An Exploratory Study of Hedging in Chinese ESL Learners' Academic

Hedging, referring to the use of various lexical and syntactic features modifying and mitigating propositions and claims, is extensively employed in effective academic writing. However, the use of hedges seems to be quite problematic for lots of Chinese ESL learners. In view of the situation, this study explores the use of hedges in academic abstracts by a group of undergraduate English majors in a university in Hainan Province. After analyzing data from a corpus and interviews, several problems have been found in the use of hedging devices of these students, and relevant implications have been drawn to the teaching of hedging in the context, which can help the students produce more effective academic writing and to achieve greater university success.

COVID‑19 pandemic and the crude oil market risk:hedging options with non‑energy financial innovations

This study examines the hedging effectiveness of financial innovations against crude oil investment risks,both before and during the COVID-19 pandemic.We focus on the non-energy exchange traded funds(ETFs)as proxies for financial innovations given the potential positive correlation between energy variants and crude oil proxies.We employ a multivariate volatility modeling framework that accounts for important statistical features of the non-energy ETFs and oil price series in the computation of optimal weights and optimal hedging ratios.Results show evidence of hedging effectiveness for the financial innovations against oil market risks,with higher hedging performance observed during the pandemic.Overall,we show that sectoral financial innovations provide resilient investment options.Therefore,we propose that including the ETFs in an investment portfolio containing oil could improve risk-adjusted returns,especially in similar financial crisis as witnessed during the pandemic.In essence,our results are useful for investors in the global oil market seeking to maximize risk-adjusted returns when making investment decisions.Moreover,by exploring the role of structural breaks in the multivariate volatility framework,our attempts at establishing robustness for the results reveal that ignoring the same may lead to wrong conclusions about the hedging effectiveness.

A Corpus-based Contrastive Study on Hedging in English Business Cor-respondences between Chinese English Learners and Native Speakers

This is a corpus-based contrastive study projected to find out the differences in using hedges in English business corre spondences between Chinese English learners and native speakers.

Hedging in Discourse Analysis

In this article an attempt to enhance the awareness of hedging use in discourse analysis and academic writing is madeby analyzing hedges employed in two comparable texts.The discourse analysis is conducted from"content-oriented"hedges and"reader-oriented"hedges.The article suggests that hedging can dampen utterances and statements,weaken the force of what onesays and show politeness to the listeners or readers,which varies from different discourse styles of various genres.discourse marker;hedging;research article;news

The Relative Ordering of Optimal Hedging Points in a Class of Failure Prone Manufacturing Systems

For a class of manufacturing systems with homogeneous Markov machine failure rates,the stationary probability distribution of the part surplus can be calculated for given tentative values of hedging points. Some properties on the ordering of optimal hedging points are obtained.

Insiders' Hedging for Jump Diffusion Processes with Applications to Index Tracking

The hedging problem for insiders is very important in the financial market.The locally risk minimizing hedging was adopted to solve this problem.Since the market was incomplete,the minimal martingale measure was chosen as the equivalent martingale measure.By the F-S decomposition,the expression of the locally risk minimizing strategy was presented.Finally,the local risk minimization was applied to index tracking and its relationship with tracking error variance (TEV)-minimizing strategy was obtained.

Option Pricing and Hedging under a Markov Switching Lévy Process Model

In this paper, we consider a Markov switching Lévy process model in which the underlying risky assets are driven by the stochastic exponential of Markov switching Lévy process and then apply the model to option pricing and hedging. In this model, the market interest rate, the volatility of the underlying risky assets and the N-state compensator,depend on unobservable states of the economy which are modeled by a continuous-time Hidden Markov process. We use the MEMM(minimal entropy martingale measure) as the equivalent martingale measure. The option price using this model is obtained by the Fourier transform method. We obtain a closed-form solution for the hedge ratio by applying the local risk minimizing hedging.

Power Purchase Model of Provincial Grids Based on Diverse Energy Coordination Hedging Optimization

Under the background of energy conservation, the grid companies should give priority to consumptive hydropower, wind power and other clean electricity to fulfill their social responsibility and promote the carbon emission reduction in power industry. But under the current power purchase mode, grid companies must first perform the contract. This is extremely uneconomical and not environmentally friendly. Based on hedging theory, this paper proposes a power purchase optimization model using the strategy of “compression and compensation”. If outer price is lower than the contract price, the grid can compress contract power appropriately, leaving more space for purchasing electricity;if outer price is not attractive enough, the grid should timely improve contract proportion, compensating the deviations of contract caused by "compression". Based on the strategy of "compression and compensation", it can effectively reduce the abandoned wind and water, enhance the economic and social benefits of provincial power grid.

