Changes In Margin Research Articles

Quantifying the stability of planktic foraminiferal physical niches between the Holocene and Last Glacial Maximum

AbstractThe application of transfer functions on fossil assemblages to reconstruct past environments is fundamentally based on the assumption of stable environmental niches in both space and time. We quantitatively test this assumption for six dominant planktic foraminiferal species (Globigerinoides ruber (pink), G. ruber (white), Trilobatus sacculifer, Truncorotalia truncatulinoides, Globigerina bulloides, and Neogloboquadrina pachyderma) by contrasting reconstructions of species realized and optimum distributions in the modern and during the Last Glacial Maximum (LGM) using an ecological niche model (ENM; MaxEnt) and ordination framework. Global ecological niche models calibrated in the modern ocean have high predictive performance when projected to the LGM for subpolar and polar species, indicating that the environmental niches of these taxa are largely stable at the global scale across this interval. In contrast, ENMs had much poorer predictive performance for the optimal niche of tropical‐dwelling species, T. sacculifer and G. ruber (pink). This finding is supported by independent metrics of niche margin change, suggesting that niche stability in environmental space was greatest for (sub)polar species, with greatest expansion of the niche observed for tropical species. We find that globally calibrated ENMs showed good predictions of species occurrences globally, whereas models calibrated in either the Pacific or Atlantic Oceans only and then projected globally performed less well for T. sacculifer. Our results support the assumption of environmental niche stability over the last ~21,000 years for most of our focal planktic foraminiferal species and, thus, the application of transfer function techniques for palaeoenvironmental reconstruction during this interval. However, the lower observed niche stability for (sub)tropical taxa T. sacculifer and G. ruber (pink) suggests that (sub)tropical temperatures could be underestimated in the glacial ocean with the strongest effect in the equatorial Atlantic where both species are found today.

Effect of Formalin Fixation on Surgical Margins in Patients With Oral Squamous Cell Carcinoma

Formalin fixation causes shrinkage of surgical margins, which can result in the underestimation of tumor-free margins. The purpose of this study was to show the effect of formalin fixation on surgical margins. Another aim of this study was to evaluate surgical margin shrinkage after fixation of oral squamous cell carcinoma (OSCC) specimens of the gingivobuccal sulcus (GBS). This was a cross-sectional study. The study sample consisted of OSCC specimens of the GBS after composite resection. The primary predictor variable was the length of the linear margin at various locations (anterior, posterior, medial, and lateral). The primary outcome variable was the percentage of change in each respective margin (anterior, posterior, medial, and lateral) after fixation in 10% formalin for 24hours. Other variables were age, gender, use of smokeless tobacco, smoking status, and tumor staging. The difference between pre-fixation and post-fixation data was calculated using pairedttest. The sample consisted of 15 patients (7 men and 8 women; age range, 55 to 65yr) diagnosed with OSCC of the GBS. Shrinkage of surgical margins (decrease) occurred after fixation compared with margins before fixation. The average surgical margin shrinkages were 18.7% anteriorly, 14.9% posteriorly, 23.6% medially, and 23.9% laterally. This shrinkage was statistically significant (P < .001). Formalin fixation causes considerable shrinkage of surgical margins. This phenomenon should be considered by the pathologist before providing the final histopathology report.

Aridity over a semiarid zone in northern China and responses to the East Asian summer monsoon

AbstractIn this study, the variability of the aridity over a semiarid zone in Northern China from 1961 to 2013 and its association with the northernmost margin of the East Asian summer monsoon (EASM) and its intensity were investigated using composite analysis, correlative analysis, and unrotated and rotated empirical orthogonal function analyses. The results indicate that a nonsignificant drying trend (0.03/10 years) occurs over the entire eastern semiarid zone, accompanied by a southward retreat in the northernmost margin of the EASM (0.24°/10 years), and that drying (0.11/10 years) and southward retreat (0.28°/10 years) are most obvious on the Loess Plateau. The response of the annual variation of aridity to changes in the northernmost margin of the EASM is also compared with its responses to changes in the intensity of the EASM; the results indicate that it is more related to the former, especially over the Loess Plateau. Furthermore, an abnormal aridity event is likely to occur over the Loess Plateau in a year when the EASM margin advances to its northernmost latitude abnormally ahead of time and retreats abnormally ahead of time compared to the mean state.

Late Oligocene-Early Miocene magnetochronology of the mammalian faunas in the Lanzhou Basin-environmental changes in the NE margin of the Tibetan Plateau.

