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 o...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.展开更多
Hedge funds have traditionally served wealthy individuals and institutional investors with the promise of delivering protection of capital and uncorrelated positive returns irrespective of market direction,allowing th...Hedge funds have traditionally served wealthy individuals and institutional investors with the promise of delivering protection of capital and uncorrelated positive returns irrespective of market direction,allowing them to better manage portfolio risk.However,the financial crisis of 2008 has heightened investor sensitivity to the high fees,illiquidity,lack of transparency,and lockup periods typically associated with hedge funds.Hedge fund replication products,or clones,seek to answer these challenges by providing daily liquidity,transparency,and immediate exposure to a desired hedge fund strategy.Nonetheless,although lowering cost and adding simplicity by using a common set of factors,traditional replication products might offer lower risk-reward performance compared to hedge funds.This research explores hedge fund replication further by examining the importance of constructing clones with specific factors relevant to each hedge fund strategy,and then compares the strategy specific clone risk and reward performance against both actual hedge fund performance and hedge fund clones constructed using a more general set of common factors.Testing shows that using strategy specific factors to replicate common hedge fund strategies can offer superior risk-reward performance compared to previous general model clones.展开更多
This paper investigates the evolutionary change in the OF(OF) of hedges in different moves of EMRAs(EMRAs).Two corpora are established for longitudinal study,with Corpus A consisting of EMRAs from 1990-1994 and Corpus...This paper investigates the evolutionary change in the OF(OF) of hedges in different moves of EMRAs(EMRAs).Two corpora are established for longitudinal study,with Corpus A consisting of EMRAs from 1990-1994 and Corpus B from 2005-2009.Generally,no significant change has been found in overall use of hedges.However,apart from move 6,7 and 10,we have found some interesting changes in the other moves.On the one hand,the OF of hedges in move 1,move 3,move 4 and move 5 shows a significant increase.On the other hand,the OF of hedges in move 2,8,9 and move 11 show a significant decrease.展开更多
The subprime crisis was quite damaging for hedge funds.Using the local projection method(Jordà2004,2005,2009),we forecast the dynamic responses of the betas of hedge fund strategies to macroeconomic and financial...The subprime crisis was quite damaging for hedge funds.Using the local projection method(Jordà2004,2005,2009),we forecast the dynamic responses of the betas of hedge fund strategies to macroeconomic and financial shocks—especially volatility and illiquidity shocks—over the subprime crisis in order to investigate their market timing activities.In a robustness check,using TVAR(Balke 2000),we simulate the reaction of hedge fund strategies’betas in extreme scenarios allowing moderate and strong adverse shocks.Our results show that the behavior of hedge fund strategies regarding the monitoring of systematic risk is highly nonlinear in extreme scenarios—especially during the subprime crisis.We find that countercyclical strategies have an investment technology which differs from procyclical ones.During crises,the former seek to capture non-traditional risk premia by deliberately increasing their systematic risk while the later focus more on minimizing risk.Our results suggest that the hedge fund strategies’betas respond more to illiquidity uncertainty than to illiquidity risk during crises.We find that illiquidity and VIX shocks are the major drivers of systemic risk in the hedge fund industry.展开更多
As a widely used reconstruction algorithm in quantum state tomography, maximum likelihood estimation tends to assign a rank-deficient matrix, which decreases estimation accuracy for certain quantum states. Fortunately...As a widely used reconstruction algorithm in quantum state tomography, maximum likelihood estimation tends to assign a rank-deficient matrix, which decreases estimation accuracy for certain quantum states. Fortunately, hedged maximum likelihood estimation (HMLE) [Phys. Rev. Lett. 105 (2010)200504] was proposed to avoid this problem. Here we study more details about this proposal in the two-qubit case and further improve its performance. We ameliorate the HMLE method by updating the hedging function based on the purity of the estimated state. Both performances of HMLE and ameliorated HMLE are demonstrated by numerical simulation and experimental implementation on the Werner states of polarization-entangled photons.展开更多
The aim of the present research to explore the hedges used English business letters. Several samples have been chosen to make qualitative study in order to achieve the goal of answering the following question: what ar...The aim of the present research to explore the hedges used English business letters. Several samples have been chosen to make qualitative study in order to achieve the goal of answering the following question: what are the pragmatic functions of hedges being used in business letters? After analyzing the samples, the conclusion could be came that the employment of hedges in business letters has three pragmatic functions-giving the right amount of information, being polite and self-production.展开更多
