Risk Transmission Across Supply Chains
研究了供应链中因上游商品供给冲击和下游产品需求冲击导致的风险传导，指出企业不能仅依赖历史价格与利润的协方差或行业惯例来制定对冲策略。
Firms along a supply chain are exposed to risks that emanate from shocks that affect the supply of the commodity at the beginning of the chain, as well as shocks to the demand for the products and services that are produced at the end of the supply chain. These risk exposures tend to depend on production technologies as well as supply and demand elasticities. A key takeaway is that firms that use commodity inputs cannot in general rely on either the historical covariance between input prices and profits or industry practice to determine their strategies for hedging commodity price exposures.