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price volatility is a decreasing function of inventory for the majority of commodities in our sample. This effect is more …We employ a large dataset of physical inventory data on 21 different commodities for the period 1993-2011 to … empirically analyze the behaviour of commodity prices and their volatility as predicted by the theory of storage. We examine two …
Persistent link: https://www.econbiz.de/10011111409
of forward curves. The spot price model is based on a long-term/short-term decomposition, where the price is thought of …-parametric approach to model the equilibrium level of power prices, and a mean-reverting process with GARCH volatility to describe the …
Persistent link: https://www.econbiz.de/10005619322
commodity exports. This paper aims to empirically examine the patterns and underlying causes of excessive price volatility for … hand. Our analysis of coffee and cocoa historical prices shows that, coffee price volatility has uneven or varied impact … crises, compounded by the recent financial and economic crises, which have increased their vulnerability to excessive price …
Persistent link: https://www.econbiz.de/10011109682
The present paper provides a substantial re-conceptualization of the serial clearing of the product market on the basis of structural axioms. This change of premises is required simply because from the accustomed premises only the accustomed conclusions can be derived and these are known to be...
Persistent link: https://www.econbiz.de/10011259782
Part (I) and (II) of this paper reconstruct the quantity theory from structural axiomatic foundations. This yields a coherent view of the interrelations of quantity of money, transaction money, saving–dissaving, liquidity–illiquidity, rates of interest, leverage, allocation, prices, profits,...
Persistent link: https://www.econbiz.de/10009220679
features of simulator of inventory turnover in internet shop were shown. Next proposal of implementation were presented. Also …
Persistent link: https://www.econbiz.de/10009372627
How does the stock market affect inventory decisions? The efficient markets view is that low stock price means poor … fundamentals, a higher cost of capital, and lower inventory. Normatively, firms should obtain their cost of capital from an …' inventory as much as its fundamentals component. I further test three possibilities for how the behavioral component works. The …
Persistent link: https://www.econbiz.de/10005790258
affect private sector inventory levels? I develop as a baseline a substitution hypothesis, which predicts that infrastructure … reduces inventory. I also consider competing hypotheses that can explain negative correlation between infrastructure and … inventory. To empirically distinguish these hypotheses, I use data on public firms from 60 countries. The econometric challenge …
Persistent link: https://www.econbiz.de/10005836348
the market? I consider the example of inventory and fill rates. When the market sees a high-inventory firm, it cannot tell … whether the inventory is due to incompetence or a strategy to enhance fill rate. Firms might decide to signal their competence … to the market by carrying less inventory. I show conditions for separating and pooling perfect Bayesian equilibria. I …
Persistent link: https://www.econbiz.de/10005836353
How different are retailers' inventory levels around the world? Specifically, are retailers' inventories constant … contingency - in which country effects can explain inventory differences around the world. I also show that this conclusion is …
Persistent link: https://www.econbiz.de/10005619843