{"id":7068,"date":"2018-08-22T15:21:35","date_gmt":"2018-08-22T13:21:35","guid":{"rendered":"https:\/\/www.uni.lu\/fr\/events\/a-tale-of-two-premiums-the-role-of-hedgers-and-speculators-in-commodity-futures-markets\/"},"modified":"2018-08-22T15:21:35","modified_gmt":"2018-08-22T13:21:35","slug":"a-tale-of-two-premiums-the-role-of-hedgers-and-speculators-in-commodity-futures-markets","status":"publish","type":"events","link":"https:\/\/www.uni.lu\/fr\/events\/a-tale-of-two-premiums-the-role-of-hedgers-and-speculators-in-commodity-futures-markets\/","title":{"rendered":"A Tale of Two Premiums: The Role of Hedgers and Speculators in Commodity Futures Markets"},"content":{"rendered":"

Abstract<\/p>

This paper studies the dynamic interaction between the net<\/p>

positions of commercial hedgers and non-commercial<\/p>

speculators and risk premiums in commodity futures markets.<\/p>

Short-term position changes are mainly driven by the liquidity<\/p>

demands of non-commercial traders, while long-term variation<\/p>

is primarily driven by the hedging demands from commercial<\/p>

traders. These two components influence expected futures<\/p>

returns with opposite signs. The gains from providing liquidity<\/p>

by commercials largely offset the premium they pay for<\/p>

obtaining price insurance.<\/p><\/div><\/section>","protected":false},"excerpt":{"rendered":"

AbstractThis paper studies the dynamic interaction between the netpositions of commercial hedgers and non-commercialspeculators and risk premiums in commodity futures markets.Short-term position changes are mainly driven by the liquiditydemands of non-commercial traders, while long-term variationis primarily driven by the hedging demands from commercialtraders. These two components influence expected futuresreturns with opposite signs. The gains from providing liquidityby commercials largely offset the premium they pay forobtaining price insurance.<\/p>\n","protected":false},"author":0,"featured_media":7069,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"closed","template":"","format":"standard","meta":{"featured_image_focal_point":[],"show_featured_caption":false,"ulux_newsletter_groups":"","uluxPostTitle":"","uluxPrePostTitle":"","_trash_the_other_posts":false,"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false,"event_start_date":"2018-09-18 12:30:00","event_end_date":"2018-09-18 13:45:00","event_speaker_name":"K. Geert Rouwenhorst - Yale School of Management","event_speaker_link":"","event_is_online":false,"event_location":"\r\nLuxembourg School of Finance\r\nJFK Building\r\n29,Avenue J.F Kennedy\r\nL-1855 Luxembourg\r\nGround Floor, Nancy Room","event_street":"","event_location_link":"","event_zip_code":"","event_city":"","event_country":"LU"},"events-topic":[309],"events-type":[],"organisation":[116,101,226],"authorship":[],"acf":[],"yoast_head":"\nA Tale of Two Premiums: The Role of Hedgers and Speculators in Commodity Futures Markets - Universit\u00e9 du Luxembourg<\/title>\n<meta name=\"description\" content=\"AbstractThis paper studies the dynamic interaction between the netpositions of commercial hedgers and non-commercialspeculators and risk premiums in commodity futures markets.Short-term position changes are mainly driven by the liquiditydemands of non-commercial traders, while long-term variationis primarily driven by the hedging demands from commercialtraders. 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