Artículos de revistas: "Hedging"

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Hadinata, Sofyan y Diah Anggari Hardianti. "Variabel Fundamental Perusahaan Dalam Memprediksi Hedging Decision (Studi Perusahaan Automatif dan Komponen Serta Pertambangan Batubara Periode Tahun 2014-2017)". Akuntabilitas 12, n.º 2 (4 de diciembre de 2019): 179–90. http://dx.doi.org/10.15408/akt.v12i2.11823.

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One of the major risks facing multinational companies in international trade is the risk of fluctuations in foreign exchange rates. The company makes an effort to reduce the impact of these risks through risk management using a hedging decision. This study aims to test empirically the effect of the company's fundamental variables in predicting hedgings decision. Fundamental variables in this study use financial ratios, namely profitability, leverage, liquidity and growth opportunities. The data in the study used panel data from 2014 to 2017. This study used data analysis techniques using logistic regression tests. Logistic regression test is used because the dependent variable uses dummy data, namely companies that do hedging are given a score of 1 and those who do not do hedging are given a score of 0. The results of the study show that the variable profitability, leverage, and growth opportunities have a positive effect on the hedging decision. The variable liquidity has a negative effect on the hedging decision.

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Dewi, Rohmatul Fitriyah, Ruqoyyah Amilia Andania y Zuvyati Aryani Tlonaen. "Academic Literacy Practices: The Language of Hedging in Indonesian EFL Students' Essays". Inspiring: English Education Journal 7, n.º 1 (13 de marzo de 2024): 1–13. http://dx.doi.org/10.35905/inspiring.v7i1.8961.

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Writing academically and reading are parts of literacy that it is embedded in higher education. Therefore, it is important to assess how students’ ability can develop critical thinking regarding specific issues using hedging language. The purpose of this study was to evaluate students' critical thinking skills by looking at how effectively they hedgingly constructed their writings. Moreover, this study also explored the students' viewpoints about the use of hedging in their academic pursuits. This research employed a qualitative approach. The data was collected from students’ essays from the English Department in Surabaya and the results of a semi-structured interview with three students. Hyland (1998) identified eight categories of hedging, which were used in the text analysis. The study's findings demonstrate that students employed the majority of hedging strategies when writing their essays. However, the most used is modal auxiliaries, which focus more on the specific subject being taught and utilize a variety of tools to communicate their ideas. Moreover, it is found that different students provided varied reasons for employing hedging, such as reducing criticism, avoiding precision methods, or maintaining a particular writing style. Overall, the research underscores the multifaceted role of hedging in shaping both the content and perception of students' academic essays.

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Th. Vezeris, Dimitrios, Themistoklis S. Kyrgos y Christos J. Schinas. "Hedging and non-hedging trading strategies on commodities using the d-Backtest PS method. Optimized trading system hedging". Investment Management and Financial Innovations 15, n.º 3 (1 de octubre de 2018): 351–69. http://dx.doi.org/10.21511/imfi.15(3).2018.29.

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Modern trading systems are mechanic, run automatically on computers inside trading platforms and decide their position against the market through optimized parameters and algorithmic strategies. These systems now, in most cases, comprise high frequency traders, especially in the Forex market.In this research, a piece of software of an automatic high frequency trading system was developed, based on the technical indicator PIVOT (price level breakthrough). The system made transactions on hourly closing prices with weekly parameters optimization period, using the d-Backtest PS method.Through the search and checking of the results, two findings for optimization of trading strategy were found. These findings with the order they were examined and are presented in this paper are as follows: (1) the simultaneous use of “long and short” positions, with different parameters in a hedging account, acts as a hedging strategy, minimizing losses, in relation to a “long or short” in a non-hedging account for the same time period and (2) there is weak correlation of past backtesting periods between the same systems, if they are configured for “long and short” trades, or for just “long” or for just “short”.

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4

Brandt, Michael W. "Hedging Demands in Hedging Contingent Claims". Review of Economics and Statistics 85, n.º 1 (febrero de 2003): 119–40. http://dx.doi.org/10.1162/003465303762687758.

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5

De Angelis, David y S. Abraham Ravid. "Input Hedging, Output Hedging, and Market Power". Journal of Economics & Management Strategy 26, n.º 1 (17 de octubre de 2016): 123–51. http://dx.doi.org/10.1111/jems.12180.

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Syahid, Abdurrahman y Filia Filia. "Strategi Pemagaran dalam Ujaran Bahasa Jepang: Analisis Wawancara Jalanan Kanal Youtube Ask Japanese". KIRYOKU 7, n.º 2 (8 de noviembre de 2023): 86–98. http://dx.doi.org/10.14710/kiryoku.v7i2.86-98.

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This study reviews the hedging phenomena in Japanese speech found in street interview Ask Japanese. The hedging can be seen in interviewees’ answers to the interviewer’s questions. The data source used in this study is videos uploaded to Youtube by channel Ask Japanese. The reason for choosing such data source is that the videos are recorded impromptu, and thus, they show the realization of hedging in utterance naturally without any make-up. There are, in total, two videos of interview that is analyzed. The theories used are hedging as semantic phenomenon and hedging as pragmatic phenomenon. This research employs qualitative method that is involving analyzing data that have been transcribed and codified beforehand. In the videos used, there are 234 cases of hedging found. After keen observation, it is revealed that those cases of hedging are not realized in the same way. They can be classified into 6 types of strategies according to their realization in speech, namely (i) hedging by emphasizing subjectivity, (ii) hedging by expressing uncertainty, (iii) hedging by creating common ground, (iv) hedging by approximation, (v) hedging by exemplification, and (vi) hedging by downtoning.

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Choi, Myoung Shik. "Currency risks hedging for major and minor currencies: constant hedging versus speculative hedging". Applied Economics Letters 17, n.º 3 (9 de mayo de 2008): 305–11. http://dx.doi.org/10.1080/13504850701735757.

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8

Jin, Chenjia. "Research on the Applications of Neural Network Algorithms in Deep Hedging". Applied and Computational Engineering 2, n.º 1 (22 de marzo de 2023): 714–20. http://dx.doi.org/10.54254/2755-2721/2/20220659.

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Under market completeness assumptions, hedging a portfolio of derivatives is straightforward. In view of friction, transaction costs, liquidity and other factors, a framework is presented to extend the pricing and hedging with the hedging strategy treated as a neural network. We study the deep hedging model under incomplete market constraints such as frictions, traction cost, permanent impacts on the market and illiquidity. We discuss the limitations of certain models concerning the applications in deep hedging with constraints. After which, we analyse the advantages of different models and their joint models and find that the hedging strategy is close to the Black-Scholes delta hedging strategy. An example is also given when training after designing two hedging models. The Black-Scholes delta hedging is indeed approximated by unsupervised learning.