Hedge has been proposed as an adaptive scheme, which guides the player’s hand in a multi-armed bandit full information game. Applications of this game exist in network path selection, load distribution, and network i...Hedge has been proposed as an adaptive scheme, which guides the player’s hand in a multi-armed bandit full information game. Applications of this game exist in network path selection, load distribution, and network interdiction. We perform a worst case analysis of the Hedge algorithm by using an adversary, who will consistently select penalties so as to maximize the player’s loss, assuming that the adversary’s penalty budget is limited. We further explore the performance of binary penalties, and we prove that the optimum binary strategy for the adversary is to make greedy decisions.展开更多
Human language is fuzzy,which can be reflected by hedges.Prince has divided hedges into adaptor,rounder,plausibility shields,and attribution shields.In a dialogue,hedges can protect face of the speakers and relieve so...Human language is fuzzy,which can be reflected by hedges.Prince has divided hedges into adaptor,rounder,plausibility shields,and attribution shields.In a dialogue,hedges can protect face of the speakers and relieve some of the speaker’s responsibilities as well as make linguistic expressions more implicit,polite,and flexible.Based on this classification,the paper analyzes some typical hedges and their functions used in the dialogues of the novel Pride and Prejudice,so as to have a deeper understanding of the major characters and the theme of the novel.展开更多
Hedging is a communication strategy frequently used by the spokespersons at the press conference.This thesis intends to find out the ideologies hidden behind those hedges under the guidance of Fairclough’s three-dime...Hedging is a communication strategy frequently used by the spokespersons at the press conference.This thesis intends to find out the ideologies hidden behind those hedges under the guidance of Fairclough’s three-dimensional model.As a research method of linguistics,critical discourse analysis(CDA)aims to reveal the the relationship among language,power and ideology hidden behind the language.This thesis adopts Prince’classification criteria of hedges to identify and count the different types of hedges in the research data selected from Chinese and American government websites.The analysis is conducted at the following three steps:description,interpretation and explanation.The first stage is to recognize and count the hedges in two languages,then to find their similarities and differences and the last step is to find possible reasons for those similarities and differences and the ideologies behind the hedges.Analysis results show that differences in culture values and diplomatic ideology contribute to the different ideologies.展开更多
Hedges refer to the speakers who deliberately make the language more vague or clear in order to achieve its target language form.The initial COVID-19 in 2020 is a global epidemic,and people who stay at home relying on...Hedges refer to the speakers who deliberately make the language more vague or clear in order to achieve its target language form.The initial COVID-19 in 2020 is a global epidemic,and people who stay at home relying on Internet media channels to obtain information.People are more likely to take news media as the prior measure to contact with the information.COVID-19 news is closely related to people’s daily life.COVID-19 news requires accuracy and high expression of language,and it is easy for readers to find out that reporters use a large number of hedges in COVID-19 news articles.This paper intends to conduct a self-built micro corpus so as to explore the use of hedges in COVID-19 news.Based on this research purpose,this article focuses on solving two problems:(1).The similarities and differences in the frequency and distribution of hedges in COVID-19 news;(2).The pragmatic and public opinion functions of hedges in the news of the COVID-19 epidemic.The result of the study indicated that a great number of hedges are used in the COVID-19 news.According to Prince’s classification of Hedges from the perspective of pragmatics,the distribution and frequency of different types of hedges are various.Reports sometimes manipulate the usage of hedges,change their heddging functions to protect the image of countries,enhance reader’s confidence and guide a favorable environment to society.展开更多
In recent years, numerous scholars have attached much importance to the pragmatic function of hedges and associated it with daily life. Scholars have conducted a lot of research on how hedges function in news broadcas...In recent years, numerous scholars have attached much importance to the pragmatic function of hedges and associated it with daily life. Scholars have conducted a lot of research on how hedges function in news broadcast, interview, trial, commercial negotiation, language teaching, entertainment, etc. However, there is still no research on its application in Public Speaking Contest (hereinafter referred to as PSC ). PSC is usually regarded as a great annual event for students. In order to analyze the efficiency of hedges in PSC to help students to he skirted in the application of different hedges, this article wiU analyze characteristics of hedges by the comparison with the relevant concept like probability and vagueness; then some scholars' approach of classifieation will be introduced; lastly, it will analyze different function of hedges under the context of some articles in"Filter Cup"English Public Speaking Contest. Adaptors can make the expression more polite and tact; rounders can make speaker' s information more believable and show his sincere attitude for judges; plausibility shields can show thoughtful and clear-headed property; attribution shields can help to avoid the responsibility for a fault.展开更多
