文章基本信息
- 标题：Why do farmers have so little interest in futures markets?
- 本地全文：下载
- 作者：Simmons, Phil
- 期刊名称：Journal of Food Distribution Research
- 印刷版ISSN：0047-245X
- 出版年度：2002
- 页码：1-6
- 出版社：Food Distribution Research Society
- 摘要：A farm financial model with leverage and investment in two farm enterprises is specified. The model is extended to incorporate futures hedging and the Separation Theorem is used to show that optimal hedging is zero. The assumption of a risk-free asset is relaxed and, while this leads to a violation of the Separation Theorem, the result that optimal hedging is zero is maintained providing that futures markets are efficient. It is concluded that if capital markets are efficient then farmers will have little interest in futures markets except to speculate.© 2002 Elsevier Science B.V. All rights reserved.
- 关键词：Futures markets;Separation Theorem;Hedging
