Submitted by Luciana Ferreira (lucgeral@gmail.com) on 2014-10-01T14:00:10Z No. of bitstreams: 2 dissertação - Hugo Leonardo de Moraes - 2013.pdf: 7379480 bytes, checksum: fe95767e57f88b72c915d7bc926f4693 (MD5) license_rdf: 23148 bytes, checksum: 9da0b6dfac957114c6a7714714b86306 (MD5) / Approved for entry into archive by Luciana Ferreira (lucgeral@gmail.com) on 2014-10-01T15:18:49Z (GMT) No. of bitstreams: 2 dissertação - Hugo Leonardo de Moraes - 2013.pdf: 7379480 bytes, checksum: fe95767e57f88b72c915d7bc926f4693 (MD5) license_rdf: 23148 bytes, checksum: 9da0b6dfac957114c6a7714714b86306 (MD5) / Made available in DSpace on 2014-10-01T15:18:49Z (GMT). No. of bitstreams: 2 dissertação - Hugo Leonardo de Moraes - 2013.pdf: 7379480 bytes, checksum: fe95767e57f88b72c915d7bc926f4693 (MD5) license_rdf: 23148 bytes, checksum: 9da0b6dfac957114c6a7714714b86306 (MD5) Previous issue date: 2013-02-28 / Conselho Nacional de Pesquisa e Desenvolvimento Científico e Tecnológico - CNPq / This paper aims to present the main advantages of using the software geogebra in the study of problem situations involving points of maximum and minimum points of functions of one variable. The survey included a brief study on: geogebra software and some of their purposes, function of one variable, graphical representation of a function, limit, derivative, second derivative, critical points, maximum points, minimum points and applications of the study of points of maximum and minimum in problem situations everyday when using the software geogebra. / Este trabalho tem como objetivo principal apresentar as vantagens de se utilizar o programa geogebra no estudo de situações-problema que envolvem pontos de máximo e pontos de mínimo de funções de uma variável. A pesquisa contemplou um breve estudo sobre: o software geogebra e algumas de suas nalidades, função de uma variável, representa- ção grá ca de uma função, limite, derivada, derivada segunda, pontos críticos, pontos de máximo, pontos de mínimo e aplicações do estudo de pontos de máximo e de mínimo em situações-problema do cotidiano sempre com a utilização do software geogebra.

Made available in DSpace on 2016-04-27T16:58:52Z (GMT). No. of bitstreams: 1 Vagner Valeiro Ramos.pdf: 1301740 bytes, checksum: 37fa673f71ac5688389f82c6556b6eba (MD5) Previous issue date: 2009-04-30 / Secretaria da Educação do Estado de São Paulo / This is a diagnostic research, whose objective is investigate the students' knowledge that already passed a Calculus course derivative , as much as its applications and try to classify the difficulties of these students before these activities.We elaboreted then a test composite of four tasks, that deal with the theme. This test was structured according to Raymond Duval's theory - Register of Representation Semiotic. With the data got we carried out the analyses qualitatively and quantitatively. We explored in the test the algebraic and graphic representations of a function and of its derivative and the relation that there are between them, that well demand conversions to be obtained, well demand treatment. After the analyses of the results, we observed that the students manipulate well the algebric representations, but many of the students neither get to indentify the need procedures, nor do use of the concept of derivative, for a resolution of a determineted situation of aplication / Esta é uma pesquisa diagnóstica, cujo objetivo é investigar os conhecimentos dos alunos que já passaram por um curso de Cálculo e estudaram a derivada , quanto a suas aplicações e tentar classificar as dificuldades desses alunos diante dessas atividades. Elaboramos então um teste composto de quatro tarefas, que versam sobre o tema. Esse teste foi estruturado segundo a teoria dos Registros de Representação Semiótica de Raymond Duval. Com os dados obtidos realizamos as análises qualitativa e quantitativamente. Exploramos no teste as representações algébricas e gráficas de uma função e de sua derivada e as relações que existem entre elas, que ora exigem conversões para serem obtidas, ora exigem tratamentos. Após a analise dos resultados, observamos que os alunos manipulam bem as representações algébricas, mas muitos deles não conseguem identificar os procedimentos necessários, nem fazer uso do conceito de derivada, para a resolução de uma determinada situação de aplicação