A large number of terrestrial mammalian fossils were reported in the well-exposed Paleogene and Neogene fluvio-lacustrine strata in Western China. Their accurate ages are crucial to understand the mammalian and environmental evolution associated with the step-wise uplift of the Tibetan Plateau. At present their ages are surprisingly poorly constrained. Here, we present a high-resolution magnetostratigraphic dating of the Late Oligocene–Early Miocene mammal assemblages from a 233-m thick fluvio-lacustrine section in the Lanzhou Basin located at the northeastern margin of the Tibetan Plateau, China. The results suggest that the section spans from the polarity subchron C6Cn.2r to C5En, i.e. ranging from ca 23 to 18 Ma. This magnetochronology provides considerably more robust ages for three associated land mammalian faunal assemblages. Updated ages end the debate on existing ambiguous and distinctly different magnetostratigraphic correlations for those Late Oligocene–Early Miocene assemblages. The new ages now enable precise correlation of these faunas to the European Land Mammal and North American Land Mammal Ages. The faunal assemblages further suggest a mixed setting of woodlands and grasslands associated with a humid environment in the Lanzhou Basin during the Late Oligocene–Early Miocene, in contrast to its modern poor vegetation cover and arid environment.

Fate of subchondral fatigue fractures of femoral head in young adults differs from general outcome of fracture healing

PurposeThe purpose of this study is to report the clinical course of fatigue-type subchondral fractures of the femoral head in young healthy adults. Materials/MethodsWe retrospectively reviewed 28 consecutive patients (34 hips) who had a clear history of a sudden increase in physical activity without trauma on the hip and pelvis, and were diagnosed as having a fatigue-type subchondral fracture of the femoral head. The diagnosis was made primarily on the basis of sequential plain radiographs and magnetic resonance images. ResultsOf the 34 hips, 19 hips with no bony collapse experienced gradual disappearance of subjective pain a few months after onset, and there were no recurrences. Other 2 hips that showed bony collapse, but preserved the articular margin, also experienced no definite deterioration of collapse or arthritic change and did not need surgical intervention. In the remaining13 hips with bony collapse and destroyed articular margin or arthritic change, hip pain gradually worsened necessitating surgery. ConclusionsThe current findings suggest that a subchondral fatigue fracture of the femoral head could show a different severity of subchondral injury over time. In the collapsed subchondral fatigue fractures, especially when combined with head incongruency, the hip pain was aggravated enough to require surgical intervention.

Immediate implant placement and provisionalization in the aesthetic zone using a flapless or a flap-involving approach: a randomized controlled trial.

We conducted a randomized controlled trial to compare the effect of flapless (FLS) or flap-involving (F) immediate placement and provisionalization of single-tooth implants in the aesthetic zone. Thirty-nine patients were randomized following extraction of a non-restorable tooth to a FLS or F group. All implants were immediately placed and provisionalized. We monitored prospectively changes in the peri-implant mucosal margin, the interproximal bone and buccal horizontal ridge at 3, 6 and 12months. At 3months post-surgery, the mean±SD [median (interquartile range)] mesiobuccal peri-implant gingival margin recession from the pre-surgical soft tissue position amounted to 0.11±0.32mm [0 (0, 0.5)] in the FLS treatment arm versus 0.43±37mm [0.5 (0, 0.5)] in the F treatment arm (p=0.02); corresponding values at the distobuccal surface were 0.11±32mm [0 (0, 0)] in the FLS arm versus 0.48±0.44mm [0.5 (0, 1)] in the F arm (p=0.01). No other significant differences in soft or hard tissue remodelling between the treatment arms were observed at 3, 6 or 12months. Flapless and a flap-involving immediate implant placement and provisionalization in the aesthetic zone resulted in comparable remodelling of the peri-implant mucosa, interproximal bone and buccal ridge at 6 and 12months.