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9

Cong, Jianfa, Ken Seng Tan y Chengguo Weng. "VAR-BASED OPTIMAL PARTIAL HEDGING". ASTIN Bulletin 43, n.º 3 (29 de julio de 2013): 271–99. http://dx.doi.org/10.1017/asb.2013.19.

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AbstractHedging is one of the most important topics in finance. When a financial market is complete, every contingent claim can be hedged perfectly to eliminate any potential future obligations. When the financial market is incomplete, the investor may eliminate his risk exposure by superhedging. In practice, both hedging strategies are not satisfactory due to their high implementation costs, which erode the chance of making any profit. A more practical and desirable strategy is to resort to the partial hedging, which hedges the future obligation only partially. The quantile hedging of Föllmer and Leukert (Finance and Stochastics, vol. 3, 1999, pp. 251–273), which maximizes the probability of a successful hedge for a given budget constraint, is an example of the partial hedging. Inspired by the principle underlying the partial hedging, this paper proposes a general partial hedging model by minimizing any desirable risk measure of the total risk exposure of an investor. By confining to the value-at-risk (VaR) measure, analytic optimal partial hedging strategies are derived. The optimal partial hedging strategy is either a knock-out call strategy or a bull call spread strategy, depending on the admissible classes of hedging strategies. Our proposed VaR-based partial hedging model has the advantage of its simplicity and robustness. The optimal hedging strategy is easy to determine. Furthermore, the structure of the optimal hedging strategy is independent of the assumed market model. This is in contrast to the quantile hedging, which is sensitive to the assumed model as well as the parameter values. Extensive numerical examples are provided to compare and contrast our proposed partial hedging to the quantile hedging.

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10

Bhatia, Nikhil, Roshan Srivastav y Kasthrirengan Srinivasan. "Season-Dependent Hedging Policies for Reservoir Operation—A Comparison Study". Water 10, n.º 10 (22 de septiembre de 2018): 1311. http://dx.doi.org/10.3390/w10101311.

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During periods of significant water shortage or when drought is impending, it is customary to implement some kind of water supply reduction measures with a view to prevent the occurrence of severe shortages (vulnerability) in the near future. In the case of operation of a water supply reservoir, this reduction of water supply is affected by hedging schemes or hedging policies. This research work aims to compare the popular hedging policies: (i) linear two-point hedging; (ii) modified two-point hedging; and, (iii) discrete hedging based on time-varying and constant hedging parameters. A parameterization-simulation-optimization (PSO) framework is employed for the selection of the parameters of the compromising hedging policies. The multi-objective evolutionary search-based technique (Non-dominated Sorting based Genetic Algorithm-II) was used to identify the Pareto-optimal front of hedging policies that seek to obtain the trade-off between shortage ratio and vulnerability. The case example used for illustration is the Hemavathy reservoir in Karnataka, India. It is observed that the Pareto-optimal front that was obtained from time-varying hedging policies show significant improvement in reservoir performance when compared to constant hedging policies. The variation in the monthly parameters of the time-variant hedging policies shows a strong correlation with monthly inflows and available water.

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11

Putri Angellita, Firda Tri Bidandari y Dewi Susianti. "ANALISA LINDUNG NILAI ( HEDGING ) EVALUASI ATAS TRANSAKASI DERIVATIF PADA PERUSAHAAN PT. SURYA SEMESTA INTERNUSA TBK. PERIODE TAHUN 2019". Jurnal Akuntansi, Ekonomi dan Manajemen Bisnis 3, n.º 3 (6 de noviembre de 2023): 329–34. http://dx.doi.org/10.55606/jaemb.v3i3.2033.

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Hedging is an important approach to managing financial risk in a corporate context. The purpose of hedging is to protect the company's value from fluctuations in prices, interest rates or other risks that could negatively impact the company's financial performance. This study aims to analyze hedging practices in the context of the company PT Surya Semesta Internusa Tbk. This research methodology uses secondary data analysis which includes financial reports, risk reports, and company hedging policies. The results show that PT Surya Semesta Internusa Tbk has adopted a proactive hedging approach in managing financial risk. The company uses various hedging instruments, such as futures contracts, options and swaps, to mitigate the impact of commodity price fluctuations and foreign currency risk on their financial performance. PT Surya Semesta Internusa Tbk actively analyzes and identifies the risks it faces and implements appropriate hedging strategies to manage these risks. This study also reveals that hedging management at PT Surya Semesta Internusa Tbk is based on risk management principles that are integrated into the overall corporate strategy. The company has a structured hedging policy and clear standard operating procedures. In addition, PT Surya Semesta Internus Tbk's team is equipped with the necessary knowledge and skills to implement and monitor hedging effectively. However, this study also identified several challenges faced by PT Surya Semesta Internusa Tbk in implementing hedging. These challenges include the complexity of hedging instruments, market uncertainty, and regulatory changes. PT Surya Semesta Internusa Tbk needs to continue to evaluate and adjust their hedging strategy to overcome this challenge. This research provides better insight into hedging practices in the context of the company PT Surya Semesta Internusa. The results of this study can provide guidance for other companies in developing effective and integrated hedging strategies to manage financial risk and protect company value from adverse market fluctuations.

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12

Abubakar, Lastuti. "TRANSAKSI LINDUNG NILAI (HEDGING) DALAM PRAKTIK PERBANKAN DAN IMPLIKASINYA TERHADAP PEMBARUAN HUKUM KONTRAK NASIONAL". Rechtidee 11, n.º 1 (14 de diciembre de 2016): 84. http://dx.doi.org/10.21107/ri.v11i1.1964.

