebecca; Baker, Alesha

2018-01-01

In an attempt to align instructional resources with new state standards and to increase teacher awareness of these standards, one large suburban public school district piloted the development and adoption of open secondary science textbooks. Open textbooks created by teachers in grades six through nine replaced conventional science textbooks…

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...

Do textbooks address known learning challenges in area measurement? A comparative analysis

Science.gov (United States)

Hong, Dae S.; Choi, Kyong Mi; Runnalls, Cristina; Hwang, Jihyun

2018-02-01

This study compared area lessons from Korean textbooks and US standard-based textbooks to understand differences and similarities among these textbooks, as well as how these textbooks address known learning challenges in area measurement. Several well-known challenges have been identified in previous studies, such as covering, array structure, and linking array structure to area formula. We were interested in knowing if textbooks addressed these issues in their treatments of area measurement and, in doing so, provided students with opportunities to overcome or become familiar with known challenges. The results show that both countries' textbooks demonstrated similar limitations; only few area and area-related lessons are covered and three important learning challenges in area measurement are not covered well, which need to be informed to practicing teachers.

Local institutionalization, discontinuity, and German textbooks of psychology, 1816-1854.

Science.gov (United States)

Teo, Thomas

2007-01-01

In the context of social and intellectual developments and the changing role of German universities in the first half of the nineteenth century, which led to the local institutionalization of the discipline of psychology at German universities, the structure and content of textbooks of psychology are discussed. Textbooks in the first half of the nineteenth century had a pedagogical function in training teachers, in socializing students into the field, and in providing students and readers with knowledge about the subject matter, methodology, and topics of psychology. The textbooks, representative of influence, philosophical-psychological orientations, and different decades in the first half of the nineteenth century, are reconstructed with regard to the definition of psychology, the ways of studying the soul, and how to conceptually organize the field. The textbooks by Herbart, Beneke, and Waitz, which were written within a natural-scientific programmatic vision for psychology, are contrasted with the traditional philosophically intended textbooks of Reinhold, Mussmann, George, and Schilling. Fischhaber's textbook for Gymnasien is summarized. Issues regarding the continuity of psychology are discussed, and discontinuous developments in the history of German psychology are identified.

Student Selection of the Textbook for an Introductory Physics Course

Science.gov (United States)

Dake, L. S.

2007-10-01

Several years ago I had to select a new textbook for my calculus-based introductory physics class. I subscribe to Just-in-Time Teaching methods, which require students to read the book before the material is covered in class. Thus, the readability of the text by the students is critical. However, I did not feel that I was the best judge of this factor, so I turned the textbook selection into a class project. The students unanimously chose one textbook, which I have now successfully used for three years. The project was decidedly worthwhile, and I gained considerable insight into what students prefer in a textbook.

Investigating the Conceptual Variation of Major Physics Textbooks

Science.gov (United States)

Stewart, John; Campbell, Richard; Clanton, Jessica

2008-04-01

The conceptual problem content of the electricity and magnetism chapters of seven major physics textbooks was investigated. The textbooks presented a total of 1600 conceptual electricity and magnetism problems. The solution to each problem was decomposed into its fundamental reasoning steps. These fundamental steps are, then, used to quantify the distribution of conceptual content among the set of topics common to the texts. The variation of the distribution of conceptual coverage within each text is studied. The variation between the major groupings of the textbooks (conceptual, algebra-based, and calculus-based) is also studied. A measure of the conceptual complexity of the problems in each text is presented.

Rating the Quality of Open Textbooks: How Reviewer and Text Characteristics Predict Ratings

Science.gov (United States)

Fischer, Lane; Ernst, David; Mason, Stacie

2017-01-01

Using data collected from peer reviews for Open Textbook Library titles, this paper explores questions about rating the quality of open textbooks. The five research questions addressed the relationship between textbook and reviewer characteristics and ratings. Although reviewers gave textbooks high ratings generally, reviewers identified…

A Comparison of Textbooks' Presentation of Fractions

Science.gov (United States)

Cady, Jo A.; Hodges, Thomas E.; Collins, R. Lee

2015-01-01

In the United States, fractions are an important part of the middle school curriculum, yet many middle school students struggle with fraction concepts. Teachers also have difficulty with the conceptual understanding needed to teach fractions and rely on textbooks when making instructional decisions. This reliance on textbooks, the idea that…

Deconstruction of Cultural Dominance in Korean EFL Textbooks

Science.gov (United States)