Análisis econométrico de la rentabilidad de los inversionistas en la industria panificadora y de pastas colombiana, 2000-2013

La industria panificadora y de pastas en Colombia representa una de las actividades más importantes del sector manufactura, con unas ventas cercanas a 2,5 billones de pesos anuales. No obstante, algunos factores críticos como los precios de las materias primas en los mercados internacionales, aspectos culturales, la llegada de fuertes competidores transnacionales, y las adversidades propias de la industria nacional potencializan los riesgos para sus inversionistas. La rentabilidad del patrimonio (ROE) evidencia una reducción progresiva al pasar de 14,1% en 2000 a 4,4% en 2013; asimismo, el modelo de regresión lineal confirma este comportamiento, explicado en gran medida por los cambios en el margen bruto y la rentabilidad de sus activos. De otro lado, un aumento en los precios de venta ajustados a la inflación y una reducción sustancial en el consumo per cápita de pan en los 13 últimos años, al pasar de 32 a 24 kilos-habitante-año, indican un pobre desempeño de los ingresos y el uso de sus activos fijos. No obstante, el comportamiento de los costos de materias primas y mano de obra permite inferir que los empresarios controlaron los costos de producción, a pesar de la volatilidad en los precios internacionales del trigo

Monitoring Economic Activity in Real Time Using Diffusion Indices: Evidence from the Fifth District

We provide an analysis that parses out the conditions under which diffusion indices based on disaggregated information are informative about overall economic activity. Building on work by Pinto, Sarte, and Sharp (2015), we highlight the fact that diffusion indices, appropriately scaled, capture contributions of changes in the extensive margin -- e.g. how many sectors are growing or declining rather than by how much individual sectors are growing or declining -- to aggregate growth. In the Fifth Federal Reserve District, for example, this margin captures the bulk of variations in aggregate employment growth. We then show that the Fifth District employment index, produced in real time using firm-level surveys, closely tracks a synthetic diffusion index constructed ex post using observed data. However, we also underscore that diffusion indices have their limitations. In the Fifth District, for example, the growth rate of average wages (relative to its mean) is frequently of a sign opposite to that indicated by changes in the extensive margin. Finally, we explore some of the implications of producing diffusion indices at a more localized level.

Grazing winter and spring wheat crops improves the profitability of prime lamb production in mixed farming systems of Western Australia

Grazing immature cereal crops, particularly different varieties of wheat, has become widely adopted in the high rainfall areas of southern Australia. Recently, there has been growing interest in applying this technology in drier parts of the mixed farming zones of Western Australia. A modelling study was conducted to examine farm business returns with or without the grazing of immature wheat (winter and spring varieties) in different locations of Western Australia (Merredin, Wickepin and Kojonup), representing the low to high rainfall (319–528 mm) cropping regions, respectively. A combination of APSIM (crop simulation model) and GrassGro (pasture and livestock simulation model), were used to evaluate the changes in farm gross margins with the grazing of cereal crops at three locations of Western Australia. The results of the study showed that grazing the two wheat varieties (dual-purpose winter and spring) at the high rainfall location increased the profitability of the livestock enterprise by 2.5 times more than grazing crops at both low rainfall locations (P &lt; 0.05). Across all years and sites, the average supplementary feeding costs were reduced by the inclusion of grazed winter (12%) and spring (2%) wheat crops in the lamb production system. The comparative reduction in the cost of supplementary feeding varied between locations and by crop variety within locations, due to both the frequency and average duration of the grazing of wheat crops in these regions, and the farm-stocking rate that was chosen. Both wheat varieties were grazed frequently at the lowest rainfall site (68% and 30% of years for winter and spring wheat varieties respectively), whereas grazing spring wheat was less frequent at the higher rainfall location and averaged 16% of years due to a greater difference in the relative availability of wheat crops versus pasture for grazing among regions. The grazing model assumed that there were abundant productive mixed ryegrass and subterranean clover pasture in the farming system. Overall, this study suggests that both winter and spring wheat crops are likely to supply green feed during the winter feed shortage (April–July) and reduce supplementary feed requirements for a short period of time in some seasons. The value of grazing crops is likely to be higher on farms with poorer soils and less productive pastures.

An Investigation on the Performance of Operating Profit Margin of Privatized SOEs

The economic crisis facing Nigeria has been blamed on mismanagement, inappropriate economic policies and public enterprises had been identified as one of such inappropriate policies. Market mechanism and private ownership are now the dominant development strategy. The economic and physical problems at the time of impendence necessitate the expansion of state owned enterprises. The technical committee on privatization and commercialization valued the state owned enterprises at 500 billion in 1993. The paper uses mean comparison method of analysis. The method measures the differences between the samples. Secondary data collected from the thirty five sampled companies is used. The financial data for the period of ten years is used for the analysis. The analysis is done to evaluate where the sampled companies have experience operative profit margin change in the mean difference after privatization. The companies in the oil marketing industry have generally indicated increase in the mean difference. Similarly, companies in the manufacturing sector recorded operative profit margin increase after privatization. The trend is recorded in the insurance and banking sectors.

