Commodity storage models, developed first within agricultural economics in the tradition of Gustafson (1958), are valuable in helping us understand how prices of storable commodity markets behave, and how they respond to policy interventions. They show that the policy-relevant dynamic effects of...

This paper investigates stock analysts’ earnings forecasts under complex corporate ownership in China. Based on a sample of 1298 firms for years 2004–2011, our evidence suggests that state shareholding is negatively related to the quality of consensus analysts’ earnings forecasts. In...

In the last half-decade, sharp jumps in the prices of wheat, rice, and corn, which furnish about two-thirds of the calorie requirements of mankind, have attracted worldwide attention. These price jumps in grains have also revealed the chaotic state of economic analysis of agricultural commodity...

We empirically address the implications of biofuel policy regarding major grains, to the subsequent evolution of the markets for calories from the three major grains, maize, wheat and rice. The implied market variables, namely, market price, consumption, and stocks, using a structurally...

Purpose –This paper aims to explore the possible use of credit derivatives by corporate treasurers. Corporations have, in recent years, grown comfortable with the idea of using traditional derivative products to hedge their exposure to, for example, interest rate and foreign exchange risk....

In the long view, recent grain price volatility is not anomalous. Wheat, rice, and maize are highly substitutable in the global market for calories, and when aggregate stocks decline to minimal feasible levels, prices become highly sensitive to small shocks, consistent with storage models. In...