The effect of ethanol listing on corn prices: Evidence from spot and futures markets

被引：13

作者：

Demirer, Riza ^{[1
]}

Kutan, Ali M. ^{[2
,3
]}

Shen, Fanglin ^{[4
]}

机构：

[1] So Illinois Univ, Dept Econ & Finance, Sch Business, Edwardsville, IL 62026 USA

[2] Univ Michigan, William Davidson Inst, Sch Business, Ann Arbor, MI 48109 USA

[3] Cass Business Sch, Emerging Markets Grp, London, England

[4] Kent State Univ, Kent, OH USA

来源：

ENERGY ECONOMICS | 2012年 / 34卷 / 05期

关键词：

Listing effect; Ethanol listing; Com futures; Energy policy; FOOD-PRICES; VOLATILITY; OPTIONS; IMPACT; ENERGY;

D O I：

10.1016/j.eneco.2012.06.018

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The use of corn for ethanol has been the topic of heated discussions in the media and among policy makers. As part of this debate, some observers have argued that the use of corn in the production of ethanol has had adverse effects on corn prices. This paper contributes to this reviving debate by examining the impact of the listing of ethanol futures in the Chicago Board of Trade on the spot and futures prices for corn. We find a significant listing effect, indicating that the listing of ethanol has had a positive contribution to both price and volatility in the corn market, especially in the spot and the shorter maturity futures contracts, and mostly through its interaction with trading volume in the corn market. We discuss the policy implications of the findings for investors and its relevance for the ongoing debate on US energy policy. We conclude with some suggestions for future research. (C) 2012 Elsevier B.V. All rights reserved.

引用

页码：1400 / 1406

页数：7

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