For quite some time long-only index funds have been suspected of being responsible for price increases in agricultural futures markets. This suspicion has prompted demands to drastically limit long-only index fundsʼ scope of activity. Such demands and their underlying diagnoses, however,...

For quite some time long-only index funds have been suspected of being responsible for price increases in agricultural futures markets. This suspicion has prompted demands to drastically limit long-only index funds' scope of activity. Such demands and their underlying diagnoses, however,...

Um es gleich vorweg zu nehmen, Warenterminmärkte dienen Landwirten und Landhändlern keineswegs, wie gemeinhin angenommen, primär zur Absicherung von Kassapreis- und Basisrisiko. Sie eröffnen vielmehr Einkommenschancen durch Lagerhaltung und gewährleisten deren Profitabilität. Die in der...

This article sketches an ethics of (financial) speculation in futures markets. (1) It identifies an intentionalistic fallacy prevalent in moral criticisms of speculation in general and of financial speculation in particular. (2) It scrutinizes the degree to which the recent debate on financial...

For a considerable time, long-only index funds have been suspected of being responsible for price increases on agricultural futures markets, particularly those for grain. Utilizing partial equilibrium concepts, we analyze the market impacts of long-only index funds. Our analysis reveals that...