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On Pricing Unconventional Prepaid Forward Contracts: Evidence from en primeur Fine Wine
Journal of Wine Economics ( IF 1.4 ) Pub Date : 2019-11-13 , DOI: 10.1017/jwe.2019.28 Marcin Czupryna , Michał Jakubczyk , Paweł Oleksy
Journal of Wine Economics ( IF 1.4 ) Pub Date : 2019-11-13 , DOI: 10.1017/jwe.2019.28 Marcin Czupryna , Michał Jakubczyk , Paweł Oleksy
An en primeur agreement is an unconventional forward contract. In this article, we provide a new conceptual framework for analyzing the properties of en primeur prices based on the cost of carry approach. The results, based upon Bayesian modeling, indicate that the cost of carry increases up to 0.9598 when en primeur and bottled wines are traded in parallel. Moreover, our findings confirm that price dispersion around the mean value is greater for en primeur wines (22.42%) than for standard bottled wines (8.2%) traded after the sale of en primeur wines has ended. (JEL Classifications: G12, G15, L66, Q02)
中文翻译:
关于非常规预付远期合约的定价:来自期酒精品的证据
一个期酒 协议是一种非常规的远期合约。在本文中,我们提供了一个新的概念框架来分析期酒 价格基于持有成本法。基于贝叶斯模型的结果表明,当携带成本增加至 0.9598 时期酒 和瓶装葡萄酒并行交易。此外,我们的研究结果证实,围绕平均值的价格离差更大期酒 葡萄酒 (22.42%) 比出售后交易的标准瓶装葡萄酒 (8.2%)期酒 葡萄酒已经结束。(JEL 分类:G12、G15、L66、Q02)
更新日期:2019-11-13
中文翻译:
关于非常规预付远期合约的定价:来自期酒精品的证据
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