Variance reduction properties of dynamic hedging models - empirical evidence from BRICS countries

This Master’s Thesis analyses the effectiveness of different hedging models on BRICS (Brazil, Russia, India, China, and South Africa) countries. Hedging performance is examined by comparing two different dynamic hedging models to conventional OLS regression based model. The dynamic hedging models being employed are Constant Conditional Correlation (CCC) GARCH(1,1) and Dynamic Conditional Correlation (DCC) GARCH(1,1) with Student’s t-distribution. In order to capture the period of both Great Moderation and the latest financial crisis, the sample period extends from 2003 to 2014. To determine whether dynamic models outperform the conventional one, the reduction of portfolio variance for in-sample data with contemporaneous hedge ratios is first determined and then the holding period of the portfolios is extended to one and two days. In addition, the accuracy of hedge ratio forecasts is examined on the basis of out-of-sample variance reduction. The results are mixed and suggest that dynamic hedging models may not provide enough benefits to justify harder estimation and daily portfolio adjustment. In this sense, the results are consistent with the existing literature.

Gender and human security : the challenge facing Canada's human security policy /

During the 1980's and for much of the 1990's, many countries in the Asia Pacific were renowned for their economic development and prosperity. The Asian tigers were a source of great interest for many economists and international investors. The 1997 Asian financial crisis, however, dramatically altered the growth and the performance of these economies. The crisis sent several ofAsia's best performing economies on a downward spiral from which many have yet to fully recover. The crisis exposed the financial and the political weaknesses ofmany countries in the region. Moreover, the crisis severely affected the wellbeing and the security ofmany ofthe region's citizens. This text will examine the economic crisis in greater detail and explore current debates in the study of international relations theory. More specifically, this paper will examine recent challenges posed to traditional international relations theory and address alternative approaches to this field of study. This paper will examine Critical theory and its role in shifting the referent object of security from the state to the individual. In this context, this paper will also assess Critical theory's role in enabling such issues as gender and human security to find a place on the agendas of international relations scholars and foreign policy makers. The central focus ofthis study will be the financial crisis and its impact on human security in the Southeast Asia. Furthermore, this paper will assess the recovery efforts ofthe domestic governments, international organizations and various Canadian sponsored initiatives in the context ofhuman security.

Anomalous carbonate preservation in the abyssal North Pacific, ODP sites 882 and 1179: planktonic foraminiferal analysis, climate change and palaeogeomagnetism /

Thesis (M.Sc.)--Brock University, 2004.

Pollen and grain size records in abyssal sediments of the northwest Pacific Ocean as proxies of Plio-Pleistocene climate change /

A distinctive period of global change occurred during the PUocene between the warm Miocene and subsequent Quaternary cooling. Samples from Ocean Drilling Project Site 11 79 (-5586 mbsl, 41°4'N, 159°57'E), Site 881 (-5765 mbsl, 47°6.133'N, 161°29.490'E) and Site 882 (-3255 mbsl, 50°22'N, 167°36'E) were studied to determine the magnitude and composition ofterrigenous flux to the western mid-latitude North Pacific and its relation to climate change in East Asia since the mid-Pliocene. Dust-sized particles (including pollen), sourced from the arid regions and loess plateaus in East Asia are entrained by prevailing westerly winds and transported to the midlatitude northwest North Pacific Ocean. This is recorded by peaks in the total concentration of pollen and spores, as well as the mean grain size of allochthonous and autochthonous silicate material in abyssal marine sediments. Aridification of the Asian interior due to the phased uplift of the Himalayan-Tibetan Plateau created the modem East Asian Monsoon system dominated by a strengthening of the winter monsoon. The winter monsoon is further enhanced during glacials due to the expansion of desert and steppe environments at the expense ofwoodlands and forests recorded by the composition of palynological assemblages. The late Pliocene-Pleistocene glacials at ODP Sites 1 179, 881, and 882 are characterized by increases in grain size, magnetic susceptibility, pollen and spore concentrations around 3.5-3.3, 2.6-2.4, 1.7-1.6, and 0.9-0.7 Ma (ages based on magnetostratigraphic and biostratigraphic datums). The peaks during these times are relatively rich in pollen taxa derived primarily from steppe and boreal vegetation zones, recording cool, dry climates. The overall size increase of sediment and abundance of terrestrial palynomorphs record enhanced wind strength. The increase in magnitude of pollen and spore concentrations as well as grain size record global cooling and Northern Hemisphere glaciation. The peaks in grain size as well as pollen and spore abundance in marine sediments correlate with the mean grain size of loess in East Asia, consistent with the deflation of unarmoured surfaces during glacials. The transport of limiting nutrients to marine environments enhanced sea surface productivity and increased the rate of sediment accumulation.