Banks' Management of the Net Interest Margin: Evidence from Germany

We decompose the change in banks' net interest margin into a change in market-wide bank rates and a change in the balance-sheet composition. Our empirical findings from a detailed data set on German banks' balance-sheet positions, broken down into different maturities, creditors and borrowers and degrees of liquidity are as follows: (i) Changes in bank rates have a much greater impact on and explain more of the variation in net interest margins than do changes in balance-sheet compositions. (ii) Changes in bank rates and changes in balance-sheet compositions affect the change in the net interest margin less strongly for derivative users than for non-users. On average, banks employ interest rate derivatives to reduce on-balance risk. (iii) When risk-taking becomes more lucrative, banks tend to increase their on-balance exposure. This effect is more pronounced for derivative users than for non-users.

Effect of Margin Requirement on Default Risk and Liquidity in the Korean Futures Market

Margin requirements are often viewed as an effective policy tool to prevent the default risk and maintain market stability. For the Korean futures market, this paper examines whether the margin requirements work normally as a tool to prevent default risk and margin changes have impact on futures trading activity. KOSPI200 stock index futures, USD (U.S. Dollar) futures, and 3-year KTB (Korean Treasury Bond) futures are included in the sample for the period from 2010 to 2015. Using the simulation method assuming the worst situation, we find that the possibility of default occurs once for KOSPI200 futures, twice for 3-year KTB futures, and 7 times for USD futures during the sample period. This result suggests that active margin requirement policy is necessary to prepare for financial market turbulence. In addition, we find that the margin changes do not have a significant impact on the futures trading activity, suggesting that decreases in margins are not effective means to improve liquidity in the Korean futures market

The Effect of Ptosis Surgery on Brow Position and the Utility of Preoperative Phenylephrine Testing.

Many reports have suggested that upper eyelid position and brow height can be interdependent; however, the relation is not universally observed. This study aims to understand the prevalence of this phenomenon and examine the utility of phenylephrine testing in predicting brow height change after surgery. Ptotic eyelids undergoing Muller's muscle conjunctiva resection surgery in which phenylephrine testing was performed were included. The distance from both the center of the pupil to the upper eyelid and the lower brow margin were measured in the midpupillary line. Measurements were performed based on photographs taken on presentation, after phenylephrine testing and at postsurgical follow-up. Change in eyelid margin and brow position between each of these conditions was assessed. Associations between changes in eyelid margin and brow position were analyzed, and a receiver operating characteristic curve for brow change after phenylephrine instillation as a predictor of postoperative brow change was fit. In the sample of 125 eyes, there was a significant change in mean marginal reflex distance one both with application of phenylephrine and after surgery (p < 0.05). There was no significant change in brow height with instillation of phenylephrine (p > 0.05). There was a significant change in brow height with surgery (1 mm; p < 0.05). Change in marginal reflex distance one with surgery or with phenylephrine was not significantly correlated with change in brow height after surgery (Pearson's r = 0.06; p > 0.05). Brow height change with phenylephrine was significantly correlated with brow height change after surgery (p < 0.05). Clinically relevant brow height change was defined as mean change minus one standard deviation, for a total decrease of 3.8 mm. By this criterion, 13.6% patients (n = 17) demonstrated clinically relevant brow height change. These patients had a greater preoperative brow height (p < 0.05) and a greater response to phenylephrine (p < 0.05). Based on receiver operating characteristic analysis, a threshold change of 3.5 mm in brow height with phenylephrine had a sensitivity of 0.94, and specificity of 0.10 for postoperative brow height change. Approximately 15% of the population studied tends to have a significant change in brow position with ptosis surgery. Patients who do not demonstrate a reduction in brow height of at least 3.5 mm after phenylephrine instillation preoperatively are unlikely to have clinically relevant brow height reduction after surgery.

Coordinated Voltage Control With Online Energy Margin Constraints

Based on data available from phase measurement units (PMUs), this paper proposes an energy margin constrained online coordinated voltage control (CVC) algorithm. First, the energy function model is established, which is based on detailed device models that include the effects of shunt capacitor banks, reactive power output of generators and under-load-tap-changers (ULTCs). In order to improve the computational efficiency, a Lie derivative-based method is used to map the energy change into the system trajectory along the energy manifold. Then, the change of energy margin based on the Lie derivative is used as the objective function and the reactive power margin is used as a constraint to formulate a linear programming problem. A coordinated strategy is proposed to help achieve the optimal solution when the linear programming problem is solved. In comparison with the other control modes, the proposed method improves the stability margin and the control effectiveness of voltage profile. Numerical results are provided for a three-machine system, the IEEE-30 bus system and the New England-39 bus benchmark system.

