The Dynamics of Convenience and the Brazilian Soybean Boom
利用美国和巴西大豆收获周期交替的特点，研究大豆期货市场中便利收益的动态行为，并检验Kaldor-Working便利收益假说，测量储存风险。
Abstract U.S. and Brazilian soybeans are harvested on an alternating semiannual cycle that generates predictable dynamic behavior in the soybean futures market. Because corn and soybeans are storage substitutes, their physical storage costs move together and can be isolated separately from crop‐specific marginal convenience yields along the futures price profile. The Kaldor‐Working convenience yield hypothesis is tested for the international soybean market and storage risk is measured.