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A collection of 70 influential articles which cover a range of topics, including stock indexes, arbitrage, portfolio insurance, volatility and the October 1987 crash, price distributions, theories and determinants of hedging, portfolio selection with futures, institutions, market characteristics, speculation, pricing, efficiency, interest rates and insurance, and foreign currencies. In addition, the editor has written introductory essays for each volume which analyze speculation and hedging, explore the relatively new idea that futures markets can be modelled as chaotic processes, and demystify financial futures while presenting evidence of their benefits. No subject index. Annotation c. by Book News, Inc., Portland, Or.

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[Volume. 1]----------
CONTENTS
Acknowledgements = ⅶ
Foreword / by Richard Roll = ⅸ
Introduction : 'Futures Markets : Why Are They Different?' / by the editor = xi
PART Ⅰ OVERVIEW
 1. (1984), 'Futures Markets : Their Purpose, Their History, Their Growth, Their Successes and Failures', Journal of Futures Markets, 4(3), 237-71 / Dennis W. Carlton = 3
PART Ⅱ EARLY CLASSICS
 2. (1959-60), 'The Theory of Hedging and Speculation in Commodity Futures', Review of Economic Studies, XXVII, 139-51 / Leland L. Johnson = 41
 3. (1961), 'The Simultaneous Determination of Spot and Futures Prices', American Economic Review, LI, 1012-25 / Jerome L. Stein = 54
 4. (1962), 'New Concepts Concerning Futures Markets and Prices', American Economic Review, LII(3), June, 431-59 / Holbrook Working = 68
 5. (1965), 'Proof that Properly Anticipated Prices Fluctuate Randomly', Industrial Management Review, 6(2), Spring, 41-9 / Paul A. Samuelson = 97
PART Ⅲ INSTITUTIONS
 6. (1981), 'Why There Are Organized Futures Markets', Journal of Law and Economics, XXIV(1), April, 1-22 / Lester G. Telser = 109
 7. (1983), 'The Clearing Association in Futures Markets : Guarantor and Regulator', Journal of Futures Markets, 3(4), 369-92 / Franklin R. Edwards = 131
 8. (1986), 'The Political Economy of Futures Market Regulation', Journal of Business, 59(2), Part 2, S55-S84 / B. Peter Pashigian = 155
 9. (1990), 'International Competitiveness of U.S. Futures Exchanges', Journal of Financial Services Research, 4, 387-408 / Merton H. Miller = 185
PART Ⅳ MARKET CHARACTERISTICS
 10. (1984), 'Marketmaker Behavior in an Auction Market : An Analysis of Scalpers in Futures Markets', Journal of Finance, XXXIX(4), September, 937-53 / William L. Silber = 209
 11. (1986), 'The Effects of Changing Margin Levels on Futures Market Activity, the Composition of Traders in the Market, and Price Performance', Journal of Business, 59(2), Part 2, S147-S180 / Michael L. Hartzmark = 226
 12. (1987), 'Commodity Exchange Seat Prices', Review of Futures Markets, 6, 1-10 / Raymond C. Chiang ; Gerald D. Gay ; Robert W. Kolb = 260
 13. (1989), 'Volatility, Price Resolution, and the Effectiveness of Price Limits', Journal of Financial Services Research, 3, 165-99 / Christopher K. Ma ; Ramesh P. Rao ; R. Stephen Sears = 271
PART Ⅴ VOLATILITY
 14. (1970), 'Does Futures Trading Reduce Price Fluctuations in the Cash Markets?', American Economic Review, LX, 460-64 / Mark J. Powers = 309
