An empirical analysis of the relationship between the hedge ratio and hedging horizon: A simultaneous estimation of the short‐ and long‐run hedge ratios

This article analyzes the effects of the length of hedging horizon on the optimal hedge ratio and hedging effectiveness using 9 different hedging horizons and 25 different commodities. We discuss the concept of short‐ and long‐run hedge ratios and propose a technique to simultaneously estimate them. The empirical results indicate that the short‐run hedge ratios are significantly less than 1 and increase with the length of hedging horizon. We also find that hedging effectiveness increases with the length of hedging horizon. However, the long‐run hedge ratio is found to be close to the naïve hedge ratio of unity. This implies that, if the hedging horizon is long, then the naïve hedge ratio is close to the optimum hedge ratio. © 2004 Wiley Periodicals, Inc. Jrl Fut Mark 24:359–386, 2004     

中国企业到美国跨国并购的方法与技巧(上)

中国企业到美国跨国并购成了国际媒体热门话题。但怎样并购、如何规避并购风险等问题，中国企业却心中无数。如何提高跨国并购的成功率，是摆在中国企业面前的一道难题。本文主要论述中国企业到美国跨国并购的具体操作方法和技巧。     

The dynamics of positive action in UK trade unions: the case of women and black members

This paper considers positive action strategies amongst UK trade unions, aimed at increasing membership and levels of participation and representation among women and black workers. It provides an overview of women’s, black members’ and race structures within large Trades Union Congress unions and a detailed case study of one large UK trade union. We find that there are salient differences in the way that unions approach issues of gender equality, compared with the approach adopted towards race equality. The paper explores possible explanations, justifications and implications of these differences.     

分层次教学是实施英语素质教育的重要途径

本文从素质教育角度探讨英语教学中提高学生水平的一种有效方法--分层次教学方法.     

标准化在油藏监测工作中的作用

以油藏监测工作中的油藏压力监测为例，介绍了标准化工作在压力资料录取及解释分析中的作用。并用实例说明了标准化作业在油田开发方案的制定及油藏压力监测中的应用。     

煤矸石的综合利用探讨

针对煤矸石化学组成的差异,讨论了煤矸石生产绿色建筑材料,制造保温材料,制取铝盐系列和硅系列化工产品的几种综合利用途径,达到废物无害化、减量化、资源化利用,保护生态环境,实现可持续发展的目标.     

高校财务管理工作初探

本文针对目前高校财务工作存在的主要问题提出若干加强高校财务管理工作的思路.     

英文科技语篇中的人称"照应"与汉译

照应是语篇衔接研究的一个重要论题,也是英汉科技语篇翻译中不容忽视的问题.人称照应在英语的科技语篇中体现出不同于其他语篇类型的特点.如何解读照应词是翻译过程的关键.译者应该运用汉语偏爱的衔接手段取得与原文异曲同工的效果.     

General‐to‐Specific Model Selection Procedures for Structural Vector Autoregressions*

Structural vector autoregressive (SVAR) models have emerged as a dominant research strategy in empirical macroeconomics, but suffer from the large number of parameters employed and the resulting estimation uncertainty associated with their impulse responses. In this paper, we propose general‐to‐specific (Gets) model selection procedures to overcome these limitations. It is shown that single‐equation procedures are generally efficient for the reduction of recursive SVAR models. The small‐sample properties of the proposed reduction procedure (as implemented using PcGets) are evaluated in a realistic Monte Carlo experiment. The impulse responses generated by the selected SVAR are found to be more precise and accurate than those of the unrestricted VAR. The proposed reduction strategy is then applied to the US monetary system considered by Christiano, Eichenbaum and Evans (Review of Economics and Statistics, Vol. 78, pp. 16–34, 1996) . The results are consistent with the Monte Carlo and question the validity of the impulse responses generated by the full system.     

Syndicated Loan Announcements and Borrower Value

Announcements of syndication loans increase borrowers' shareholder wealth if they are revolving credit agreements but not if they are term loans. Share price responses to revolving credit announcements are positive and significant, whereas the wealth effect for term loans is negative and significant. The results show that announcements from both the financial press and commercial information providers can affect borrower share price reaction. Overall, single syndication announcements appear to be more newsworthy than multiple announcements reported in the financial press, and we find evidence of information leakage, post‐announcement drift, or both.