We investigate the determinants of aggregate commodity returns and establish the following findings. (1) Common predictors of bond and stock returns, such as the short rate and the yield spread, also predict commodity returns. A high yield spread predicts low commodity returns, consistent with commodities being a hedge for market fluctuations. (2) Even controlling for these common predictors, a...

This paper proposes and tests a theory of using commodities as collateral for financing. In the presence of capital control and financial frictions, financial investors import commodities and pledge them as collateral to capture the higher expected return in the importing country. The collateral demand for commodities increases commodity prices globally; it also increases futures risk premium i...

Relief wells are used extensively to relieve excess hydrostatic pressure in pervious foundation strata overlain by impervious top strata, conditions which often exist landward of levees and downstream of dams and hydraulic structures. Placing well outlets in below-surface trenches or collector pipes helps dry up seepage areas downstream of levees and dams. Relief wells are often used in combina...

This paper presents a tool that automatically generates multidimensional schemas for data warehouses from OLTP entity-relationship diagrams (ERDs). Based on user’s input parameters, it generates star schemas, snowflake schemas, or a fact constellation schema by taking advantage of only structural information of input ERDs. Hence, SAMSTARplus can help users reduce efforts for designing data ware...

We study a multi-echelon joint inventory-location model that simultaneously determines the location of warehouses and inventory policies at the warehouses and retailers. The model is formulated as a nonlinear mixed-integer program, and is solved using a Lagrangian relaxation-based approach. The efficiency of the algorithm and benefits of integration are evaluated through a computational study.