Serletis, Apostolos and Hulleman, Vaughn (1994): Business cycles and the behavior of energy prices. Published in: The Energy Journal , Vol. 15, No. 2 (1994): pp. 125-134.
Preview |
PDF
MPRA_paper_1745.pdf Download (433kB) | Preview |
Abstract
This paper tests the theory of storage--the hypothesis that the marginal convenience yield on inventory falls at a decreasing rate as inventory increases in energy markets (crude oil, heating oil, and unleaded gas markets). We use the Fama and French (1988) indirect test, based on the relative variation in spot and futures prices. The results suggest that the theory holds for the energy markets.
| Item Type: | MPRA Paper |
|---|---|
| Original Title: | Business cycles and the behavior of energy prices |
| Language: | English |
| Subjects: | P - Economic Systems > P2 - Socialist Systems and Transitional Economies > P28 - Natural Resources ; Energy ; Environment |
| Item ID: | 1745 |
| Depositing User: | Apostolos Serletis |
| Date Deposited: | 11 Feb 2007 |
| Last Modified: | 28 Sep 2019 04:37 |
| URI: | https://mpra.ub.uni-muenchen.de/id/eprint/1745 |
All papers reproduced by permission. Reproduction and distribution subject to the approval of the copyright owners.
 |
View Item |