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Krisis ekonomi dan moneter disebabkan oleh depresiasi nilai tukar yang tajam, sehingga mengakibatkan pelaku usaha dan pemerintah mengalami kesulitan dalam membayar utang luar negeri. Oleh karena itu diperlukan upaya pendalaman pasar melalui mekanisme hedging (lindung nilai) sebagai upaya mitigasi risiko fluktuasi nilai tukar. Otoritas moneter telah menerbitkan serangkaian aturan tentang lindung nilai (hedging) guna memberikan rambu bagi perbankan untuk memfasilitasi transaksi lindung nilai. Penelitian ini bertujuan untuk melihat manfaat transaksi lindung nilai, mengkaji kedudukan transaksi lindung nilai dalam sistem hukum perjanjian Indonesia serta melihat implikasi dari transaksi lindung nilai ini terhadap pembaruan hukum kontrak nasional. Metode penelitan yang digunakan adalah yuridis normatif dengan spesifikasi penelitian bersifat deskriptif analitis. Data dianalisa secara yuridis kualitatif. Transaksi lindung nilai (hedging) merupakan teknik untuk mengantisipasi kerugian yang timbul akibat fluktuasi nilai tukar. Transaksi lindung nilai merupakan perjanjian yang berkembang dalam praktik perbankan dan dapat digolongkan sebagai perjanjian tidak bernama yang tunduk pada ketentuan Buku III KUHPerdata. Perkembangan objke transaksi lindung nilai dan diberlakukannya hedgin syariah berimplikasi terhadap perlunya pembaruan hukum kontrak nasional. Kata Kunci : lindung nilai, transaksi perbankan, pembaruan hukum kontrak

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13

Black, Fischer. "Universal Hedging". ICFA Continuing Education Series 1989, n.º 5 (enero de 1989): 28–32. http://dx.doi.org/10.2469/cp.v1989.n5.6.

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14

Kritzman, Mark P. "Hedging Opportunities". ICFA Continuing Education Series 1989, n.º 5 (enero de 1989): 39–46. http://dx.doi.org/10.2469/cp.v1989.n5.8.

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15

Mello, Antonio S. y John E. Parsons. "STRATEGIC HEDGING". Journal of Applied Corporate Finance 12, n.º 3 (septiembre de 1999): 43–54. http://dx.doi.org/10.1111/j.1745-6622.1999.tb00029.x.

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16

Buehler, H., L. Gonon, J. Teichmann y B. Wood. "Deep hedging". Quantitative Finance 19, n.º 8 (21 de febrero de 2019): 1271–91. http://dx.doi.org/10.1080/14697688.2019.1571683.

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17

Krasker, William S. "Sequential Hedging". Management Science 31, n.º 6 (junio de 1985): 657–63. http://dx.doi.org/10.1287/mnsc.31.6.657.

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18

Andelman, David A. "Hedging Disaster". World Policy Journal 31, n.º 4 (2014): 120–29. http://dx.doi.org/10.1177/0740277514564954.

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19

F�llmer, Hans y Peter Leukert. "Quantile hedging". Finance and Stochastics 3, n.º 3 (1 de mayo de 1999): 251–73. http://dx.doi.org/10.1007/s007800050062.

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20

Chen, Nai-fu y Herb Johnson. "Hedging options". Journal of Financial Economics 14, n.º 2 (junio de 1985): 317–21. http://dx.doi.org/10.1016/0304-405x(85)90021-2.

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21

Madan, Dilip B. "Adapted hedging". Annals of Finance 12, n.º 3-4 (9 de noviembre de 2016): 305–34. http://dx.doi.org/10.1007/s10436-016-0282-8.

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22

Levi, Isaac. "HEDGING ACCEPTANCE". Computational Intelligence 10, n.º 1 (2 de abril de 2007): 70–76. http://dx.doi.org/10.1111/j.1467-8640.1994.tb00151.x.

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23

Branger, Nicole, Linda Sandris Larsen y Claus Munk. "Hedging recessions". Journal of Economic Dynamics and Control 107 (octubre de 2019): 103715. http://dx.doi.org/10.1016/j.jedc.2019.07.001.

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24

TSUZUKI, YUKIHIRO. "ON OPTIMAL SUPER-HEDGING AND SUB-HEDGING STRATEGIES". International Journal of Theoretical and Applied Finance 16, n.º 06 (septiembre de 2013): 1350038. http://dx.doi.org/10.1142/s0219024913500386.

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This paper proposes optimal super-hedging and sub-hedging strategies for a derivative on two underlying assets without any specification of the underlying processes. Moreover, the strategies are free from any model of the dependency between the underlying asset prices. We derive the optimal pricing bounds by finding a joint distribution under which the derivative price is equal to the hedging portfolio's value; the portfolio consists of liquid derivatives on each of the underlying assets. As examples, we obtain new super-hedging and sub-hedging strategies for several exotic options such as quanto options, exchange options, basket options, forward starting options, and knock-out options.

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25

Branger, Nicole y Antje Mahayni. "Tractable hedging: An implementation of robust hedging strategies". Journal of Economic Dynamics and Control 30, n.º 11 (noviembre de 2006): 1937–62. http://dx.doi.org/10.1016/j.jedc.2005.06.014.

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26

Suryani, Suryani y Muhammad Anwar Fathoni. "Lindung nilai (Hedging) perspektif Islam: Komparasi Indonesia dan Malaysia". INFERENSI: Jurnal Penelitian Sosial Keagamaan 11, n.º 2 (7 de diciembre de 2017): 351–72. http://dx.doi.org/10.18326/infsl3.v11i2.351-372.

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Islamic Hedging is one of the instruments in financial management that is used to reduce the risks associated with price and currency movements. But in a conventional perspective, hedging involves the use of controversial derivative instruments in Islamic view. The noble objective of this hedging has been misunderstood for profit only. Therefore, the concept of hedging needs further discussion because of various interpretations of the meaning of it. This study found that the concept of hedging according to Islam is different from the concept of conventional hedging. In addition, there are differences in the use of contracts in Islamic Hedging in Indonesia and Malaysia.

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27

Sudiarta, Bernard Harland y Ignatius Roni Setyawan. "DETERMINING FACTORS OF HEDGING DECISIONS IN INDONESIA STOCK EXCHANGE". Jurnal Muara Ilmu Ekonomi dan Bisnis 6, n.º 1 (4 de abril de 2022): 95. http://dx.doi.org/10.24912/jmieb.v6i1.11909.

