A Risk-Return Measure of Hedging Effectiveness: A Reply
指出Chang和Shankar提出的对冲绩效度量HE1不充分，并介绍了一个具有良好事前和事后统计性质的替代度量HBS。
In this reply, we point out that Chang and Shankar's measure of hedging performance, which they label HE1, is not an adequate measure. We describe an alternative measure, labeled HBS, which has a number of desirable ex ante and ex post statistical properties.