spot-futures spread), confirming that spot prices mean-revert and normally exceed discounted futures. However, these … percent of daily returns, suggesting other factors are important, too. In this paper, I specify a structural oil-market model …. In addition, I find reversion of spot to futures prices only when backwardation is severe. Convenience yield behaves …

Gasoline prices influence where households decide to locate by changing the cost of commuting. Consequently, the … substantial increase in gas prices since 2003 may have reduced the demand for housing in areas far from employment centers … 2008, we find that a 10 percent increase in gas prices leads to a 10 percent decrease in construction after 4 years in …

product menus and prices. When product menus are endogenous, however, tests for price discrimination may be biased by the fact … that unobservables affecting costs or demand may jointly determine product menus and prices leading one to falsely infer … attributes, product menus, and prices. …

equity issuers. We investigate these opposing views with data on IPO firms that issued in 1983, a hot market, and 1988, a … cold market. We find that the two sets of firms have similar operating performance, but stock returns are worse for firms … that went public in the hot market. Our results are largely consistent with investor overoptimism in hot markets, but not …