Investor Interest and the Returns to Commodity Investing
研究了2004年以来商品期货月回报的行为，发现平均回报与历史均值相似，商品间及商品与股票的相关性在金融危机期间暂时上升但已恢复正常，这种变化与商业周期相关而非金融化。
The authors examine the behavior of monthly commodity futures returns over the decade since 2004, when new investor inflows entered the asset class. They find that average returns have been similar to their long-term historical means. Correlations among commodities and commodity–equity correlations temporarily increased around the financial crisis, but have since returned to normal. This variation is linked to the business cycle rather than the financialization of the asset class. <b>TOPICS:</b>Futures and forward contracts, volatility measures