A company has a $[ a]million portfolio with a beta of [b]. It would like to use futures contracts on a stock index to hedge its risk. The index futures is currently standing at [c], and each contract is for delivery of $250 times the index. What should the company do if it wants to reduce the beta of the portfolio by 0.6 ? To reduce the beta by 0.6, half of this position, or a short position in half of the contracts, is required. To reduce the beta by 0.6, double of this position, or a short position in double of the contracts, is required