HEDGING BY USING WEATHER DERIVATES IN WINTER SKI TOURISM
DOI:
https://doi.org/10.5937/ekoPolj1801125DKeywords:
weather derivatives, weather risk, snowfall, hedging, winter ski tourismAbstract
Tourism, as one of the main driving forces of economic development, is exposed to many risks. Besides frequent fluctuations in foreign currency exchange, prices of fuel and transportation, the tourism industry has become more sensitive to weather conditions lately. One of the new instruments which can be efficiently used for weather risk hedging is weather derivatives (forwards, futures, options and swaps on chosen weather variables - temperature, rain, snow, wind etc.). In this paper, we will present the possibility of weather derivatives application in winter tourism - snowfall forwards - in order to hedge the business of ski lift operator company. Our research is based on snowfall data of Kopaonik mountain ski resort and revenues of ski lift operator company. We will show that weather derivatives might be an effective tool for hedging weather risk and reducing the volatility of companies revenues in the winter ski tourism business in Serbia.
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References
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22. Hull, J. (2011): Fundamentals of Futures and Options Markets, Global Edition, Pearson, London, UK.
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24. Jewson, S., Brix, A. (2005): Weather Derivative Valuation: The Meteorological, Statistical, Financial and Mathematical Foundations, Cambridge University Press, New York, USA.
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28. Marković, T. (2013): Vremenski derivati i upravljanje rizikom u poljoprivredi, Monografja, Poljoprivredni fakultet, Novi Sad, Srbija.
29. Müller, A., Grandi, M. (2000a): Weather Derivatives: A Risk Management Tool for Weather-sensitive Industries, The Geneva Papers on Risk and Insurance, vol. 25, no. 2, pp. 273-287. (available at: https://riva-online.com/wp-content/uploads/2012/11/Grandi-Mueller-Weather-Derivatives.pdf)
30. Müller, A., Grandi, M.(2000b): Weather Derivatives for Protection Against Weather Risks: Speculation Tool or Integral Element of The Risk Management Tools of Weather-sensitive Industries? Geneva Papers on Risk and Insurance: Issues and Practice 25, pp. 273–87, (available at: http://www.munichre.com/publications/art_weather_derivates_en.pdf.)
31. MunichRe Group (2000): Weather Derivatives, The Geneva Papers on Risk and Insurance, Suisse.
32. Piovani, G., Torluccio, G., Cotugno, M., (2012): Weather Derivatives Market and The Italian Case, European Journal of Social Sciences, vol. 30, no. 3, pp. 352-365.
33. Rao, S. V. D., Thakur, S. (2008): Optimal Hedge Ratio and Hedge Effciency: An Empirical Investigation of Hedging in Indian Derivatives Market, (available at: https://www.soa.org/library/monographs/other-monographs/2008/april/mono-2008-mas08-1-thakur.pdf)
34. Rohrer, M.B. (2004): The Relevance of Basis Risk in the Weather Derivatives Market, Computational Finance and Applications, M.Constantino and C.Brrebbia (Eds.), WTI Press, pp. 67 – 74.
35. Russ, R. (2004):Weather Derivatives: Global Hedging Against the Weather, Derivatives Use, Trading and Regulation, vol. 9, no. 4, pp. 293-301.
36. Scott, D., McBoyle, G. (2007): Climate Change Adaptation in The Ski Industry, Mitigation and Adaptation Strategies for Global Change, vol. 12, issue 8, pp. 1411-1431., Springer Science.
