financing instruments for hedging purposes …

markets of a commodity. This model provides a unifying framework for the hedging pressure and storage theories. The model …

This paper examines the impact of hedging and speculative pressures on the transition of the spot-futures relationships … in the energy and metal markets. We build a Markov regime switching (MRS) model where hedging and speculative pressures …-volatility (bear) markets. It is discovered that hedging pressure, measured based on net open interests, increases the likelihood of …

up by Llorente et al. (2002), we test empirically whether investors in China are hedging oriented or motivated by … speculation. A two-state Markov switching model was used to augment the basic model. Allowing the underlying model to switch …

contractual terms. Whereas hedging motives are associated with trading volume in the bond and CDS markets, speculative trading …

market -- some trade for speculation and others for hedging -- and thus they may respond to the same information in opposite …

In 1993 Metallgesellschaft nearly collapsed after a series of hedging transaction that lead the company into a severe … been taken on while the qualitative analysis looks at aspects such as the timing of the hedging, the comparatively large … ultimately being seen as a speculation. In contrast to the analysis done by Henke, Culp and Miller who neglected the interest …

The widespread practice of managers speculating by incorporating their market views into firms' hedging programs … (“selective hedging”) remains a puzzle. Using a 10-year sample of North American gold mining firms, we find no evidence that … selective hedging is more prevalent among firms that are believed to possess an information advantage. In contrast, we find …