发帖
雷达卡
英文文献：Do RIN Mandates and Blender's Tax Credit Affect Blenders' Hedging Strategies?-RIN的委托和Blender的税收抵免会影响搅拌机的对冲策略吗?研究了有乙醇约束条件下汽油混合机的最佳套期保值策略
英文文献作者：Ahmedov, Zafarbek,Woodard, Joshua D.
英文文献摘要：
In this study stylized gasoline blender’s optimal hedging strategy in the presence of ethanol mandates is analyzed. In particular, the main objective of this study is to investigate whether the ability to purchase RINs and the presence of tax incentives would affect blenders’ optimal hedging strategies. Multicommodity hedging method with Lower Partial Moments hedging criterion as a measure of downside risk is utilized in obtaining the optimal hedge ratios. Based on the obtained results, the Renewable Identification Number purchases do not reduce risk, hence, is not a good risk management tool in the presence of blenders’ tax credits. However, in the absence of tax credit, RINs can be used as a risk management tool.
特别是，本研究的主要目的是调查购买林的能力和税收优惠的存在是否会影响搅拌机的最优对冲策略。利用低部分矩套期保值准则作为下档风险的度量，得到了最优套期保值比率。根据所得结果，购买可再生身份证号码并不能降低风险，因此，在搅拌机的税收抵免存在的情况下，并不是一个好的风险管理工具。然而，在没有税收抵免的情况下，RINs可以作为一种风险管理工具。
京公网安备 11010802022788号
