From Hedging to Pure Speculation: A Micro Model of Optimal Futures and Cash Market Positions
作者： Ronald W. Ward , Lehman B. Fletcher
DOI: 10.2307/3180299
关键词: Production (economics) 、 Financial economics 、 Futures contract 、 Product (business) 、 Market position 、 Microeconomics 、 Economics 、 Speculation 、 Cash 、 Position (finance)
摘要: … market existed when the optimal futures position (short or long) exceeded the 100 percent … of speculation which occurs when the established futures position does not provide hedging …
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