Research output per year
Research output per year
Abstract
J.M. Keynes coined the term normal backwardation, a situation where a futures price for a particular expiry month is less than the expected spot price for that month. He argued hedgers pay speculators a risk premium, giving rise to normal backwardation. We study the behaviour of commodity futures before and since financialization of the markets, which started about 20 years ago. We find the poor returns to managed futures in recent years are likely due to the impact of financialization and the associated outside money suppressing the futures risk premium.
| Original language | English |
|---|---|
| Publisher | Bayes Business School |
| Number of pages | 7 |
| Volume | Summer 2024 |
| Publication status | Print publication - Jul 2024 |
Publication series
| Name | Commodity Insights Digest (CID) |
|---|---|
| Publisher | Bayes Business School – City, University of London (U.K.) and Chicago-based Premia Research LLC (U.S.A.). |
| Volume | Summer 2024 |
Fingerprint
Dive into the research topics of 'Financialization and Speculators Risk Premia in Commodity Futures Markets'. Together they form a unique fingerprint.Research output
- 1 Article
-
Financialization and speculators risk premia in commodity futures markets
Carter, C. & Revoredo-Giha, C., Jul 2023, In: International Review of Financial Analysis. 88, 27 p., 102691.Research output: Contribution to journal › Article › peer-review
Open AccessFile13 Citations (Scopus)69 Downloads (Pure)