 15. (1981), 'The Relationship Between Volume and Price Variability in Futures Markets', Journal of Futures Markets, 1(3), 303-16 / Bradford Cornell = 315
 16. (1985), 'Some Determinants of the Volatility of Futures Prices', Journal of Futures Markets, 5(3), 331-48 / Ronald W. Anderson = 329
 17. (1986), 'Price Variability and the Maturity Effect in Futures Markets', Journal of Futures Markets, 6(3), 443-60 / Nikolaos T. Milonas = 347
PART Ⅵ SPECULATION
 18. (1961), 'The Search for a Risk Premium', Journal of Political Economy, LXIX, February-December, 250-60 / Roger W. Gray = 367
 19. (1973), 'Futures Trading and Investor Returns : An Investigation of Commodity Market Risk Premiums', Journal of Political Economy, '81(4), July／August, 1387-406 / Katherine Dusak = 378
 20. (1992), 'Systematic Risk, Hedging Pressure, and Risk Premiums in Futures Markets', Review of Financial Studies, 5(4), 637-67 / Hendrik Bessembinder = 398
 21. (1992), 'Is Normal Backwardation Normal?', Journal of Futures Markets, 12(1), 75-91 / Robert W. Kolb = 429
 22. (1993), 'Investment Performance of Public Commodity Pools : 1979-1990', Journal of Futures Markets, 13(7), 799-820 / Scott H. Irwin ; Terry R. Krukemyer ; Carl R. Zulauf = 446
PART Ⅶ DETERMINANTS OF HEDGING
 23. (1993), 'On the Determinants of Corporate Hedging', Journal of Finance, XLVIII(1), March, 267-84 / Deana R. Nance ; Clifford W. Smith, Jr. ; Charles W. Smithson = 471
Name Index = 489
[Volume. 2]----------
contents
Acknowledgements = ⅶ
Foreword / by Richard Roll = ⅸ
Introduction : 'Futures Markets : Why Do Prices Behave?' / by the editor = xi
PART Ⅰ PRICING
 1. (1976), 'Futures Markets, Supply Response, and Price Stability', Quarterly Journal of Economics, XC, 407-23 / Anne E. Peck = 3
 2. (1983), 'Price Movements and Price Discovery in Futures and Cash Markets', Review of Economics and Statistics, LXV, 289-97 / Kenneth D. Garbade ; William L. Silber = 20
 3. (1983), 'A Comparison of Futures and Forward Prices', Journal of Financial Economics, 12, 311-42 / Kenneth R. French = 29
 4. (1987), 'Commodity Futures Prices : Some Evidence on Forecast Power, Premiums, and the Theory of Storage', Journal of Business, 60(1), 55-73 / Eugene F. Fama ; Kenneth R. French = 61
 5. (1992), 'Cobwebs, Rational Expectations and Futures Markets', Review of Economics and Statistics, UXXIV, 127-34 / Jerome L. Stein = 80
PART Ⅱ EFFICIENCY
 6. (1972), 'Random Walk and Price Trends : The Live Cattle Futures Market', Journal of Finance, XXVII(3), June, 879-89 / Raymond M. Lcuthold = 91
 7. (1976), 'Futures Trading and Market Information', Journal of Political Economy, 84(6), 1215-37 / Charles C. Cox = 103
 8. (1984), 'Can Chartists Outperform the Market? Market Efficiency Tests for "Technical Analysis`, Journal of Futures Markets, 4(4), 465-78 / Salih N. Neftci ; Andrew J. Policano = 126
 9. (1989), 'Memory and Equilibrium Futures Prices', Journal of Futures Markers, 9(3), 199-213 / David H. Goldenberg = 140
 10. (1990), 'Testing Rationality in Futures Markets', Journal of Futures Markets, 10(2), 137-52 / Christopher K. Ma ; William H. Dare ; Daria R. Donaldson = 155
PART Ⅲ PRICE DISTRIBUTIONS
