The relationship between exchange rate exposure, currency risk management and performance of international equity funds

This paper assesses the currency risk management policies for a sample of Australian international equity trusts. The relevance of currency risk management is considered in the context of exchange rate exposure and performance measures. The study incorporates differing economic climates and particular emphasis is given to the Asian crisis in mid-1997. Our results indicate that a good proportion of funds do implement specific currency risk management policies. Furthermore, we find that for those funds managing currency risk, there is some evidence of a favourable impact on currency exposure and fund performance.

A reinvestigation of phase equilibria in the system Al2O3-SiO2-ZnO

The phase equilibria and liquidus temperatures in the binary SiO2-ZnO system and in the ternary Al2O3-SiO2-ZnO system at low Al2O3 concentrations have been experimentally determined using the equilibration and quenching technique followed by electron probe X-ray microanalysis. In the SiO2-ZnO system, two binary eutectics involving the congruently melting willemite (Zn2SiO4) were found at 1448 +/- 5 degrees C and 0.52 +/- 0.01 mole fraction ZnO and at 1502 +/- 5 degrees C and 0.71 +/- 0.01 mole fraction ZnO, respectively. The two ternary eutectics involving willemite previously reported in the Al2O3SiO2-ZnO system were found to be at 1315 +/- 5 degrees C and 1425 +/- 25 T, respectively. The compositions of the eutectics are 0.07, 0.52, and 0.41 and 0.05, 0.28, and 0.67 mole fraction Al2O3, SiO2, and ZnO, respectively. The results of the present investigation are significantly different from the results of previous studies.

'Seeing the market': Technical analysis in trading styles

Whilst financial markets are not strangers to academic and professional scrutiny, they still remain epistemologically contested. For individuals trying to profit by trading shares, this uncertainty is manifested in the varying trading styles which they are able to utilize. This paper examines one trading style commonly used by non-professional share traders-technical analysis. Using research data obtained from individuals who identify themselves as technical analysts, this paper seeks to explain the ways in which individuals understand and use the technique in an attempt to make trading profits. In particular, four distinct subcategories or ideal types of technical analysis can be identified, each providing an alternative perceptual form for participating in financial markets. Each of these types relies upon a particular method for seeing the market, these visualization techniques highlighting the existence of forms of professional vision (as originally identified by Goodwin (1994)) in the way the trading styles are comprehended and acted upon.