Two research papers from my archives that I finally got to read. The first (here) studies short squeezes in a systematic fashion and argues that their magnitude is not as large as anecdotal evidence would suggest. This I like and would believe. The second (here) is also something I like but you won’t. It provides a mathematical presentation of basis risk and hedging efficiency. Proving the obvious beyond any reasonable doubt is something only math geeks can love. You should be glad I don’t teach the risk management class in this quantitative manner.