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dc.contributor.authorLautier, Delphine
dc.date.accessioned2011-07-25T15:21:53Z
dc.date.available2011-07-25T15:21:53Z
dc.date.issued1998
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/6779
dc.description.abstractfrLa stratégie mise en place par Metallgesellschaft (MG) sur les marché pétroliers américains en 1993-94 est analysée en privilégiant une approche financière.en
dc.language.isofren
dc.subjectMetallgesellschaften
dc.subjectmarché à terme pétroliersen
dc.subjectspéculationen
dc.subjectmodèles stochastiquesen
dc.subjectcouvertureen
dc.subjectpetroleum futures marketsen
dc.subjectspeculationen
dc.subjectstochastic modelsen
dc.subjecthedgingen
dc.subject.ddc332en
dc.subject.classificationjelG24en
dc.subject.classificationjelG13
dc.subject.classificationjelG32
dc.subject.classificationjelL71
dc.titleLes opérations de metallgesellschaft sur les marchés à terme de produits pétroliers : spéculation ou couverture ?en
dc.typeArticle accepté pour publication ou publié
dc.description.abstractenAn analysis focusing on the financial aspects is proposed for the strategy initiated by Metallgesellschaft (MG) in 1993-94 on American petroleum markets. According to a specific definition of hedging, and on the basis of a detailed survey of the facts, this strategy is described as speculative. Technically, this deal is considered to be the first attempt to hedge a long term position on the physical markets with short-dated instruments. Arbitrage models derived from the option pricing paradigm allows one to draw the conclusion that this kind of deal is conceivable, but that MG's strategy was deficient. Lastly, a study of the risks indicates that they where probably underestimated.en
dc.relation.isversionofjnlnameFinance contrôle stratégie
dc.relation.isversionofjnlvol1en
dc.relation.isversionofjnlissue3en
dc.relation.isversionofjnldate1998-09
dc.relation.isversionofjnlpages107-129en
dc.description.sponsorshipprivateouien
dc.relation.isversionofjnlpublisherEconomicaen
dc.subject.ddclabelEconomie financièreen


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