 11. (1963), 'The Variation of Certain Speculative Prices', Journal of Business, XXXVI(4), October, 394-419 / Benoit Mandelbrot = 173
 12. (1989), 'The Distribution of Futures Prices : A Test of the Stable Paretian and Mixture of Normals Hypotheses', Journal of Financial and Quantitative Analysis, 24(1), March, 105-16 / Joyce A. Hall ; B. Wade Brorsen ; Scott H. Irwin = 199
 13. (1992), 'Futures Prices Are Not Stable-Paretian Distributed', Journal of Futures Markets, 12(4), 475 / Donald W. Gribbin ; Randy W. Harris ; Hon-Shiang Lau = 211
PART Ⅳ CHAOS
 14. (1991), "Chaos" in Futures Markets? A Nonlinear Dynamical Analysis', Journal of Futures Markets, 11(6), 711-28 / Steven C. Blank = 227
PART Ⅴ THEORIES OF HEDGING
 15. (1979), 'The Hedging Performance of the New Futures Markets', Journal of Finance, XXXIV(1), March, 157-70 / Louis H. Ederington = 247
 16. (1980), 'Optimal Hedging under Price and Quantity Uncertainty : The Case of a Cocoa Producer', Journal of Political Economy, 88(1), 100-116 / Jacques Rolfo = 261
 17. (1991), 'Estimating Time-Varying Optimal Hedge Ratios on Futures Markets', Journal of Futures Markets, 11(1), 39-53 / Robert J. Myers = 278
PART Ⅵ PORTFOLIO SELECTION WITH FUTURES
 18. (1988), 'Hedging with Futures in an Intertemporal Portfolio Context', Journal of Futures Markets, 8(3), 249-69 / Michael Adler ; Jerome Detemple = 295
 19. (1992), 'A Multiperiod Model for the Selection of a Futures Portfolio', Journal of Futures Markets, 12(4), 411-28 / John F. Marshall ; Anthony F. Herbst = 316
PART Ⅶ VARIOUS MARKETS
 20. (1984), 'Orange Juice and Weather', American Economic Review, 74(5), 861-80 / Richard Roll = 337
 21. (1988), 'Business Cycles and the Behavior of Metals Prices', Journal of Finance, XLM(5), December, 1075-93 / Eugene F. Fama ; Kenneth R. French = 357
 22. (1991), 'Evidence for a Weather Persistence Effect on the Corn, Wheat, and Soybean Growing Season Price Dynamics', Journal of Futures Markets, 11(1), 81-8 / Staffley C. Stevens = 376
 23. (1992), 'The Effect of Futures Trading on Spot Price Volatility : Evidence for Brent Crude Oil Using GARCH', Journal of Business Finance & Accounting, 19(4), June, 473-84 / Antonios Antoniou and Andrew J. Foster = 384
Name Index = 397
[Volume. 3]----------
contents
Acknowledgements = ⅸ
Foreword / by Richard Roll = xi
Introduction : 'Financial Futures : A Global Innovation' / by the editor = xiii
PART Ⅰ OVERVIEW
 1 . (1986), 'Financial Innovation : The Last Twenty Years and the Next', Journal of Financial and Quantitative Analysis, 21(4), December, 459-71 / Merton H. Miller = 3
PART Ⅱ STOCK INDEXES
 2. (1983), 'The Pricing of Stock Index Futures', Journal of Futures Markets, 3(1), 1-14 / Bradford Cornell ; Kenneth R. French = 19
 3. (1987), 'The Temporal Price Relationship Between S&P 500 Futures and the S&P 500 Index', Journal of Finance, XLII(5), December, 1309-29 / Ira G. Kawaller ; Paul D. Koch ; Timothy W. Koch = 33
 4. (1990), 'The Dynamics of Stock index and Stock Index Futures Returns', Journal of Financial and Quantitative Analysis, 25(4), December, 441-68 / Hans R. Stoll ; Robert E. Whaley = 54
 5. (1991), 'A Theory of Trading in Stock Index Futures', Review of Financial Studies, 4(1), 17-51 / Avanidhar Subrahmanyam = 82
PART Ⅲ ARBITRAGE
