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spot-futures spread), confirming that spot prices mean-revert and normally exceed discounted futures. However, these …. In addition, I find reversion of spot to futures prices only when backwardation is severe. Convenience yield behaves … prices only when spot prices substantially exceed futures. …
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-related changes in prices were found to be very small. …
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stock prices fluctuate more than can be explained by a simple present value hypothesis, while some tests using "broad …
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