This study compares the hedging effectiveness of domestic won/dollar futures and foreign non-deferable forward (NDF) contracts. We use an ex ante analysis based on out-of-sample…
Abstract
This study compares the hedging effectiveness of domestic won/dollar futures and foreign non-deferable forward (NDF) contracts. We use an ex ante analysis based on out-of-sample data. In addition, the analysis is based on the inventory hedging scenario, adopted in most of previous studies. We estimated hedge ratios by using the various method of 1 : 1 hedging, ordinary least squares (OLS), and error correction model (ECM). The hedging period is expanded to include one to twelve months‘ In every aspect, the hedging effectiveness of won/dollar futures contract turns out to be better than that of NDF contract. However, the differences are not statistically significant at 10% level. This res비t stems from the fact that there exists a high correlation between spot exchange rate and futures or forward exchange rates, implying an evidence of co-movement between them.
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This study empirically compares the hedging performances of the newly listed Japanese yen (JPY) and European euro (EUR) currency futures in the KRX relative to that of the us…
Abstract
This study empirically compares the hedging performances of the newly listed Japanese yen (JPY) and European euro (EUR) currency futures in the KRX relative to that of the us dollar (USD) currency futures. For this purpose, assuming the situation of foreign-asset investment the minimum variance hedging models based on OLS and ECM are compared with a simple 1: 1 hedge. The difference between previous studies and this one is in that the latter uses various kinds of hedging performance measures and analyzes the hedging performances by different hedging horizon. According to the empirical results, the USD currency futures outperforms the JPY and EUR currency futures when considering the risk only.
However, the results are reversed wilen incorporating the return as well as the risk. With respect to the comparative advantages among hedging types, the ECM-hedge turns out to be better than the others for evaluating the risk only, and the 1: 1 hedge proves to be superior to the others when considering both of the return and risk aspects. Based on the risk-reduction aspect. the hedging performances are gradually improving as the length of hedging period increases, while they deteriorate for considering both the return and risk aspects.
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This study suggests a complex hedge model for coal traders that simultaneously consider the risk factors of coal price. ocean freight rate and foreign exchange rate. In addition…
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This study suggests a complex hedge model for coal traders that simultaneously consider the risk factors of coal price. ocean freight rate and foreign exchange rate. In addition. it Quantitatively analyses the superiority of the complex hedge model compared to the conventional one in terms of return flow stabilization. According to the ex-post and the ex-ante empirical results, a separate hedge could stabilize the return flow‘ but this might not be the best solution. That is. a complex hedge would give a better result in terms of hedging effectiveness. Thus‘ one could improve hedging effects by fully considering the inherent variance-covariance relationship among multiple risk factors.
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Yong‐Pil Kim, Cheol‐Hwoan Yoon and Deok‐Kyun Yun
To provide customer‐oriented group decision methodology for designers or developers in using quality function deployment which is based on voice of customer.
Abstract
Purpose
To provide customer‐oriented group decision methodology for designers or developers in using quality function deployment which is based on voice of customer.
Design/methodology/approach
Technical importance rating in house of quality (HoQ) should be evaluated considering both the roof and relationship matrix. Since the roof is generally irreducible, all of relationships between customer attribute (CA) and engineering characteristic (EC) are evaluated. A customer‐oriented evaluating method is proposed and empirical test is issued.
Findings
The phenomenon of inconsistency which is frequently found in HoQ is easily protected by proposed approach which focuses on the view of customer.
Research limitations/implications
The proposed evaluating method is appropriate for the time when the number of ECs or CAs are greater than nine. If the number of alternatives is less than nine, analytic hierarchical process is usually used. However, 1‐9 scaling pairwise comparison is not suitable for customers such as non‐experts, housewives, or even children.
Practical implications
Especially, the proposed evaluating method could be widely used for organizations depending on customers.
Originality/value
In various fields, this paper supports the customer‐centered environment.
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In this chapter, I discuss the development of the cannibal picking up from Jennifer Brown’s (2013) study, Cannibalism in Literature and Film. Brown (2013, p. 7) argued that the…
Abstract
In this chapter, I discuss the development of the cannibal picking up from Jennifer Brown’s (2013) study, Cannibalism in Literature and Film. Brown (2013, p. 7) argued that the cannibal is a sign of ultimate difference who ‘reappears in various guises at times when popular culture needs to express real fears and anxieties’. I argue that the most recent version of the cannibal is gendered female and that this coincides with a postfeminist media culture. I explore how the cannibal is positioned as an ambiguous figure which questions both humanity and monstrosity. I argue that this is complicated by gendering it female as women have traditionally straddled the line between human and less-than human in popular culture. I discuss three films: 301/302 (Park, 1995), The Woman (Torino, Van Den Houten, & McKee, 2011) and Raw (De Forêts & Ducournau, 2016) and explore how they use incest, objectification and dehumanization as well as cannibalism to explore the ambiguities of postfeminist subjecthood. I will argue that by performing acts of cannibalism the female cannibals in these films reclaim their subjectivity both by objectifying others and by identifying with their victims. The cannibalism also presents the opportunity for female-oriented families through shared consumption which ironically embraces patriarchal ideals of feminine feeding roles and challenges the patriarchal basis of the family.
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Sun Me Choi, Siew Fan Wong, Younghoon Chang and Myeong-Cheol Park
The purpose of this paper is to investigate the effect of inter-platform competition on the adoption of different broadband technologies (i.e. among xDSL, fibre-optic…
Abstract
Purpose
The purpose of this paper is to investigate the effect of inter-platform competition on the adoption of different broadband technologies (i.e. among xDSL, fibre-optic technologies, and hybrid fibre coaxial (HFC)), examine the direction of the effect, and identify potential technology convergence and the speed of technology innovation.
Design/methodology/approach
It uses Lotka-Volterra equation to determine the dynamic competition pattern for xDSL, fibre-optic technologies, and HFC.
Findings
The influence of inter-platform competition on the adoption rate may vary depending on the market conditions, the phase of the adoption period, and the types of competing technology. Even though new technology has competitive advantage, it still requires time to acquire market share. Even though fibre-optic is leading in the market, alternative technologies have also garnered significant market share in the early stage. Specifically, HFC has gained its own market position, making it a valuable alternative in the short term. Nonetheless, the market will eventually converge to fibre-optics.
Originality/value
The findings show that inter-platform competition does not always exert positive influence on broadband adoption as indicated in previous literature. Instead, the influence may vary from negative to neural. This information is an important knowledge addition to the literature. Overall, the study has important implications to governmental effort in managing market competitions and in planning national broadband infrastructure policies. It also provides valuable implications on how ISPs should strategize their investment in new broadband technologies.