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英文文献：Reconciling Theoretical Hedging Models with the Experience of Cotton Merchants in March 2008-将理论对冲模型与2008年3月棉花商人的经验进行了协调
英文文献作者：Janzen, Joseph P.
英文文献摘要：
Analysis of the cotton futures price spike and its effects on commercial hedgers suggest that we do not completely understand the behavior of markets and firms in periods of extreme volatility. After presenting the story of the cotton futures price spike, this paper argues that explanations related to the funding liquidity of firms and the liquidity of the markets themselves may help us better understand market volatility. A simple model of futures market equilibrium in the presence of liquidity constraints demonstrates how prices can spike as fast as they did and why such spikes can drive firms to exit.
棉花期货价格飙升及其对商业套期保值者的影响的分析表明，我们并没有完全理解市场和公司在极端波动时期的行为。在阐述了棉花期货价格飙升的故事之后，本文认为对企业资金流动性和市场本身流动性的相关解释可以帮助我们更好地理解市场波动。在存在流动性约束的情况下，一个期货市场均衡的简单模型展示了价格是如何以如此快的速度飙升的，以及为什么这种飙升会促使公司退出。
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