High Altitude Frogs (Rana kukonoris) Adopt a Diversified Bethedging Strategy in the Face of Environmental Unpredictability

Environmental unpredictability can influence strategies of maternal investment among eggs within a clutch. Models predict that breeding females should adopt a diversified bet-hedging strategy in unpredictable environments, but empirical field evidence from Asia is scarce. Here we tested this hypothesis by exploring spatial patterns in egg size along an altitudinal gradient in a frog species （Rana kukunoris） inhabiting the Tibetan Plateau. Within-clutch variability in egg size increased as the environment became variable （e.g., lower mean monthly temperature and mean monthly rainfall at higher altitudes）, and populations in environments with more unpredictable rainfall produced eggs that were smaller and more variable in size. We provide support for a diversified bet-hedging strategy in high-altitude environments, which experience dynamic weather patterns and therefore are of unpredictable environmental quality. This strategy may be an adaptive response to lower environmental quality and higher unpredictable environmental variance. Such a strategy should increase the likelihood of breeding success and maximize maternal lifetime fitness by producing offspring that are adapted to current environmental conditions. We speculate that in high-altitude environments prone to physical disturbance, breeding females are unable to consistently produce the optimal egg size due to physiological constraints imposed by environmental conditions （e.g., duration of the active season, food availability）. Species and populations whose breeding strategies are adapted to cope with uncertain environmental conditions by adjusting offspring size and therefore quality show a remarkable degree of ability to cope with future climatic changes.

Mean-Variance Hedging for General Claims in an Incomplete Market: Numeraire Method

This paper considered the problem of hedging a European call (put) option for a diffusion model where the asset price is influenced by n uncertain factors. The market is thus incomplete implying that perfect hedging is not possible. To derive a hedging strategy, it follows the approach based on the idea of hedging under a mean-variance criterion suggested by Schweizer. A very simple solution of this hedging problem by using the numeraire method was presented and some examples with explicit solutions were given.

Optimal Hedging Strategies of Stock Index Futures Based on the Perspective of Information Asymmetry

Based on two different risk measurement criteria, this article studied the optimal hedging strategies of stock index futures in the case of asymmetric information, and discussed the influence of insider information on the hedging effect. Through simulation analysis, it can be shown that hedging people with insider information can save hedging costs to a certain extent, which also explains the reason why investors try to obtain corporate information in actual investment activities.

On discrete time hedging errors in a fractional Black-Scholes model

In this paper we investigate asymptotic behavior of error of a discrete time hedging strategy in a fractional Black-Scholes model in the sense of Wick-ItS-Skorohod integration. The rate of convergence of the hedging error due to discrete-time trading when the true strategy is known for the trader, is investigated. The result provides new statistical tools to study and detect the effect of the long-memory and the Hurst parameter for the error of discrete time hedging.

Hedging Devices used in the Opinion Column'S Editorials of China Daily

The editorials of the opinion column in a newspaper express the view of its editors. The application of hedging devices isemployed, in order to support the writers' writing. In this study, the data were gathered from 15 editorials in the opinion column ofChina Daily: 5 editorials are about world issues, the other 5 editorials about Chinese social life, and the last 5 editorials are the edu-cational issues popularly discussed in China. The categorization of hedging devices draws from salvager-Meyer's paper Hedges and Textual Communicative Function in Medical English Written Discourse(1994, p. 154) and Mojica(2005, p. 3). Results revealed thatmost writers of the editorials opted to use approximators and modals. Furthermore, the hedging devices used in the selected editori-als on China Daily mainly had three functions: Show respects of the people or organization or in order for protection; in order to pub-lish timely; and make the prediction more reliable. In general, the Chinese writers seem to be conscious to use hedges appropriatelyin order to make their writing more reliable and avoid some arguments or disparagement.

Hedging in English Academic Papers in Linguistics Written by Chinese Authors

Hedges in academic writing are drawn attention by scholars. Hedging devices enable writers to express their uncertainty con-cerning the factuality of their statements or to indicate deference to their readers. In this paper,ten English linguistic academic articles written by Chinese scholars were chosen for the study. Hedges were categorized to four types. The analysis showed the total number of hedges per category in all articles. The results indicated that modals/probabilities and semi-auxiliaries or epistemic verbs were preferred by Chinese linguists. It is suggested that for non-native English speakers mastery of hedging devices is requisite in their graduate programs.