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Penelitian ini bertujuan untuk menguji pengaruh leverage, likuiditas, peluang pertumbuhan, dan profitabilitas terhadap keputusan lindung nilai perusahaan pada perusahaan sektor manufaktur yang terdaftar di Bursa Efek Indonesia. Metode penentuan sampel dengan purposive sampling dengan jumlah sampel diperoleh sebanyak 99 perusahaan sektor manufaktur periode data 2015-2019. Teknik pengolahan data untuk menguji hipotesis alternatif dengan memakai Probit Model Binary Choice. Hal ini dikarenakan variabel dependen yang dipakai untuk hedging yang bersifat dummy yakni 1 (hedging) dan 0 (non hedging) serta adanya proses konversi data rasio maenjadi data interval pada variabel independen. Hasil penelitian awal menunjukan ternyata lebih banyak perusahaan manufaktur yang melakukan hedging daripada yang non hedging. Hasil tersebut berdampak pada signifikannya dua variabel bebas saat dilakukan pengujian hipotesis dengan Probit Model Binary Choice. Kedua variabel bebas yakni leverage dan profitabilitas berpengaruh positif signifikan terhadap keputusan lindung nilai perusahaan, sedangkan likuiditas dan peluang pertumbuhan tidak berpengaruh signifikan terhadap keputusan hedging. Implikasi yang didapat adalah aspek profitabilitas dan leverage harus menjadi pertimbangan utama dalam lindung nilai bagi perusahaan. Yakni saat melakukan hedging receivable (export activity) maka pertimbangan profitabilitas menjadi penting dan sebaliknya saat hedging payable (import activity)maka perusahaan harus lebih mementingkan leverage. Dengan demikian studi ini telah menemukan dua faktor penentu keputusan hedging yakni proftibilitas dan leverage yang sangat berguna bagi pelaku bisnis internasional tentunya. This study aims to examine the effect of leverage, liquidity, growth opportunities, and profitability on corporate hedging decisions in manufacturing sector companies listed on the Indonesia Stock Exchange. The method of determining the sample is purposive sampling with a total sample of 99 companies in the manufacturing sector for the 2015-2019 data period. Data processing techniques to test alternative hypotheses using the Probit Binary Choice Model. This is because the dependent variable used for hedging is dummy, namely 1 (hedging) and 0 (non hedging) and the conversion process of ratio data into interval data on the independent variables. Preliminary research results show that there are more manufacturing companies that do hedging than non-hedging. These results have an impact on the significance of the two independent variables when testing the hypothesis with the Probit Binary Choice Model. The two independent variables, namely leverage and profitability, have a significant positive effect on firm hedging decisions, while liquidity and growth opportunities have no significant effect on hedging decisions. The implication is that profitability and leverage must be the main considerations in hedging for the company. That is, when hedging receivables (export activity), profitability considerations are important and vice versa when hedging is payable (import activity), the company should be more concerned with leverage. Thus, this study has found two determinants of hedging decisions, namely profitability and leverage, which are very useful for international business players of course.

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AN, YUNBI, ATA ASSAF y JUN YANG. "HEDGING VOLATILITY RISK: THE EFFECTIVENESS OF VOLATILITY OPTIONS". International Journal of Theoretical and Applied Finance 10, n.º 03 (mayo de 2007): 517–34. http://dx.doi.org/10.1142/s0219024907004317.

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In this paper we focus on the performance of volatility options as hedging instruments for hedging volatility risk. We investigate (a) the relative hedging performance of volatility and European options, (b) the relative hedging performance of volatility index and straddle options, and (c) the impact of model misspecification on hedging effectiveness. Our focus is on exotic options as the options to be hedged, because they are more sensitive to volatility risk and model risk and practically more relevant when the effectiveness of different hedging strategies is examined. Using a Monte Carlo simulation, we find that volatility options are especially useful for hedging options with a severe exotic feature and there is no significant difference between the performances of volatility index and straddle options. Furthermore, our results indicate that model misspecification has an important impact on the hedging performance.

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Xiao, Minghua. "Comparative Study of Hedging Models in US". Highlights in Business, Economics and Management 10 (9 de mayo de 2023): 256–63. http://dx.doi.org/10.54097/hbem.v10i.8049.

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This study focuses on the use of three dynamic hedging models in the American stock market, and it computes the dynamic correlation coefficient, dynamic hedging ratio, and hedging effectiveness of three common models (DCC, BEKK, CCC). This paper fills in the gaps in the application and comparison of three hedging models commonly used in the US stock market during the pandemic. The results showed that NASDAQ index and futures were highly correlated and had significant volatility spillover effect before and during the epidemic. The hedging efficiency of the three models before the epidemic was higher than 0.931, and the hedging efficiency of the three models during the epidemic was higher than 0.936. It is proved that futures hedging is a good way to avoid risk no matter before or during the epidemic, and the highest hedging efficiency is dcc-garch.

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ANKIRCHNER, STEFAN, CHRISTIAN PIGORSCH y NIKOLAUS SCHWEIZER. "ESTIMATING RESIDUAL HEDGING RISK WITH LEAST-SQUARES MONTE CARLO". International Journal of Theoretical and Applied Finance 17, n.º 07 (noviembre de 2014): 1450042. http://dx.doi.org/10.1142/s0219024914500423.

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Frequently, dynamic hedging strategies minimizing risk exposure are not given in closed form, but need to be approximated numerically. This makes it difficult to estimate residual hedging risk, also called basis risk, when only imperfect hedging instruments are at hand. We propose an easy to implement and computationally efficient least-squares Monte Carlo algorithm to estimate residual hedging risk. The algorithm approximates the variance minimal hedging strategy within general diffusion models. Moreover, the algorithm produces both high-biased and low-biased estimators for the residual hedging error variance, thus providing an intrinsic criterion for the quality of the approximation. In a number of examples we show that the algorithm delivers accurate hedging error characteristics within seconds.

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Kim, Young Sang. "Global Diversification and Hedging by High Technology Firms". Journal of Derivatives and Quantitative Studies 21, n.º 4 (30 de noviembre de 2013): 383–409. http://dx.doi.org/10.1108/jdqs-04-2013-b0002.

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This paper examines the operational hedging strategies of high technology firms and how they are related to financial hedging. We use a sample of 216 firms, consisting of 108 operationally-hedged high technology firms and a size and industry matched sample of 108 non-operationally-hedged firms. We find that derivatives users are larger and are more R&D intensive than non-derivative users. Our regression analysis results show that operational hedging and financial hedging are complementary. However, firms that use financial hedging are able to significantly lower their exchange rate exposure. Finally, our results show that financial hedging adds value for our sample of high technology firms, while operational hedging does not.

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Guo, Zhidong, Yang Liu y Linsong Dai. "European Option Pricing under Sub-Fractional Brownian Motion Regime in Discrete Time". Fractal and Fractional 8, n.º 1 (22 de diciembre de 2023): 13. http://dx.doi.org/10.3390/fractalfract8010013.

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In this paper, the approximate stationarity of the second-order moment increments of the sub-fractional Brownian motion is given. Based on this, the pricing model for European options under the sub-fractional Brownian regime in discrete time is established. Pricing formulas for European options are given under the delta and mixed hedging strategies, respectively. Furthermore, European call option pricing under delta hedging is shown to be larger than under mixed hedging. The hedging error ratio of mixed hedging is shown to be smaller than that of delta hedging via numerical experiments.

