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Forwards and Futures

Tomas Björk

in Arbitrage Theory in Continuous Time

Published in print:
2004
Published Online:
October 2005
ISBN:
9780199271269
eISBN:
9780191602849
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199271267.003.0026
Subject:
Economics and Finance, Financial Economics

This chapter discusses forward and futures contracts. It considers a fixed simple T-claim, □, at a time t. It shows that forward and futures contracts have the same claim □ as their underlying ... More


Futures Contracts and Futures Markets

Hendrik S. Houthakker and Peter J. Williamson

in The Economics of Financial Markets

Published in print:
1996
Published Online:
November 2003
ISBN:
9780195044072
eISBN:
9780199832958
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/019504407X.003.0009
Subject:
Economics and Finance, Financial Economics

This is the first of two chapters dealing with futures contracts, and it concentrates on the defining characteristics of a futures contract, on ways in which it can be settled, on types of ... More


Futures Prices

Hendrik S. Houthakker and Peter J. Williamson

in The Economics of Financial Markets

Published in print:
1996
Published Online:
November 2003
ISBN:
9780195044072
eISBN:
9780199832958
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/019504407X.003.0010
Subject:
Economics and Finance, Financial Economics

The previous chapter outlined the nature of futures contracts and some of the institutional aspects of the markets in which they are traded; this chapter analyzes the forces that determine the prices ... More


Contract as Thing

Hugh Collins

in Regulating Contracts

Published in print:
2002
Published Online:
January 2010
ISBN:
9780199258017
eISBN:
9780191717857
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199258017.003.0009
Subject:
Law, Constitutional and Administrative Law

This chapter considers the role played by the law in the construction of certain types of financial transactions. It focuses on two types of financial instruments: negotiable instruments and futures ... More


The Construction of Index Numbers for Contract Settlement

Robert J. Shiller

in Macro Markets: Creating Institutions for Managing Society's Largest Economic Risks

Published in print:
1998
Published Online:
November 2003
ISBN:
9780198294184
eISBN:
9780191596926
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198294182.003.0006
Subject:
Economics and Finance, Macro- and Monetary Economics, Financial Economics

When creating indices intended for use in cash settlement of futures contracts (or perpetual claims or options, or swaps, or other over‐the‐counter forward contracts or retail insurance contracts), ... More


Introduction

Hendrik S. Houthakker and Peter J. Williamson

in The Economics of Financial Markets

Published in print:
1996
Published Online:
November 2003
ISBN:
9780195044072
eISBN:
9780199832958
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/019504407X.003.0001
Subject:
Economics and Finance, Financial Economics

This introductory chapter begins by explaining what the book is about. It then goes on to define financial markets and financial instruments, and to outline the basic concepts of accounting – the ... More


Stochastic methods in investment decision

Melvin Lax, Wei Cai, and Min Xu

in Random Processes in Physics and Finance

Published in print:
2006
Published Online:
January 2010
ISBN:
9780198567769
eISBN:
9780191718359
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198567769.003.0016
Subject:
Physics, Theoretical, Computational, and Statistical Physics

Derivative securities have a value related to the underlying security or asset. When a derivative such as a put, a forward, or future sale, is not priced correctly, one can, by making compensating ... More


Forwards and Futures

Tomas Björk

in Arbitrage Theory in Continuous Time

Published in print:
1998
Published Online:
November 2003
ISBN:
9780198775188
eISBN:
9780191595981
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198775180.003.0020
Subject:
Economics and Finance, Financial Economics

In this chapter, we provide fairly general results for forward and futures prices.


Epilogue

Kara Newman

in The Secret Financial Life of Food: From Commodities Markets to Supermarkets

Published in print:
2014
Published Online:
November 2015
ISBN:
9780231156714
eISBN:
9780231527347
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231156714.003.0012
Subject:
Economics and Finance, Economic History

This epilogue reflects on the evolution of the commodities market since those first grain trades at Haine's Feed Store in Chicago. A number of commodities contracts have come and gone. Just as food ... More


MacroMarkets and the Practice of Financial Innovation

Michael Haliassos

in Financial Innovation: Too Much or Too Little?

