Risk Transmission Across Supply Chains

• 成果类型: Article
• 署名作者: Titman, Sheridan
• 署名单位: University of Texas System; University of Texas Austin
• 刊物名称: PRODUCTION AND OPERATIONS MANAGEMENT
• ISSN/ISSBN: 1059-1478
• DOI: 10.1111/poms.13542
• 发表日期: 2021
• 页码: 4579-4587
• 关键词: elasticities; hedging; risk exposure; supply chain

摘要

Firms along a supply chain are exposed to risks that emanate from shocks that affect the supply of the commodity at the beginning of the chain, as well as shocks to the demand for the products and services that are produced at the end of the supply chain. These risk exposures tend to depend on production technologies as well as supply and demand elasticities. A key takeaway is that firms that use commodity inputs cannot in general rely on either the historical covariance between input prices and profits or industry practice to determine their strategies for hedging commodity price exposures.