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Suprihandari, Miya Dewi, Mohammad Ali Masyhuri y Pristiwantiyasih Pristiwantiyasih. "ANALISIS KINERJA KEUANGAN PERUSAHAAN SEKTOR INDUSTRI MANUFAKTUR YANG MELAKUKAN HEDGING DI BURSA EFEK INDONESIA". Media Mahardhika 17, n.º 3 (30 de mayo de 2019): 500. http://dx.doi.org/10.29062/mahardika.v17i3.108.

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Tujuan penelitian ini adalah untuk menganalisis peningkatan kinerja keuangan dan ada tidaknya perbedaan secara signifikan antara perusahaan yang melakukan hedging dengan perusahaan yang tidak melakukan hedging. Obyek penelitian adalah perusahaan manufaktur yang melakukan hedging dan yang tidak melakukan hedging tahun 2012 sampai dengan tahun 2014 yang listed di Bursa Efek Indonesia. Perusahaan yang melakukan hedging berjumlah 20 perusahaan. Total sampel penelitian berjumlah 40 perusahaan manufaktur yang dipilih berdasarkan kriteria-kriteria yang telah ditentukan. Pengukuran kinerja keuangan dengan menggunakan rasio keuangan yang terdiri dari Ratio Earning Per Share (EPS), Current Ratio (CR), Quick Ratio (QR), Return On Assets (ROA), dan Return On Equity (ROE). Selanjutnya diuji dengan menggunakan Independent sample t-test, bila data pada rasio berdistribusi normal, tetapi bila data pada rasio berdistribusi tidak normal maka diuji dengan menggunakan uji Mann-Whitney.Hasil analisis menunjukkan terdapat perbedaan yang signifikan antara perusahaan yang melakukan hedging dengan perusahaan non hedging untuk periode 3 tahun pengamatan. Berdasarkan analisis memberikan indikasi adanya peningkatan kinerja keuangan pada perusahaan yang melakukan hedging secara signifikan bila dibandingjan dengan perusahaan yang tidak melakukan hedging dengan melibatkan kurs valas sangat penting.

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Gao, Xia y Zhanxing Zhao. "A Minimum Variance Hedging Ratio Model Based on Nonlinear Grey Classification Model". Wireless Communications and Mobile Computing 2022 (28 de febrero de 2022): 1–8. http://dx.doi.org/10.1155/2022/9848223.

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The risk transfer function of futures market is mainly realized by hedging strategy. Futures price yield and spot price yield tend to show different fluctuations before and during hedging, which leads to the distortion of hedging ratio, that is, the calculated hedging effect is weaker than the traditional hedging effect. On the basis of MV (minimum variance) hedging model, this paper introduces NGCM (nonlinear grey classification model) to solve the nonlinear correlation between futures and spot returns, which can improve the hedging effect. The results show that, due to the existence of basis, the price change model violates the linear assumption of OLS (ordinary least squares) parameters, and there is a problem of model missetting. It is estimated that HR (hedging ratio) should choose the price model, which can better depict the linkage between futures price and spot price. The effectiveness of HR in this study is higher than that of existing models. Applying this model to hedge can effectively avoid the spot price risk. Investors can reasonably choose the hedging model according to their own needs.

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Fatturroyhan, Fatturroyhan y Royyan Ramdhani Djayusman. "Islamic Hedging, Spekulasi atau Manajemen Risiko? (Analisis Kritik terhadap Islamic Hedging)". Jihbiz : jurnal ekonomi, keuangan dan perbankan syariah 1, n.º 2 (17 de julio de 2017): 113–24. http://dx.doi.org/10.33379/jihbiz.v1i2.712.

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Permasalahan fluktuatif nilai tukar mata uang menyebabkan tergeraknya para ekonom keuangan konvensional melaksanakan hedging dalam bentuk kontrak-kontrak derivatif untuk menghindari risiko yang diakibatkan dari fluktuasi mata uang. Para ekonom Muslim, dalam menawarkan reformasi hedging mainstream dengan menghilangkan unsur-unsur pelanggaran syari’ah dan memasukkan akad-akad syari’ah ke dalamnya. Namun demikian, apakah unsur-unsur penyebab dilarangnya hedging sudah dieliminasi secara menyeluruh. Tulisan ini mencoba mendiskusikan permasalahan Islamic hedging, untuk dapat menawarkan solusi dari permasalahan tersebut. Penelitian ini adalah jenis penelitian literatur, metode analisis kritik pemikiran dengan menggunakan metode induktif dalam menemukan konsep Islamic hedging secara umum. Kemudian, dijelaskan dengan menggunakan metode deskriptif dengan analisis kritik sebagai kritikan terhadap Islamic hedging. Kesimpulan akhir dari tulisan ini adalah Islamic investment funds dan cadangan risiko nilai tukar sebagai alternatif dari Islamic hedging yang ternyata belum sepenuhnya mengeliminasi unsur-unsur gharar, riba dan maysir dan dapat dikatakan bahwa Islamic hedging adalah bentuk spekulasi.

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Adeloye, Adebayo J. y Bankaru-Swamy Soundharajan. "Effect of dynamically varying zone-based hedging policies on the operational performance of surface water reservoirs during climate change". Geological Society, London, Special Publications 488, n.º 1 (17 de diciembre de 2018): 277–89. http://dx.doi.org/10.1144/sp488.1.

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AbstractHedging is universally recognized as a useful operational practice in surface water reservoirs to temporally redistribute water supplies and thereby avoid large, crippling water shortages. When based on the zones of available water in storage, hedging has traditionally involved a static rationing (i.e. supply to demand) ratio. However, given the usual seasonality of reservoir inflows, it is also possible that hedging could be dynamic with seasonally varying rationing ratios. This study examined the effect of static and dynamic hedging policies on the performance of the Pong reservoir in India during a period of climate change. The results show that the reservoir vulnerability was unacceptably high (≥60%) without hedging and that this vulnerability further deteriorated as the catchment became drier due to projected climate change. The time- and volume-based reliabilities were acceptable. The introduction of static hedging drastically reduced the vulnerability to <25%, although the hedging reduction in the water supplied during normal operational conditions was only 17%. Further analyses with dynamic hedging provided only modest improvements in vulnerability. The significance of this study is its demonstration of the effectiveness of hedging in offsetting the impact of water shortages caused by climate change and the fact that static hedging can match more complex dynamic hedging policies.

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Yun, Seok-Jun, Sun-Yong Choi y Young Sung Kim. "Examining the hedge performance of US dollar, VIX, and gold during the coronavirus pandemic: Is US dollar a better hedge asset?" PLOS ONE 18, n.º 10 (5 de octubre de 2023): e0291684. http://dx.doi.org/10.1371/journal.pone.0291684.