Song, Heejin

2013-01-01

This article examines patterns of cultural representations embedded in Korean EFL textbooks, using a content analysis to investigate how different cultures are reflected in textbooks and whether or not cultural biases are present. In the revised Korean national English curriculum that has been implemented since 2009, English is viewed as a…

Some Design Issues for an Online Japanese Textbook

Science.gov (United States)

Nagata, Noriko

2010-01-01

This paper discusses several design issues in the development of a new online Japanese textbook, called "Robo-Sensei: Japanese Curriculum with Automated Feedback". When it is completed, the new online textbook will present a full Japanese curriculum. It extends a previously published online software program, "Robo-Sensei: Personal Japanese Tutor"…

Secondary Textbook Review: English, Grades Nine through Twelve.

Science.gov (United States)

California State Dept. of Education, Sacramento.

This book is intended as a resource for teachers and curriculum developers who select textbooks for secondary English courses. It includes a compilation of 32 factual textbook reviews obtained from the application of a review instrument, which was based on the California "Model Curriculum Standards: Grades Nine through Twelve, English…

Evaluation of Chemical Representations in Physical Chemistry Textbooks

Science.gov (United States)

Nyachwaya, James M.; Wood, Nathan B.

2014-01-01

That different levels of representation are important for complete understanding of chemistry is an accepted fact in the chemistry education community. This study sought to uncover types of representations used in given physical chemistry textbooks. Textbooks play a central role in the teaching and learning of science (chemistry), and in some…

Image of the Ottomans in Bosnian Textbooks Published After 2007

Directory of Open Access Journals (Sweden)

Jahja Muhasilović

2015-01-01

Full Text Available Division of historical consciousness in Bosnia and Herzegovina started before the Yugoslav Wars, but this division of historiographies and approaches towards the past resulted with more openly manifestation of the divisions to educational system and history textbooks during the wartime and post Dayton era. Even though International Community tried to change poisonous environment of ethnic hatred in which textbooks are produced, except few successes with Bosniak textbooks, not much positive development was achieved. Reform period which started in 1998 today is seen as an unfinished project. In Bosnia and Herzegovina three different versions of history with two of them having the focus point in neighboring Serbia and Croatia are taught to the students. Besides the fact that students are learning three different histories, there is a certain level of hatred and fear of others spreading through history textbooks. History textbooks became an important tool for poisoning the minds of the youth and building the barriers towards the others. This is the case especially with Serb and Croat textbooks in Bosnia and Herzegovina. Ottoman period in Balkans is mainly seen as a ‘’dark age of the Balkans’’ as it is underlined in one Serbian textbook and to lesser extend in Croat ones. Even though Bosniaks see Ottoman period in more positive light than other two ethnic groups, there are certain topics and periods were it is possible to see romantistic and nationalistic tone towards the Ottomans. History textbooks in Bosnia are having negative contribution for country’s possible future dissolution and it is the one of the main source of stereotype engineering that country is passing in the last decades and which is one of the main reason of the recent wars. In the times where country is confronting with secessionist threat, it is highly important to start building Bosnian statehood and understanding of others through history textbooks, otherwise we can

Cohesion Features in ESL Reading: Comparing Beginning, Intermediate and Advanced Textbooks

Science.gov (United States)

Plakans, Lia; Bilki, Zeynep

2016-01-01

This study of English as a second language (ESL) reading textbooks investigates cohesion in reading passages from 27 textbooks. The guiding research questions were whether and how cohesion differs across textbooks written for beginning, intermediate, and advanced second language readers. Using a computational tool called Coh-Metrix, textual…

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.

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.

Changing Text: A Social Semiotic Analysis of Textbooks

Directory of Open Access Journals (Sweden)

Jeff Bezemer

2010-12-01

Full Text Available In this paper we provide a multimodal account of historical changes in secondary school textbooks in England and their social significance. Adopting a social semiotic approach to text and text making we review learning resources across core subjects of the English national curriculum, English, Science and Mathematics. Comparing textbooks from the 1930s, 1980s and 2000s, we show that a all modes operating in textbooks -typography, image, writing and layout- contribute to meaning and potential for learning b that the use of these modes has changed between 1930 and now, in ways significant for social relations between and across makers and users of textbooks. Designers and readers / learners now take responsibility for coherence, which was previously the exclusive domain of authors. Where previously reading paths were fixed by makers it may now be left to learners to establish these according to their interests. For users of textbooks the changes in design demand new forms of ‘literacy’; a fluency not only in ‘reading’ writing, image, typography and layout jointly, but in the overall design of learning environments. We place these changes against the backdrop of wider social changes and features of the contemporary media landscape, recognizing a shift from stability, canonicity and vertical power structures to ‘horizontal’, more open, participatory relations in the production of knowledge.

