Why Do Hedgers Trade So Much?
研究发现，小麦、玉米、大豆和棉花等农产品的商业套期保值者期货头寸波动远超预期产量，且空头头寸与价格变化正相关，质疑了将套期保值者交易简单归类为套期保值的做法。
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 classifying trading by speculators as speculation, as hedgers frequently change their futures positions over time for reasons unrelated to output fluctuations, which is arguably a form of speculation.