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This study utilizes the hedging potential of the U.S. Dollar Index (USDX) during the COVID-19 period, specifically comparing its positive effects on optimal portfolio weights and hedging ratios with those of traditional hedging assets, such as the VIX and gold. The scalar BEKK GARCH model is employed to forecast volatility and calculate hedging indicators. The results show that USDX exhibits strong hedging abilities against S&P 500 index volatility. These findings highlight the advantageous role of the USDX as a hedging instrument, particularly during periods of heightened market uncertainty, such as during the COVID-19 crisis. Despite the increased market volatility during the COVID-19 pandemic, the value of the optimal portfolio weights is stable and the volatility of the weights is significantly reduced, demonstrating the strength of the USDX’s low risk and volatility in hedging against market fluctuations. Moreover, the increase in the hedge ratio indicates that more capital is allocated to hedging, reflecting the increased correlation between the USDX and S&P 500 index. These results emphasize the beneficial role of the USDX as a hedging instrument during times of elevated market uncertainty, such as during the COVID-19 crisis. Ultimately, USDX can provide valuable insights for market participants seeking effective hedging strategies.

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Prymostka, Liudmyla, Іryna Krasnova, Iryna Okhrymenko, Maksym Shchehliuk y Andrii Prymostka. "DEVELOPMENT OF FINANCIAL RISK HEDGING STRATEGIES". Financial and credit activity problems of theory and practice 1, n.º 54 (29 de febrero de 2024): 68–82. http://dx.doi.org/10.55643/fcaptp.1.54.2024.4251.

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The purpose of the study is to develop the theory of hedging, generalize approaches to the formation of effective risk hedging strategies, and provide recommendations for the implementation of international banks' experience in Ukrainian practice. It is proved that in the process of choosing effective strategies, it is advisable to distinguish three types of financial risk hedging: a) operational hedging (balance sheet) to ensure operational flexibility; b) market hedging (external), which involves the use of derivatives as instruments to hedge profit volatility; c) contract hedging (contractual clauses, embedded derivatives. Based on the analysis of the reports of 250 banks, it was found that Bank of America, JPMorgan Chase & Co., Goldman Sachs, Morgan Stanley, and Citigroup are the market makers in the most developed US futures market. Horizontal analysis of the balance sheets of these banks showed that although the share of derivatives designated as hedging instruments is insignificant (less than 1%) relative to term contracts recognized as trading instruments, the hedging effect is significantly higher than the gains on the trading portfolio. It was found that in international practice, the dominant direction is the hedging of interest rate risk (the share of which varies between banks from 42.52% to 61.26%), in the structure of hedging instruments, interest rate swaps prevail. The share of currency derivatives varies from 18.67% to 41.45%. Interest rate risk is hedged by over-the-counter bilateral term contracts for active operations, currency risk hedging equally covers the risks of passive and active operations. The regression analysis revealed that private credit and trading assets have an inverse effect on regional hedging exposure, and debt instruments have a direct effect. The study provides a basis for assessing the potential of using innovative risk-hedging instruments by Ukrainian banks.

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Frensidy, Budi y Tasya Indah Mardhaniaty. "The Effect of Hedging with Financial Derivatives on Firm Value at Indonesia Stock Exchange". Economics and Finance in Indonesia 65, n.º 1 (2 de agosto de 2019): 20. http://dx.doi.org/10.47291/efi.v65i1.614.

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This study aims to analyze the effect of hedging for the risks of foreign currency, interest rate, and commodity price on firm value as measured by Tobin’s Q. The findings reveal that hedging with derivative instruments is insignificantly related to firm value but significantly varied in financial risks. Hedging for foreign currency risk has a significantly positive relation to firm value, while hedging for interest rate and commodity price risk has no relation. Furthermore, this study provides a novelty compared to previous studies in the utilization of the extent of hedging as the variable to measure the implementation of hedging.

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Broll, Udo, Jack E. Wahl y Christoph Wessel. "Export, Exchange Rate Risk and Hedging: The Duopoly Case". German Economic Review 12, n.º 4 (1 de diciembre de 2011): 490–502. http://dx.doi.org/10.1111/j.1468-0475.2011.00531.x.

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Abstract This paper studies a Cournot duopoly in international trade with firms exposed to exchange rate risk. A hedging opportunity is introduced by a forward market on which one firm can trade the foreign currency.We investigate two settings: First, we assume that hedging and output decisions are taken simultaneously. It is shown that hedging is exclusively done for risk-managing reasons as it is not possible to use hedging strategically. Second, the hedging decision is made before the output decisions. We show that hedging is not only used to manage the risk exposure but also as a strategic device.

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Yu, Xing, Yanyin Li y Zhongkai Wan. "Dynamic Currency Futures and Options Hedging Model". Mathematical Problems in Engineering 2019 (1 de julio de 2019): 1–11. http://dx.doi.org/10.1155/2019/8074384.

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In this paper, we consider a risk averse competitive firm that adopts currency futures and options for hedging purpose. Based on the assumption of unbiased markets of currency futures and options, we propose the optimal hedging model in dynamic setting. By using two-stage optimization method, we prove that it is desirable for the prudent enterprise to buy exchange rate options to hedge currency risk. Furthermore, we derive the closed-form solutions of the multiperiod hedging problem with the quadratic utility function. We investigate an empirical study incorporated into GARCH-t prediction on the efficiency of hedging with currency futures and options. The empirical results demonstrate that hedging with currency futures and options can reduce the silver export firm’s risk exposure. Profits and the effective boundaries are compared in three cases: hedging with futures and options synchronously, only with futures and without any hedge. The results of multiple comparisons among different hedging strategies show that hedging with linear and nonlinear derivatives is advisable for the export firm.

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Rosalin, Feronika, Echi Kurniati y Nurul Mardiyyah Pratiwi. "Pengaruh Leverage, Kebijakan Deviden, Dan Likuiditas Terhadap Keputusan Hedging Pada Perusahaan Badan Usaha Milik Negara (BUMN) Sub Sektor Kontruksi Bangunan Yang Terdaftar Di Bursa Efek Indonesia Periode 2017-2021". Jurnal Media Wahana Ekonomika 19, n.º 4 (31 de enero de 2023): 579–91. http://dx.doi.org/10.31851/jmwe.v19i4.11018.