37. Shin, C., Nicholls, S., Holecek, D. (2009): Impact of Weather on Downhill Ski Lift Ticket Sales, Journal of Travel Research, vol. 47, no. 3, pp. 359-372., Sage Publications, (available at: http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.901.3385&rep=rep1&type=pdf)
38. Sileo E. (2012): Managing Risk of Ski Resorts with Snow Options, Alma Tourism, vol. 3, no. 6, (available at: https://almatourism.unibo.it/article/view/3723)
39. Simpson, M. C., Gössling, S., Scott, D., Hall, C. M., and Gladin, E. (2008): Climate change adaptation and mitigation in the tourism sector: Frameworks, tools and practices, UNEP, University of Oxford, UNWTO, WMO, Paris, France (available at: http://sdt.unwto.org/sites/all/fles/docpdf/ccoxford.pdf)
40. Šperanda, I. (2008): Mogućnosti primjene tehnika terminskog trgovanja na području turizma, Poslovna izvrsnost, vol. 2, br.2, Zagreb, Hrvatska.
41. Systma, D.L., Thompson, G.A. (2002): Weather Risk Management: A Survivor of The Collapse/Demise of U.S. Energy Merchants, R.J. Rudden Associates, Inc. (available at: http://www.rjrudden.com/rudden/media_articles.htm.)
42. Tang, H., Jang, S. (2012): Hedging Weather Risk in Nature-based Tourism Business: An Example of Ski Resorts, Journal of Hospitality & Tourism Research, vol. 36, no.2, pp. 143-163.
43. Tang, C.H., Jang, S.C. (2016): Weather Risk Management in Ski Resorts: Exploring the Effect of Geographical Diversifcation on Financial Hedging, Advancing Tourism Research Globally, Tourism Travel and Research Association (available at: http://scholarworks.umass.edu/ttra/2009/Illustrated_Papers/2
44. Toeglhofer, C., Eigner, F., Prettenthaler, F. (2011): Impacts of Snow Conditions on Tourism Demand in Austrian Ski Areas, Climate Research, vol. 46, pp.1-14., (available at: http://www.int-res.com/articles/cr_oa/c046p001.pdf)
45. Toeglhofer, C., Mestel, R, Prettenthaler, F. (2012): Weather Value at Risk: On the Measurement of Noncatastrophic Weather Risk, Weather, Climate and Society, vol. 4, pp. 190-199. (available at: http://journals.ametsoc.org/doi/full/10.1175/WCAS-D-11-00062.1)
46. Tindall, J. (2006) Weather Derivatives: Pricing and Risk Management Applications, Institute of Actuaries of Australia, Australia.
47. Van Lennep, D., Oetomo, T., Stevenson, M., De Vries, A. (2004): Weather Derivatives: An Attractive Additional Asset Class,The Journal of Alternative Investments, vol.7., no. 2, pp. 65-74., Chartered Alternative Investment Analyst Association, USA.
48. Veselinović, J., Marković, T., Đukić, S. (2014): Analysis of Legal and Economic Aspects of Precipitation Weather Derivatives for Serbian Agricultural Sector, Economics of Agriculture, vol. 61, no. 4, pp. 1053-1067., Institute for Economics of Agriculture, Beograd, Serbia.
49. Yang, C., Brockett, P.L., Wen, M. (2009): Basis Risk and Hedging Effciency of Weather Derivatives, Journal of Risk Finance, vol. 10, issue 5, pp. 517-536.
50. Zapranis, A., Alexandridis, A. (2013): Weather Derivatives Modeling and Pricing Weather-Related Risk, Springer, New York, USA.
2. Ali, P.U. (2000): Weather Derivatives, Hedging Volumetric Risk and Directors Duties, Company and Securities Law Journal, no. 18, pp. 151-155., Law Book Co., Sidney, Australia.
3. Bank, M., Wiesner, R. (2011): Determinants of weather derivatives usage in the Austrian winter tourism industry, Tourism Management,vol. 32, no. 1, pp. 62-68., Elsevier.
4. Becken S., Hay J. (2007): Tourism and Climate Change - risks and opportunities, Channel View Publications, clClevedon, UK.
5. Beyazit, M.F., Koç, E. (2010): An Analysis of Snow Options for Ski Resort Establishments, Tourism Management, vol. 31, no.5, pp. 676-683., Elsevier.
