haku: @author Pirrong, S. / yhteensä: 2
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| Tekijä: | Pirrong, S. |
| Otsikko: | Manipulation of the commodity futures market delivery process |
| Lehti: | Journal of Business
1993 : JUL, VOL. 66:3, p. 335-370 |
| Asiasana: | FUTURE MARKETS BUSINESS ECONOMICS |
| Kieli: | eng |
| Tiivistelmä: | An analysis of the futures market delivery "end game" specifies necessary and sufficient conditions for long and short traders to manipulate futures prices at contract expiration. The empirical and welfare implications of manipulation are derived as well. Manipulation is mostly likely to occur in markets where economic frictions (such as transportation and transaction costs) make it inefficient to return excessive deliveries to their original owners. |
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