首页    期刊浏览 2024年08月31日 星期六
登录注册

文章基本信息

  • 标题:Ederington's ratio with production flexibility
  • 本地全文:下载
  • 作者:Benoît Sévi
  • 期刊名称:Economics Bulletin
  • 电子版ISSN:1545-2921
  • 出版年度:2006
  • 卷号:7
  • 出版社:Economics Bulletin
  • 摘要:The impact of flexibility upon hedging decision is examined for a competitive firm under demand uncertainty. We show that if the firm can adapt its production subsequently to its hedging decision, the standard minimum variance hedge ratio from Ederington (Journal of Finance 34, 1979) is systematically biased. This resulting bias depends on the statistical relation between demand and futures prices.
国家哲学社会科学文献中心版权所有