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	Provedor de dados AgEcon (1) Autor Simmons, Phil (1) Palavra-chave Futures trading (1) Hedging rules (1) Marketing (1) Separation theorem (1) Tipo do documento Working or Discussion Paper (1) Ano 1999 (1) País United States (1) Idioma Inglês (1)		Ordenar por:  Relevância Autor Título Ano Registros recuperados: 1 Primeira ... 1 ... Última DOES SEPARATION THEOREM EXPLAIN WHY FARMERS HAVE SO LITTLE INTEREST IN FUTURES MARKETS? AgEcon Simmons, Phil. A farm financial model with leverage and investment in two farm enterprises is specified. The model is extended to incorporate futures hedging and the Separation Theorem is used to show that optimal hedging is zero. The assumption of a risk-free asset is relaxed and, while this leads to a violation of the Separation Theorem, the result that optimal hedging is zero is maintained providing that futures markets are efficient. It is concluded that if capital markets are efficient then farmers will have little interest in futures markets except to speculate. Tipo: Working or Discussion Paper Palavras-chave: Separation theorem; Futures trading; Hedging rules; Marketing. Ano: 1999 URL: http://purl.umn.edu/12933 Registros recuperados: 1 Primeira ... 1 ... Última

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