A cytophylogenetic study of Pacific black flies (Diptera: Simuliidae)

The sequential banding patterns of the larval salivary gland polytene chromosomes of seven species of Inseliellum (Diptera: Simuliidae) were mapped. This was completed through the comparison with the standard maps of an eighth species of Inseliellum, Simulium cataractarum. During chromosomal analysis, both fixed and floating inversions were identified. A floating inversion (IIL-l ex,2ex) revealed a cytotype within Simulium exasperans that is distributed between two islands, Moorea and Tahiti. Inversion data revealed three shared fixed inversions that could be used as phylogenetic characters. In addition, the placement of a chromosomal landmark (the nucleolar organizer, or NO) was used as a phylogenetic character. The result of a cytophylogenetic (transformational) analysis showed two groups: the NO-IL group, and the NO-IS group. A combined phylogeny was created using the published morphological data and the cytological data of the eight species. The combined tree did not differ from the morphological data only tree. Possible routes of dispersal are hypothesized using geological, chromosomal, and phylogenetic data. These data showed a general pattern of dispersal and colonization from older islands to younger islands, with one possible instance of dispersal from younger to older islands. It is postulated that inter-island speciation has allowed this dispersal and colonization, but intra-island speciation has created the diversity seen in Inseliellum.

The People's Republic of China and her relations with the countries of the association of Southeast Asian nations : 1969-1975

Phe Ihesis examines the evolution of the -policies of the People fs Jtenublie of China towards J?hail°nd, PTal ysia, Singapore, Iidonesia pad the Philip-pines, organised in the Association of Southeast Asian Nations from 1969 to 1975• 2ze first central point of this study is an *ir sumption that the foreign relations of The People's Tepublic of Chi la Towards Southeast ^sia have been motivated by a dynamic interplay of t^o main factors: (1) Farxist-Leninist ideology and ICao J^e-tung Ph^ught, which dictate to China to behave as a revolutionary Dover vhich must assist the insurgent movements in the area in their strug fle to overthrow the local governments; (2) national interest, vhich demands of China to safeguard the southern flank of her territory bordering on Southerst 'sia through Friendly relations, trade and ot*»er conventional inrtniments of diplomacy. hile the tvo main motive factors are nuTually antagonistic and exclusivet the Chinere leaders are nevertheless at te mi ting to oring them iirco a coherent policy under Mao's theory of tve {hniity of op-nosites," vhich believes that it is -possible to reconcile these co-posing tendencies into a dynamic enuibrium through vhich both opnosites could be promoted at the same time although not to the same extent* la other words, the Chinese leaders conceive the dynamic equilibrium as a continuum between them in a mix in which one or the other orientation predominates in different •periods* Bins we might see China1 s conduct motivated in one period by mostly ideological considerations at the expense of the staire-to-state relations, then ve might see her policy in the middle of the continuum and suf ering from immo bill sine and just muddling through, or finally ?fe might see her emphasising friendly ties at the expense of support of revolutionary movements at the other extreme -point of the spectrum* !fhe mechanism vhich enables Peking to move from one pole to the other of the spectrum is activated by the following elementsJ (1) the result of an internal power struggle within the leadership in Peking between ideologically radical and moderate elements, which enables the victorious faction to initiate nev policies; (2) Peking's assessment of the changing intentions and capabilities of the major powers in the area; (3) internal changes within the countries of the area and the changing attitudes of their governments towards China; (4) changing fortunes of revolutionary movements operating in the area* 'Phe second major point of this study is an assertion that while China's conduct toward Southeast *lsia after her foundation in 1949 was primarily based upon ideological considerations, the beginning of the seventies saw the national interest reasserting itself as the leading motive factor* Thus China talks with her neighbours in Southeast asia in terms of relevance of fllong historical ties," casting herself into the role of a benevolent "older brother11 who is entitled to reopect and deference in exchange for patronage and protection* Hence the traditional echoes of the past are emerging ever stronger and influencing her postures towards the region, while the open support to revolutionary moevments is underplayed at the moment.

Photograph - Vinexpo Asia Pacific

A photograph from the album put together by Wine Advisor Peter J. Morrell with pictures from the Vinexpo Asia-Pacific of 2001. The photograph appears to be of several chefs holding Inniskillin wine with Donald Ziraldo in the centre. The date stamp on the photograph is 4/27/01

Union Pacific Railway from Kansas City , Omaha, St. Joseph to Denver, San Francisco, Portland, Helena, Butte, Boise, Leadville, Durango, Deadwood and all cities and mining camps in the west schedule

Union Pacific Railway from Kansas City , Omaha, St. Joseph to Denver, San Francisco, Portland, Helena, Butte, Boise, Leadville, Durango, Deadwood and all cities and mining camps in the west schedule, Jan. 15, 1882.

Wabash St. Louis and Pacific Railway schedule

Wabash St. Louis and Pacific Railway schedule, 1882.

Union Pacific Railway: the Kansas and Nebraska route schedule

Union Pacific Railway: the Kansas and Nebraska route schedule, 1882.

The new California Line via Atchison, Topeka and Santa Fe Railroad and Southern Pacific Railroad

The new California Line via Atchison, Topeka and Santa Fe Railroad and Southern Pacific Railroad. This schedule is torn. This does not affect text, n.d.

California : A history of Upper and Lower California from their first discovery to the present time, comprising an account of the climate, soil, natural productions, agriculture, commerce, Sc. A full view of the missionary establishments and condition of the free and domesticated indians. With an appendix relation to steam navigation in the Pacific. Illustrated with a new map, plans of the harbours, and numerous engravings

UANL