Operational Hedging and Exchange Rate Risk: A Cross-sectional Examination of Canada’s Hotel Industry

Rather than engage in expensive and complicated currency hedging, hotels operating in an international environment can gain similar benefits from their normal operations, including revenue management. An analysis of 1,032 Canadian hotels over a period of over two and one-half years shows that due to exhange rate interactions, ADR, occupancy, and RevPAR increase in weak currency environments, while they decrease in strong environments. As a local currency fluctuates in relation to the dollar, euro, or yen, changes in ADR, occupancy, and (thus) RevPAR offset losses from currency translation in weak environments and modify gains when the currency is strong. When a local currency loses value against the dollar, for instance, travelers consider hotels priced in that currency to be less expensive, even though the nominal price hasn’t changed. Additional travelers who are attracted by bargain prices increase occupancy and cause the hotel’s revenue management system to recommend higher rates. Even with higher rates, the hotel’s rates might still be favorable, and the hotel’s revenue per available room would be augmented by both higher room rates and higher occupancy. The implication is that multinational hotel chains have significantly less exposure to foreign exchange risk than implied by traditional hedging practices

Wavelet-based option pricing: An empirical study

In this paper, we adopt a wavelet-based option valuation model and empirically compare the pricing and forecasting performance of this model with that of the stochastic volatility model with jumps and the spline method. Both the in-sample valuation and out-of-sample forecasting accuracy are examined using daily index options in the UK, Germany, and Hong Kong from January 2009 to December 2012. Our results show that the wavelet-based model compares favorably with the other two models and that it provides an excellent alternative for valuing option prices. Its superior performance comes from the powerful ability of the wavelet method in approximating the risk-neutral moment-generating functions

Single-photon calcium imaging for interrogating the circuitry of the frontoparietal cognitive control network

We will use miniscopes to detect activities in the frontal eye field, a brain region responsible for voluntary eye movements and perception and awareness in the field of vision. The detection of neuronal activity with calcium imaging can then be compared with the visual stimuli and eye movements expected. If successful, this project will show the feasibility of calcium imaging using miniscopes in this way and open the door for future work to expand our understanding of frontoparietal cortical circuits.https://ir.lib.uwo.ca/brainscanprojectsummaries/1006/thumbnail.jp

Boston Hospitality Review: Spring 2016

Understanding the Momentum and Motivations of Foreign Investors in U.S. Hospitality by Ken Wilson and Liya Ma -- Creating Memorable Experiences: How hotels can fight back against Airbnb and other sharing economy providers by Makarand Mody -- Rebranding Before the Digital Age: 4 Strategies Used by the Sheraton New York Hotel and Towers During the 1992 Democratic National Convention by Leora Halpern Lanz, Juan Lesmes, and Erinn Tucker -- Federal Minimum Wage Debate: Are Gubernatorial Politics Behind a Hotel Line Employee Wage? by Nicholas Thomas and Eric Brown -- Rethinking Substance Use and Abuse Among Hospitality Employees by Amir Shani -- Consumers’ Desires in Hostels: Addressing Latent and Explicit Needs in United States Hostels by Emily Horto

Macaque anterior cingulate cortex deactivation impairs performance and alters lateral prefrontal oscillatory activities in a rule-switching task

© 2019 Ma et al. In primates, both the dorsal anterior cingulate cortex (dACC) and the dorsolateral prefrontal cortex (dlPFC) are key regions of the frontoparietal cognitive control network. To study the role of the dACC and its communication with the dlPFC in cognitive control, we recorded local field potentials (LFPs) from the dlPFC before and during the reversible deactivation of the dACC, in macaque monkeys engaging in uncued switches between 2 stimulus-response rules, namely prosaccade and antisaccade. Cryogenic dACC deactivation impaired response accuracy during maintenance of—but not the initial switching to—the cognitively demanding antisaccade rule, which coincided with a reduction in task-related theta activity and the correct-error (C-E) difference in dlPFC beta-band power. During both rule switching and maintenance, dACC deactivation prolonged the animals’ reaction time and reduced task-related alpha power in the dlPFC. Our findings support a role of the dACC in prefrontal oscillatory activities that are involved the maintenance of a new, challenging task rule

Hubungan Antara Dukungan Keluarga Dengan Keteraturan Kontrol Kadar Gula Darah Pada Penderita Diabetes Melitus Di Wilayah Puskesmas Bendosari Sukoharjo

