supply and test whether power futures prices contain information about expected future spot prices and risk premiums and … in line with the theory of storage. We find the opposite; futures prices from markets with flexible power supply behave … according to the expectations theory. The implicit view from futures prices is that flexibility is not a substitute for …

widely-used energy resources worldwide, natural gas has a large daily trading volume. In order to hedge the risk of natural … natural gas spot and futures returns data from two major international natural gas derivatives markets, namely NYMEX (USA) and … ICE (UK), as well as ETF data of natural gas companies from the stock markets in the USA and UK. The empirical results …

. For the USA, daily spot and futures prices are available for crude oil and coal, but there are no daily spot or futures …

Building on a model of the interaction of risk-averse frms that compete in forward and spot markets, we develop an … empirical strategy to test whether oligopolistic frms use forward contracts for strategic motives, for risk-hedging, or for both …. An increase in the number of players weakens the incentives to sell forward for risk-hedging reasons.However, if …

We study the optimal taxation of risk-free and excess capital income with heterogeneous rates of return, alongside an … optimal nonlinear earnings tax. Households can hold three assets: one risk-free, one risky but diversifiable, and one a … private investment with idiosyncratic risk whose expected return differs among households. Contrary to expectations, the …