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

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

We examine the relationship between exchange-rate changes and stock returns for a sample of Dutch firms over 1994-1998. We find that over 50% of the firms are significantly exposed to exchange-rate risk. Furthermore, all firms with significant exchange-rate exposure benefit from a depreciation of the Dutch guilder relative to a trade-weighted currency 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 individual currencies for each firm with respect to their influence on firm value. Our results indicate that the use of a trade-weighted currency index and the use of individual exchange rates are complements. We also measure the determinants of exchange-rate exposure. As expected, we find that firm size and the foreign sales ratio are significantly and positively related to exchange-rate exposure. In contras

Phase transition in the transverse Ising model using the extended coupled-cluster method

The phase transition present in the linear-chain and square-lattice cases of the transverse Ising model is examined. The extended coupled cluster method (ECCM) can describe both sides of the phase transition with a unified approach. The correlation length and the excitation energy are determined. We demonstrate the ability of the ECCM to use both the weak- and the strong-coupling starting state in a unified approach for the study of critical behavior.Comment: 10 pages, 7 eps-figure

Quantum Phase Transitions and the Extended Coupled Cluster Method

We discuss the application of an extended version of the coupled cluster method to systems exhibiting a quantum phase transition. We use the lattice O(4) non-linear sigma model in (1+1)- and (3+1)-dimensions as an example. We show how simple predictions get modified, leading to the absence of a phase transition in (1+1) dimensions, and strong indications for a phase transition in (3+1) dimensions

Benefits of collaborative learning

AbstractCollaborative learning is an educational approach to teaching and learning that involves groups of learners working together to solve a problem, complete a task, or create a product. This review article outlines benefits of learning in collaboration style, begins with the concept of the term and continues with the advantages created by collaborative methods. This paper sets out major benefits of collaborative learning into four categories of; social, psychological, academic, and assessment benefits. Each of them is further subdivided to more specific themes

Why pair production cures covariance in the light-front?

We show that the light-front vaccum is not trivial, and the Fock space for positive energy quanta solutions is not complete. As an example of this non triviality we have calculated the electromagnetic current for scalar bosons in the background field method were the covariance is restored through considering the complete Fock space of solutions. We also show thus that the method of "dislocating the integration pole" is nothing more than a particular case of this, so that such an "ad hoc" prescription can be dispensed altogether if we deal with the whole Fock space. In this work we construct the electromagnetic current operator for a system composed of two free bosons. The technique employed to deduce these operators is through the definition of global propagators in the light front when a background electromagnetic field acts on one of the particles.Comment: 11 pages, 2 figure

Non-Canonical Perturbation Theory of Non-Linear Sigma Models

We explore the O(N)-invariant Non-Linear Sigma Model (NLSM) in a different perturbative regime from the usual relativistic-free-field one, by using non-canonical basic commutation relations adapted to the underlying O(N) symmetry of the system, which also account for the non-trivial (non-flat) geometry and topology of the target manifold.Comment: 11 pages, 1 figure, LaTe

A gene co-expression network predicts functional genes controlling the re-establishment of desiccation tolerance in germinated Arabidopsis thaliana seeds.

MAIN CONCLUSION: During re-establishment of desiccation tolerance (DT), early events promote initial protection and growth arrest, while late events promote stress adaptation and contribute to survival in the dry state. Mature seeds of Arabidopsis thaliana are desiccation tolerant, but they lose desiccation tolerance (DT) while progressing to germination. Yet, there is a small developmental window during which DT can be rescued by treatment with abscisic acid (ABA). To gain temporal resolution and identify relevant genes in this process, data from a time series of microarrays were used to build a gene co-expression network. The network has two regions, namely early response (ER) and late response (LR). Genes in the ER region are related to biological processes, such as dormancy, acquisition of DT and drought, amplification of signals, growth arrest and induction of protection mechanisms (such as LEA proteins). Genes in the LR region lead to inhibition of photosynthesis and primary metabolism, promote adaptation to stress conditions and contribute to seed longevity. Phenotyping of 12 hubs in relation to re-establishment of DT with T-DNA insertion lines indicated a significant increase in the ability to re-establish DT compared with the wild-type in the lines cbsx4, at3g53040 and at4g25580, suggesting the operation of redundant and compensatory mechanisms. Moreover, we show that re-establishment of DT by polyethylene glycol and ABA occurs through partially overlapping mechanisms. Our data confirm that co-expression network analysis is a valid approach to examine data from time series of transcriptome analysis, as it provides promising insights into biologically relevant relations that help to generate new information about the roles of certain genes for DT

Compactification near and on the light front

We address problems associated with compactification near and on the light front. In perturbative scalar field theory we illustrate and clarify the relationships among three approaches: (1) quantization on a space-like surface close to a light front; (2) infinite momentum frame calculations; and (3) quantization on the light front. Our examples emphasize the difference between zero modes in space-like quantization and those in light front quantization. In particular, in perturbative calculations of scalar field theory using discretized light cone quantization there are well-known ``zero-mode induced'' interaction terms. However, we show that they decouple in the continuum limit and covariant answers are reproduced. Thus compactification of a light-like surface is feasible and defines a consistent field theory.Comment: 24 pages, 4 figure