خرید و دانلود نسخه کامل کتاب Energy Trading and Risk Management: Commentary on Arbitrage, Risk Measurement, and Hedging Strategy – Original PDF

This book introduces empirical methods for researchers and graduate students to analyze energy markets empirically. In addition, it is helpful for those aiming to be energy traders. To provide beginners and practitioners with the tools necessary to analyze energy markets appropriately, it focuses on how to use analytical methods and interpret the results rather than a comprehensive explanation of theory. Moreover, it begins with basic statistics and econometrics, so it is understandable for aspiring undergraduate students. We next review the latest academic and discussion papers. We often see that explanations are omitted or insufficient, despite the analysis of relatively new studies, and that the established knowledge is used without mentioning the applicable conditions. Therefore, in many cases, we cannot keep up with the logic of the papers, and thus cannot correctly evaluate and utilize the findings. To prevent such problems, this book provides brief explanations of the procedures adopted. Most of the latest empirical analysis approaches have been, and will continue to be, developed in studies of traditional financial markets. They made not only academic contributions to clarifying the truth, but also practical contributions to decision- making by governments and central banks, as well as the risk and fund management of financial institutions. Energy commodities include crude oil, natural gas, coal, and electricity. These have typical commodity characteristics. They are economic goods with full or partial, but substantial, fungibilities. They are treated as equivalents regardless of who produces them. Each price is determined by the function of the market as a whole. Their spot and derivative markets are well-established and highly liquid, and energy markets are already financialized.