Hedges is widely employed in conference interpreting and can be used to unveil interpreters’role deviation.However,few empirical studies have been made to explore conference interpreters’role deviation through the u...Hedges is widely employed in conference interpreting and can be used to unveil interpreters’role deviation.However,few empirical studies have been made to explore conference interpreters’role deviation through the use of hedges.This piece of book review offers a comprehensive examination of the book on interpreters’role deviation in interpreting at Chinese government press conferences from conceptual,methodological and empirical aspects.With in-depth discussion on some critical aspects covered by the volume,the book review can help readers to gain a more nuanced understanding on the relationship between the use of hedges and interpreters’role deviation.展开更多
Hedges was first put forward by George Lakoff in 1972.He mainly researched the meaning criteria and fuzzy logic of hedges. Later other linguists have begun to talk about the social function of hedges, which makes this...Hedges was first put forward by George Lakoff in 1972.He mainly researched the meaning criteria and fuzzy logic of hedges. Later other linguists have begun to talk about the social function of hedges, which makes this research more comprehensive. The social function of hedges is relatively more practical for us. Only when we know it, can we use hedges in appropriate terms according to our gender, social status, profession and definite occasions.展开更多
As one kind of important discourse marker in daily life,hedge is often used by communicators and it is also one of pragmatic strategies and means.However,in terms of studies on hedges at home and abroad so far,they ha...As one kind of important discourse marker in daily life,hedge is often used by communicators and it is also one of pragmatic strategies and means.However,in terms of studies on hedges at home and abroad so far,they have been mainly done in the practical discourses of the fields of business negotiations,diplomatic language,etc.,and the studies on hedges in the film are few.As a typical life sitcom,The Big Bang Theory has been made lots of studies by researchers,which are mainly about humorous discourses or language translation in it.Therefore,this paper selects some episodes from The Big Bang Theory to discuss the usage of hedges as adaptation to the communication context,including the physical world,the social world,and the mental world so as to help people use hedges more accurately in daily life.展开更多
Hedge funds have recently become popular because of their low correlation with traditional investments and their ability to generate positive returns with a relatively low volatility.However,a close look at those high...Hedge funds have recently become popular because of their low correlation with traditional investments and their ability to generate positive returns with a relatively low volatility.However,a close look at those high-performing hedge funds raises the questions on whether their performance is truly superior and whether the high management fees are justified.Incurring no alpha costs,passive hedge fund replication strategies raise the question on whether they can similarly perform by improving efficiency at reduced costs.Therefore,this study investigates two different model approaches for the equity long/short strategy,where weighted segmented linear regression models are employed and combined with two-state Markov switching models.The main finding proves a short put option structure,i.e.,short equity market volatility,with the put structure present in all market states.We obtain an evidence that the hedge fund managers decrease their short-volatility profile during turbulent markets.展开更多
In our recent papers, we have identified a class of phase transitions in the market-directed resource- allocation game, and found that there exists a critical point at which the phase transitions occur. The critical p...In our recent papers, we have identified a class of phase transitions in the market-directed resource- allocation game, and found that there exists a critical point at which the phase transitions occur. The critical point is given by a certain resource ratio. Here, by performing computer simulations and theoretical analysis, we report that the critical point is robust against various kinds of human hedge behavior where the numbers of herds and contrarians can be varied widely. This means that the critical point can be independent of the total number of participants composed of normal agents, herds and contrarians, under some conditions. This finding means that the critical points we identified in this complex adaptive system (with adaptive agents) may also be an intensive quantity, similar to those revealed in traditional physical systems (with non-adaptive units).展开更多
The paper extends the Adle and Dumas's simple regression approach of foreign currency hedging to the case of exposure to multiple foreign currencies and provides extension methodology.
