Financing policy, basis risk, and corporate hedging: evidence from oil and gas producers

Article Abstract:

Analysis of hedging by oil and gas producers between 1992 and 1994 show this policy was related primarily to financing costs and economies of scale. Larger companies and those with production located where prices correlate with exchange-traded derivative prices are more likely to manage risks.

Finance, Prices and rates, Petroleum industry, Derivatives (Financial instruments), Gas industry

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Testing for mean-variance spanning with short sales constraints and transaction costs: the case of emerging markets

Article Abstract:

This article proposes a regression-based test for mean-variance to evaluate market frictions faced by investors in developing countries. The authors find that after liberalization of emerging markets investors benefit when frictions are excluded, but note that their results are not conclusive.

World, Evaluation, Economic aspects, Developing countries, Investors, Sales, Transactional analysis

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Hedging pressure effects in futures markets

Article Abstract:

The authors present investment models for hedging in futures markets. Topics include cross-hedging pressures, price pressure, and underlying assets.

Research, Models, Investments, Commodities industry, Futures

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