Tail Risk Hedging: Contrasting Put and Trend Strategies

2021 ◽  
Vol 1 (1) ◽  
pp. 111-124
Author(s):  
Antti Ilmanen ◽  
Ashwin Thapar ◽  
Harsha Tummala ◽  
Dan Villalon
Keyword(s):  
Equity Market ◽  
Common View ◽  
Risk Hedging ◽  
Average Return ◽  
Economic Rationale ◽  
Research Findings ◽  
The Common ◽  
Tail Events ◽  
The Cost

We summarize key research findings on risk-mitigating strategies and offer an overview of the strengths and weaknesses of regular index put buying (“Put”) and multi-asset trend following (“Trend”) as tail hedges. The two biggest questions we address are: (1) What is the long-term average return or cost, and (2) How reliable and efficient is the hedge in equity market tail events? We present empirical answers and discuss the economic rationale for each question. The common view that Put costs more but is a more effective tail hedge contains a kernel of truth but does not capture the full story. We will give a more nuanced picture, including practicality for investors, but in the end show the cost advantage favors Trend over Put.

scholarly journals Cost-Effectiveness of an Obesity Management Program for 6- to 15-Year-Old Children in Poland: Data from Over Three Thousand Participants

Obesity Facts ◽  
2020 ◽  
Vol 13 (5) ◽  
pp. 487-498
Author(s):  
Ewa Bandurska ◽  
Michał Brzeziński ◽  
Paulina Metelska ◽  
Marzena Zarzeczna-Baran
Keyword(s):  
Cost Effectiveness ◽  
Cost Effective ◽  
Management Program ◽  
Obesity And Overweight ◽  
School Programs ◽  
Overweight Group ◽  
Research Findings ◽  
Public Health Challenge ◽  
The Cost

<b><i>Background:</i></b> Obesity and overweight, including childhood obesity and overweight, pose a public health challenge worldwide. According to the available research findings, long-term interventions focusing on dietary behavior, physical activity, and psychological support are the most effective in reducing obesity in children aged 6–18 years. There are limited studies showing the financial effectiveness of such interventions. <b><i>Objective:</i></b> The objective of the present study was to evaluate cost-effectiveness of the 6-10-14 for Health weight management program using pharmacoeconomic indicators, i.e., cost-effectiveness analysis using the incremental cost-effectiveness ratio. <b><i>Methods:</i></b> We used anthropometric data of 3,081 children included in a 1-year-long intervention with a full financial cost assessment. <b><i>Results:</i></b> The cost of removing a child from the overweight group (BMI &#x3e;85th percentile) was PLN 27,758 (EUR 6,463), and the cost of removing a child from the obese group (BMI &#x3e;95th percentile) was slightly lower, i.e., PLN 23,601 (EUR 5,495). Given the obesity-related medical costs calculated in the life-long perspective, these results can be considered encouraging. At the same time, when comparing the total costs per participant with the costs of other interventions, it can be noted that they are similar to the costs of school programs containing more than 1 type of intervention. <b><i>Conclusions:</i></b> The 6-10-14 for Health program can be considered cost-effective. As a result of committing financial resources in the approximate amount of EUR 1,790 per child, around half of the children participating in the program have improved their weight indicators.

scholarly journals ANALISIS RASIO KEUANGAN DAN COMMON SIZE UNTUK MENILAI KINERJA KEUANGAN PERUSAHAAN KOSMETIK DAN PERALATAN RUMAH TANGGA YANG TERDAFTAR DI BURSA EFEK INDONESIA TAHUN 2013-2015

2019 ◽  
Vol 4 (02) ◽  
Author(s):  
Shinta Anastasya ◽  
Cholis Hidayati
Keyword(s):  
Average Cost ◽  
Total Current ◽  
Profit Rate ◽  
Financial Position ◽  
Fixed Assets ◽  
Net Profit ◽  
Average Current ◽  
The Common ◽  
The Cost

ABSTRACTFrom the Common Size report on the financial position of PT. Akasha Wira Internasional, Tbk. PT. Mandom Indonesia, Tbk. PT. Martina Berto, Tbk. PT. Mustika Ratu, Tbk. And PT. Unilever Indonesia, Tbk can be seen that the average total current assets owned by PT. Martina Berto Tbk of 72.5% is the highest compared to the others. But in the highest average fixed assets owned by PT. Unilever Indonesia Tb 56.5% compared to other cosmetics companies. Then for the highest average current debt owned by the company PT. Unilever Indonesia Tbk by 63.2% compared to other cosmetics companies, on the contrary the highest average long-term debt owned by the company PT. Akhasa Wira International Tbk is 15.0% compared to other cosmetics companies. From the Common Size profit and loss table of PT. Akasha Wira Internasional, Tbk. PT. Mandom Indonesia, Tbk. PT. Martina Berto, Tbk. PT. Mustika Ratu, Tbk. And PT. Unilever Indonesia, Tbk can be seen that the average cost of goods sold by the company PT. Mandom Indonesia Tbk is the highest average compared to other cosmetics companies which is 62%, which means PT. Mandom Indonesia Tbk has an unfavorable profit rate because if the cost of goods sold is higher it will have an impact on profit decline, conversely if the cost of goods sold is low it will increase the company's profit. Similarly, the average gross profit owned by PT. Mustika Ratu Tbk has the highest average compared to other cosmetics companies, which is 57%. And for the highest average net profit owned by PT. Unilever Indonesia Tbk is compared to other cosmetics companies, which is 17%, which means the company is able to perform well so as to produce an increase in profits.Keywords: Financial Ratios, Common Size and Financial Performance

