The validity of futures contracts, because this is an important determinant.
When explaining successful futures contracts [Johnston, Tashijian,
McConnell (1989)]. The measures I suggested, this
Validity includes constant prescription (1990), ederington (1979) and gjerde.
(1987), Xin, Guo, Li (1994), laser (1987), and milk and Collins.
( 1985 ) 。 These measures try to identify the hedgers.
It can reduce the price risk of cash and use futures contracts. In these
Studying the effectiveness of hedging refers to the return of portfolio. a certain
Futures contracts can have different values and respect the impact of hedging.
It depends on which method and hedging tool are used.
Function. The futures contract itself introduces risk hedging.
Therefore, to what extent has the preference for futures contracts been reduced?
Overall risk is an important criterion for managing futures.
The performance of foreign exchange evaluation hedging. In fact, the smaller.
The deeper the risk to the market according to the futures contract, the greater the risk.
Reduce. Another reason for choosing a hedging tool is that it has already been realized.
Considering the risks and costs of both parties, replace the fence.
[Castellino, Francis and Wolff (199 1)].
This paper introduces a new concept, hedging efficiency and
Measure this efficiency and show the quality of hedging service at the same time.
Futures contracts offered (including risks and costs)
Hedging). The proposed measures are expansion and supplement.
To what extent, these measures have different uses and different interpretations,
And different target groups. It evaluates futures contracts, and from this perspective,
Manage the futures exchange. forward market
It is assumed that the trend will be preset for Taiwan Province Province to create superior value for customers.
[Naver and Slater (1990)], resulting in high transaction volume.
[Black (1986)]. The purpose of this paper is to provide management.
One of the measures of the futures exchange is to provide insight.
High performance communication. Suggest measures to hedge efficiency.
Assess the distance between actual hedging and perfect hedging.
This distance can be divided into a part of a manageable system.
Through the futures exchange, and the random part, it is out of control.
Therefore, this measure is a useful tool for managing futures.
Exchange, because it allows high-quality actual hedging.
Evaluation.