We will examine price dependencies between primary products and co-products from metal markets. First, we develop an optimization model to determine the profit-maximizing extraction behavior of mining companies. With this model, we analyze how the companies optimally react to exogenous demand...

While literature provides several hedging theories, evidence on the corporate incentives to hedge remains ambiguous. We synthesize data of empirical studies via statistical meta-analysis to test different hedging hypotheses. To our knowledge, this constitutes the first application of such a...

A strong increase in the demand for some commodities over the last decade will have a major impact on their future supply situation. Of increasing importance, therefore, is an assessment of a commodity's criticality, and especially its supply risk, by appropriate indicators. The literature has...

Zahlreiche empirische Untersuchungen haben gezeigt, dass Verteilungen von Aktienkursren­diten nur unzureichend durch die Normalverteilung abgebildet werden können. Zur Approxi­mation der Verteilung erwiesen sich in der Literatur und erweisen sich meist die nichtnorma­len stabilen...

Zahlreiche empirische Untersuchungen haben gezeigt, dass Verteilungen von Aktienkursren­diten nur unzureichend durch die Normalverteilung abgebildet werden können. Zur Approxi­mation der Verteilung erwiesen sich in der Literatur und erweisen sich meist die nichtnorma­len stabilen...

In recent years, commodity markets show a large amount of volatility and substantial price jumps, indicating an increasing economic scarcity in many cases. As this scarcity makes commodity procurement a critical issue for national economies, industry sectors and manufacturing companies, a number...