The impact of trade margins on the skill premium: Evidence from Mexico

This paper formulates a static applied general equilibrium model of a small open economy and then calibrates it to the Mexican input–output matrix for 1987. We use the calibrated model to quantify how much of the dramatic rise in the skill premium over the period 1987–1994, following the liberalization of the trade policy in Mexico, can be accounted for by the change in the extensive margin of trade or trade variety. Our numerical experiments show that the increase in the extensive margin of Mexican manufactured trade with the U.S. can account for up to approximately 12 percent of the actual increase in skill premium in Mexico from 1987 to 1994.

A Prospective Study to Evaluate the Reliability of Thyroid Imaging Reporting and Data System in Differentiation between Benign and Malignant Thyroid Lesions.

Objectives:To evaluate diagnostic reliability of the daily use of thyroid imaging reporting and data system (TIRADS) classification proposed by Kwak et al., in differentiating between a benign and a malignant thyroid lesion, to calculate inter-observer variability in the interpretation of each of the TIRADS ultrasound features and to evaluate role of TIRADS system in reducing unnecessary biopsies of benign lesions.Materials and Methods:Three hundred and sixty-five patients with clinically suspected thyroid lesions during the period from November 1, 2011, to August 31, 2015, were prospectively scanned on gray-scale and Doppler imaging by six radiologists separately. We used GE VOLUSON 730 PRO machine (GE healthcare, Milwaukee, USA) equipped with a 7.5–12 MHz high-frequency linear array transducer with color and power Doppler capability. We evaluated five sonological features: Internal composition, echogenicity, margins, presence and type of calcification, and shape of the lesion. Based on the TIRADS proposed by Kwak et al., we determined categories of the thyroid lesions. The diagnostic performance of TIRADS classification system was evaluated by comparison with the fine-needle aspiration cytology (FNAC) reports which were subsequently obtained after taking informed consent from the patients. All follicular neoplasms on FNAC were further followed up with excision biopsy and histology. The cytopathological report was used as the standard final diagnosis for comparison. The P value and odds ratio were determined to quantify how strongly the presence or absence of a particular ultrasound feature was associated with benignity or malignancy in the study population. The risk of malignancy was stratified for each TIRADS category-based on the total number of benign and malignant lesions in that category. Cervical lymph nodes were also evaluated for their size, loss of the central, echogenic hilum, presence of irregular and indistinct margin, microcalcification, and necrotic changes. Cohen's Kappa coefficient was determined separately for each of the five TIRADS malignant features to study the inter-observer agreement. Furthermore, the percentage of benign cases that were accurately determined by TIRADS which could have avoided unnecessary FNAC was determined.Results:The risk of malignancy in TIRADS categories 1 and 2 was found to be 0%, 0.64% in category 3, 4.76% in category 4A, 66.67% in category 4B, 83.33% in category 4C, and 100% in category 5. Out of the five suspicious sonological features, irregular margins showed the highest positive predictive value (95.45%) for malignancy followed by taller than wide shape (92.86%), microcalcifications (66.67%), marked hypoechogenicity (54.55%), and solid composition (48.15%). The specificity of three sonological features (completely cystic structure, hyperechogenicity, and macrocalcification) in classifying a nodule as benign was 100%. Loss of central echogenic hilum, presence of an irregular and indistinct margin, microcalcification and necrosis were found to have sensitivity of 100%, 63.63%, 27.27%, and 9.09%, respectively and specificity of 95.7%, 98.5%, 100%, and 100%, respectively for cervical lymph node to be malignant. The Kappa value for taller than wide shape, microcalcification, marked hypoechogenicity, solid composition, and irregular margins was 1.0 (95% confidence interval [CI]: 1–1), 1.0 (95% CI: 1–1), 0.90 (95% CI: 0.82–1), 0.88 (95% CI: 0.77–0.92), and 0.82 (95% CI: 0.64–1), respectively. The estimated decrease in unnecessary FNACs was found to be 43.83–86.30%.Conclusions:TIRADS proposed by Kwak et al., combined with evaluation for sonological features of malignant lymph nodes is a valuable, safe, widely available, and easily reproducible imaging tool to stratify the risk of a thyroid lesion and helps in precluding unnecessary FNACs in a significant number of patients. TIRADS features convincingly show comparable results in the interpretation of TIRADS features more so, in the hands of radiologists experienced in thyroid imaging.

