Please use this identifier to cite or link to this item: https://doi.org/10.1002/fut.10056
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dc.titleThe behavior and performance of major types of futures traders
dc.contributor.authorWang, C.
dc.date.accessioned2013-10-09T08:23:00Z
dc.date.available2013-10-09T08:23:00Z
dc.date.issued2003
dc.identifier.citationWang, C. (2003). The behavior and performance of major types of futures traders. Journal of Futures Markets 23 (1) : 1-31. ScholarBank@NUS Repository. https://doi.org/10.1002/fut.10056
dc.identifier.issn02707314
dc.identifier.urihttp://scholarbank.nus.edu.sg/handle/10635/44528
dc.description.abstractThis article examines the behavior and performance of speculators and hedgers in 15 U.S. futures markets. We find that after controlling for market risk factors, speculators are contrarians, but respond positively to market sentiment. In contrast, hedgers engage in positive feedback trading and trade against market sentiment. We also find that trades of speculators (hedgers) are positively (negatively) correlated with subsequent abnormal returns; however, it does not appear that speculators possess superior forecasting power. Therefore, hedging pressure effects likely explain the negative relation between the performance of speculators and hedgers. The positive feedback trading by hedgers together with their negative performance suggests that hedgers have a destabilizing impact on futures prices. © 2003 Wiley Periodicals, Inc.
dc.description.urihttp://libproxy1.nus.edu.sg/login?url=http://dx.doi.org/10.1002/fut.10056
dc.sourceScopus
dc.typeReview
dc.contributor.departmentFINANCE & ACCOUNTING
dc.description.doi10.1002/fut.10056
dc.description.sourcetitleJournal of Futures Markets
dc.description.volume23
dc.description.issue1
dc.description.page1-31
dc.identifier.isiut000179417000001
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