Usefulness of Treasury Bill Futures as Hedging Instruments

In a recent article, Ederington (1979) examined the hedging performance of financial futures markets using a portfolio model derived from the hedging theories of Stein (1961) and Johnson (1960). His article concluded that GNMA futures were more effective than T-Bill futures in reducing price change risk. Moreover, in the short term, the performance of T-Bill futures in reducing risk was extremely poor. The purpose of this article is to determine whether these results are due to a misspecification of the model and to test whether the hedging effectiveness of the T-Bill futures market has changed after three years of trading. A portfolio model of hedging effectiveness is formulated to account for the constant yield price accumulation over time on Treasury bills as distinguished from price changes due to instantaneous changes in yield. We test the T-Bill futures market using the portfolio model and conclude that the market provides very good opportunities for hedging, provided that the spot position is comprised of Treasury bills deliverable against the futures contract

Usefulness of Treasury Bill Futures as Hedging Instruments

In a recent article, Ederington (1979) examined the hedging performance of financial futures markets using a portfolio model derived from the hedging theories of Stein (1961) and Johnson (1960). His article concluded that GNMA futures were more effective than T-Bill futures in reducing price change risk. Moreover, in the short term, the performance of T-Bill futures in reducing risk was extremely poor. The purpose of this article is to determine whether these results are due to a misspecification of the model and to test whether the hedging effectiveness of the T-Bill futures market has changed after three years of trading. A portfolio model of hedging effectiveness is formulated to account for the constant yield price accumulation over time on Treasury bills as distinguished from price changes due to instantaneous changes in yield. We test the T-Bill futures market using the portfolio model and conclude that the market provides very good opportunities for hedging, provided that the spot position is comprised of Treasury bills deliverable against the futures contract

Schizophrénie, approche spécialisée et continuité de soins. Le programme spécifique d’intervention Premier-Épisode de l’Hôtel-Dieu de Lévis

La schizophrénie est une maladie complexe à caractère évolutif. Reposant sur un cadre conceptuel d'orientation cognitive, le programme spécifique d'intervention Premier épisode de l'Hôtel-Dieu de Lévis fournit une évaluation complète et standardisée au plan individuel et familial. Puis sont rendues disponibles différentes modalités de traitement, selon une approche individuelle (psycho-éducation, psychothérapie) et de groupe (intervention psychologique au plan cognitif ou Integrated Psychological Therapy, de Brenner). L'intervention psycho-éducative familiale est également offerte aux familles. Les structures et la démarche décrites s'harmonisent avec celles qui étaient en place avant la création du programme, ce qui offre une continuité de soins. Le cadre conceptuel sous-jacent et les modalités du fonctionnement du programme sont aussi présentés.Schizophrenia is a complex illness with an evolutive character. Based on a conceptual framework of cognitive orientation, the specific intervention program First Episode of Hôtel-Dieu in Lévis includes a complete and standardized assessment to an individualized and family plan. Different methods of treatment acording to an individualized approach (psyhco-education, psychotherapy) as well as group therapy (psychological intervention at the cognitive level or Brenner's Integrated psychological therapy) are then proposed. Psycho-education intervention for families is also offered. Structures and different steps described here, harmonize with those already in place before the program's creation thus offering a continuity in care. The underlying conceptual framework and the different methods of functioning of the program are also presented.La esquizofrenia es una enfermedad compleja da caracter evolu-tivo. El programa especifico de intervention Primer episodio de Hôtel-Dieu de Lévis que reposa en un marco conceptual de orientaciôn cognoscitiva, ofrece una evaluaciôn compléta y estandarizada a nivel individual y familiar. Ademâs se ofrecen diferentes modalidades de tratamiento, segûn un enfoque individual (psicoeducaciôn, psicoterapia) y de grupo (intervenciôn psicolôgica a nivel cognoscitivo o Integrated psychological therapy, de Brenner). Igualmente se le ofrece a las fami-lias, la Intervenciôn psioeducativa familiar. Las estructuras y los pasos a seguir que se describen se armonizan a las que ya existian antes de la creation del programa, Io que ofrece una continuidad de tratamiento. Son presentados, el marco conceptual subyacente y las modalidades del fucionamiento des programa

Developing a Monolithic Silicon Sensor in a 65 nm CMOS Imaging Technology for Future Lepton Collider Vertex Detectors

Monolithic CMOS sensors in a 65 nm imaging technology are being investigated by the CERN EP Strategic R&D Programme on Technologies for Future Experiments for an application in particle physics. The appeal of monolithic detectors lies in the fact that both sensor volume and readout electronics are integrated in the same silicon wafer, providing a reduction in production effort, costs and scattering material. The Tangerine Project WP1 at DESY participates in the Strategic R&D Programme and is focused on the development of a monolithic active pixel sensor with a time and spatial resolution compatible with the requirements for a future lepton collider vertex detector. By fulfilling these requirements, the Tangerine detector is suitable as well to be used as telescope planes for the DESY-II Test Beam facility. The project comprises all aspects of sensor development, from the electronics engineering and the sensor design using simulations, to laboratory and test beam investigations of prototypes. Generic TCAD Device and Monte-Carlo simulations are used to establish an understanding of the technology and provide important insight into performance parameters of the sensor. Testing prototypes in laboratory and test beam facilities allows for the characterization of their response to different conditions. By combining results from all these studies it is possible to optimize the sensor layout. This contribution presents results from generic TCAD and Monte-Carlo simulations, and measurements performed with test chips of the first sensor submission.Comment: 7 pages, 8 figures, submitted to IEEE Xplore as conference record for 2022 IEEE NSS/MIC/RTS

Revue d'histoire du Bas-Saint-Laurent, vol. 12 (2)

Éditorial -- Mot de la présidente -- La jeune chambre de Rimouski inc.: 50 ans d'histoir

Coronary Arteriovenous Fistula with a Giant Aneurysm: Role of Transesophageal Echocardiography

Congenital coronary arteriovenous fistulas are rare anomalies. Patients may present with congestive heart failure, ischemic chest pain, or endocarditis. In this case, transesophageal echocardiography provided valuable additional information to that obtained from cardiac catheterization, which was essential for the diagnosis and planning of surgical correction. (J Am Soc Echocardiogr 1999;12:1104-6.

Allergic rhinitis, rhinosinusitis, and asthma : one airway disease

Asthma and allergies, including rhinoconjunctivitis and atopic dermatitis, are common throughout the world, with a high burden of morbidity and cost. The nasal and bronchial mucosa present similarities, and most patients with asthma also have rhinitis, suggesting the concept of "one airway, one disease." Not all patients with rhinitis present with asthma, however, and there are differences between rhinitis and asthma. For this article, the authors differentiate between chronic rhinosinusitis and nasal polyposis based on the presence of polyps in the nasal cavity or the sinuses during clinical examination or surgery. This approach neglects an ill-defined group of chronic hyperplastic sinusitis, which might represent a transition phase