futures markets. The empirical evidence suggests that investor sentiment has a positive impact on price volatility and the bid … advantages on the futures market, which diminishes the futures markets' leading informational role and contributions to price …

Motivated by repeated price spikes and crashes over the last decade, we investigate whether the rapidly growing market … shares of futures speculators have destabilized commodity spot prices. We approximate conditional volatility and regress it …-periods, and document whether the speculative impact on conditional volatility has increased. However, with respect to six heavily …