Submitted by Filipe dos Santos (fsantos@pucsp.br) on 2017-12-12T11:31:22Z No. of bitstreams: 1 Rogério dos Santos Lobo.pdf: 18965412 bytes, checksum: 14b5b24686e27326f72185c306819116 (MD5) / Made available in DSpace on 2017-12-12T11:31:22Z (GMT). No. of bitstreams: 1 Rogério dos Santos Lobo.pdf: 18965412 bytes, checksum: 14b5b24686e27326f72185c306819116 (MD5) Previous issue date: 2017-10-18 / Reflected on how a subject that uses the fundamental idea of Change is the source of various problems in regard to the initial concept of the Derivative. We elaborated the following research questions: What explanations of the concepts of Change and Rate of Change are given in Secondary School and Higher Education Textbooks? How are these explanations organised in Secondary School and Higher Education Textbooks? What meaning of Derivative can be constructed from Higher Education Textbooks? Moreover, in order to answer these questions, we seek the following general objective "to investigate the meanings of Change, Rate of Change and Derivative that can be constructed from the Secondary School and Higher Education Textbooks." The advancement of this objective is based on the achievement of the following specific objectives: To study the approaches given to the concepts of Change and Rate of Change in Secondary School Textbooks, more specifically in the Analytical Geometry - Study of the Tangent Line chapter; To Analyse the links between entries Semiotic Representation entries and the criteria for Epistemic Suitability for understanding the Rate of Change as applications of the Angular Coefficient, Calculation of Speeds, Average Economic Functions (Average Revenue, Average Profit, Average Cost), Direct Reasoning and the Rate of Relative Change (Percentage); To Analyse the links between Semiotic Representation entries and the criteria for Epistemic Suitability for understanding the Derivative and emphasising it as Rate of Change, alongside the applications of the Angular Coefficient, Calculation of Speeds, Marginal Economic Functions (Marginal Revenue, Marginal Profit and Marginal Cost), Direct Reasoning and Relative Change Rate (Percentage). For these analyses, we construct tables that use our theoretical-methodological references: Bardin's Content Analysis, Duval's Registers of Semiotic Representation Theory, the Holistic Meaning of the Derivative, and the criteria for Epistemic Impartiality. In the final considerations, we answer our research questions. The analyses of the Secondary School textbooks enabled us to draw a conclusion, among others, that the authors of these books explore the fundamental ideas of Change and Rate of Change mainly as an application of the Angular Coefficient and that meaning is constructed in alignment with only one of our various indicators. In the introduction to the Derivative, this concept is dealt with, among other approaches, as an application of the Angular Coefficient and the construction of meanings does not use any of our indicators / Refletimos, constantemente, como um assunto que utiliza a ideia fundamental de Variação é fonte de vários problemas no que diz respeito ao conceito inicial de Derivada. Elaboramos as seguintes questões de pesquisa: Quais significados dos conceitos de Variação e de Taxa de Variação são dados em Livros Didáticos do Ensino Médio e Ensino Superior? Como tais significados são organizados em Livros Didáticos do Ensino Médio e Ensino Superior? Qual significado de Derivada pode ser construído a partir de Livros Didáticos de Ensino Superior? E para respondermos a essas indagações, traçamos o seguinte objetivo geral “investigar os significados da Variação, da Taxa de Variação e da Derivada que podem ser construídos a partir da abordagem de Livros Didáticos do Ensino Médio e Ensino Superior” e o desdobramento deste objetivo apoia-se no alcance dos seguintes objetivos específicos: Estudar as abordagens dadas aos conceitos de Variação e da Taxa de Variação em Livros Didáticos de Ensino Médio, mais especificadamente no capítulo de Geometria Analítica – Estudo da Reta; Analisar as articulações entre registros os registros de Representação Semiótica e os critérios de Idoneidade Epistêmica para a compreensão da Taxa de Variação como aplicações de Coeficiente Angular, Cálculo de Velocidades, Funções Médias da Economia (Receita Média, Lucro Médio, Custo Médio), as Razões Diretas e a Taxa de Variação Relativa (Porcentagem); Analisar as articulações entre os registros de Representação Semiótica e os critérios de Idoneidade Epistêmica para a compreensão da Derivada e a enfatizando como Taxa de Variação, enquanto aplicações do