Studying Open versus Traditional Textbook Effects on Students' Course Performance: Confounds Abound

Science.gov (United States)

Griggs, Richard A.; Jackson, Sherri L.

2017-01-01

To combat the high cost of textbooks, open (digitally free) textbooks have recently entered the textbook market. Griggs and Jackson (2017) reviewed the open introductory psychology textbooks presently available to provide interested teachers with essential information about these texts and how they compare with traditional (commercial)…

Revision Cycles for Economics Textbooks: An Application of the Theory of Durable Goods Monopoly

Science.gov (United States)

Li, Xin

2011-01-01

In this dissertation, I study economics textbook markets as an example of durable goods monopoly. Textbooks are protected by copyrights, and from a student's point of view, different textbooks are not good substitutes because students wish to use the textbook adopted by their instructors. Therefore sellers have market power. Textbooks can be…

E-Textbooks and Connectivity: Proposing an Analytical Framework

Science.gov (United States)

Gueudet, Ghislaine; Pepin, Birgit; Restrepo, Angela; Sabra, Hussein; Trouche, Luc

2018-01-01

This paper is concerned with the development of e-textbooks. We claim that analysis (and design) of e-textbooks requires the development of a specific frame. Digital affordances provide particular opportunities (e.g. in terms of interactions between users) that require specific considerations for their analysis, as teachers and students use them…

Open Textbooks and Increased Student Access and Outcomes

Science.gov (United States)

Feldstein, Andrew; Martin, Mirta; Hudson, Amy; Warren, Kiara; Hilton, John, III; Wiley, David

2012-01-01

This study reports findings from a year-long pilot study during which 991 students in 9 core courses in the Virginia State University School of Business replaced traditional textbooks with openly licensed books and other digital content. The university made a deliberate decision to use open textbooks that were copyrighted under the Creative…

Study on Problems and Countermeasures of Textbook Management in China Universities

Science.gov (United States)

Geng, Lihua

2011-01-01

Textbook management in universities is an integral component of teaching management. With gradual development of university education teaching, textbook management in China universities can no longer keep pace with the steps of the teaching management, and the work of textbook management is faced up with new challenges. This article makes an…

Getting Your Textbook Published.

Science.gov (United States)

Irwin, Armond J.

1982-01-01

Points to remember in getting a textbook published are examined: book idea, publisher's sales representatives, letter of inquiry, qualifications for authorship, author information form, idea proposal, reviews, marketing and sales, publishing agreement, author royalties, and copyright assignment. (CT)

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...

Student Perceptions of Textbook Layout and Learnability in Private Schools

OpenAIRE

Alefiyah Hoshangabadwala

2015-01-01

This research is an exploratory study that investigates students’ perceptions pertinent to textbook layout and organization and their evaluation of the textbook ease of learning. The objective is to find out whether the layout dynamics of school textbooks make any difference in students’ interest in studying or subject understanding. 73 students from various private schools of Pakistan’s cosmopolitan city Karachi responded to a quantitative survey that gauged their percep...

Lithuanian language textbook for schools: what should it be like?

OpenAIRE

Salienė, Vilija

2007-01-01

Constant renewal of educational content and abundance of information always prove a challenge when preparing textbooks and other teaching materials. Changing aims of education, values, attitudes towards developing general and specific skills, formation of competencies and exam procedures determine the requirements of textbooks. The textbook still remains one of the key, yet not the only, teaching/learning resource: from being the key source of subject knowledge at general education schools, i...

The Textbook of the Future: What Will It Look Like?

Science.gov (United States)

Shipman, Harry L.; Finkelstein, N.; McCray, D.; Mac Low, M.; Zollman, D.

2006-12-01

In May 2006, a group of scientists, publishers, technology gurus, National Science Foundation officers, and other interested parties met for a few days to think collectively about the future of the textbook. We met because: -The Web and search engines like Google change the relationship between students and information. If the textbook no longer needs to be encyclopedic, then what is its role? --Knowing information is not enough. Our students, whether they follow academic or other careers, will need to know how to get information, evaluate it, and use it to solve real world problems. How can a textbook help students in these environments? --The static, comprehensive narrative of a textbook does not always lend itself well to inquiry learning, which is strongly encouraged by science education research and by national science k-12 education standards. How can textbooks support active, student-centered learning and support new faculty as they adopt it? The workshop generated partial and uncertain answers to these questions, providing some ideas for the future, though not a complete roadmap. A metaphor that generated considerable support among the group was the idea of a textbook as a compact travel guide, like the Lonely Planet guides. It should be adaptable, and thus web-based, but it might still exist in paper form. The participants discussed barriers on the path ahead. How will peer review, which many workshop participants value, be incorporated? What incentives could motivate textbook authors and publishers to produce truly innovative products? How will new technologies such as computer simulations & animations, electronic readers, and widely accessible databases reshape the role of the textbook in education? Many workshop participants including this paper’s authors acknowledge support from the NSF Distinguished Teaching Scholars Program and the NSF CAREER awards program.

