Why Do Hedgers Trade So Much?

被引：35

作者：

Cheng, Ing-Haw ^{[1
]}

Xiong, Wei ^{[2
]}

机构：

[1] Dartmouth Coll, Hanover, NH 03755 USA

[2] Princeton Univ, Princeton, NJ 08544 USA

来源：

JOURNAL OF LEGAL STUDIES | 2014年 / 43卷

关键词：

RISK-MANAGEMENT; UNCERTAINTY; PRICE;

D O I：

10.1086/675720

中图分类号：

D9 [法律]; DF [法律];

学科分类号：

0301 ;

摘要：

Futures positions of commercial hedgers in wheat, corn, soybeans, and cotton fluctuate much more than expected output. Hedgers' short positions are positively correlated with price changes. Together, these observations raise doubt about the common practice of categorically classifying trading by hedgers as hedging while classifying trading by speculators as speculation, as hedgers frequently change their futures positions over time for reasons unrelated to output fluctuations, which is arguably a form of speculation.

引用

页码：S183 / S207

页数：25

共 25 条

[1]

[Anonymous], 2012, WORKING PAPER

[2]

CFTC (Commodities Futures Trading Commission), 2013, DIS EXPL NOT

[3]

Cheng H., 2013, W19432 NAT BUR EC RE

[4]

Cheng Ing-Haw, ANN REV FIN IN PRESS