scholarly journals When more competition may damage welfare with socially responsible firms

Ekonomia ◽  
2018 ◽  
Vol 23 (3) ◽  
pp. 123-134
Author(s):  
Luciano Fanti ◽  
Domenico Buccella
Keyword(s):  
Social Responsibility ◽  
Cost Function ◽  
Production Costs ◽  
Linear Quadratic ◽  
Socially Responsible ◽  
Common View ◽  
Duopoly Model ◽  
The Common ◽  
The Cost ◽  
Welfare Changes

When more competition may damage welfare with socially responsible firmsConsidering a Cournot monopoly/duopoly model with linear/quadratic production costs and Cor­porate Social Responsibility CSR activities, this note shows that, in contrast to the common view, entry may reduce social welfare. Moreover, we remark that the higherthe CSR activities are, the more likely the welfare-damaging entry effect may occur, and thesocial welfare changes following a firm’s entry crucially depend on the degree of convexity of the cost function.

Articulatory Generalization in Two Word-Medial, Ambisyllabic Contexts

1988 ◽  
Vol 19 (3) ◽  
pp. 251-258 ◽  
Author(s):  
Virginia I. Wolfe ◽  
Suzanne D. Blocker ◽  
Norma J. Prater
Keyword(s):  
Common View ◽  
Perceptual Salience ◽  
The Common ◽  
Unitary Concept ◽  
Over Time

Articulatory generalization of velar cognates /k/, /g/ in two phonologically disordered children was studied over time as a function of sequential word-morpheme position training. Although patterns of contextual acquisition differed, correct responses to the word-medial, inflected context (e.g., "picking," "hugging") occurred earlier and exceeded those to the word-medial, noninflected context (e.g., "bacon," "wagon"). This finding indicates that the common view of the word-medial position as a unitary concept is an oversimplification. Possible explanations for superior generalization to the word-medial, inflected position are discussed in terms of coarticulation, perceptual salience, and the representational integrity of the word.

Primary varicose veins

Phlebologie ◽  
2010 ◽  
Vol 39 (03) ◽  
pp. 133-137
Author(s):  
H. Partsch
Keyword(s):  
Varicose Veins ◽  
Compression Therapy ◽  
Daily Practice ◽  
Clinical Severity ◽  
Compression Stockings ◽  
Primary Varicose Veins ◽  
The Cost ◽  
Convincing Data ◽  
Long Term Studies

SummaryBackground: Compression stockings are widely used in patients with varicose veins. Methods: Based on published literature three main points are discussed: 1. the rationale of compression therapy in primary varicose veins, 2. the prescription of compression stockings in daily practice, 3. studies required in the future. Results: The main objective of prescribing compression stockings for patients with varicose veins is to improve subjective leg complaints and to prevent swelling after sitting and standing. No convincing data are available concerning prevention of progression or of complications. In daily practice varicose veins are the most common indication to prescribe compression stockings. The compliance depends on the severity of the disorder and is rather poor in less severe stages. Long-term studies are needed to proof the cost-effectiveness of compression stockings concerning subjective symptoms and objective signs of varicose veins adjusted to their clinical severity. Conclusion: Compression stockings in primary varicose veins are able to improve leg complaints and to prevent swelling.

An Evaluation of Provincial Macroeconomic Performance in Vietnam

2017 ◽  
pp. 34-47
Author(s):  
Hoi Le Quoc ◽  
Nam Pham Xuan ◽  
Tuan Nguyen Anh
Keyword(s):  
Development Strategy ◽  
Institutional Transformation ◽  
Economic Indicators ◽  
Macroeconomic Performance ◽  
Economic Development Strategy ◽  
Socio Economic Development ◽  
The Cost ◽  
Development Objectives ◽  
First Time

The study was targeted at developing a methodology for constructing a macroeconomic performance index at a provincial level for the first time in Vietnam based on 4 groups of measurements: (i) Economic indicators; (ii) oriented economic indicators; (iii) socio-economic indicators; and (iv) economic - social – institutional indicators. Applying the methodology to the 2011 - 2015 empirical data of all provinces in Vietnam, the research shows that the socio-economic development strategy implemented by those provinces did not provide balanced outcomes between growth and social objectives, sustainability and inclusiveness. Many provinces focused on economic growth at the cost of structural change, equality and institutional transformation. In contrast, many provinces were successful in improving equality but not growth. Those facts threaten the long-term development objectives of the provinces.