On the question of optimal hedge ratio, this paper firstly draws the chance to choose a market-entering point to the model. Using the replication principle of finance engineering, we make an assumed equity and get the...On the question of optimal hedge ratio, this paper firstly draws the chance to choose a market-entering point to the model. Using the replication principle of finance engineering, we make an assumed equity and get the optimal hedge ratio of the model, which gives the theoretical support to the practice. We should not only concern on the market-entering point, but also concern on the period of the hedge that still influences the effect of hedging. But only the period of hedging gives its affection if the time is relatively long.展开更多
基金The National Natural Science Foundation of China(No.61273209)the Scientific Research Foundation of Graduate School of Southeast University(No.YBJJ1528)the Scientific Innovation Research of College Graduates in Jiangsu Province(No.KYLX15-0191)
文摘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.
基金The Department of Engineering Management and Systems Engineering at the Missouri University of Science and Technology provided graduate assistantship funding for Mr.Sujit Subhash.
文摘Hedge funds have traditionally served wealthy individuals and institutional investors with the promise of delivering protection of capital and uncorrelated positive returns irrespective of market direction,allowing them to better manage portfolio risk.However,the financial crisis of 2008 has heightened investor sensitivity to the high fees,illiquidity,lack of transparency,and lockup periods typically associated with hedge funds.Hedge fund replication products,or clones,seek to answer these challenges by providing daily liquidity,transparency,and immediate exposure to a desired hedge fund strategy.Nonetheless,although lowering cost and adding simplicity by using a common set of factors,traditional replication products might offer lower risk-reward performance compared to hedge funds.This research explores hedge fund replication further by examining the importance of constructing clones with specific factors relevant to each hedge fund strategy,and then compares the strategy specific clone risk and reward performance against both actual hedge fund performance and hedge fund clones constructed using a more general set of common factors.Testing shows that using strategy specific factors to replicate common hedge fund strategies can offer superior risk-reward performance compared to previous general model clones.
文摘This paper investigates the evolutionary change in the OF(OF) of hedges in different moves of EMRAs(EMRAs).Two corpora are established for longitudinal study,with Corpus A consisting of EMRAs from 1990-1994 and Corpus B from 2005-2009.Generally,no significant change has been found in overall use of hedges.However,apart from move 6,7 and 10,we have found some interesting changes in the other moves.On the one hand,the OF of hedges in move 1,move 3,move 4 and move 5 shows a significant increase.On the other hand,the OF of hedges in move 2,8,9 and move 11 show a significant decrease.
基金support from the IPAG Business School and from the Social Sciences and Humanities Research Council of Canada(SSHRC)—Grant No.435-2019-0078.
文摘The subprime crisis was quite damaging for hedge funds.Using the local projection method(Jordà2004,2005,2009),we forecast the dynamic responses of the betas of hedge fund strategies to macroeconomic and financial shocks—especially volatility and illiquidity shocks—over the subprime crisis in order to investigate their market timing activities.In a robustness check,using TVAR(Balke 2000),we simulate the reaction of hedge fund strategies’betas in extreme scenarios allowing moderate and strong adverse shocks.Our results show that the behavior of hedge fund strategies regarding the monitoring of systematic risk is highly nonlinear in extreme scenarios—especially during the subprime crisis.We find that countercyclical strategies have an investment technology which differs from procyclical ones.During crises,the former seek to capture non-traditional risk premia by deliberately increasing their systematic risk while the later focus more on minimizing risk.Our results suggest that the hedge fund strategies’betas respond more to illiquidity uncertainty than to illiquidity risk during crises.We find that illiquidity and VIX shocks are the major drivers of systemic risk in the hedge fund industry.
