title: The influence of the COVID-19 pandemic on the hedging functionality of Chinese financial markets

authors: Corbet, Shaen

subjects: Social Sciences

abstract: In this paper, we investigate both constant and time-varying hedge ratios in terms of the effectiveness of CSI300 index futures during the COVID-19 crisis. Using naïve, OLS and EC/ROLS strategies to estimate constant hedge ratios, results indicate that the CSI300 spot index presents decreased effectiveness using the naïve hedging strategy; however, increased effectiveness of OLS and EC hedge ratios are identified. Differential behaviour is identified when considering five newly introduced COVID-19 concept-based stock indices. Time-varying hedge ratios indicate the weakened effectiveness, ranging between 20% and 40% variance reduction. Evidence suggests that the capability of the CSI300 index futures to hedge against the risks of the COVID-19 is impaired, regardless of whether constant or time-varying hedge ratios are used. Such results provide important implications to both local and foreign investors in the Chinese stock market.

text: The influence of the COVID-19 pandemic on the hedging functionality of Chinese financial markets In this paper, we investigate both constant and time-varying hedge ratios in terms of the effectiveness of CSI300 index futures during the COVID-19 crisis. Using naïve, OLS and EC/ROLS strategies to estimate constant hedge ratios, results indicate that the CSI300 spot index presents decreased effectiveness using the naïve hedging strategy; however, increased effectiveness of OLS and EC hedge ratios are identified. Differential behaviour is identified when considering five newly introduced COVID-19 concept-based stock indices. Time-varying hedge ratios indicate the weakened effectiveness, ranging between 20% and 40% variance reduction. Evidence suggests that the capability of the CSI300 index futures to hedge against the risks of the COVID-19 is impaired, regardless of whether constant or time-varying hedge ratios are used. Such results provide important implications to both local and foreign investors in the Chinese stock market.

year: 2022

title: Parent materials of Yellow-brown loams in the Waikato-Coromandel district.

authors: Gibbs, H.S.

abstract: The yellow-brown loams of the Waikato-Coromandel region are derived from weathered airfall volcanic materials. These materials may be either direct airfall deposits, or erosion products of these deposits, described as reworked ash in some publications. In the erosion products small amounts of other rocks may be included in the parent materials, and these additions may modify to a slight degree the chemical and physical properties of the soil as a yellow-brown loam. In larger amounts these additions result in the formation of intergrades to yellow-brown earths or gley soils.

text: Parent materials of Yellow-brown loams in the Waikato-Coromandel district. The yellow-brown loams of the Waikato-Coromandel region are derived from weathered airfall volcanic materials. These materials may be either direct airfall deposits, or erosion products of these deposits, described as reworked ash in some publications. In the erosion products small amounts of other rocks may be included in the parent materials, and these additions may modify to a slight degree the chemical and physical properties of the soil as a yellow-brown loam. In larger amounts these additions result in the formation of intergrades to yellow-brown earths or gley soils.

year: 1982-01-01

title: Challenges to legal education: The Waikato Law School experience

authors: Wilson, Margaret

subjects: legal education

abstract: The experiences of the Waikato Law School especially from the viewpoint of challenges to legal education are discussed. The impact of the performance-based model of funding on the delivery of legal education at the Waikato Law School is highlighted.

text: Challenges to legal education: The Waikato Law School experience The experiences of the Waikato Law School especially from the viewpoint of challenges to legal education are discussed. The impact of the performance-based model of funding on the delivery of legal education at the Waikato Law School is highlighted.

year: 2010