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Hans R. Stoll, Commodity Futures and Spot Price Determination and Hedging in Capital Market Equilibrium, The Journal of Financial and Quantitative Analysis, Vol. 14, No. 4, Proceedings of 14th Annual Conference of the Western Finance Association, June 21-23, 1979 (Nov., 1979), pp. 873-894
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Hans R. Stoll (1979) studied this question.
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