Bühler, Wolfgang; Korn, Olaf; Schöbel, Rainer - Wirtschaftswissenschaftlichen Fakultät, … - 2000
We develop and empirically test a continuous time equilibrium model for the pricing of oil futures. The model provides … oil futures pricing and for the explanation of backwardation and contango situations. In an empirical study the hedging … to Metallgesellschaft's strategy to hedge long-term forward commitments with short-term futures. The results show that …