Coeficiente Angular, Cálculo de Velocidades, Funções Marginais da Economia (Receita Marginal, Lucro Marginal e Custo Marginal), as Razões Diretas e a Taxa de Variação Relativa (Porcentagem). Para estas análises, construímos quadros que empregam nossos referenciais teórico-metodológicos: a Análise de conteúdo de Bardin, a Teoria dos Registros de Representação Semiótica de Duval, o Sentido Holístico da Derivada e os critérios de Idoneidade Epistêmica. Nas considerações finais, respondemos nossas questões de pesquisa. As análises dos livros didáticos do Ensino Médio permitiram concluir, entre outras, que os autores desses livros exploram as ideias fundamentais da Variação e Taxa de Variação como aplicação, principalmente, do Coeficiente Angular e a organização dos significados é feito no sentido de apenas, entre tantos, um de nossos indicadores. Na introdução da Derivada a abordagem deste conceito é feita, entre tantas, como aplicação do Coeficiente Angular e na organização dos significados não é utilizando um dos nossos indicadores

Introdução: O ácido rosmarínico (AR) é um composto fenólico que apresenta inúmeras atividades biológicas, dentre estas, destaca-se a atividade antioxidante. Entretanto, a biodisponibilidade do AR por via oral é de apenas 0,91 a 5,0%, fator que pode estar relacionado à sua solubilidade, estabilidade em meio gastrointestinal e mecanismo de absorção. Ciclodextrinas (CDs) são excipientes farmacêuticos utilizados com o objetivo de promover a absorção oral de fármacos por propiciarem aumento de solubilidade, estabilidade química e permeação pela membrana intestinal a partir da complexação com o fármaco. Tendo em vista o desenvolvimento de uma formulação farmacêutica, estudos de compatibilidade entre a substância e excipientes se fazem necessários. Objetivo: Obter complexo do AR com CDs derivadas, avaliar a atividade antioxidante dos complexos e compatibilidade entre excipientes. Materiais e métodos: Estudo de solubilidade de fase foi realizado para se determinar estequiometria e constante de estabilidade entre o AR e duas CDs: HPβCD e MβCD. Os complexos foram obtidos por liofilização e caracterizados por métodos espectroscópicos, calorimétrico e microscópico. A atividade antioxidante foi determinada pelo método DPPH e estudo de compatibilidade entre excipientes foi realizado por método espectroscópico, calorimétrico e cromatográfico. Resultados: O AR apresentou proporção estequiométrica 2:1 AR:CD e alta constante de estabilidade. Os métodos de caracterização permitiram inferir a presença de formação de complexo de inclusão e complexo de não-inclusão, nos quais uma molécula do AR estaria interagindo com prótons internos e outra estaria interagindo com prótons externos da CD. A atividade antioxidante dos complexos foi superior à apresentada pelo AR não complexado, demonstrando a ação das CDs sobre a doação de prótons do AR e o estudo de compatibilidade de excipientes não demonstrou incompatibilidades viabilizando a obtenção de formas farmacêuticas. Conclusão: Considerando todos os resultados, pode-se inferir que complexos AR:CD podem ser uma alternativa tecnológica para superar a baixa absorção pela via oral, sem ocasionar perda na atividade antioxidante, propiciando também o desenvolvimento de formulações sólidas orais. / Introduction: Rosmarinic acid (RA) is phenolic compound which present several biological activities, among these, antioxidant is remarkable. However, oral bioavailability of RA is only 0.91 to 5.0%, a factor that may be related to its solubility, stability in gastrointestinal environment and absorption mechanism. Cyclodextrins (CDs) are pharmaceutical excipients used in oral drug absorption by promoting increased solubility, chemical stability and permeation by the intestinal membrane through complexation with the drug. In view of the development of a pharmaceutical formulation, excipients compatibility studies are also expected. Objective: To obtain RA complex with derivative CDs (HPβCD and MβCD), to evaluate the antioxidant activity of complexes and compatibility between excipients. Materials and methods: Phase-solubility study was performed to determine stoichiometry and constant between RA and CD. The complexes were obtained by lyophilization and characterized by spectroscopic, calorimetric and microscopic techniques. The antioxidant activity was determined by the DPPH method and compatibility study among excipients was performed by spectroscopic, calorimetric and chromatographic methods.

