Wang, Changyun - Volkswirtschaftliche Fakultät, … - 2001
This article examines the behavior and performance of speculators and hedgers in 15 U.S. futures markets. We find that … after controlling for market risk factors, speculators are contrarians, but respond positively to market sentiment. In … speculators (hedgers) are positively (negatively) correlated with subsequent abnormal returns; however, it does not appear that …