The Effect of Futures Markets and Corners on Storage and Spot Price Variability
研究期货市场引入如何提高仓储对回报变化的敏感度，从而降低现货价格波动，并基于芝加哥期货交易所数据验证，同时指出市场操纵会削弱这一效果。
Abstract When a futures market is introduced, the volume of storage should become more sensitive to changes in the return to storage. The increase in storage sensitivity means that storage will absorb a larger proportion of demand and supply shocks than it did previously, reducing spot price volatility. Data from the Chicago Board of Trade support the hypotheses of increased storage sensitivity and reduced spot price volatility. The effect of futures on spot price volatility is sensitive to the competitive structure of the futures market. Futures market manipulation causes spot price variance to increase. Despite manipulation, the development of the wheat futures market caused the coefficient of variation of spot price to decline significantly.