Hedging, liquidity, and the competitive
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Kit Pong Wong
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Article
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2004
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John Wiley and Sons
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English
β 98 KB
## Abstract In this paper, the behavior of the competitive firm under price uncertainty when the firm has access to an intertemporally unbiased futures market is examined. Futures contracts are markedβtoβmarket and thus require interim cash settlement of gains and losses. The firm is subject to a l