Guan, Peiqiu. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2009. / Includes bibliographical references (p. 67-71). / Abstract also in Chinese. / Chapter 1 --- Introduction --- p.1 / Chapter 2 --- Literature Review --- p.6 / Chapter 2.1 --- Characteristic Function --- p.6 / Chapter 2.1.1 --- Definition --- p.6 / Chapter 2.1.2 --- Inverse Fourier Transform --- p.8 / Chapter 2.1.3 --- Fast Fourier Transform (FFT) --- p.9 / Chapter 2.2 --- Levy Processes --- p.13 / Chapter 2.2.1 --- Definition --- p.13 / Chapter 2.2.2 --- Levy-Khinchine Formula --- p.15 / Chapter 2.2.3 --- Levy Processes in Finance --- p.17 / Chapter 2.3 --- Exotic Options --- p.17 / Chapter 2.3.1 --- Barrier Options --- p.18 / Chapter 2.3.2 --- Lookback Options --- p.19 / Chapter 2.3.3 --- Asian Options --- p.20 / Chapter 3 --- FFT Network Model --- p.23 / Chapter 3.1 --- Weaknesses of Traditional Tree Approaches --- p.24 / Chapter 3.2 --- FFT Network Model --- p.30 / Chapter 3.3 --- Basic Transition Probability Matrix --- p.31 / Chapter 3.4 --- Basic FFT Network Pricing Algorithm --- p.35 / Chapter 3.4.1 --- Plain Vanilla Options --- p.35 / Chapter 4 --- FFT Network for Exotic Options --- p.38 / Chapter 4.1 --- Barrier Option Pricing --- p.38 / Chapter 4.2 --- Forward Shooting Grid --- p.41 / Chapter 4.3 --- FSG in FFT Network --- p.43 / Chapter 4.4 --- Lookback and Knock-in Options --- p.45 / Chapter 4.4.1 --- American Lookback Option Pricing Algorithm --- p.48 / Chapter 4.4.2 --- Knock-in American Option Pricing Algorithm --- p.50 / Chapter 4.5 --- Asian Option Pricing --- p.51 / Chapter 4.5.1 --- Asian Option Pricing Algorithm --- p.54 / Chapter 5 --- Numerical Implementation --- p.57 / Chapter 5.1 --- Numerical Scheme --- p.57 / Chapter 5.2 --- Numerical Result --- p.60 / Chapter 6 --- Conclusion --- p.65 / Bibliography --- p.67

Chan, Tsz Him. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2010. / Includes bibliographical references (p. 94-96). / Abstracts in English and Chinese. / Abstract --- p.i / Acknowledgement --- p.iii / Chapter 1 --- Introduction --- p.1 / Chapter 2 --- Monte Carlo method in Finance --- p.6 / Chapter 2.1 --- Principle of MC and pricing theory --- p.6 / Chapter 2.2 --- An illustrative example --- p.9 / Chapter 3 --- Discretization method --- p.15 / Chapter 3.1 --- The Euler scheme and Milstein scheme --- p.16 / Chapter 3.2 --- Convergence of Mean Square Error --- p.19 / Chapter 4 --- Quasi Monte Carlo method --- p.22 / Chapter 4.1 --- Basic idea of QMC --- p.23 / Chapter 4.2 --- Application of QMC in Finance --- p.29 / Chapter 4.3 --- Another illustrative example --- p.34 / Chapter 5 --- Our Methodology --- p.42 / Chapter 5.1 --- Measure decomposition --- p.43 / Chapter 5.2 --- QMC in SDE simulation --- p.51 / Chapter 5.3 --- Towards a workable algorithm --- p.58 / Chapter 6 --- Numerical Result --- p.69 / Chapter 6.1 --- Case I Generalized Wiener Process --- p.69 / Chapter 6.2 --- Case II Geometric Brownian Motion --- p.76 / Chapter 6.3 --- Case III Ornstein-Uhlenbeck Process --- p.83 / Chapter 7 --- Conclusion --- p.91 / Bibliography --- p.96

Cheng, Ping. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2010. / Includes bibliographical references (p. 91-96). / Abstracts in English and Chinese. / Chapter 1 --- Introduction --- p.1 / Chapter 1.1 --- Background --- p.1 / Chapter 1.1.1 --- Accumulator in a Nutshell --- p.1 / Chapter 1.1.2 --- Criticism over Accumulators --- p.3 / Chapter 1.1.3 --- Significance of Research over Accumulators --- p.4 / Chapter 1.1.4 --- Contribution of this Research --- p.5 / Chapter 1.2 --- Literature Review --- p.6 / Chapter 1.2.1 --- Literature on Option Pricing Theory --- p.6 / Chapter 1.2.2 --- Literature on Occupation Time Derivatives and Accumulators --- p.9 / Chapter 1.2.3 --- Accumulators as Occupation Time Deriva- tives --- p.14 / Chapter 1.3 --- Structure of this Thesis --- p.16 / Chapter 2 --- Theoretical Foundation --- p.17 / Chapter 2.1 --- Black Scholes Framework --- p.18 / Chapter 2.1.1 --- The Model --- p.18 / Chapter 2.1.2 --- Girsanov's Theorem --- p.20 / Chapter 2.1.3 --- Simulation --- p.21 / Chapter 2.2 --- Heston Framework --- p.22 / Chapter 2.2.1 --- Motivation to Extend to Heston Model --- p.22 / Chapter 2.2.2 --- The Model --- p.23 / Chapter 2.2.3 --- The Monte Carlo Method --- p.25 / Chapter 3 --- Pricing under Black-Scholes Framework --- p.30 / Chapter 3.1 --- Structure One (Suspension Feature) --- p.30 / Chapter 3.1.1 --- Introduction --- p.30 / Chapter 3.1.2 --- Model --- p.32 / Chapter 3.1.3 --- Sensitivity Tests --- p.35 / Chapter 3.1.4 --- Simulation Results --- p.38 / Chapter 3.2 --- Structure Two (Knock-out Feature) --- p.40 / Chapter 3.2.1 --- Introduction --- p.40 / Chapter 3.2.2 --- Model --- p.41 / Chapter 3.2.3 --- Sensitivity Tests --- p.45 / Chapter 3.2.4 --- Simulation Results --- p.48 / Chapter 3.3 --- Structure Three (Knock-out & Double Commit- ment Feature) --- p.50 / Chapter 3.3.1 --- Introduction --- p.50 / Chapter 3.3.2 --- Model --- p.51 / Chapter 3.3.3 --- Sensitivity Tests --- p.56 / Chapter 3.3.4 --- Simulation Results --- p.58 / Chapter 4 --- Extension: Pricing under Heston Framework --- p.59 / Chapter 4.1 --- Structure One --- p.59 / Chapter 4.1.1 --- Pricing of the Contract --- p.59 / Chapter 4.2 --- Structure Two and Three --- p.61 / Chapter 4.2.1 --- Simulation Results --- p.62 / Chapter 4.3 --- Heston Parameters Estimates --- p.63 / Chapter 5 --- Discussion --- p.66 / Chapter 5.1 --- Volatility of Accumulators --- p.66 / Chapter 5.2 --- Instability in the Model Parameters --- p.69 / Chapter 5.3 --- Premium over Accumulators --- p.71 / Chapter 5.4 --- Return of the Accumulator Products --- p.72 / Chapter 6 --- Future Work & Conclusion --- p.75 / Chapter 6.1 --- Future Work --- p.75 / Chapter 6.2 --- Conclusion --- p.76 / Chapter A --- Other Parameters Estimation --- p.77 / Chapter B --- Sample Contracts --- p.80 / Chapter B.1 --- Equity Accumulator --- p.80 / Chapter B.2 --- Commodity Accumulator --- p.80 / Chapter B.3 --- FX-Linked Accumulation --- p.80 / Bibliography --- p.91

O percurso histórico de derivações sufixais é muito pouco estudado, pois é lugar-comum concentrarem a análise de formação de palavras sob a ótica sincrônica. O presente trabalho constitui-se de um estudo calcado em diacronia sobre as ocorrências dos sufixos -ança/-ença, -ância/-ência, em suas funções transcategorial e semântica. Em manuais de gramática normativa, afirma-se, comumente, que esses sufixos se prestam apenas a transpor a classe gramatical de uma palavra, de verbo a substantivo abstrato, e acrescentam à base um significado superficial. Os modelos gerativos de estudo morfológico, por sua vez, embora reconheçam a polissemia dos sufixos, instituem regras de derivação sufixal que não abrangem a total possibilidade formativa, encontrada no processo histórico dos sufixos abordados. O objetivo de nossa pesquisa tratava-se de precisar dados etimológicos encontrados no Dicionário Houaiss, para com isso investigar os valores semânticos variáveis no percurso diacrônico dos sufixos, avaliar a tendência formativa transcategorial, desde o latim clássico, e verificar a relação que os substantivos derivados estabelecem com seus verbos e adjetivos cognatos. Com base em um corpus de 250 palavras usuais formadas por esses sufixos, investigamos a etimologia dos vocábulos, utlizando-se de dicionários de latim, clássico e medieval, inglês, francês, espanhol e italiano, confrontando os dados encontrados com aqueles fornecidos pelo Dicionário Houaiss. Descrevemos os valores semânticos dos sufixos em forma de paráfrases, discernindo os prototípicos daqueles advindos de empréstimos ou por extensão de sentido. Averiguamos a cognação desses substantivos derivados entre adjetivos em -nte e verbos, no português atual. Dessa forma, pudemos concluir que esses sufixos se revestem de variáveis valores semânticos, prototípicos e adquiridos em seu percurso diacrônico; prestam-se à criação de substantivos majoritariamente abstratos, pois há ocorrências de substantivos concretos, e possuem a tendência de formar derivados a partir de bases adjetivais e verbais, ainda que, ao longo da história, desde o latim, tenham existido formações com outras categorias. / The historical trajectory of suffixal derivations is too little studied, since it is a commonplace to concentrate the analysis of words formation under a synchronical point of view. The present work deals with a study set in the diachronical perspective of the suffixal occurrences of Portuguese suffixes -ança/-ença, -ância/-ência, in their transcategorical and semantical functions. In normative