PIK certificate premiums originate from marketing arbitrage opportunities. Under conditions of scarcity of certificates, these arbitrage values get partially bid into a premium for the PIK certificates. Part of the arbitrage profit is shifted from the user of PIK certificates to previous owners...

Introduction of biotechnologically modified soybeans will have significant impacts on the US soybean and associated industries. However, technical trade-offs of yield and quality attributes make it difficult to determine which modifications offer the highest potential pay-off and warrant the...