Serletis, Apostolos; Hullernan, Vaughn - In: The Energy Journal Volume15 (1994) Number 2, pp. 125-134
This paper tests the theory of storage-the hypothesis that the marginal convenience yield on inventory falls at a decreasing rate as inventory increases in energy markets (crude oil, heating oil, and unleaded gas markets). We use the Fama and French (1988) indirect test, based on the relative...