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).

Management by Textbook: The Role of Textbooks in Developing Critical Thinking

Science.gov (United States)

Errington, Alison; Bubna-Litic, David

2015-01-01

Critical thinking is widely regarded as a crucial capability for competent management and also for any leadership role in society. In this article, we ask, "How do textbooks play a role in the weakness of many management graduates' critical thinking skills?" Management teachers can find plentiful advice about best teaching practices, yet…

Opportunities to Learn: Inverse Relations in U.S. and Chinese Textbooks

Science.gov (United States)

Ding, Meixia

2016-01-01

This study, focusing on inverse relations, examines how representative U.S. and Chinese elementary textbooks may provide opportunities to learn fundamental mathematical ideas. Findings from this study indicate that both of the U.S. textbook series (grades K-6) in comparison to the Chinese textbook samples (grades 1-6), presented more instances of…

Multiple Intelligences Theory and Iranian Textbooks: An Analysis

Science.gov (United States)

Taase, Yoones

2012-01-01

The purpose of this study is to investigate locally designed ELT textbooks in the light of multiple intelligences theory. Three textbooks (grade 1.2.3) used in guidance school of Iranian educational system were analyzed using MI checklist developed by Botelho, Mario do Rozarioand. Catered for kinds of intelligences in the activities and exercises…

10 CFR 5.455 - Textbooks and curricular material.

Science.gov (United States)

2010-01-01

... 10 Energy 1 2010-01-01 2010-01-01 false Textbooks and curricular material. 5.455 Section 5.455 Energy NUCLEAR REGULATORY COMMISSION NONDISCRIMINATION ON THE BASIS OF SEX IN EDUCATION PROGRAMS OR ACTIVITIES RECEIVING FEDERAL FINANCIAL ASSISTANCE Discrimination on the Basis of Sex in Education Programs or Activities Prohibited § 5.455 Textbooks an...

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

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...

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...

Identifying and Combating Sexism in EFL Textbooks--With a Case Study into China

Science.gov (United States)

Tao, Baiqiang

2008-01-01

This paper explores methodologies of identifying and combating sexism in EFL (English as a Foreign Language) textbooks. The writer of this paper has found out there exists sexism or gender inequality in the Chinese high school EFL textbooks. The writer hopes that future EFL curriculum designers, EFL textbook writers, textbook censors in textbook…

Perspectives on Violence Against Women: A Study of United States Nursing Textbooks.

Science.gov (United States)

Price-Glynn, Kim; Missari, Stacy

2017-03-01

This study examines conceptualizations of violence against women in U.S. nursing textbooks published from 1995 to 2005. Framing this pivotal decade, the federal Violence Against Women Act (VAWA) was passed and renewed. The American Nurses Association, the National League for Nursing, and the American Association of Colleges of Nursing also recognized violence against women as a health care priority. Sampling 107 generalist nursing textbooks from 1995 to 2005, the current study analyzes textbook terminologies, arguments, and protocols. Textbooks including violence were empirically tested for their application of gender neutral, symmetrical, and asymmetrical theoretical frameworks. Over 40% of generalist textbooks did not mention violence against women. Despite the VAWA in 1994 and broad recognition across national nursing organizations, textbooks did not change with regard to their treatment of violence over the next decade. The frameworks that nursing textbooks use may foster challenges for nurses in recognizing, supporting, and assisting women who are victims/survivors of violence. [J Nurs Educ. 2017;56(3):164-169.]. Copyright 2017, SLACK Incorporated.

