英文文献：The Cost Of Forward Contracting-远期合同的成本
英文文献作者：Shi, Wei,Irwin, Scott H.,Good, Darrel L.,Hagedorn, Lewis A.
英文文献摘要：
The cost of forward contracting corn is estimated with weekly pre-harvest forward bases for seven regions of Illinois from 1975 to 2002. Given the panel structure of the forward basis dataset, we extend Townsend and Brorsen's univariate unit root model for forward bases to a panel unit root model. With the time series of forward bases modeled as unit root processes, the cost of forward contracting is estimated. The empirical results from the estimation show that the cost of forward contracting corn is about 1?/bushel, one hundred days before the harvest, for all regions in Illinois as a whole. The results also indicates that the cost could vary across regions and that the cost of forward contracting could be substantially higher than that of futures hedging, especially at the beginning of the pre-harvest period.

从1975年到2002年，伊利诺斯州7个地区的玉米期货合约成本是根据每周收获前的期货合约估算的。给定前向基数据集的面板结构，我们将Townsend和Brorsen的前向基单变量单位根模型扩展为面板单位根模型。将正向基的时间序列建模为单位根过程，对正向基的成本进行估计。来自估计的经验结果显示，在收割前100天，伊利诺斯州所有地区的玉米远期合约成本约为1美分/蒲式耳。研究结果还表明，不同地区的成本可能不同，远期合约成本可能大大高于期货对冲成本，特别是在收获期前的初期。