Current issues in aesthetics and beyond: Revisiting lookism

2020 ◽  
Vol 10 (1-2) ◽  
pp. 59-68
Author(s):  
Peter Takáč
Keyword(s):  
Plastic Surgery ◽  
Social Impact ◽  
Human Beings ◽  
Common View ◽  
Aesthetic Medicine ◽  
Unequal Treatment ◽  
Self Confidence ◽  
Public Status ◽  
The Social ◽  
The Common

AbstractLookism is a term used to describe discrimination based on the physical appearance of a person. We suppose that the social impact of lookism is a philosophical issue, because, from this perspective, attractive people have an advantage over others. The first line of our argumentation involves the issue of lookism as a global ethical and aesthetical phenomenon. A person’s attractiveness has a significant impact on the social and public status of this individual. The common view in society is that it is good to be more attractive and healthier. This concept generates several ethical questions about human aesthetical identity, health, authenticity, and integrity in society. It seems that this unequal treatment causes discrimination, diminishes self-confidence, and lowers the chance of a job or social enforcement for many human beings. Currently, aesthetic improvements are being made through plastic surgery. There is no place on the human body that we cannot improve with plastic surgery or aesthetic medicine. We should not forget that it may result in the problem of elitism, in dividing people into primary and secondary categories. The second line of our argumentation involves a particular case of lookism: Melanie Gaydos. A woman that is considered to be a model with a unique look.

Developing the adaptive process-based budgeting through TD-ABC and TD-ABB as part of strategic management accounting

2020 ◽  
Vol 23 (10) ◽  
pp. 1182-1194
Author(s):  
A.A. Akhmetzyanov ◽  
A.Yu. Sokolov
Keyword(s):  
Strategic Management ◽  
Cost Allocation ◽  
Management Accounting ◽  
Practical Significance ◽  
Common Time ◽  
Strategic Management Accounting ◽  
Scientific Papers ◽  
The Subject ◽  
The Common ◽  
The Cost

Subject. The article focuses on the advanced time-driven tools for allocating overhead expenses, which are based on process-based budgeting. Objectives. We articulate a technique for cost allocation so as to assess the cost of each process with reference to the common time driver. Methods. The study relies upon methods of systematization, classification, analogy and comparison, and summarizes the scientific literature on the subject. Results. The article presents our own suggestions on implementing TD-ABC and TD-ABB into the strategic management accounting process of developer companies. The principles were proved to help more effectively allocate overhead expenses and assess the capacity load of each process performed by functions, departments and employees. Carrying out a comparative analysis, we found certain reserves for utilizing resources more effectively. Conclusions and Relevance. The findings are of scientific and practical significance and can be used by developer and construction businesses. The conclusions can prove helpful for scientific papers, student books, and further research.

The foundations of peaceful coexistence after the war ... Mosul is a model

2019 ◽  
pp. 178
Author(s):  
Omar Hashim Thanon
Keyword(s):  
Ethnic Diversity ◽  
Psychological Consequences ◽  
Peaceful Coexistence ◽  
Negative Effects ◽  
Mass Displacement ◽  
The Common ◽  
Near Term ◽  
Post War ◽  
Common Destiny

Since peaceful coexistence reflects in its various aspects the concept of harmony between the members of the same society with their different national, religious and sectarian affiliations, as well as their attitudes and ideas, what brings together these are the common bonds such as land, interests and common destiny. But this coexistence is exposing for crises and instability and the theft of rights and other that destroy the communities with their different religious, national, sectarian, ethnic aspects, especially if these led to a crisis of fighting or war, which produces only destruction and mass displacement, ttherefore, the process of bridging the gap between the different parts of society in the post-war phase through a set of requirements that serve as the basis for the promotion of peaceful coexistence within the same country to consolidate civil and community peace in order to create a general framework and a coherent basis to reconstruct the community again.      Hence the premise of the research by asking about the extent of the possibility and ability of the community of religious and ethnic diversity, which has been exposed to these crises, which aimed at this diversity, basically to be able to rise and re-integrate within the same country and thus achieve civil and community peace, and Mosul is an example for that, the negative effects of the war and the accomplices of many criminal acts have given rise to hatred and fear for all, leading to the loss of livelihoods, which in the long term may have devastating social and psychological consequences.        To clarify all of this, the title of the first topic was a review of the concept and origin of peaceful coexistence. While the second topic dealt with the requirements of peaceful coexistence and social integration in Mosul, the last topic has identified the most important challenges facing the processes of coexistence and integration in Mosul. All this in order to paint a better future for the conductor at all levels in the near term at the very least to achieve the values of this peaceful coexistence, especially in the post-war period.

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