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| Tekijä: | Ng, V. Craig Pirrong, S. |
| Otsikko: | Fundamentals and volatility: storage, spreads, and the dynamics of metals prices |
| Lehti: | Journal of Business
1994 : APR, VOL. 67:2, p. 203-230 |
| Asiasana: | BUSINESS ECONOMICS METALS INDUSTRY PRICES |
| Kieli: | eng |
| Tiivistelmä: | The theory of storage implies that inventory and demand conditions affect (a) the variances and correlations of commodity spot and forward prices and (b) the spread between spot and forward prices. For four industrial metals and one precious metal over the 1986-92 period, the observed relations between the spread and the variances and correlations of spot and forward prices are consistent with the theory. |
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