Retrotext- E 1.0: The Beginnings of Computer-based ELT Textbook Evaluation

Directory of Open Access Journals (Sweden)

Jayakaran Mukundan

2010-07-01

Full Text Available There are two main reasons why textbooks are evaluated; the first which is associated to the task of textbook selection (predictive evaluation and the second to the need to evaluate it while in use (retrospective evaluation so that teachers can implement adaptation procedures later. Predictive evaluation is almost nonexistent in most developing countries as textbooks are usually provided free or through a textbook loan scheme. There is however hope for getting teachers involved in while-use/post use or retrospective evaluation of textbooks as they no only help teachers with adaptation but help teachers in their overall professional development. Since textbooks are an essential part of the teacher’s professional  life any form of out-of-class work that involves the teacher’s own knowledge building can become an integral part of the teacher’s professional development.

Survey of Intermediate Microeconomic Textbooks.

Science.gov (United States)

Goulet, Janet C.

1986-01-01

Surveys nine undergraduate microeconomic theory textbooks comprising a representing sample those available. Criteria used were quantity and quality of examples, mathematical rigor, and level of abstraction. (JDH)

Positioning genomics in biology education: content mapping of undergraduate biology textbooks.

Science.gov (United States)

Wernick, Naomi L B; Ndung'u, Eric; Haughton, Dominique; Ledley, Fred D

2014-12-01

Biological thought increasingly recognizes the centrality of the genome in constituting and regulating processes ranging from cellular systems to ecology and evolution. In this paper, we ask whether genomics is similarly positioned as a core concept in the instructional sequence for undergraduate biology. Using quantitative methods, we analyzed the order in which core biological concepts were introduced in textbooks for first-year general and human biology. Statistical analysis was performed using self-organizing map algorithms and conventional methods to identify clusters of terms and their relative position in the books. General biology textbooks for both majors and nonmajors introduced genome-related content after text related to cell biology and biological chemistry, but before content describing higher-order biological processes. However, human biology textbooks most often introduced genomic content near the end of the books. These results suggest that genomics is not yet positioned as a core concept in commonly used textbooks for first-year biology and raises questions about whether such textbooks, or courses based on the outline of these textbooks, provide an appropriate foundation for understanding contemporary biological science.

Eliminating the Textbook: Learning Science with Cell Phones

Science.gov (United States)

Tessier, Jack T.

2014-01-01

College faculty have myriad choices of resources for their students when designing courses. The rising prices of textbooks and the availability of cell phones with internet access open the question of using cell phones in the classroom. In this study, I compared student learning in an ecology course between a semester in which a textbook was used…

29 CFR 36.455 - Textbooks and curricular material.

Science.gov (United States)

2010-07-01

... 29 Labor 1 2010-07-01 2010-07-01 true Textbooks and curricular material. 36.455 Section 36.455 Labor Office of the Secretary of Labor NONDISCRIMINATION ON THE BASIS OF SEX IN EDUCATION PROGRAMS OR ACTIVITIES RECEIVING FEDERAL FINANCIAL ASSISTANCE Discrimination on the Basis of Sex in Education Programs or Activities Prohibited § 36.455 Textbooks...

A Survey of Professor Acceptance and Use of E-Textbooks in Higher Education

Science.gov (United States)

Brown, Randy

2013-01-01

As electronic books (e-books) have continued to gain in popularity, more and more books are becoming available in electronic format. Textbooks are no exception. More and more publishers are making textbooks available in electronic format (e-textbooks). There have been many devices specifically designed to use e-books and e-textbooks with many more…

How do the high school biology textbooks introduce the nature of science?

Science.gov (United States)

Lee, Young H.

2007-05-01

Although helping students to achieve an adequate understanding of the nature of science has been a consistent goal for science education for over half a century, current research reveals that the majority of students and teachers have naive views of the nature of science (Abd-El-khalick & Akerson, 2004; Bianchini & Colburn, 2000). This problem could be attributed not only to the complex nature of science, but also to the way the nature of science is presented to students during instruction. Thus, research must be conducted to examine how the science is taught, especially in science textbooks, which are a major instructional resource for teaching science. The aim of this study was to conduct a content analysis of the first chapter of four high school biology textbooks, which typically discusses "What is science?" and "What is biology?" This research used a content analysis technique to analyze the four high school biology textbooks, using a conceptual framework that has been used often for science textbook analysis. This conceptual framework consists of four themes of the nature of science: (a) science as a body of knowledge, (b) science as a way of thinking, (c) science as a way of investigating, and (d) the interaction of science, technology, and society. For this study, the four-theme-framework was modified to incorporate descriptors from national-level documents, such as Science for All Americans (AAAS, 1990) Benchmarks for Science Literacy (AAAS, 1993) and the National Science Education Standards (NRC, 1996), as well as science education research reports. A scoring procedure was used that resulted in good to excellent intercoder agreement with Cohen's kappa (k) ranging from .63 to .96. The findings show that the patterns of presentation of the four themes of the nature of science in the four high school biology textbooks are similar across the different locations of data, text, figures, and assessments. On the other hand, the pattern of presentation of the four

