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.
A Study on Global Business as Mission
The total 14,905 Korean missionaries were at work outside of Korea at the end of 2006. This total number makes Korea the second largest missionary sending country in the world. Korean churches should think less about the quantitative side of their mission growth and reflect more on issues of qualitative growth. Breaking new ground in the task of global evangelization requires new methods and strategies. There is a growing need to provide models for mission that are financially sustainable and will strengthen local churches and national missionary movements. Business as mission (BAM) is one response. The Issue Group on this topic at the 2004 Forum for World Evangelization hosted by the Lausanne Committee for World Evangelization produced "Business as Mission" Lausanne Occasional Paper(LOP) No. 59. It is crucial that Christian business people are equipped and supported to take up their key role in transforming their own nation and beyond. This study starts with an overview on the biblical foundations of BAM by the concept and redemptive application of BAM of LOP No. 59 and introduces BAM types of Korean companies, and focuses on BAM characteristics of GreenCity case in Mongolia.