6. Beyazit, M.F., Koç, E. (2012): Using Weather-Related Derivative Products for Tourism and Hospitality Businesses,in Visions for Global Tourism Industry – Creating and Sustaining Competitive Strategies, Murat Kasimoglu (Ed.), pp. 225-246., InTech Open Science (available at: ww.academia.edu/2658840/Beyazit_M._F._and_Koc_E._2012_Using_Weather-Related_Derivative_Products_for_Tourism_and_Hospitality_Businesses_in_Visions_for_Global_Tourism_Industry_Ed._M._Kasimoglu_InTech_Open_Science_225-246)
7. Brockett, P.L., Wang, M., Yang, C. (2005): Weather Derivatives and Weather Risk Management, Risk Management and Insurance Review, vol. 8, no. 1, pp. 127-140, American Risk and Insurance Association, USA.
8. Brockett, P.L., Golden, L., Yang, C., Zou, H., (2008): Addressing Credit and Basis Risk Arising from Hedging Weather-Related Risk with Weather Derivatives, ASTIN 2008 Symposium of International Actuarial Institute, Manchester, England, July 12-16., 2008. (available at:http://www.actuaries.org/ASTIN/Colloquia/Manchester/Papers/brockett_paper_fnal.pdf)
9. Cao, M., Wei, J. (2004): Weather Derivatives Valuation and Market Price of Weather Risk, Journal of Futures Markets, vol.24, no.11, pp.1065-1089., Wiley Periodicals Inc., USA (available at: http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.453.6125&rep=rep1&type=pdf)
10. Castelino, M.G. (1992): Hedge Effectiveness: Basis Risk and Minimum - Variance Hedging, Journal of Futures Markets, vol. 12, no. 2, pp. 187-201., Wiley Periodicals Inc., USA.
11. Considine, G. (2000): Introduction to Weather Derivatives, Weather Derivatives Group, Aquila Energy (available at: www.cme.com/fles/introweather.pdf)
12. Đorđević, B., Đorđević, M. (2013): Hedžing primenom fjučersa – za i protiv, Bankarstvo, vol. 42, br.2, str. 150-177., Udruženje banaka Srbije, Beograd, Srbija.
13. Đorđević, B., Đorđević, M. (2014): Vremenski derivati – instrument zaštite poslovanja od vremenskih rizika, Bankarstvo, vol. 43, br. 6, str. 156-179., Udruženje banaka Srbije, Beograd, Srbija.
14. Edrich, C. (2003): Weather risk management, Journal of Financial Regulation and Compliance, vol.11, no. 2, pp. 164-168., Emerald Publishing, UK.
15. Ederington L. H. (1979): The Hedging Performance of The New Futures Markets, Journal of Finance, vol. 34, issue 1, pp. 157-170., American Finance Association, USA.
16. Franzoni, S., Pelizzari, C. (2016): Weather Risk Management in Tourism Industry, Symphonia Emerging Issues in Management, no.1, ISTEI, Milan, pp.45-55. (available at: http://symphonya.unimib.it/article/view/2016.1.05franzoni.pelizzari)
17. Falk, M. (2013): A Survival Analysis of Ski Lift Companies, Tourism Management, vol. 36, pp.377-390., Elsevier.
18. Golden, L.L., Wang, M., Yang, C. (2007): Handling Weather Related Risks Through The Financial Markets: Considerations of Credit Risk, Basis Risk and Hedging, Journal of Risk and Insurance, vol. 74, no. 2, pp. 319-346., American Risk and Insurance Association, USA.
