To explain convenience yield accruing to commodity inventory holders, time to maturity (TTM) and TIME to harvest should interact with current scarcity. Using weekly data for corn, wheat and soyabeans (1986–2009), the interaction (multiplicative) model performs better than traditional versions...

Purpose – We discuss the microeconomic pros and cons of bankloan-backed securities and credit default swaps, that is, the passing on of bank loans or their default risk from originator to the general investor. By ‘micro’ we mean that our focus is on comparative advantages for banks versus...

International Finance presents the corporate uses of international financial markets to upper undergraduate and graduate students of business finance and financial economics. Combining practical knowledge, up-to-date theories, and real-world applications, this textbook explores issues of...