 6. (1988), 'Index-Futures Arbitrage and the Behavior of Stock Index Futures Prices', Review of Financial Studies, 1(2), 137-58 / A. Craig MacIGnlay ; Krishna Ramaswamy = 119
 7. (1990), 'Arbitrage in Stock Index Futures', Journal of Business, 63(1), Part 2, S7-S31 / Michael. J. Brennan ; Eduardo S. Schwartz = 141
 8. (1990), 'Stock Index Futures Arbitrage : International Evidence', Journal of Futures Markets, 10(6), 573-603 / Pradeep K. Yaday ; Peter F. Pope = 167
PARTⅣ PORTFOLIO INSURANCE
 9. (1984), 'Hedging Performance and Basis Risk in Stock Index Futures', Journal of Finance, XXXIX(3), July, 657-69 / Stephen Figlewski = 201
 10. (1988), 'Portfolio Insurance with Stock Index Futures', Journal of Futures Markets, 8(4), 441-55 / John J. Merrick, Jr. = 214
 11. (1988), 'Time-Invariant Portfolio Insurance Strategies', Journal of Finance, XLIII(2), June, 283-99 / Michael J. Brennan ; Eduardo S. Schwartz = 229
PART Ⅴ VOLATILITY AND THE OCTOBER 1987 CRASH
 12. (1988), 'Program Trading and Stock and Futures Price Volatility', Journal of Futures Markets, 8(4), 413-19 / Sanford J. Grossman = 249
 13. (1989), 'The October 1987 S&P 500 Stock-Futures Basis', Journal of Finance, XLIV(1), March, 77-99 / Lawrence Harris = 256
 14. (1990), 'Margin Regulation and Stock Market Volatility', Journal of Finance, XLV(1), March, 3-29 / David A. Hsieh ; Merton H. Miller = 279
 15. (1993), 'To What Extent Did Stock Index Futures Contribute to the October 1987 Stock Market Crash?', Economic Journal, 103, November, 1444-61 / Antonios Antoniou ; Ian Garrett = 306
PART Ⅵ INTEREST RATES AND INSURANCE
 16. (1981), 'Improving Hedging Performance Using Interest Rate Futures', Financial Management, X(4), Autumn, 72-8 / Robert W. Kolb ; Raymond Chiang = 327
 17. (1982), 'Immunizing Bond Portfolios with Interest Rate Futures', Financial Management, 11(2), Summer, 81 / Robert W. Kolb ; Gerald D. Gay = 334
 18. (1984), Intra-Day-Tests of the Efficiency of the Treasury Bill Futures, Market, Review of Economics and Statistics, LXVI, 129-37 / Edwin J. Elton ; Martin J. Gruber ; Joel Rentzier = 343
 19. (1985), 'An Efficiency Analysis of the T-Bond Futures Market', Journal of Futures Markets, 5(4), 607-20 / Robert C. Klemkosky ; Dennis J. Lasser = 352
 20. (1992), 'Catastrophe Futures : A Better Hedge for Insurers', Journal of Risk and Insurance, LIX(4), 575-600 / Stephen P. DArcy ; Virginia Grace France = 366
PART Ⅶ FOREIGN CURRENCIES
 21. (1983), 'Stability and the Hedging Performance of Foreign Currency Futures', Journal of Futures Markets, 3(3), 295-305 / Theoharry Grammatikos ; Anthony Saunders = 395
 22. (1991), 'Tests of Random Walk of Hedge Ratios and Measures of Hedging Effectiveness for Stock Indexes and Foreign Currencies', Journal of Futures Markets, 11(1), 55-68 / A.G. Malliaris ; Jorge Urrutia = 407
 23. (1991), 'The Impact of the Lengths of Estimation Periods and Hedging Horizons on the Effectiveness of a Hedge : Evidence from Foreign Currency Futures', Journal of Futures Markets, 11(3), 271-89 / A.G. Malliaris ; Jorge L. Urrutia = 421
 24. (1992), 'Evidence of Risk Premiums in Foreign Currency Futures Markets', Review of Financial Studies, 5(1), 65-83 / Thomas H. McCurdy ; Ieuan Morgan = 440
Name Index = 459