Diabetes Melitus (DM) merupakan suatu penyakit kronik yang menjadi ancaman kesehatan bagi dunia maupun indonesia yang tidak dapat disembuhkan tetapi dapat dicegah agar tidak terjadi komplikasi. Salah satu penatalaksanaan Diabetes Melitus adalah dengan teratur kontrol kadar gula darah. Banyak penderita DM di wilayah Bendosari yang tidak teratur kontrol gula darah. Dukungan keluarga merupakan suatu faktor penting dalam kepatuhan manajemen penyakit kronik sehingga perlunya dukungan keluarga dalam manajemen penatalaksanaan Diabetes Melitus. Tujuan penelitian ini adalah untuk mengetahui adakah hubungan antara dukungan keluarga dengan keteraturan kontrol kadar gula darah pada penderita Diabetes Melitus di wilayah Puskesmas Bendosari Sukoharjo. Jenis penelitian ini adalah penelitian kuantitatif, desain penelitian yang digunakan deskriptf korelatif dengan rancangan penelitian cross sectional. Populasi penelitian adalah seluruh penderita Diabetes Melitus yang berobat atau melakukan kunjungan di Puskesmas Bendosari tahun 2013 yaitu berjumlah 837 penderita, dan untuk sampel penelitian yaitu sebanyak 89 responden. penelitian ini menggunakan teknik sampling cluster sampling dan proportionate random sampling. Instrumen penelitian berupa kuesioner. Analisis data hasil penelitian menggunakan uji chi square (x²) dengan nilai kemaknaan (α=0,05). Berdasarkan hasil analisa data penelitian diketahui bahwa nilai (2hit = 9,363) dan nilai probabilitas 0,009 yang nilainya lebih kecil dari 0,05 sehngga Ho ditolak. Kesimpulan dalam penelitian ini yaitu ada hubungan antara dukungan keluarga dengan keteraturan kontrol kadar gula darah pada penderita Diabetes Melitus di wilayah Puskesmas Bendosari Sukoharjo

Revealing the Implied Risk-neutral MGF with the Wavelet Method

Options are believed to contain unique information about the risk- neutral moment generating function (MGF hereafter) or the risk-neutral probability density function (PDF hereafter). This paper applies the wavelet method to approximate the risk-neutral MGF of the under- lying asset from option prices. Monte Carlo simulation experiments are performed to elaborate how the risk-neutral MGF can be obtained using the wavelet method. The Black-Scholes model is chosen as the benchmark model. We offer a novel method for obtaining the implied risk-neutral MGF for pricing out-of-sample options and other complex or illiquid derivative claims on the underlying asset using information obtained from simulated data

Revealing the implied risk-neutral MGF from options: The wavelet method

  Options are believed to contain unique information on the risk-neutral moment generating function (MGF) or the risk-neutral probability density function (PDF) of the underlying asset. This paper applies the wavelet method to approximate the implied risk-neutral MGF from option prices. Monte Carlo simulations are carried out to show how the risk-neutral MGF can be obtained using the wavelet method. With the Black–Scholes model as the benchmark, we offer a novel method to reveal the implied MGF, and to price in-sample options and forecast out-of-sample option prices with the estimated MGF.  This paper was on forthcoming Journal of Economic Dynamics and Control

Historia y situación actual de la enseñanza de español en la R. P. China

The purpose of this article is to present the history and the current outlook of Spanish teaching in the R.P. China. To that end, we present detailed information about the origin of the Spanish language in this country, as well as its subsequent development until reaching the boom it is currently experiencing. In addition, we explain the different contexts in which the language of Cervantes is taught in this country. Likewise, we focus on higher education, so we explain in detail the reality of the university degree in Hispanic Philology in the P. R. China and the peculiarities that make it different from the same degree in other countries. To sum up, the main purpose of this article is to present the past and present of teaching Spanish in the P. R. China and can serve as an indication of what the future holds for us in this area. A future that, regarding to the information presented in this article, brings a progressive increase in the role of Spanish teaching in the Asian giant.El propósito del presente artículo es exponer la historia y la situación actual de la enseñanza de español en la R.P. China. Para ello, presentamos información detallada sobre el origen de la presencia de la lengua española en este país, así como su posterior desarrollo hasta llegar al boom que está experimentando en la actualidad. Asimismo, explicamos los diferentes contextos en los que se enseña la lengua española en este país. Nos centramos en la enseñanza superior, por lo que explicamos en detalle la realidad del grado universitario en Filología Hispánica en la R.P. China y las peculiaridades que lo hacen diferente del mismo grado en otros países. En definitiva, este artículo tiene como propósito principal presentar el pasado y presente de la enseñanza de español en la R.P. China, y puede servir como indicativo de lo que nos depara el futuro en este ámbito. Un futuro que, de acuerdo con los datos que se presentan en este artículo, nos hace prever un aumento progresivo del protagonismo de la enseñanza de español en el gigante asiático

Long-run relationship between sectoral productivity and energy consumption in Malaysia: An aggregated and disaggregated viewpoint

This paper investigates the causal relationship between energy consumption and economic productivity in Malaysia at both aggregated and disaggregated levels. The investigation utilises total and sectoral (industrial and manufacturing) productivity growth during the 1971–2012 period using the modified Granger causality test proposed by Toda and Yamamoto [1] within a multivariate framework. The economy of Malaysia was found to be energy dependent at aggregated and disaggregated levels of national and sectoral economic growth. However, at disaggregate level, inefficient energy use is particularly identified with electricity and coal consumption patterns and their Granger caused negative effects upon Gross Domestic Product (GDP) and manufacturing growth. These findings suggest that policies should focus more on improving energy efficiency and energy saving. Furthermore, since emissions are found to have a close relationship to economic output at national and sectoral levels green technologies are of a highest necessity