An Economic History Of The Failure Of Broiler Futures-一部关于肉鸡期货失败的经济史

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英文文献：An Economic History Of The Failure Of Broiler Futures-一部关于肉鸡期货失败的经济史
英文文献作者：Hegde, S. Aaron
英文文献摘要：
Hedging with a futures market is one risk management alternative available to producers of most agricultural commodities. However, such an option is unavailable to broiler growers as there are no active broiler futures. Over the last 40 years there were three occasions during which futures were available for broilers. Each of the three markets failed to catch on and were thus removed from trading. We investigate the reasons for the failures time and time again. Using an econometric model, we find that the presence of a relatively efficient cross-hedge was a major reason the broiler futures collapsed.

期货市场对冲是大多数农产品生产商可用的一种风险管理选择。然而，这种选择是无法提供给肉鸡种植者，因为没有活跃的肉鸡期货。在过去的40年里，有三次机会为肉鸡提供期货。这三个市场都没能跟上，因此都被取消了交易。我们一次又一次地调查失败的原因。利用计量经济学模型，我们发现一个相对有效的交叉对冲的存在是肉鸡期货崩溃的主要原因。

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