基金Supported by the National Natural Science Foundation of China under Grant Nos 11574291,61108009 and 61222504
文摘As a widely used reconstruction algorithm in quantum state tomography, maximum likelihood estimation tends to assign a rank-deficient matrix, which decreases estimation accuracy for certain quantum states. Fortunately, hedged maximum likelihood estimation (HMLE) [Phys. Rev. Lett. 105 (2010)200504] was proposed to avoid this problem. Here we study more details about this proposal in the two-qubit case and further improve its performance. We ameliorate the HMLE method by updating the hedging function based on the purity of the estimated state. Both performances of HMLE and ameliorated HMLE are demonstrated by numerical simulation and experimental implementation on the Werner states of polarization-entangled photons.
文摘The aim of the present research to explore the hedges used English business letters. Several samples have been chosen to make qualitative study in order to achieve the goal of answering the following question: what are the pragmatic functions of hedges being used in business letters? After analyzing the samples, the conclusion could be came that the employment of hedges in business letters has three pragmatic functions-giving the right amount of information, being polite and self-production.
文摘Hedge has been proposed as an adaptive scheme, which guides the player’s hand in a multi-armed bandit full information game. Applications of this game exist in network path selection, load distribution, and network interdiction. We perform a worst case analysis of the Hedge algorithm by using an adversary, who will consistently select penalties so as to maximize the player’s loss, assuming that the adversary’s penalty budget is limited. We further explore the performance of binary penalties, and we prove that the optimum binary strategy for the adversary is to make greedy decisions.
文摘Human language is fuzzy,which can be reflected by hedges.Prince has divided hedges into adaptor,rounder,plausibility shields,and attribution shields.In a dialogue,hedges can protect face of the speakers and relieve some of the speaker’s responsibilities as well as make linguistic expressions more implicit,polite,and flexible.Based on this classification,the paper analyzes some typical hedges and their functions used in the dialogues of the novel Pride and Prejudice,so as to have a deeper understanding of the major characters and the theme of the novel.
文摘Hedging is a communication strategy frequently used by the spokespersons at the press conference.This thesis intends to find out the ideologies hidden behind those hedges under the guidance of Fairclough’s three-dimensional model.As a research method of linguistics,critical discourse analysis(CDA)aims to reveal the the relationship among language,power and ideology hidden behind the language.This thesis adopts Prince’classification criteria of hedges to identify and count the different types of hedges in the research data selected from Chinese and American government websites.The analysis is conducted at the following three steps:description,interpretation and explanation.The first stage is to recognize and count the hedges in two languages,then to find their similarities and differences and the last step is to find possible reasons for those similarities and differences and the ideologies behind the hedges.Analysis results show that differences in culture values and diplomatic ideology contribute to the different ideologies.
文摘Hedges refer to the speakers who deliberately make the language more vague or clear in order to achieve its target language form.The initial COVID-19 in 2020 is a global epidemic,and people who stay at home relying on Internet media channels to obtain information.People are more likely to take news media as the prior measure to contact with the information.COVID-19 news is closely related to people’s daily life.COVID-19 news requires accuracy and high expression of language,and it is easy for readers to find out that reporters use a large number of hedges in COVID-19 news articles.This paper intends to conduct a self-built micro corpus so as to explore the use of hedges in COVID-19 news.Based on this research purpose,this article focuses on solving two problems:(1).The similarities and differences in the frequency and distribution of hedges in COVID-19 news;(2).The pragmatic and public opinion functions of hedges in the news of the COVID-19 epidemic.The result of the study indicated that a great number of hedges are used in the COVID-19 news.According to Prince’s classification of Hedges from the perspective of pragmatics,the distribution and frequency of different types of hedges are various.Reports sometimes manipulate the usage of hedges,change their heddging functions to protect the image of countries,enhance reader’s confidence and guide a favorable environment to society.