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ABSTRAK Keputusan hedging adalah suatu keputusan yang diambil perusahaan untuk melindungi nilai perusahaan dari risiko perubahan kurs. Faktor yang menentukan keputusan hedging adalah leverage, kebijakan deviden, dan likuiditas. Penelitian ini bertujuan untuk mengamati perkembangan dan faktor yang mempengaruhi serta melihat pengaruh leverage, kebijakan deviden, dan likuiditas terhadap keputusan hedging secara parsial dan simultan pada perusahaan Badan Usaha Milik Negara subsektor kontruksi bangunan yang terdaftar di Bursa Efek Indonesia. Jumlah populasi dalam penelitian ini adalah sebanyak 20 perusahaan, setelah pemilihan sampel dengan menggunakan teknik purposive sampling maka didapat 10 perusahaan. Metode analisis yang digunakan yaitu metode deskriptif dan metode verifikatif. Hasil penelitian menunjukkan bahwa secara parsial variabel leverage berpengaruh terhadap keputusan hedging, sedangkan variabel kebijakan deviden dan likuiditas tidak ada pengaruh yang signifikan terhadap keputusan hedging dan secara simultan minimal ada satu variabel bebas leverage, kebijakan deviden, dan likuiditas berpengaruh terhadap keputusan hedging periode 2017-2021. Nilai koefisien determinasi yang dilihat dari Adjusted R² sebesar 0,218 yang menunjukan keputusan hedging dapat dipengaruhi leverage, kebijakan deviden, likuiditas sebesar 21,8% dan sebesar 78,2% merupakan faktor lain yang tidak diajukan dalam laporan penelitian ini. Kata Kunci: Leverage, kebijakan deviden, likuiditas, keputusan hedging ABSTRACT A hedging decision is a decision taken by the company to protect the value of the company from the risk of exchange rate changes. Factors that determine hedging decisions are leverage, dividend policy, and liquidity. This study aims to observe developments, and influencing factors and see the effect of leverage, dividend policy, and liquidity on hedging decisions partially and simultaneously in State-Owned Enterprises in the building construction subsector listed on the Indonesia Stock Exchange. The total population in this study was 20 companies, after selecting the sample using the purposive sampling technique, 10 companies were obtained. The analytical method used is the descriptive method and verification method. The results show that partially leverage variables affect hedging decisions, while dividend and liquidity policy variables have no significant influence on hedging decisions, and simultaneously there is at least one independent variable leverage, dividend policy, and liquidity affect hedging decisions for the 2017-2021 period. The coefficient of determination seen from the Adjusted R² is 0.218 which shows that hedging decisions can be influenced by leverage, dividend policy, liquidity of 21.8% and 78.2% are other factors that are not proposed in this research report. Keywords : Leverage, Dividend Policy, Liquidity, and Hedging Decision

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Laras Anindya y Romel Noverino. "Hedging of Cooperative Principles in Bunker of the Dead Movie". International Journal of Linguistics, Literature and Translation 4, n.º 5 (30 de mayo de 2021): 168–72. http://dx.doi.org/10.32996/ijllt.2021.4.5.17.

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Language is used in communication as a way to express their thoughts and feelings. Communication is how people use the message to give meaning to other people. Good communication happens when the speakers and the listeners can deliver their intended message clearly to understand each other. In communication, there is a theory called the cooperative principle. The cooperative principle is elaborated in four sub-principles or maxims. These maxims will make sure the information about the topic that is being discussed in the conversation clearer. However, some people sometimes communicate without following these maxims or violate maxims, knows as hedging maxim. This research aims to reveal the types of hedging maxims used by the characters in Bunker of the Dead movie. Grice’s cooperative principle is to analyze the research. Descriptive qualitative is employed as the research method, and a movie transcript as the research data. The result of this research shows that there are three types of hedging maxims, namely hedging maxim of quality, hedging maxim of relevance and hedging maxim of manner. One of the maxims, namely hedging maxim of quantity, does not exist in the movie. The most used hedging maxim is the hedging maxim of quality.

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Samsudin, Acep, Rusdi Hidayat, Dwi Wulan Suci, Habib Ahmad, Rio Bastian, Bagus Firmansyah y Rafli Aprilian Firmansyah. "Penerapan Hedging di Perbankan Syariah sebagai Mitigasi Risiko Pasar Akibat Fluktuasi Kurs". El-Mujtama: Jurnal Pengabdian Masyarakat 3, n.º 3 (14 de febrero de 2023): 804–10. http://dx.doi.org/10.47467/elmujtama.v3i3.2996.

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This research aims to determine the application of hedging in Islamic Banking Indonesia in mitigating the market risk resulting from fluctuations in foreign currency exchange rates. Researchers using qualitative methods, techniques Miles and Huberman Model. The object of this study is that adopted sharia hedging instrument of Conventional Banking products and prescribed and packaged in provisions DSN- MUI Fatwa No. 96/DSN-MUI/IV/2015, PBI 18/2/PBI/2016 and DPS Opinion No. 17/26/DPS/XII/2015 concerning the Proposed Transaction Hedging (Hedging) Sharia. The purpose and object of concern to researchers, then pure researchers took samples at PT. Bank Syariah Mandiri (BSM) that have implemented sharia hedging through forward contracts agreement. The results of this study, it can simply be concluded that the application of hedging has been implemented by BSM in accordancewith the provisions of both the provisions of the DSN-MUI, PBI and DPS. But on the other hand there are things that must be considered more serious for banks to implement sharia hedging instruments. This is because there is the inherent nature of the hedging diinstrument which is difficult to be avoided and eliminated. Keywords: Hedging, Forward Contract Agreement

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Tsatsaronis, Michael. "Optimal hedging efficiency in global freight markets: Comparing FFAs and time charter strategies". Maritime Technology and Research 6, n.º 3 (20 de marzo de 2024): 268609. http://dx.doi.org/10.33175/mtr.2024.268609.

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The paper aims to mitigate financial risk in highly volatile shipping freight markets by employing a dynamic hedging model. The primary criterion for evaluating the effectiveness of various methods for estimating optimal hedge ratios through Forward Freight Agreements (FFAs) is the minimum variance hedging rule. Four different methods are utilized to estimate two types of hedge ratios. The first type, a static hedge ratio, is calculated using the OLS and ECM methods. The second type, a time-varying hedge ratio, is determined through a bivariate GARCH model and a Rolling Window OLS method. Additionally, the hedging effectiveness of the traditional method of hedging, time chartering, is compared to the more modern and sophisticated shipping derivatives methods using the coefficient of variation. Highlights Estimating optimal hedge ratios through Forward Freight Agreements (FFAs) with the minimum variance hedging rule Four different methods are utilized to estimate two types of hedge ratios for static and dynamic hedging Assess the hedging effectiveness of the different methods of hedge ration estimation Compare the hedging effectiveness of the traditional method of hedging, time chartering, to the more modern and sophisticated shipping derivatives methods using the coefficient of variation

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Fadhila, Amalia Hasna y Riwi Sumantyo. "DETERMINANTS OF FOREIGN CURRENCY HEDGING AND IT’S IMPACT ON FIRM VALUE". Journal of Applied Economics in Developing Countries 8, n.º 2 (30 de septiembre de 2023): 87. http://dx.doi.org/10.20961/jaedc.v8i2.79839.

