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The unprecedented rise and fall in silver's price during 1979 and 1980 resulted in charges against the Hunt brothers of Dallas of monopolization and market manipulation, charges which led to a lengthy trial. This book focuses on the economic analysis used at this trial. Drawing upon interviews with the judge, jury, attorneys and expert witnesses (the author having so served), it investigates the elusive definition of manipulation in sophisticated markets, the difficulties of interpreting statistical evidence, the imprecision in calculating damages, the hidden assumptions behind inferences concerning intent, and the hazards introduced when economic analysis enters complex litigation. The author concludes that these problems induce courtroom procedures to oversimplify the economic analysis and cause the law on market manipulation to be created retroactively. Yet the failure lies not with the legal institutions but with the futures exchanges who had not developed in advance the rules to minimize large-scale trading during the unusual price moves.
Trade theory --- Prices --- United States --- Commodities futures --- Commodity futures --- Commodity futures contracts --- Commodity futures trading --- Futures [Commodity ] --- Goederen--Termijnmarkt --- Marchandises--Marchés à terme --- Marchés à terme de marchandises --- Termijnmarkt van goederen --- Silver --- Commodity exchanges --- Commodity futures. --- Speculation --- Case studies --- Silver - Prices - United States. --- Commodity futures - United States - Case studies. --- Speculation - United States - Case studies. --- Business, Economy and Management --- Economics --- Commodity exchanges - United States. --- Hunt, Bunker, --- Hunt, Herbert, --- Hunt, Lamar, --- Bucket-shops --- Commercial corners --- Corners, Commercial --- Finance --- Gambling --- Contracts, Aleatory --- Investments --- Stock exchanges --- Futures, Commodity --- Futures --- Specie --- Precious metals --- Money --- Hunt, William Herbert, --- Hunt, Nelson Bunker, --- United States of America
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Commodity markets are of considerable interest and importance to economists, econometricians and dealers. This book reports the proceedings of an international conference on 'Primary Commodity Prices: Economic Models and Policy', held in London under the auspices of the Centre for Economic Policy Research in March 1989. A range of papers by leading international authorities covers topics such as expectations formation in econometric commodity market models; price determination in the market for aluminium; the estimation of dynamic disequilibrium models with rational expectations; and a comparison of forward markets and buffer stocks as commodity earnings stabilizers. A key feature of this stock is its development of the policy implications of theoretical and empirical work in the field of commodity economics. Most papers are accompanied by discussant's comments to draw out their technical and policy implications. The book's readership will include commodity economists, commodity market practitioners and policy analysis, as well as professionals and advanced students interested in the fields of applied econometrics, economic development and international trade.
Prices --- Commodity futures --- Econometric models --- Congresses. --- AA / International- internationaal --- 338.013 --- NBB congres --- Belang, verdeling en beleid van de natuurlijke rijkdommen. Grondstoffen. --- Conferences - Meetings --- Commodities futures --- Commodity futures contracts --- Commodity futures trading --- Futures, Commodity --- Futures --- Econometric models&delete& --- Congresses --- Belang, verdeling en beleid van de natuurlijke rijkdommen. Grondstoffen --- Commodity futures - Econometric models - Congresses. --- Business, Economy and Management --- Economics
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Hedge funds --- Credit derivatives --- Commodity futures --- 336.763 --- 332.632 --- Commodities futures --- Commodity futures contracts --- Commodity futures trading --- Futures, Commodity --- Futures --- Derivative securities --- Funds, Hedge --- Mutual funds --- Effecten. Effectenbeurs. Stock-market. Risicodragend kapitaal. Aandelenkoers. Obligaties. Obligatiemarkt. --- 336.763 Effecten. Effectenbeurs. Stock-market. Risicodragend kapitaal. Aandelenkoers. Obligaties. Obligatiemarkt. --- Effecten. Effectenbeurs. Stock-market. Risicodragend kapitaal. Aandelenkoers. Obligaties. Obligatiemarkt --- Money market. Capital market
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Commodity futures --- Commodity futures. --- Social Sciences and Humanities. Management studies, Business Administration, Organizational Science --- Management studies, Business Administration, Organizational Science (General). --- 333.605 --- 338.013 --- AA / International- internationaal --- Commodities futures --- Commodity futures contracts --- Commodity futures trading --- Futures, Commodity --- Futures --- Nieuwe financiële instrumenten --- Belang, verdeling en beleid van de natuurlijke rijkdommen. Grondstoffen
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Valuation and Risk Management in Energy Markets surveys the mechanics of energy markets and the valuation of structures commonly arising in practice. The presentation balances quantitative issues and practicalities facing portfolio managers, with substantial attention paid to the ways in which common methods fail in practice and to alternative methods when they exist. The material spans basic fundamentals of markets, statistical analysis of price dynamics, and a sequence of increasingly challenging structures, concluding with issues arising at the enterprise level. In totality, the material has been selected to provide readers with the analytical foundation required to function in modern energy trading and risk management groups.
