823 resultados para Active currency hedging
Resumo:
Increasingly growing share of distributed generation in the whole electrical power system’s generating system is currently a worldwide tendency, driven by several factors, encircling mainly difficulties in refinement of megalopolises’ distribution networks and its maintenance; widening environmental concerns adding to both energy efficiency approaches and installation of renewable sources based generation, inherently distributed; increased power quality and reliability needs; progress in IT field, making implementable harmonization of needs and interests of different-energy-type generators and consumers. At this stage, the volume, formed by system-interconnected distributed generation facilities, have reached the level of causing broad impact toward system operation under emergency and post-emergency conditions in several EU countries, thus previously implementable approach of their preliminary tripping in case of a fault, preventing generating equipment damage and disoperation of relay protection and automation, is not applicable any more. Adding to the preceding, withstand capability and transient electromechanical stability of generating technologies, interconnecting in proximity of load nodes, enhanced significantly since the moment Low Voltage Ride-Through regulations, followed by techniques, were introduced in Grid Codes. Both aspects leads to relay protection and auto-reclosing operation in presence of distributed generation generally connected after grid planning and construction phases. This paper proposes solutions to the emerging need to ensure correct operation of the equipment in question with least possible grid refinements, distinctively for every type of distributed generation technology achieved its technical maturity to date and network’s protection. New generating technologies are equivalented from the perspective of representation in calculation of initial steady-state short-circuit current used to dimension current-sensing relay protection, and widely adopted short-circuit calculation practices, as IEC 60909 and VDE 0102. The phenomenon of unintentional islanding, influencing auto-reclosing, is addressed, and protection schemes used to eliminate an sustained island are listed and characterized by reliability and implementation related factors, whereas also forming a crucial aspect of realization of the proposed protection operation relieving measures.
Resumo:
Tämän kandidaatintutkielman tavoitteena on selvittää OMXH 25-yhtiöiden altistumista valuuttariskille ja kuinka nämä yhtiöt suojautuvat siltä. Tässä tutkimuksessa on lisäksi selvitetty näiden yhtiöiden tärkeimmät ulkomaanvaluutat ja yhtiöiden suojausstrategioita. Valuuttariskin suuruuden selvittämiseksi yhtiöiden vieraan valuuttaista liikevaihtoa verrattiin yhtiön kokonaisliikevaihtoon. Tutkimuksen aineistona on käytetty yhtiöiden vuosien 2013 ja 2014 tilinpäätöksiä. Aineistosta on lisäksi rajattu pois OMXH 25-yhtiöiden joukosta Nordea, Sampo, Elisa ja Telia Sonera. Nämä yhtiöt rajattiin pois, koska ne soveltuivat huonosti tämän tutkimuksen kohteiksi. Tutkimuksen teoriakehys on rakennettu keskeisten teorioiden ja käsitteiden avulla. Valuuttariski voidaan jakaa kolmeen osaan: transaktioriskiin, ekonomiseen riskiin ja translaatioriskiin. Valuuttariskin suojauksessa käytettävät instrumentit ovat termiinit, optiot, swap-sopimukset ja vieraan valuuttainen velka. Myös suojaamatta jättämisen mahdollisuutta on tutkittu. Tutkimuksessa kävi ilmi yhtiöiden merkittävä altistuminen valuuttariskille liikevaihdolla mitattuna. Yhtiöiden liikevaihdosta lähes 50% tapahtui jossain muussa valuutassa kuin euroissa. Yhtiöt käyttävät valuuttariskiltä suojautumiseen pääasiassa termiinejä, mutta myös muita instrumentteja käytetään jonkin verran. Yhtiöt keskittyvät eniten transaktioriskin suojaamiseen ekonomisen riskin ja tranlaatioriskin jäädessä pienemmälle huomiolle. Myös aikaisemmissa tutkimuksissa on saatu samankaltaisia tuloksia. Viime vuosien voimakkaat valuuttakurssimuutokset ovat vaikuttaneet yhtiöiden tuloksiin negatiivisesti ja erityisesti ruplan arvon voimakas heikentyminen suhteessa euroon aiheutti joillekkin yhtiöille merkittäviä valuuttakurssitappioita. Tärkein vieras valuutta tutkituille yhtiöille oli USA:n dollari. Korkeasta suojausasteesta huolimatta suurinosa tutkituista yhtiöistä kärsi valuuttakurssitappiota kumpanakin tarkasteltuna vuonna.
