A Firm-Specific Analysis of the Exchange-Rate Exposure of Dutch Firms

We examine the relationship between exchange-rate changes and stockreturns for a sample of Dutch firms over 1994-1998. We find that over50% of the firms are significantly exposed to exchange-rate risk.Furthermore, all firms with significant exchange-rate exposure benefitfrom a depreciation of the Dutch guilder relative to a trade-weightedcurrency index. This result confirms that firms in open economies,such as the Netherlands, exhibit significant exchange-rate exposure.We collect unique information on the most relevant individualcurrencies for each firm with respect to their influence on firmvalue. Our results indicate that the use of a trade-weighted currencyindex and the use of individual exchange rates are complements. Wealso measure the determinants of exchange-rate exposure. As expected,we find that firm size and the foreign sales ratio are significantlyand positively related to exchange-rate exposure. In contrast with ourhypothesis, off-balance hedging using derivatives has no significanteffects. Finally, in line with theory, we find that exposure issignificantly reduced through on-balance sheet hedging, i.e. throughforeign loans and by producing in factories abroad.risk management;The Netherlands;foreign exchange rates;international finance;exposure measurement

Two small-volume electrochemical cells for the measurement of surface enhanced Raman scattering

Two electrochemical cells, for performing surface enhanced Raman scattering (SERS), with submillilitre volumes are presented. One of the cells is especially developed for use in a Raman microspectrometer. The smallest cell uses only 80 mu l of sample. SER measurements are performed on 2*10-3 M adenine

Classical Optimizers for Noisy Intermediate-Scale Quantum Devices

We present a collection of optimizers tuned for usage on Noisy Intermediate-Scale Quantum (NISQ) devices. Optimizers have a range of applications in quantum computing, including the Variational Quantum Eigensolver (VQE) and Quantum Approximate Optimization (QAOA) algorithms. They are also used for calibration tasks, hyperparameter tuning, in machine learning, etc. We analyze the efficiency and effectiveness of different optimizers in a VQE case study. VQE is a hybrid algorithm, with a classical minimizer step driving the next evaluation on the quantum processor. While most results to date concentrated on tuning the quantum VQE circuit, we show that, in the presence of quantum noise, the classical minimizer step needs to be carefully chosen to obtain correct results. We explore state-of-the-art gradient-free optimizers capable of handling noisy, black-box, cost functions and stress-test them using a quantum circuit simulation environment with noise injection capabilities on individual gates. Our results indicate that specifically tuned optimizers are crucial to obtaining valid science results on NISQ hardware, and will likely remain necessary even for future fault tolerant circuits

Implicit measures of actual versus ideal body image : relations with self-reported body dissatisfaction and dieting behaviors

Body dissatisfaction refers to a negative appreciation of one’s own body stemming from a discrepancy between how one perceives his/her body (actual body image) and how he/she wants it to be (ideal body image). To circumvent the limitations of self-report measures of body image, measures were developed that allow for a distinction between actual and ideal body image at the implicit level. The first goal of the present study was to investigate whether self-reported body dissatisfaction is related to implicit measures of actual and ideal body image as captured by the Relational Responding Task (RRT). Secondly, we examined whether these RRT measures were related to several indices of dieting behavior. Women high in body dissatisfaction (n = 30) were characterized by relatively strong implicit I-am-fat beliefs, whereas their implicit I-want-to-be-thinner beliefs were similar to individuals low in body dissatisfaction (n = 37). Implicit body image beliefs showed no added value over explicit body image beliefs in predicting body dissatisfaction and dieting behavior. These findings support the idea that the interplay between ideal and actual body image drives (self-reported) body dissatisfaction. However, strong support for the view that it would be critical to differentiate between explicit and implicit body image beliefs is missing