759 research outputs found
EVALUATING THE HEDGING POTENTIAL OF THE LEAN HOG FUTURES CONTRACT
The lean hog futures contract is replacing the live hog futures contract at the Chicago Mercantile Exchange beginning with the February 1997 contract. The lean hog futures will be cash settled based on a broad-based lean hog price index, eliminating terminal markets from the price discovery process. Using this index over a twenty-month period as a proxy for the lean hog futures price, this paper compares the hedging effectiveness of the live hog futures contract to the hedging potential of the lean hog futures contract for cash live hogs as well as four cash meat cuts. Frozen pork bellies futures are also examined for the cash meats. Both long-term and short-term hedges are simulated, using the minimum-variance approach, which utilizes only unconditional information, and the Myers-Thompson approach that incorporates conditional information. The results show that the lean hog futures should perform better than either the live hog or the frozen pork bellies futures as a hedging instrument for Omaha cash hogs and cash loins. The strongest evidence of this is for the short-term hedging of cash hogs. For the other three meats, no futures contract demonstrated a clear hedging advantage.Marketing,
Silicon-organic hybrid phase shifter based on a slot waveguide with a liquid-crystal cladding
DAC-Less amplifier-less generation and transmission of QAM signals using sub-volt silicon-organic hybrid modulators
We demonstrate generation and transmission of optical signals by directly interfacing highly efficient silicon-organic hybrid (SOH) modulators to binary output ports of a field-programmable gate array. Using an SOH Mach-Zehnder modulator (MZM) and an SOH IQ modulator we generate ON-OFF- keying and binary phase-shift keying signals as well as quadrature phase-shift keying and 16-state quadrature amplitude modulation (16QAM) formats. Peak-to-peak voltages amount to only 0.27 V-pp for driving the MZM and 0.41 V-pp for the IQ modulator. Neither digital-to-analog converters nor drive amplifiers are required, and the RF energy consumption in the modulator amounts to record-low 18 fJ/bit for 16QAM signaling
Ultra-short silicon-organic hybrid (SOH) modulator for bidirectional polarization-independent operation
We propose a bidirectional, polarization-independent, recirculating IQ-modulator scheme based on the silicon-organic hybrid (SOH) platform. We demonstrate the viability of the concept by using an SOH Mach-Zehnder modulator, operated at 10 GBd BPSK and 2ASK-2PSK
Timing, carrier frequency and phase recovery for OFDM and Nyquist signals using a mean modulus algorithm
High-speed silicon-organic hybrid (SOH) modulator with 1,6 fJ/bit and 180 pm/V in-device nonlinearity
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