Early–middle Holocene hydroclimate changes in the Asian monsoon margin of northwest China inferred from Huahai terminal lake records

In the Asian monsoon margin of northwest China, millennial-scale precipitation and effective moisture changes during the Holocene differ from those observed in the primary monsoon area. Whether these differences were caused by a change in precipitation or other hydroclimate factors remains controversial. We selected Huahai Lake, located in the western portion of the Hexi Corridor, at the northwest margin of the Asian monsoon area, to address this question. Using paleoclimate proxies (mineralogical assemblages and immobile elements) and results from a previous study, we inferred hydroclimate changes in this area during the early and middle Holocene (10.5–5.5 cal ka BP). Heavy precipitation and abundant runoff occurred during the early Holocene (10.5–8.8 cal ka BP). Proxies (carbonate content, total organic carbon and C/N) for precipitation minus evaporation (P − E) in the same section, however, revealed low P − E during the early Holocene and highest P − E in the middle Holocene (8.8–5.5 cal ka BP). Therefore, on a millennial timescale, precipitation amount and effective moisture changes were asynchronous during the early and middle Holocene. The precipitation and effective moisture pattern in the study area during that time span was different from patterns in both the Asian monsoon and westerly wind-influenced areas, suggesting an interplay between the two climate features. High precipitation during the early Holocene corresponded to a strengthened Asian monsoon. Highest P − E in the study area occurred during the middle Holocene and may have been caused by low evaporation, rather than high precipitation.

Profitability of begomovirus management strategies among chilli farmers in Tamil Nadu: A gross margin impact analysis

Plant diseases caused by vector-transmitted viruses like begomovirus inflict serious damage in terms of yield and colossal loss in many crops, predominantly Chilli. Coupled with bleak farm awareness and lack of management options, they could severely hamper remuneration prospects. In this connection, the profitability of the farm level begomovirus management strategies has been analyzed in this study. A sample of 100 chilli farmers were surveyed with focus on their perceptions of begomovirus caused diseases. Findings revealed a majority of farmers (80 per cent) experienced cross loss due to viral diseases. Positive changes in output and production cost were also reported with the adoption of management strategies, which in turn were categorized in to: low, medium and high. Besides, it was also revealed that when compared with no management strategy, the change in the gross margin was 17 per cent, 26 per cent and 80 per cent after the adoption of low, medium and high level of management strategies, respectively.

The effects of margin changes on commodity futures markets

In light of the recently passed 2010 Dodd–Frank Act, we assess the effect of margin changes on prices, the risk-sharing between speculators and hedgers, and the price stability of 20 commodity futures markets. We find that margin increases decrease the rate at which prices change, yet they impair the risk sharing function and they decrease market liquidity in certain markets. The regulator should set margins by taking the heterogeneity of commodity futures markets into account. Certain effects of margin changes diffuse across related markets though. Our results are robust to endogenously set margins by the exchanges and to alternative ways of measuring market liquidity. Interestingly, the effect of margin changes is more pronounced in commodity futures markets than in major equity and interest rate futures markets.

Making Fuel Hedging a Meaningful Strategy - The Case of Airlines

Financial risk management, particularly fuel hedging plays a vital role in the corporate strategy of firms that heavily rely on oil/jet fuel as an input. This paper aims to re-examine risk management theories and managerial practice for airlines and investigate if hedging is indeed a meaningful strategy for enhanced profitability whilst being exposed to volatile market environments. A sample of 90 international airlines over five fiscal years was used to inspect the impact of hedging on airlines’ profit margin, profit margin volatility, operating costs, leverage and change in capacity. Our results show that fuel hedging was significant in decreasing profit margin volatility but insignificant in changing profitability and operating costs. This suggests that fuel hedging is an efficient strategy to mitigate the risk of volatility; however, it cannot be used as a speculation mean to generate profits. In contrast, Passenger Load Factor is significant in increasing profit margins and reducing operating costs, which suggests that operational hedging is an important integral part of profitable strategy. We conclude that the combination of financial and operational hedging can be used for gaining/maintaining a competitive advantage and enables airline management practice to achieve sustained financial performance.