文摘In recent years, numerous scholars have attached much importance to the pragmatic function of hedges and associated it with daily life. Scholars have conducted a lot of research on how hedges function in news broadcast, interview, trial, commercial negotiation, language teaching, entertainment, etc. However, there is still no research on its application in Public Speaking Contest (hereinafter referred to as PSC ). PSC is usually regarded as a great annual event for students. In order to analyze the efficiency of hedges in PSC to help students to he skirted in the application of different hedges, this article wiU analyze characteristics of hedges by the comparison with the relevant concept like probability and vagueness; then some scholars' approach of classifieation will be introduced; lastly, it will analyze different function of hedges under the context of some articles in"Filter Cup"English Public Speaking Contest. Adaptors can make the expression more polite and tact; rounders can make speaker' s information more believable and show his sincere attitude for judges; plausibility shields can show thoughtful and clear-headed property; attribution shields can help to avoid the responsibility for a fault.
文摘Hedges is widely employed in conference interpreting and can be used to unveil interpreters’role deviation.However,few empirical studies have been made to explore conference interpreters’role deviation through the use of hedges.This piece of book review offers a comprehensive examination of the book on interpreters’role deviation in interpreting at Chinese government press conferences from conceptual,methodological and empirical aspects.With in-depth discussion on some critical aspects covered by the volume,the book review can help readers to gain a more nuanced understanding on the relationship between the use of hedges and interpreters’role deviation.
文摘Hedges was first put forward by George Lakoff in 1972.He mainly researched the meaning criteria and fuzzy logic of hedges. Later other linguists have begun to talk about the social function of hedges, which makes this research more comprehensive. The social function of hedges is relatively more practical for us. Only when we know it, can we use hedges in appropriate terms according to our gender, social status, profession and definite occasions.
文摘As one kind of important discourse marker in daily life,hedge is often used by communicators and it is also one of pragmatic strategies and means.However,in terms of studies on hedges at home and abroad so far,they have been mainly done in the practical discourses of the fields of business negotiations,diplomatic language,etc.,and the studies on hedges in the film are few.As a typical life sitcom,The Big Bang Theory has been made lots of studies by researchers,which are mainly about humorous discourses or language translation in it.Therefore,this paper selects some episodes from The Big Bang Theory to discuss the usage of hedges as adaptation to the communication context,including the physical world,the social world,and the mental world so as to help people use hedges more accurately in daily life.
文摘Hedge funds have recently become popular because of their low correlation with traditional investments and their ability to generate positive returns with a relatively low volatility.However,a close look at those high-performing hedge funds raises the questions on whether their performance is truly superior and whether the high management fees are justified.Incurring no alpha costs,passive hedge fund replication strategies raise the question on whether they can similarly perform by improving efficiency at reduced costs.Therefore,this study investigates two different model approaches for the equity long/short strategy,where weighted segmented linear regression models are employed and combined with two-state Markov switching models.The main finding proves a short put option structure,i.e.,short equity market volatility,with the put structure present in all market states.We obtain an evidence that the hedge fund managers decrease their short-volatility profile during turbulent markets.
文摘In our recent papers, we have identified a class of phase transitions in the market-directed resource- allocation game, and found that there exists a critical point at which the phase transitions occur. The critical point is given by a certain resource ratio. Here, by performing computer simulations and theoretical analysis, we report that the critical point is robust against various kinds of human hedge behavior where the numbers of herds and contrarians can be varied widely. This means that the critical point can be independent of the total number of participants composed of normal agents, herds and contrarians, under some conditions. This finding means that the critical points we identified in this complex adaptive system (with adaptive agents) may also be an intensive quantity, similar to those revealed in traditional physical systems (with non-adaptive units).
文摘The paper extends the Adle and Dumas's simple regression approach of foreign currency hedging to the case of exposure to multiple foreign currencies and provides extension methodology.
文摘On the question of optimal hedge ratio, this paper firstly draws the chance to choose a market-entering point to the model. Using the replication principle of finance engineering, we make an assumed equity and get the optimal hedge ratio of the model, which gives the theoretical support to the practice. We should not only concern on the market-entering point, but also concern on the period of the hedge that still influences the effect of hedging. But only the period of hedging gives its affection if the time is relatively long.