EVALUATING GENDER-BIAS IN THE IRANIAN PRE-UNIVERSITY ENGLISH TEXTBOOKS

Directory of Open Access Journals (Sweden)

Ali Roohani

2013-07-01

Full Text Available Abstract: Textbooks can affect learners’ attitudes, viewpoints, and their choice of language in second/foreign language (L2 communication. The various ways in which the people are displayed in communication may affect students’ viewpoints. This study was an attempt to examine several potential areas of gender-bias in the representation of women and men in the pre-university English textbook, an English language teaching (ELT textbook with two volumes taught in the high schools of Iran. To evaluate this textbook, content analysis was done in terms of gender-bias, gender-neutral, male-generics, and the firstness in the reading texts, instructions, exercises and illustrations. The frequency and percentages of names, nouns, pronouns and pictures attributed to each gender (i.e., males and females were obtained and chi-square tests were carried out. In general, names, nouns and pictures pertinent to males outnumbered those attributed to females. Besides, there was a statistically significant difference between males and females in the two volumes of the pre-university textbook in terms of the above features. Also, male-oriented terms came first more frequently. However, there was not a statistically significant difference between male and female pronouns between the two volumes, though the percentage of male pronouns was higher. Moreover, the textbook included many gender-neutral nouns and pronouns not having any gender orientations. Findings indicated that the Iranian pre-university English textbook was somehow male-oriented and gender-biased as regards names, nouns, firstness and pictures associated with them though great efforts were made to avoid specific gender orientations.

SOCIOLINGUISTICS AND TEXTBOOK: AN EXPLORATORY ANALYSIS

Directory of Open Access Journals (Sweden)

Abdelhak RAZKY

2015-06-01

Full Text Available This study aims to examine the treatment of linguistic variation in Brazilian Portuguese textbooks for High School and prompts a debate about concepts like right and wrong, language variation, language change and language prejudice. In this sense, it considers whether the textbook discusses the linguistic variation, understanding it as a result of a variety of sociocultural factors of a linguistic community. Our corpus consists of a collection of Portuguese Language for High School, prepared by Carlos Alberto Faraco, approved by the National Textbook Program (PNLD 2015. The research is part of the dialogue between Sociolinguistics and mother tongue teaching, more specifically, in theoretical and methodological studies of Bortoni-Ricardo (2004, Faraco (2004, Alkmim (2005, Labov (2008, among others, in addition to the National Curriculum Parameters of High School Portuguese Language – PCN (BRASIL, 2000. The methodology is based on descriptive, bibliographical and documentary research and a qualitative approach. The results show, that the current development, in that collection highlights a concern to incorporate linguistic studies in the heterogeneity and linguistic diversity from sociolinguistic perspective.

The role of women in history according to textbooks images. Comparison of textbooks published during LOE and LOMCE

OpenAIRE

Juan Carlos BEL MARTÍNEZ

2017-01-01

This paper focuses on the study of the role of women and its representation in the images of the textbooks of Environmental Knowledge and Social Sciences subjects, specifically in History topics. Textbooks can give us an overview of how women are presented in the historical discourse carried from Primary Education, and through their analysis we can see if it has or not an androcentric bias. Therefrom it’s developed an analysis and a comparison of the data between volumes of both last educatio...

Realization of Culture in English Textbooks in Chinese High School Level

Science.gov (United States)

Aliakbari, Mohammad; Jamalvandi, Behrouz

2012-01-01

This study reflects on the presentation of culture in the English textbooks adopted in Chinese high school level. The categorization by Ramirez and Hall (1990) shaped the basis of the textbook analysis. The main objectives of the inquiry were to examine the quality of representation of source, target and other cultures in the ELT textbooks.…

Topical Coverage in Introductory Textbooks from the 1980s through the 2000s

Science.gov (United States)

Griggs, Richard A.

2014-01-01

To determine how topical coverage in introductory textbooks may have changed from the 1980s to the present, the author examined topic coverage in full-length and brief introductory textbooks from this time period. Because 98% of the teachers use textbooks for the introductory course and the majority do not assign reading beyond the textbook, the…

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

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

Production of multimedia textbook: ionizing radiation and radiation protection

International Nuclear Information System (INIS)

Hola, O.; Holy, K.