grammar manuals, it is used to affirm that these suffixes are useful in order to cross over the grammatical class of a word, from a verb to an abstract noun, and to add it on the basis of a superficial meaning. The generative models of Morphology, in their turn, recognize even though the polysemy of the suffixes and establish suffixal derivation rules that do not embrace all formative possibilities, found in the historical process of the broached suffixes. The purpose of this research was specify etymological data found in the Dicionário Houaiss, to, hereby, investigate the changeable semantic values in their suffixal diachronic trajectory, evaluate their transcategorical formative tendency, since the Classic Latin, and verify the relation that the derivative nouns establish with their verbs and cognate adjectives. Based on a corpus of 250 usual words formed by these suffixes, we investigate the etymology of the terms, consulting dictionaries of Classic and Medieval Latin, English, French, Spanish and Italian, confronting the found data with those supplied by the Dicionário Houaiss. We describe the semantical values of the suffixes in the form of paraphrases, discriminating the prototypical one from those ocurred by loans or by meaning extensions. We inquire the cognation of these derivative nouns among adjectives in -nte and verbs, in the current Portuguese. This way, we could conclude that these suffixes resemble themselves with changeable semantical values, prototypical and acquired in their diachronical trajectory; they are useful to the creation of nouns mainly the abstract ones, because there are occurrences of concrete nouns, and have the tendency to form derivatives from adjectival and verbal bases, although, alongside the history, since the Latin, formations with other categories have also existed.

Thesis (M. A. (African Languages)) --University of Limpopo, 2005 / Refer to the document

This study attempts to resolve two important issues. First, it investigates the diversification benefit of crude oil for equities. Second, it examines whether or not crude oil derivatives transactions by oil and gas producers can change shareholders' wealth. With these two major goals in mind, I study the risk and return profile of crude oil, the value effect of crude oil derivatives transactions, and the systematic risk exposure effect of crude oil derivatives transactions. In contrast with previous studies, this study applies the Goldman Sachs Commodity Index (GSCI) methodology to measure the risk and return profile of crude oil. The results show that crude oil is negatively correlated with stocks so adding crude oil into a portfolio with equities can provide significant diversification benefits for the portfolio. Given the diversification benefit of crude oil mixed with equities, this study then examines the value effect of crude oil derivatives transactions by oil and gas producers. Differing from traditional corporate risk management literature, this study examines corporate derivatives transactions from the shareholders' portfolio perspective. The results show that crude oil derivatives transactions by oil and gas producers do impact value. If oil and gas producing companies stop shorting crude oil derivatives contracts, company stock prices increase significantly. In contrast, if oil and gas producing companies start shorting crude oil derivatives contracts, stock prices drop marginally significantly. Thus, hedging by producers is not necessarily good. This paper, however, finds that changes in policy regarding crude oil derivatives transactions cannot significantly affect the beta of shareholders' portfolios. The value effect, therefore, cannot be attributed to any systematic risk exposure change of shareholders' portfolios. Market completeness, transaction costs, and economies of scale are identified as possible sources of value effect. The following conclusions have been obtained in this study. Crude oil provides significant diversification benefits for equities. In the presence of market imperfections, crude oil derivatives transactions by oil and gas producers may change shareholders' wealth, even though crude oil derivatives transactions by oil and gas producers do not have significant effect on the systematic risk exposures of companies.