Ex ante evidence of backwardation/contan
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Thomas J. O'Brien; Peter M. Schwarz
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Article
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1982
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John Wiley and Sons
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English
⚖ 567 KB
ackwardation refers to an excess of the expected (future) spot price over the B current futures price.' Contango is the reverse. Previous tests for backwardationhontango, by Houthakker (1957), Rockwell (19671, and others, have studied ex post (realized) returns. In contrast to the previous procedure