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Hedging through derivative instruments is a risk management action to reduce losses due to foreign exchange exposure. This research aims to examine the influence of liquidity, company size, leverage, growth opportunity, financial distress, profitability on company hedging decisions and to find out whether hedging activities have an effect on company value. The research sample consisted of 39 companies in the basic industry and chemical goods sector listed on the Indonesia Stock Exchange in 2014-2018. This research uses two stages of testing to analyze the data. The first stage uses logistic regression to test decision determinants hedging company. The second stage uses testing Independent Sample T-Test to determine the impact of activities hedging on company value and knowing which groups of companies have superior value. The research results show that leverage, company size and growth opportunity have a positive effect on the probability of a company's hedging decisions. Meanwhile, financial distress, liquidity and profitability have a negative effect on the probability of a company's hedging decisions. There is a significant difference in the average value between companies that carry out hedging activities and companies that do not carry out hedging activities.

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Shrestha, Keshab, Sheena Sara Suresh Philip y Yessy Peranginangin. "Contribution of Exchange Traded Funds in Hedging Crude Oil Price Risk". American Business Review 26, n.º 1 (2023): 203–25. http://dx.doi.org/10.37625/abr.26.1.203-225.

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In this study, we empirically analyze the contributions of three crude oil-based exchange traded funds (ETFs) and the futures contract in hedging crude oil price risk. In order to measure hedging contributions of ETFs, we estimate the usual minimum variance hedge ratios as well as the quantile based minimum variance hedge ratios based on three different methods. We also compute the hedging effectiveness of the futures contract and three ETFs. We find that ETFs can be used as hedging instruments especially for the longer hedging horizons and extreme quantiles. However, overall, we find the futures contract to be the most effective instrument for hedging.

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Zhou, Rui, Johnny Siu-Hang Li y Jeffrey Pai. "Hedging crop yield with exchange-traded weather derivatives". Agricultural Finance Review 76, n.º 1 (3 de mayo de 2016): 172–86. http://dx.doi.org/10.1108/afr-11-2015-0045.

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Purpose – The application of weather derivatives in hedging crop yield risk is gaining more interest. However, the further development of weather derivatives – particularly exchange-traded – in the agricultural sector has been impeded by concerns over their hedging performance. The purpose of this paper is to develop a new framework to derive the optimal hedging strategy and evaluate hedging effectiveness. Design/methodology/approach – This framework incorporates a stochastic temperature model, a crop yield model, a risk-neutral pricing method and a profit optimization procedure. Based on a large number of simulated scenarios, the authors study crop yield hedge for a future year. The authors allow the hedger to choose from different types of exchange-traded weather derivatives, and examine the impact of various factors on the optimal hedging strategy. Findings – The analysis shows that hedging objective, pricing method and geographical location of the hedged exposure all play important roles in choosing the best hedging strategy and assessing hedging effectiveness. Originality/value – This framework is forward-looking, because it focusses on the crop yield hedge for a future year rather than on the historical hedging effectiveness often studied in literature. It utilizes the most up-to-date information related to temperature and crop yield, and hence produces a hedging strategy which is more relevant to the year under consideration.

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Yossy Aria Primayudha, Tri Gunarsih y Ralina Transistari. "The Impact of Managerial Ownership and Financial Performance on Hedging Decisions". International Journal of Finance & Banking Studies (2147-4486) 12, n.º 2 (21 de junio de 2023): 13–21. http://dx.doi.org/10.20525/ijfbs.v12i2.2393.

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Hedging as a derivatives instrument is one of the practices in risk management. The hedging decision, among other things, comprises forwards, futures, options, and swaps. This study analyzes managerial ownership, financial distress, leverage, liquidity, profitability, and company size on hedging decisions. This study was conducted in a mining sector company listed on the IDX in 2016-2020. The samples were 27 listed companies that were selected based on the purposive sampling method. The logistic regression model was implemented to test the hypothesis. The results of this study are as follows: managerial ownership, financial distress, and company size significantly affected hedging decisions; liquidity variables have a significant adverse impact on hedging decisions; other variables, namely leverage, and profitability, do not affect hedging decisions because they are insignificant. This study suggests that the management prefers implementing hedging to reduce future risks.

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Campbell, Thiago, James R. Schupp y Richard P. Marini. "Converting Tall Spindle Apple Trees to Narrow Walls with Summer and Dormant Hedging Plus Root Pruning". HortScience 58, n.º 6 (junio de 2023): 620–27. http://dx.doi.org/10.21273/hortsci16927-23.

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Recently, some commercial apple growers have been adopting hedging as an alternative or supplement to hand-pruning. With increasing labor costs across the United States, alternatives to hand-pruning and current training systems are being considered. One management strategy involves transitioning tall spindle trees to a narrow tree wall and simplifying labor-intensive activities of apple production, such as pruning, harvesting, and fruit thinning. The objective is to form the orchard system into a “fruiting wall” that makes fruit more visible and accessible, thus facilitating harvesting. Four management practices (tall spindle; narrow tree wall with manual pruning; narrow tree wall with dormant and summer hedging; and narrow tree wall with dormant hedging, summer hedging, and root pruning) were used to convert 12-year-old ‘Brak Fuji’ apple trees from the tall spindle training system to a narrow tree wall. Photosynthetically active radiation (PAR) and ultraviolet light levels within the canopies were improved by summer hedging, but they were still low for all treatments. Light within the canopy was improved most when root pruning was included. Specific leaf weight was not significantly impacted by hedging or root pruning. Detailed spur sampling showed that treatments had no effect on vegetative or reproductive growth on 2- to 3-year-old wood. Although dormant plus summer hedging alone did not affect shoot length, the combination of hedging and root pruning caused a significant reduction in terminal shoot length. Red fruit color was only improved with dormant hedging plus summer hedging plus root pruning. Compared with dormant plus summer hedging, dormant plus summer hedging plus root pruning improved fruit set and yield, but it reduced fruit size. Without root pruning, hedging had little effect on light, specific leaf weight, flower initiation, fruit set, and fruit quality. Conversion to narrow tree walls by manual pruning resulted in more poorly colored fruit and less highly colored fruit compared with maintaining the trees as tall spindles with manual pruning.

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