2005-01-01

In our contribution we want to outline our plan of actions to be carried out for the creation of the first multimedia internet textbook in Slovakia in the field of ionizing radiation and radiation protection. In particular we want to describe first steps that have been performed at its realisation. This textbook would be applicable to the full-time study as well as to distance learning at traditional universities and technical universities. It will also be usable for various forms of in-service training by e-learning. Our objective is to create a modem internet textbook in radiation protection, of which production will be co- ordinated with other European Union countries. The output of our project -the multimedia textbook -will be available to all students at our university's servers and other users will have CDs at their disposal. We propose the use of this multimedia didactic means also in various forms of the distance e-learning. The main motivation for the implementation of distance courses is the necessity to update knowledge, skills and qualification in our contemporary rapidly developing world. The distance e-learning form of education can solve also the problem with the acquisition of the professional qualifications for the work with ionizing radiation. This is the reason for usage of the mentioned textbook not only as the fundamental and unified textbook for the students of universities, but also as the study material for the civil servants responsible for radiation protection, for in-service workers and providers of the professional training. (authors)

The Purpose of State Level Textbook Adoption: What Does the Legislation Reveal?

Science.gov (United States)

Tulley, Michael A.; Farr, Roger

1985-01-01

A content analysis of textbook adoption statutes of 22 states was undertaken to gain insight into the reasons behind state textbook adoption. Findings indicate the intent of state-level textbook adoption may be to control marketing practices of the publishing industry. (DF)

Textbook Factor Demand Curves.

Science.gov (United States)

Davis, Joe C.

1994-01-01

Maintains that teachers and textbook graphics follow the same basic pattern in illustrating changes in demand curves when product prices increase. Asserts that the use of computer graphics will enable teachers to be more precise in their graphic presentation of price elasticity. (CFR)

Textbook of medical radiobiology

International Nuclear Information System (INIS)

Bueno Ponce, Cesar

2003-01-01

The author intends to transmit to students clearly about basic knowledge on molecular cell biology, alive tissue and its interaction with radiations and the consequences derived from it. It compiles a bibliographical review on modern radiotherapy principles. This textbook contains five chapters

History of science content analysis of Chinese science textbooks from the perspective of acculturation

Science.gov (United States)

Ma, Yongjun; Wan, Yanlan

2017-08-01

Based on previous international studies, a content analysis scheme has been designed and used from the perspective of culture to study the history of science (HOS) in science textbooks. Nineteen sets of Chinese science textbooks have been analyzed. It has been found that there are noticeable changes in the quantity, content, layout, presentation, and writing intention of the HOS sections in textbooks from different time periods. What's more, the textbooks aim at presenting the scientific culture and aim to help students understand it better. However, the cultural associations of the HOS in textbooks is insufficient and significant differences exist among textbooks of different subjects. In order to explore the reasons why the presentation of HOS in various subjects is different, we made a specific comparison of curriculum standards of two subjects with great differences and interviewed the editors-in-chief of two textbooks. Results show that one of the most important reasons for the different writings of the HOS in textbooks is that different subject curriculum standards attach greater importance to the HOS. In addition, the attention to the HOS by editors-in-chief, the tradition of studying the HOS within the history of the discipline, and the reference textbooks in compiling textbooks are all important influence factors. Some suggestions for future textbooks compilation are given at the end.

Authoring and delivery of adaptive electronic textbooks made easy

NARCIS (Netherlands)

Ramp, E.; De Bra, P.M.E.; Brusilovsky, P.; Richards, G.

2005-01-01

The vast majority of textbooks (even when offered on-line) are still traditional book-like static documents with a fixed structure and content. Authoring a textbook in a "simple" environment like Microsoft Word is much easier than using special authoring environments for adaptive electronic

Textbook animal breeding : animal breeding andgenetics for BSc students

NARCIS (Netherlands)

Oldenbroek, Kor; Waaij, van der Liesbeth

2014-01-01

This textbook contains teaching material on animal breeding and genetics for BSc students. The text book started as an initiative of the Dutch Universities for Applied (Agricultural) Sciences. The textbook is made available by the Animal Breeding and Genomics Centre (ABGC) of Wageningen UR

TEXT COMPLEXITY IN SENIOR HIGH SCHOOL ENGLISH TEXTBOOKS: A SYSTEMIC FUNCTIONAL PERSPECTIVE

Directory of Open Access Journals (Sweden)

