The Seasonality of Risk and Return on Agricultural Futures Positions
使用频谱分析考察农产品期货合约的风险和回报的季节性，发现预期回报和对分散投资组合风险的贡献均无季节性变化，对投机者、套期保值者和研究者有重要启示。
Abstract This study uses spectral analysis to investigate the risk and return seasonality of agricultural futures contracts. The results indicate that neither the expected return nor the contribution of agricultural futures to the risk of diversified investment portfolios vary seasonally. Because numerous authors have hypothesized that seasonality might exist, the findings of this article have important implications for speculators, hedgers, and researchers.