Energy industries --- Commodity futures. --- Investments --- Financial risk. --- Business risk (Finance) --- Money risk (Finance) --- Risk --- Commodities futures --- Commodity futures contracts --- Commodity futures trading --- Futures, Commodity --- Futures --- Industries --- Power resources --- Finance. --- Mathematical models. --- Energy industries - Finance --- Commodity futures --- Investments - Mathematical models --- Financial risk
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Options (finance) --- Futures market --- Commodity futures --- Securities --- AA / International- internationaal --- 333.647 --- Optiemarkt. --- Options (Finance) --- Blue sky laws --- Capitalization (Finance) --- Investment securities --- Portfolio --- Scrip --- Securities law --- Underwriting --- Call options --- Calls (Finance) --- Listed options --- Options exchange --- Options market --- Options trading --- Put and call transactions --- Put options --- Puts (Finance) --- Futures exchanges --- Market, Futures --- Commodities futures --- Commodity futures contracts --- Commodity futures trading --- Futures, Commodity --- Optiemarkt --- Law and legislation --- Investments --- Investment banking --- Derivative securities --- Markets --- Futures --- Marché financier --- Produits derives
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Analyses de marché --- Marché [Études de ] --- Market surveys --- Marktonderzoek --- Prospection commerciale --- Retail trading areas --- Études de marché --- Études marketing --- Commodity exchanges --- Risk management --- Financial instruments --- Raw materials --- Bourses de marchandises --- Gestion du risque --- Instruments financiers --- Matières premières --- Prices --- Prix --- Commodity futures --- Commodity options --- AA / International- internationaal --- 338.013 --- 333.605 --- Belang, verdeling en beleid van de natuurlijke rijkdommen. Grondstoffen. --- Nieuwe financiële instrumenten. --- Matières premières --- Options (Finance) --- Commodities futures --- Commodity futures contracts --- Commodity futures trading --- Futures, Commodity --- Futures --- Nieuwe financiële instrumenten --- Belang, verdeling en beleid van de natuurlijke rijkdommen. Grondstoffen --- Management --- Case studies
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Financial crises --- -Financial services industry --- -Commodity futures --- Commodity futures --- -Speculation --- Speculation --- -Foreign exchange administration --- Foreign exchange administration --- -Capital movements --- Capital movements --- -International finance --- International finance --- -332.042 --- International monetary system --- International money --- Finance --- International economic relations --- Capital flight --- Capital flows --- Capital inflow --- Capital outflow --- Flight of capital --- Flow of capital --- Movements of capital --- Balance of payments --- Foreign exchange --- Bucket-shops --- Commercial corners --- Corners, Commercial --- Gambling --- Commodity exchanges --- Contracts, Aleatory --- Investments --- Stock exchanges --- Commodities futures --- Commodity futures contracts --- Commodity futures trading --- Futures, Commodity --- Futures --- Services, Financial --- Service industries --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Crises --- Business cycles --- Electronic information resources --- Deregulation --- -Electronic information resources --- E-books --- 050 --- 333.481 --- 333.17 --- 333.602 --- BPB0905 --- Crise monétaire --- Économie internationale --- Officiële publicaties (per land). --- Monetaire crisissen, hervormingen, saneringen en stabilisering. --- Crises, saneringen en hervormingen van het bankwezen. --- Activiteiten en evolutie van de financiële markten. --- Monetaire crisis --- Internationale economie --- international økonomi --- maailmamajandus --- svjetska ekonomija --- svetovno gospodarstvo --- ekonomi botërore --- internationell ekonomi --- internationale Wirtschaft --- διεθνής οικονομία --- svetové hospodárstvo --- economía internacional --- pasaules ekonomika --- ekonomija dinjija --- economie mondială --- internationale economie --- světová ekonomika --- международна икономика --- светска економија --- economia internazionale --- világgazdaság --- world economy --- kansainvälinen talous --- pasaulio ekonomika --- светска привреда --- gospodarka światowa --- economia internacional --- economía mundial --- economia mundial --- economie internațională --- παγκόσμια οικονομία --- économie mondiale --- wereldeconomie --- global ekonomi --- globalna ekonomija --- ekonomi ndërkombëtare --- světové hospodářství --- глобална економија --- rahvusvaheline majandus --- starptautiskā ekonomika --- svjetsko gospodarstvo --- nemzetközi gazdaság --- mezinárodní hospodářství --- verdensøkonomi --- globální ekonomika --- economia mondiale --- tarptautinė ekonomika --- Weltwirtschaft --- världsekonomi --- medzinárodné hospodárstvo --- international economy --- меѓународна економија --- krizë monetare --- monetaire crisis --- crisi monetaria --- měnová krize --- valuuttakriisi --- crisis monetaria --- monetarna kriza --- denarna kriza --- monetáris válság --- menová kríza --- valutakrise --- valūtas krīze --- парична криза --- criză monetară --- pinigų krizė --- Währungskrise --- crise monetária --- valutakris --- valuutakriis --- kryzys walutowy --- νομισματική κρίση --- kriżi monetarja --- monetary crisis --- монетарна криза --- géarchéim airgeadra --- kriżi finanzjarja --- krize měny --- crise financière --- finanční krize --- criză financiară --- finanšu krīze --- géarchéim airgeadais --- rahanduskriis --- nemzetközi pénzügyi válság --- Schuldenkrise --- crise financeira --- monetær krise --- rahoituskriisi --- finančná kríza --- crisi finanziaria --- krizë financiare --- finansiell kris --- currency crisis --- finančna kriza --- finanskris --- finantskriis --- kryzys finansowy --- financial crisis --- финансијска криза --- internationale Finanzkrise --- pénzügyi válság --- меѓународна финансиска криза --- валутна криза --- financiële crisis --- crisis financiera --- mezinárodní finanční krize --- финансиска криза --- χρηματοοικονομική κρίση --- должничка криза --- finanskrise --- krize finančního systému --- криза на финансискиот систем --- Finanzkrise --- финансова криза --- finansinė krizė --- Officiële publicaties (per land) --- Monetaire crisissen, hervormingen, saneringen en stabilisering --- Crises, saneringen en hervormingen van het bankwezen --- Activiteiten en evolutie van de financiële markten --- geilleagar an domhain --- géarchéim airgeadaíochta --- Économie internationale --- Crise monétaire
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