Published in print:
2013
Published Online:
January 2015
ISBN:
9780262018296
eISBN:
9780262305495
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262018296.003.0006
Subject:
Economics and Finance, Financial Economics

This chapter explores the history of MacroMarkets LLC, founded in 2001 by Yale University economist and 2013 Nobel Prize in Economics Robert J. Shiller and Samuel Masucci III. MacroMarkets' main ... More


The Future of Food Futures?: Contracts to Consider

Kara Newman

in The Secret Financial Life of Food: From Commodities Markets to Supermarkets

Published in print:
2014
Published Online:
November 2015
ISBN:
9780231156714
eISBN:
9780231527347
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231156714.003.0011
Subject:
Economics and Finance, Economic History

This chapter considers the possibility that a futures market could be created for each of the food products that are currently not represented on U.S. commodity exchanges. These commodities are ... More


Cattle Call

Kara Newman

in The Secret Financial Life of Food: From Commodities Markets to Supermarkets

Published in print:
2014
Published Online:
November 2015
ISBN:
9780231156714
eISBN:
9780231527347
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231156714.003.0007
Subject:
Economics and Finance, Economic History

This chapter focuses on the history of cattle trading on the commodities market. The Chicago Mercantile Exchange was born from butter and eggs, evolving by the late 1920s into a meaty ... More


Introduction: Buy Breakfast

Kara Newman

in The Secret Financial Life of Food: From Commodities Markets to Supermarkets

Published in print:
2014
Published Online:
November 2015
ISBN:
9780231156714
eISBN:
9780231527347
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231156714.003.0013
Subject:
Economics and Finance, Economic History

This book tells the story of the secret financial life of food—the history of how it all came to be, including where, how, and why our food is traded—a critical but nearly invisible connection ... More


How Does Commodities Trading Work?

Kara Newman

in The Secret Financial Life of Food: From Commodities Markets to Supermarkets

Published in print:
2014
Published Online:
November 2015
ISBN:
9780231156714
eISBN:
9780231527347
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231156714.003.0001
Subject:
Economics and Finance, Economic History

This chapter explains how commodities trading works. It first considers how the commodities market evolved into what we know today before discussing how the modern commodities market works and how ... More


Forwards, Futures, and More Option Pricing

Kerry E. Back

in Asset Pricing and Portfolio Choice Theory

Published in print:
2017
Published Online:
May 2017
ISBN:
9780190241148
eISBN:
9780190241179
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190241148.003.0017
Subject:
Economics and Finance, Financial Economics

Forward measures are defined. Forward and futures contracts are explained. The spot‐forward parity formula is derived. A forward price is a martingale under the forward measure. A futures price is a ... More


Derivatives

Harold L. Cole

in Finance and Financial Intermediation: A Modern Treatment of Money, Credit, and Banking

Published in print:
2019
Published Online:
May 2019
ISBN:
9780190941697
eISBN:
9780190949068
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780190941697.003.0007
Subject:
Economics and Finance, Macro- and Monetary Economics, Financial Economics

This chapter discusses how derivative markets work, and how they can be priced within the arbitrage-based pricing model.


Commodities

Ananth N. Madhavan

in Exchange-Traded Funds and the New Dynamics of Investing

Published in print:
2016
Published Online:
August 2016
ISBN:
9780190279394
eISBN:
9780190279424
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190279394.003.0009
Subject:
Economics and Finance, Financial Economics

Commodities are of interest to investors who seek diversification and a possible hedge against inflation. For investors, ETFs offer in theory convenient, low-cost access to commodities. However, ... More


Uses of ETFs

Ananth N. Madhavan

in Exchange-Traded Funds and the New Dynamics of Investing

Published in print:
2016
Published Online:
August 2016
ISBN:
9780190279394
eISBN:
9780190279424
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190279394.003.0007
Subject:
Economics and Finance, Financial Economics

This chapter covers how practitioners use ETFs for a diverse set of investment objectives. Both retail or institutional investors are increasingly using ETFs as vehicles for gaining exposure to broad ... More


Investing in Volatility

Ananth N. Madhavan

in Exchange-Traded Funds and the New Dynamics of Investing

Published in print:
2016
Published Online:
August 2016
ISBN:
9780190279394
eISBN:
9780190279424
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190279394.003.0011
Subject:
Economics and Finance, Financial Economics

Volatility is not an asset class in the sense that it is not a financial investment that produces or lay claims to a stream of income over time, but investors should have a view as to how the second ... More


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