Resumo:
The aim of this paper is to discuss the trend of overvaluation of the Brazilian currency in the 2000s, presenting an econometric model to estimate the real exchange rate (RER) and which should be a reference level of the RER to guide long-term economic policy. In the econometric model, we consider long-term structural and short-term components, both of which may be responsible for explaining overvaluation trend of the Brazilian currency. Our econometric exercise confirms that the Brazilian currency had been persistently overvalued throughout almost all of the period under analysis, and we suggest that the long-term reference level of the real exchange rate was reached in 2004. In July 2014, the average nominal exchange rate should have been around 2.90 Brazilian reais per dollar (against an observed nominal rate of 2.22 Brazilian reais per dollar) to achieve the 2004 real reference level (average of the year). That is, according to our estimates, in July 2014 the Brazilian real was overvalued at 30.6 per cent in real terms relative to the reference level. Based on these findings we conclude the paper suggesting a mix of policy instruments that should have been used in order to reverse the overvaluation trend of the Brazilian real exchange rate, including a target for reaching a real exchange rate in the medium and the long-run which would favor resource allocation toward more technological intensive sectors.
Resumo:
The objective of the study is to extend the existing hedging literature of the commodity price risks by investigating what kind of hedging strategies can be used in companies using bitumen as raw material in their production. Five different alternative swap hedging strategies in bitumen markets are empirically tested. Strategies tested are full hedge strategy, simple, conservative, and aggressive term structure strategies, and implied volatility strategy. The effectiveness of the alternative strategies is measured by excess returns compared to no hedge strategy. In addition, the downside risk of each strategy is measured with target absolute semi-deviation. Results indicate that any of the tested strategies does not outperform the no hedge strategy in terms of excess returns in all maturities. The best-performing aggressive term structure strategy succeeds to create positive excess returns only in short maturities. However, risk seems to increase hand-in-hand with the excess returns so that the best-performing strategies get the highest risk metrics as well. This implicates that the company willing to gain from favorable price movements must be ready to bear a greater risk. Thus, no superior hedging strategy over the others is found.
Resumo:
The deoxy derivative of pancratistatin 1.10 was prepared in good yield through the use of a [4+2] Diels-Alder cycloaddition and Bischler-Napieralski cyclization approach. The Bischler-Napieralski cyclization was shown to yield two additional side products 2.9, 2.10, however, under slightly modified hydrolysis conditions, the tetracyclic product 2.11 was obtained exclusively in greater than 84% yield. Initial screening of the di-hydroxylatgd derivative, and the other complementary pair analogue 1.10' previously prepared in our laboratories gave interesting results. Both of these compounds were shown to exhibit cytostatic activity; the mono-alcohol was marginally active while the di-hydroxylated analogue proved to be more potent although one to two magnitudes less potent than pancratistatin itself Human tumour cell line assay results indicated that the di-hydroxylated derivative exhibited selective cytotoxic inhibition in the following cell lines: non-small cell lung cancer line NCI-H226 (ED50 - 0.65 ^g/mL), leukemia cell lines CCRF-CEM (ED30 = 0.55 Hg/mL) and HL-60(TB) (ED50 = 0.89^ig/mL). Our results demonstrated that the pharmacophore is not a mono-alcohol, and that the minimum pharmacophore contains the hydroxyl group at the C4 position in addition to either, or both, of the hydroxyl groups present at C2 and C3.' The minimum pharmacophore has been narrowed to only three possibilities which are current synthetic targets in several research groups. The controlled Grignard addition to the tartaric acid derived bis-Weinreb amide 1.25 afforded a direct entry to a host of 1,4-diflferentiated tartaric acid derived intermediates (2.12-2.18). This potentially usefiil methodology was demonstrated through the efficient synthesis of the naturally occurring lactone 2.23, which bears the inherent syn-dio\ subunit. Based on this result, a similar approach to the synthesis of syn-dio\ bearing natural products looks very promising? A direct 2,3-diol desymmetrization method using TIPS-triflate was shown to be effective on the selective differentiation of Z,-methyl tartrate (and diisopropyl tartrate). The mono-silyl-protected intermediates 2.31 also proved to be useful when they were selectively differentiated at the 1,4-carboxyl position (2.35, 2.36) through the use of a borohydride reducing agent. Furthermore, the mono-silyl-protected derivative underwent periodate cleavage affording two synthetically useful a,P-unsaturated esters 2.43, 2.44, with one of esters being obtained via a silyl-migration method.''