A Comparative Study of Scientific Hedging by Chinese Writers and English Writers

Based on a corpus of 10 texts in material science discipline, this paper explores the use of scientific English hedging both by Chinese and English writers. The result shows that there are similarities as well as differences in hedging frequency and distribution between the research articles by Chinese writers and native English writers. Research articles written by Chinese writers tend to be more direct and authoritative in tone as a result of higher frequency of approximators and lower frequency of plausibility shields.

STUDY ON CONTINUOUS-TIME HEDGING PROBLEM IN INCOMPLETE MARKETS

This paper extended the continuous time dynamic hedging theorem for the incomplete markets of Bertsimas, Kogan and Lo’s to the case in which riskless interest rate is not zero. The theorem was then proved with the stochastic dynamic programming theory, by constructing a self financing dynamic strategy that best approximates an arbitrary payoff function in the mean squared sense. When the riskless interest rate is zero, our optimal hedging strategy coincides with the results of Bertsimas, Kogan and Lo,i.e. their results are special cases of ours.

Dynamic Hedging Based on Markov Regime-Switching Dynamic Correlation Multivariate Stochastic Volatility Model

It is important to consider the changing states in hedging.The Markov regime-switching dynamic correlation multivariate stochastic volatility( MRS-DC-MSV) model was proposed to solve this issue. DC-MSV model and MRS-DC-MSV model were used to calculate the time-varying hedging ratios and compare the hedging performance. The Markov chain Monte Carlo( MCMC) method was used to estimate the parameters. The results showed that,there were obviously two economic states in Chinese financial market. Two models all did well in hedging,but the performance of MRS-DCMSV model was better. It could reduce risk by nearly 90%. Thus,in the hedging period,changing states is a factor that cannot be neglected.

Hedge Trimmer句子压缩技术的算法实现及改进

压缩技术旨在模拟人类的文本概括和信息提取能力。句子压缩技术是自动生成能够保留原句核心内容的,合乎语法的,语义连贯的简短句子。文章分析了英文句子压缩技术中基于句法分析的Hedge Trimmer压缩技术,讨论了相关压缩理论,探索其压缩过程并用类C语言进行算法实现。提出了好的压缩句应该至少满足以下3个标准:第一是保留原句的核心内容,第二是具有正确的语法,第三是压缩长度合理。在算法的评估工作中,从DUC 2003语料库中选取了624个原始句子和对应的人工压缩句,与Hedge Trimmer压缩算法自动生成的压缩句进行对照分析。发现5种压缩效果不理想的情况,分析其原因并提出了改进策略。最后,通过实例对改进算法生成的压缩句和原来算法生成的压缩句进行对比评估,证明了改良算法能够获得更理想的压缩句。在英文句子压缩领域,改良的Hedge Trimmer句子压缩算法值得推广和应用。

基于PML及Hedge的物联网异构信息集成处理模型

针对物联网前端感知信息的海量性和异构性问题,提出物联网异构信息集成处理体系结构,包括引入物联网异构数据交换标准并提出物联网异构信息处理方法.物联网异构信息集成方案在感知层、传输层及应用层进行.在感知层,模型对不同传感器或RFID的信息进行归一化及数据清洗;在传输层和应用层,模型对这些异构物联网信息进行信息融合及智能处理.提出了新的基于Hedge文法的高效过滤算法以提高匹配引擎处理海量数据的能力.

Enabling weakened hedges in linguistic multi-criteria decision making

A semantics-based model is proposed to enable weakened hedges, such as ＂more or less＂ and ＂roughly＂ in the context of linguistic multi-criteria decision making. First, the resemblance relations are defined based on the semantics of terms on the domain. Then, the hedges can be represented after the upper and loose upper approximations of a linguistic term are derived. Accordingly, some compact formulae can be derived for the semantics of linguistic expressions with hedges. Parameters in these formulae are objectively determined according to the semantics of original terms. The proposed model presents a more natural way to express the decision information under uncertainties and its semantics is clear. The proposed model is clarified by solving the problem of evaluation and selection of sustainable innovative energy technologies. Computational results demonstrate that the model can deal with various uncertainties of the problem. Finally, the model is compared with existing techniques and extended to the case when the semantics of terms are represented by trapezoidal fuzzy numbers.