Dhani Aldila Putra

2017-09-01

Full Text Available Textbooks have been considered to play a key role in the processes of education by researchers and educators, and the need to explore the language of textbooks has become increasingly recognized. However, although textbooks are an important learning tool, textbook language and composition have not been widely explored especially from textual perspectives. The purpose of the present study is to investigate text complexity progression in the reading texts of English textbooks published for senior high school students in Indonesia. The nature and rate of that progression are addressed within the framework of Systemic Functional Linguistics. Being largely qualitative, this study examines three consecutive textbooks issued by the Ministry of Education, which are available online for classroom use. Data were collected and sampled from the reading texts found in the textbooks and were analyzed with regard to lexical density, lexical variation and grammatical intricacy in order to find the complexity of the texts. The results of the analyses show that regardless of the inconsistent progression of text complexity within each textbook, there is a consistent pattern of text complexity progression across grade levels. In other words, the lexical density, lexical variation and grammatical intricacy across the textbooks were found to have consistent progression from one grade level to another of which the direction is positive. It could be concluded that in general the language used in the texts becomes increasingly sophisticated, especially at lexical level, in accordance with grade level progression to cater for students’ intellectual development.

Do Elementary Science Methods Textbooks Promote Understanding of Shadows?

Directory of Open Access Journals (Sweden)

Lloyd H. Barrow

2016-02-01

Full Text Available Elementary science methods textbooks can be an important resource for future elementary teachers of science. Since shadows are a common topic in elementary school and Next Generation Science Standards (NGSS Lead States, 2013. A series of ten shadows concepts were formed into a learning progression by Wizman and Fortus (2007. For this research, ten science methods textbook were read and analyzed about how each of the shadow concepts were addressed. These methods textbooks focused on a limited number of shadow concepts. Consequently, as a future reference, they are very limited in addressing all ten shadow concepts.

Genre Analysis On Reading Passages Grade VII English Textbooks

OpenAIRE

Sukma, Ardini Nur

2010-01-01

Referring to the latest curriculum, School-Based Curriculum, every English textbook should provide genres based on the level of literacy of each grade. On this paper, I analyzed English textbooks published by Erlangga ?óÔé¼ÔÇ£ English on Sky (EOS), and by Pakar Raya -- Let?óÔé¼Ôäós Talk. This paper focuses on how are the reading passages of the textbooks compatible with ?óÔé¼?ôStandard Isi?óÔé¼?Ø?. Coinciding with the statement of the problems, the objectives of this paper are to describe the...

Draft of textbook focused on indirect taxes

OpenAIRE

Nováková, Hana

2012-01-01

The diploma thesis is about draft of textbook which is focused on indirect taxes for business school. The thesis is divided into theoretical and practical part. The theoretical part is focused on teaching tax issues at business school. Readers are introduced with basic studying documents, for example framework educational program and school educational program. In the following part I have conducted didactic analysis of curriculum and textbook of economics for business schools. The draft of t...

Instructional Manuals of Boundary-Work : Psychology textbooks, student subjectivities, and disciplinary historiographies

NARCIS (Netherlands)

Flis, I.

2016-01-01

This article aims to provide an overview of the historiography of psychology textbooks. In the overview, I identify and describe in detail two strands of writing histories of introductory textbooks of psychology and juxtapose them to provide an integrated historiography of textbooks in psychology.

AN EVALUATION OF SELECTED MOROCCAN ELT TEXTBOOKS: A STANDARDS-BASED APPROACH PERSPECTIVE

Directory of Open Access Journals (Sweden)

Hassan Ait Bouzid

2017-05-01

Full Text Available Standards-Based Approach to textbook evaluation has been blooming in recent decades. Nevertheless, this practice has received very little attention in Morocco.  The present study aims to bridge a gap in the literature of the Moroccan context by investigating the extent to which three locally designed ELT textbooks conform to the theoretical principles of the Standards-Based Approach which defines the teaching of English as a foreign language in the country (Ministry of National Education, 2007. Its objective is to examine whether and how these textbooks present contents that enable learners to meet the content standards included in the goal areas of Communications, Cultures, Connections and Comparisons. The study is informed by the theoretical framework of the Standards-Based Approach. It adopts a mixed-methods design that uses content analysis as a mixed data analysis method combining both quantitative and qualitative techniques. The findings reveal a number of shortcomings relevant to the representation of the content standards as several standards are not sufficiently addressed in the activities included in these textbooks. Eventually, some suggestions are addressed to policy makers, textbook designers and teachers to overcome the identified problems in current and future textbooks. The study is expected to sensitize ELT practitioners about the viability of using textbook evaluation in boosting both the quality of ELT textbooks and the quality of the teaching learning outcomes.