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Extracting Information from the Futures and Forwards Markets: The Relation between Spot Prices, Forward Prices, and Expected Future Spot Prices
內容大綱
Discounted cash flow valuation calls for using expected future prices of inputs or outputs. This case describes the relationship between spot prices, forward/future prices, and expected future prices. Knowing current forward and future prices alone is not enough to estimate expected future prices, so the forward or future prices are not in general a good estimate of the expected future price.