Profits and Speculation in Intra-Day Foreign Exchange Trading

This study examines profits and speculation in the USD/EUR trading of a bank in Germanyover a four-month period. Dealing activity at the bank generates profits but speculation doesnot seem to contribute to this. We find that speculative positions fail to become profitablewithin a 30-minutes' horizon. Also, the suggestion that exchange rate volatility would fosterspeculative profits cannot be confirmed.[...]

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Year of publication:	2006-06-01
Authors:	Mende, Alexander ; Menkhoff, Lukas
Institutions:	Universität <Hannover> / Wirtschaftswissenschaftliche Fakultät
Subject:	Spekulation \| speculation \| Devisenmarkt \| Marktstruktur \| Kapitalprofit

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1 Introduction
2 Data
3 Overall revenue and profit
4 Approaches to identify revenues from speculation
5 Revenues from speculation
5.1 Revenues from accumulating inventory?
5.2 Revenues due to price volatility?
5.3 Systematic correlations of daily revenues
5.4 Revenues beyond non-speculative trading?
6 Conclusions
References

Persistent link: https://www.econbiz.de/10005867502