The hedging pressure hypothesis and the risk premium in the soybean reverse crush spread
形式化了凯恩斯的假说，即吸引投机资本匹配对冲者交易的需求会导致期货与预期到期价格之间的差异，并通过对大豆、豆粕和豆油市场的压榨价差分析，发现为提供流动性而承担风险的投机者获得了正回报。
Abstract This article formalizes Keynes's hypothesis that the need to attract speculative capital to match hedgers' trades will create a difference between the futures and expected maturity price. We expand this analysis to the soybean complex where we have speculators and hedgers in soybeans, soybean meal, and soybean oil. We focus on the crush spread because it is unlikely that hedgers will want to make simultaneous trades on the opposite side of soybean crushers in all three markets. We find strong evidence of a positive return to speculators who provide this liquidity.