An Empirical Study on the Hedging of CSI 300 Index Futures for the Risk Management of the Commerce Style Fund Investment of Shanghai Stock Exchange
This paper examines the hedging of CSI 300 index futures for the risk management of fund investment in China stock market. The data used in the analysis covered the period of one and a half year, from April 16, 2010 to September 23, 2011, comprising 353 observations. Two models (OLS and VECM) are used to estimate constant hedge ratio. To estimate dynamic hedge raito, we use GARCH (1, 1) model. In?sample and out?of?the?sample analysis were employed in this paper. The estimation period of in?sample is the whole period while the estimation period of out?of?the?sample is the period from the start to 343rd observations. That is, hedge performance was measured and analyzed by using the last 10 observations. According to the results of hedging effectiveness analysis, we can address the following conclusions : First, the ADF and PP unit root test values of their first difference sequences are stationary at 1% level. Second, the results of cointegration test suggest that there is a long term relationship between CSI 300 index futures and Commerce Style Fund. Third, hedge ratios estimated by VECM model are more efficient in reducing the risk of Commerce Style Fund Index. Finally, there are no significantly differ in hedging performance calculated by several models.
THE ISSUES OF PROFESSIONAL ACCOUNTANTS AND AUDITORS’ PREPARATION IN UZBEKISTAN
Transition of Uzbekistan to an independent market economy emerged the reforming of accounting methodology existed, as well as formation of the new approach to independent financial control. Accordingly, in addition to the preparation of accountants and auditors at the higher education institutions, there was a crucial need to raise professional accountants and certified auditors. Besides the state one, many other forms of ownership started to develop, and professional auditors were demanded to control activities of new established entities. As soon as Uzbekistan became a part of the global world, there was a need to adapt international standards of accounting and auditing. Thus, National Standards of Accounting, as well as Audit were developed on the base of international ones, and introduced in practice. At the same time, professional education is based on the international program CAP/CIPA, certified by Eurasian Council of Certified Accountants and Auditors (ECCAA), which was developed in Russian.
Movement toward a predominantly electronic journal collection
Purpose – To address the UNLV Libraries movement toward a predominantly electronic journal collection including evaluation of library collection and reevaluation of organizational structure, staff resources and workflow to find the best ways to provide library users with timely and reliable access to electronic resources.Design/methodology/approach – A range of UNLV Libraries initiatives in building and managing electronic resources is described to demonstrate how the library moved from a predominantly print environment to a predominantly electronic environment. The paper consists of sections: development of the electronic resources collection, reengineering acquisitions/periodicals, new responsibilities and new skills, next steps, and conclusion.Findings – Since 1999, the composition of the Libraries journal collection has been dramatically changed. The percentage of print‐only subscriptions decreased from 59 percent in 1990 to 20 percent in 2004, while electronic journals jumped from 35 percent to 75 pe...