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Why Do Hedgers Trade So Much? / Ing-Haw Cheng, Wei Xiong.
- Format:
- Book
- Author/Creator:
- Cheng, Ing-Haw.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w19670.
- NBER working paper series no. w19670
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2013.
- Summary:
- 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 trading by speculators as speculation, as hedgers frequently change their futures positions over time for reasons unrelated to output fluctuations, arguably a form of speculation.
- Notes:
- Print version record
- November 2013.
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