This paper examines common forces driving the prices of 51 highly tradable commodities. We demonstrate that highly persistent movements of these prices are mostly due to the first common component, which is closely related to the US nominal exchange rate. In particular, our simple factor-based...

This paper examines common forces driving the prices of 51 highly tradable commodities. We demonstrate that highly persistent movements of these prices are mostly due to the first common component, which is closely related to the US nominal exchange rate. In particular, our simple factor-based...

This paper examines common forces driving the prices of 51 highly tradable commodities. We demonstrate that highly persistent movements of these prices are mostly due to the first common component, which is closely related to the US nominal exchange rate. In particular, our simple factor-based...

This paper seeks empirical evidence of nonlinear mean-reversion in relative national stock price indices for Emerging Asian countries. It is well known that conventional linear unit root tests suffer from low power against the stationary nonlinear alternative. Implementing the nonlinear unit...

This paper seeks empirical evidence of nonlinear mean-reversion in relative national stock price indices for Emerging Asian countries. It is well known that conventional linear unit root tests suffer from low power against the stationary nonlinear alternative. Implementing the nonlinear unit...

Texas dryland upland cotton yields have historically exhibited greater variation and more distributional irregularities than the yields of other crops, raising concerns that conventional parametric distribution models may generate biased or otherwise inaccurate crop insurance premium rate...

Empirical evidence for the existence of moral hazard in the U.S. crop insurance program has been inconclusive. Here, we seek empirical evidence of moral hazard in the U.S. crop insurance program, departing from the established empirical literature in two significant respects. First, we attempt...

Very little attention has been given to the modeling of yield distribution for crops and regions in which yields exhibit irregular behavior. We undertake a statistical case study of Texas upland cotton and propose an alternative mixture distribution based on regime-switching model in which the...

The influence of climate variability on agricultural production and financial risks faced by an individual or an institution has been the center of the public discussion in the recent years. The changing weather patterns and environmental conditions could cause substantial unpredicted economic...

Research into port reform in Taiwan and Australia indicates that reform was undertaken in different contexts while committed and adopting similar strategies. Reform in both countries has been consistent with paradigmatic shifts towards market orientation, and within this context, privatisation...