19. Gupta, K., Kaur, M. (2015): Impact of Financial Crisis on Hedging Effectiveness of Futures Contract: Evidence from The National Stock Exchange of India, South East European Journal of Economics and Business, vol. 10, no. 2, pp. 69-88., The Journal of University of Sarajevo, Bosnia and Herzegovina (available at: https://www.degruyter.com/downloadpdf/j/jeb.2015.10.issue-2/jeb-2015-0009/jeb-2015-0009.pdf)
20. Hnilica, J. (2007): Crystal Ball in Weather-Linked Derivatives Valuation, The 2007 Crystal Ball User Conference, Denver, USA
21. Hull, J. (2009):Options, Futures and Other Derivatives, 7th ed., Pearson Education, New Jersey, USA.
22. Hull, J. (2011): Fundamentals of Futures and Options Markets, Global Edition, Pearson, London, UK.
23. Jewson, S. (2004): Introduction to Weather Derivative Pricing, The Journal of Alternative Investments, vol. 7, no.2, pp. 57-64., Chartered Alternative Investment Analyst Association, USA.
24. Jewson, S., Brix, A. (2005): Weather Derivative Valuation: The Meteorological, Statistical, Financial and Mathematical Foundations, Cambridge University Press, New York, USA.
25. Lazibat, T., Županić, I., Baković, T. (2009): Vremenske izvedenice kao instrumenti terminskih tržišta, Ekonomska misao i praksa, vol. 18, br.1, str.59-78., Sveučilište u Dubrovniku, Hrvatska.
26. Leggio, K.B. (2007): Using Weather Derivatives to Hedge Precipitation Exposure, Managerial Finance, vol. 33, no.4, pp. 246-252., Emerald Publishing Ltd.
27. Marković, T., Jovanović, M., Ivanović, S. (2012): Vremenski svop kao instrument za upravljanje vremenskim rizicima u proizvodnji pšenice, Ratarstvo i povrtarstvo, vol. 49, str. 1-5., (available at: http://scindeks-clanci.ceon.rs/data/pdf/1821-3944/2012/1821-39441201001M.pdf)
28. Marković, T. (2013): Vremenski derivati i upravljanje rizikom u poljoprivredi, Monografja, Poljoprivredni fakultet, Novi Sad, Srbija.
29. Müller, A., Grandi, M. (2000a): Weather Derivatives: A Risk Management Tool for Weather-sensitive Industries, The Geneva Papers on Risk and Insurance, vol. 25, no. 2, pp. 273-287. (available at: https://riva-online.com/wp-content/uploads/2012/11/Grandi-Mueller-Weather-Derivatives.pdf)
30. Müller, A., Grandi, M.(2000b): Weather Derivatives for Protection Against Weather Risks: Speculation Tool or Integral Element of The Risk Management Tools of Weather-sensitive Industries? Geneva Papers on Risk and Insurance: Issues and Practice 25, pp. 273–87, (available at: http://www.munichre.com/publications/art_weather_derivates_en.pdf.)
31. MunichRe Group (2000): Weather Derivatives, The Geneva Papers on Risk and Insurance, Suisse.
32. Piovani, G., Torluccio, G., Cotugno, M., (2012): Weather Derivatives Market and The Italian Case, European Journal of Social Sciences, vol. 30, no. 3, pp. 352-365.
33. Rao, S. V. D., Thakur, S. (2008): Optimal Hedge Ratio and Hedge Effciency: An Empirical Investigation of Hedging in Indian Derivatives Market, (available at: https://www.soa.org/library/monographs/other-monographs/2008/april/mono-2008-mas08-1-thakur.pdf)
34. Rohrer, M.B. (2004): The Relevance of Basis Risk in the Weather Derivatives Market, Computational Finance and Applications, M.Constantino and C.Brrebbia (Eds.), WTI Press, pp. 67 – 74.
35. Russ, R. (2004):Weather Derivatives: Global Hedging Against the Weather, Derivatives Use, Trading and Regulation, vol. 9, no. 4, pp. 293-301.
36. Scott, D., McBoyle, G. (2007): Climate Change Adaptation in The Ski Industry, Mitigation and Adaptation Strategies for Global Change, vol. 12, issue 8, pp. 1411-1431., Springer Science.
