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    Efficiency of Hedging Against Fluctuating Prices of Dairy Products (2015)

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    Type of Content
    Journal Article
    UC Permalink
    https://hdl.handle.net/10092/103875
    
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    • Business: Journal Articles [270]
    Authors
    Koeman J
    Bialkowski, Jedrzej cc
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    Abstract

    This paper investigates hedging and cross-hedging internationally traded milk derivative products with internationally traded commodities, recently launched New Zealand dairy futures, New Zealand agricultural products, and mature United States dairy market futures. The contribution of the paper is twofold. First, we show that international dairy commodities are a distinct commodities subgroup, as changes in prices of dairy products are uncorrelated with other worldwide traded commodities. Second, we show that New Zealand Stock Exchange dairy futures are an effective tool for hedging exposure to smaller size trades and may not necessarily be of large positions as required by cooperatives and multinationals.

    Citation
    Koeman J, Bialkowski J (2015). Efficiency of Hedging Against Fluctuating Prices of Dairy Products. Applied Finance Letters. 4(1&2). 6-11.
    This citation is automatically generated and may be unreliable. Use as a guide only.
    Keywords
    agricultural commodities; CME dairy futures; cross-hedging; dairy; New Zealand stock exchange dairy futures; Error Correction Model
    ANZSRC Fields of Research
    35 - Commerce, management, tourism and services::3502 - Banking, finance and investment::350202 - Finance
    35 - Commerce, management, tourism and services::3502 - Banking, finance and investment::350207 - International finance
    Rights
    All rights reserved unless otherwise stated
    http://hdl.handle.net/10092/17651

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