, characterized by a stronger impact of speculation on futures return dynamics. …

The paper investigates the role of speculation in the Liverpool cotton futures market between 1921 and 1929. The … analysis is based on historical descriptions of the working of speculation in commodity markets and is related to the tenets of …

This paper assesses empirically whether speculation affects oil price dynamics. The growing presence of financial … model. Despite the difficulties, we identify a significant role of speculation in the oil market which is consistent with …