37. Shin, C., Nicholls, S., Holecek, D. (2009): Impact of Weather on Downhill Ski Lift Ticket Sales, Journal of Travel Research, vol. 47, no. 3, pp. 359-372., Sage Publications, (available at: http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.901.3385&rep=rep1&type=pdf)
38. Sileo E. (2012): Managing Risk of Ski Resorts with Snow Options, Alma Tourism, vol. 3, no. 6, (available at: https://almatourism.unibo.it/article/view/3723)
39. Simpson, M. C., Gössling, S., Scott, D., Hall, C. M., and Gladin, E. (2008): Climate change adaptation and mitigation in the tourism sector: Frameworks, tools and practices, UNEP, University of Oxford, UNWTO, WMO, Paris, France (available at: http://sdt.unwto.org/sites/all/fles/docpdf/ccoxford.pdf)
40. Šperanda, I. (2008): Mogućnosti primjene tehnika terminskog trgovanja na području turizma, Poslovna izvrsnost, vol. 2, br.2, Zagreb, Hrvatska.
41. Systma, D.L., Thompson, G.A. (2002): Weather Risk Management: A Survivor of The Collapse/Demise of U.S. Energy Merchants, R.J. Rudden Associates, Inc. (available at: http://www.rjrudden.com/rudden/media_articles.htm.)
42. Tang, H., Jang, S. (2012): Hedging Weather Risk in Nature-based Tourism Business: An Example of Ski Resorts, Journal of Hospitality & Tourism Research, vol. 36, no.2, pp. 143-163.
43. Tang, C.H., Jang, S.C. (2016): Weather Risk Management in Ski Resorts: Exploring the Effect of Geographical Diversifcation on Financial Hedging, Advancing Tourism Research Globally, Tourism Travel and Research Association (available at: http://scholarworks.umass.edu/ttra/2009/Illustrated_Papers/2
44. Toeglhofer, C., Eigner, F., Prettenthaler, F. (2011): Impacts of Snow Conditions on Tourism Demand in Austrian Ski Areas, Climate Research, vol. 46, pp.1-14., (available at: http://www.int-res.com/articles/cr_oa/c046p001.pdf)
45. Toeglhofer, C., Mestel, R, Prettenthaler, F. (2012): Weather Value at Risk: On the Measurement of Noncatastrophic Weather Risk, Weather, Climate and Society, vol. 4, pp. 190-199. (available at: http://journals.ametsoc.org/doi/full/10.1175/WCAS-D-11-00062.1)
46. Tindall, J. (2006) Weather Derivatives: Pricing and Risk Management Applications, Institute of Actuaries of Australia, Australia.
47. Van Lennep, D., Oetomo, T., Stevenson, M., De Vries, A. (2004): Weather Derivatives: An Attractive Additional Asset Class,The Journal of Alternative Investments, vol.7., no. 2, pp. 65-74., Chartered Alternative Investment Analyst Association, USA.
48. Veselinović, J., Marković, T., Đukić, S. (2014): Analysis of Legal and Economic Aspects of Precipitation Weather Derivatives for Serbian Agricultural Sector, Economics of Agriculture, vol. 61, no. 4, pp. 1053-1067., Institute for Economics of Agriculture, Beograd, Serbia.
49. Yang, C., Brockett, P.L., Wen, M. (2009): Basis Risk and Hedging Effciency of Weather Derivatives, Journal of Risk Finance, vol. 10, issue 5, pp. 517-536.
50. Zapranis, A., Alexandridis, A. (2013): Weather Derivatives Modeling and Pricing Weather-Related Risk, Springer, New York, USA.
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Published
2018-01-20
How to Cite
Đorđević, B. S. (2018). HEDGING BY USING WEATHER DERIVATES IN WINTER SKI TOURISM. Ekonomika Poljoprivrede, 65(1), 125–142. https://doi.org/10.5937/ekoPolj1801125D
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Original scientific papers
