tailieunhanh - COMMODITY PRICE DYNAMICS

This book weaves strands of research that date back more than 20 years, to approximately 1990–1991. Although I worked at a futures commission merchant (that is, a brokerage firm) while in graduate school, that work involved financial futures exclusively. Deciding to leave that business in mid-October 1987 (thereby causing the 1987 crash), first for a stint in litigation support consulting and then on to academia at the Michigan Business School, I worked on research completely unrelated to futures markets. But in spring and summer 1989, the Italian conglomerate Ferruzzi cornered the soybean market in Chicago. The corner, and the Chicago Board of Trade’s response to it, resulted in. | COMMODITY PRICE DYNAMICS Craig Pirrong Cambridge COMMODITY PRICE DYNAMICS Commodities have become an important component of many investors portfolios and the focus of much political controversy over the past decade. This book utilizes structural models to provide a better understanding of how commodities prices behave and what drives them. It exploits differences across commodities and examines a variety of predictions of the models to identify where they work and where they fail. The findings of the analysis are useful to scholars traders and policy makers who want to better understand often puzzling - and extreme - movements in the prices of commodities from aluminum to oil to soybeans to zinc. Craig Pirrong is Professor of Finance and Energy Markets Director for the Global Energy Management Institute at the Bauer College of Business at the University of Houston. He was previously Watson Family Professor of Commodity and Financial Risk Management at Oklahoma State University and a faculty member at the University of Michigan the University of Chicago and Washington University. Professor Pirrong s research focuses on commodities and commodity derivative pricing the relation between market fundamentals and commodity price dynamics and the implications of this relation for the pricing of commodity derivatives derivatives market regulation commodity market manipulation and the organization of commodity markets. He has published more than thirty-five articles in professional publications and is the author of four books. He has consulted widely with financial exchanges around the world testified before Congress on energy pricing and served as an expert witness in a variety of cases involving commodity markets. He holds a . in business economics from the University of .