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This study examined the interactions between the reproductive status and the thermoregulatory responses during exercise in the cold in girls involved in competitive sports. Four girls with established menstrual cycles comprised the eumenorrheic menarcheal group (EM) and 5 non-menstruating girls comprised the pre-menarcheal group (PM). During the first visit maximal oxygen consumption, height, weight and percent body fat (%BF) were measured. The second visit involved: a determination of metabolic rate in thermoneutrality (21°C) involving 10-min rest and 20-min cycling (30% of VCL max), and a cold stress test (5°C, 40% humidity, <0.3 m/s air velocity) involving 20-min rest and 40-min cycling (30% of VCL max.). Subjects in the EM group were tested twice in the chamber during the follicular and luteal phases. Pre-menarcheal subjects were found to have significantly (p<0.05) lower core temperatures during the final stages of cold exposure. Overall, body fat was not significantly correlated with core temperature in the cold, however there was a significant surface-to-mass ratio difference between the groups. While in the follicular phase, EM girls had a higher core temperature during cold exposure. Therefore, reproductive hormonal status seems to be an important factor in terms of cold tolerance in females during adolescence.
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An ascending cholinergic projection, which originates in the laterodorsal tegmental nucleus (LDT), was implicated in the initiation of ultrasonic vocalization. The goal of this study was to histochemically examine the activity the LDT following ultrasonic calls induced by two methods. It was hypothesized that cholinergic LDT cells would be more active during air puffinduced vocalization than carbachol-induced one. Choline acetyltransferase (ChAT), and cFos protein were visualized histochemically as markers of cholinergic calls and cellular activity, respectively. Results indicated that animals vocalizing after carbachol, but not after air puff, had a significantly higher number of Fos labeled nuclei within the LDT than non vocalizing controls. A significantly higher number of doublelabeled neurons were discovered in the LDT of vocalizing animals (in both groups) as compared to control conditions. Thus, there were significantly more active cholinergic cells in the LDT of vocalizing than non-vocalizing rats for both methods of call induction.
Resumo:
The spatial limits of the active site in the benzylic hydroxylase enzyme of the fungus Mortierella isabellina were investigated. Several molecular probes were used in incubation experiments to determine the acceptability of each compound by this enzyme. The yields of benzylic alcohols provided information on the acceptability of the particular compound into the active site, and the enantiomeric excess values provided information on the "fit" of acceptable substrates. Measurements of the molecular models were made using Cambridge Scientific Computing Inc. CSC Chem 3D Plus modeling program. i The dimensional limits of the aromatic binding pocket of the benzylic hydroxylase were tested using suitably substituted ethyl benzenes. Both the depth (para substituted substrates) and width (ortho and meta substituted substrates) of this region were investigated, with results demonstrating absolute spatial limits in both directions in the plane of the aromatic ring of 7.3 Angstroms for the depth and 7.1 Angstroms for the width. A minimum requirement for the height of this region has also been established at 6.2 Angstroms. The region containing the active oxygen species was also investigated, using a series of alkylphenylmethanes and fused ring systems in indan, 1,2,3,4-tetrahydronaphthalene and benzocycloheptene substrates. A maximum distance of 6.9 Angstroms (including the 1.5 Angstroms from the phenyl substituent to the active center of the heme prosthetic group of the enzyme) has been established extending directly in ii front of the aromatic binding pocket. The other dimensions in this region of the benzylic hydroxylase active site will require further investigation to establish maximum allowable values. An explanation of the stereochemical distributions in the obtained products has also been put forth that correlates well with the experimental observations.
Resumo:
If quality of life is an important recreation outcome, then municipal parks and recreation management's efforts have to change because:· Over one-third of all the little kids in schools will be diabetic in their lifetime if the trends we are looking at continue. The average loss of life is about 15 years, and there is an average reduction in quality oflife by about 20 years (Jackson, 2007). This thesis is about municipal parks and recreation, an agency that controls and limits physical activity opportunity. It is also about active living; from an ecological perspective, a multi-disciplinary approach to incorporate physical activity into more 111 people's daily lives. In particular, this thesis examines one case --'. the Donutville Case - . with the intent of providing an explanation of how municipal parks and recreation can advance its management efforts to improve health outcomes of people suffering from daily physical activity deficits. More specifically, how can the tension between external and internal environments to municipal parks and recreation be better balanced to affect the change needed? Given that changing the current social reality is through making decisions, decision-making functions connected with systems theory helps identify how recreation authorities can more effectively influence environmental physical activity determinants. , Sallis et al.' (2006) ·social ecological model provides the a priori focus on active living decision-making. An integrated analogous emerging logic model is developed and presented as an efficacious strategy for how municipal parks and recreation decisionmakers can affect change. Keywords: physical activity, benefits outcomes, healthy livable community, quality of life, systems thinking, social ecological model, deci~ion-making, logic modeling, municipal parks and recreation, active living.