The Behavior of Forward‐Looking Firms in the Very Short Run
构建了一个允许远期交易和存货的极短期前瞻行为理论，并用美国大豆加工业的月度数据检验假设，发现期货价格对压榨量影响小，但对库存水平有重要决定作用。
Abstract The study develops a theory of very‐short‐run forward‐looking behavior allowing for forward trading and storage of final good and material input. Production and storage are separable from hedging decisions and depend only upon current forward and cash prices. Comparative statics are derived regarding production, purchases, and sales. The hypotheses advanced are tested with monthly data pertaining to the U.S. soybean‐processing industry. Results suggest that in short‐run equilibrium futures prices of the soybean complex have had little influence on crushings or production, but they have been important determinants of inventory levels.