How trading in commodity futures option markets impacts commodity futures prices
研究发现商品期货期权市场的持仓变化能额外预测期货收益，且商业与非商业交易者的期权持仓变化与期货持仓变化对价格的影响方向一致。
Abstract This paper investigates the information content of the futures option markets trading activities in determining commodity futures returns. Our findings suggest that position changes in the commodity futures option markets provide incremental predictive power for commodity futures returns in addition to the effects of commodity futures markets position changes. Particularly, for both commercial traders and noncommercial traders, options position changes impact the futures price in the same direction as futures position changes. Furthermore, the nonmomentum of position changes of options market contributes overwhelmingly relative to the idiosyncratic risk and hedging pressure in the case of noncommercial trading.