.e. financial actors that follow a passive strategy of tracking a commodity index. In this article I present new empirical evidence … market returns and oil price movements. These correlations appear to be determined by commodity index traders, since both … these relationships proved to be spurious, with the most tracked commodity index as the confounding variable. …

.e. financial actors that follow a passive strategy of tracking a commodity index. In this article I present new empirical evidence … market returns and oil price movements. These correlations appear to be determined by commodity index traders, since both … these relationships proved to be spurious, with the most tracked commodity index as the confounding variable. …

encompass the agricultural commodity index trading activity. The data used are from the proprietary large trader database of the … tests. The analysis investigates three different scenarios: (i) aggregated commodity index trader positions impacts on … returns or volatility, (ii) changes in returns or volatility effects on aggregate commodity index trader positions, and (iii …

. These correlations appear to be determined by commodity index traders, a category of financial investors, since both these … relationships proved to be spurious, with the most tracked commodity index as the confounding variable. …

. These correlations appear to be determined by commodity index traders, a category of financial investors, since both these … relationships proved to be spurious, with the most tracked commodity index as the confounding variable. …