This article examines the theoretical and empirical implications of asymmetric information in commodity futures markets. In particular, it formulates and tests a theoretical model that recognizes two distinct categories of traders: hedgers, who participate in both spot and futures markets, and...

This paper applies a game theory approach to examine the effects of a market structure change in options trading from a monopoly to a Cournot-type oligopoly that occurred in two successive periods on the Montreal exchange. We analyze the intra-day behaviour of option bid-ask spreads and find...

The application of the computer to the servicing of deposit accounts at banks and non-bank financial intermediaries is a fairly recent development. Most empirical studies of economies of scale in this industry date prior to this technological transition. There is one notable exception, however,...