Trading Activity and Rate of Convergence in Commodity Futures Markets
研究了1999至2014年间多种商品期货市场中不同交易者的活动如何影响现货与期货价格的收敛速度，发现投机者加快收敛，而商品指数交易者则减缓收敛。
We analyze whether and how the trading activity of different trader types impacts the rate of convergence between spot and futures markets for a broad range of commodity futures markets over the 1999–2014 period. There is strong evidence that speculators (commodity index traders) increase (reduce) the rate of convergence between spot and futures markets. © 2016 Wiley Periodicals, Inc. Jrl Fut Mark 37:930–938, 2017