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Speculators, Commodities and Cross-Market Linkages
We use a unique, non-public dataset of trader positions in 17 U.S. commodity futures markets to provide novel evidence on those markets' financialization in the past decade. We then show that theExpand
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Foreign Aid And The Business Cycle
In this paper, we document some key business cycle properties of foreign aid flows to developing countries. We identify two striking empirical regularities. First, aid flows are highly volatile overExpand
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Fundamentals, Trader Activity and Derivative Pricing
We identify and explain a structural change in the relation between crude oil futures prices across contract maturities. As recently as 2001, near- and long-dated futures were priced as though tradedExpand
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Commodities and Equities: Ever a “Market of One”?
Amid the rise in commodity investing that started in 2003, many have asked whether commodities now move more in sync with traditional financial assets. Using daily, weekly and monthly data over 18Expand
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On the Welfare Cost of Economic Fluctuations in Developing Countries
Macroeconomic fluctuations are much stronger in developing countries than in the United States. Yet, while a large literature debates the welfare cost of economic fluctuations in the United States,Expand
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Does 'Paper Oil' Matter? Energy Markets’ Financialization and Equity-Commodity Co-Movements
We construct a uniquely detailed, comprehensive dataset of trader positions in U.S. energy futures markets. We find considerable changes in the make-up of the open interest between 2000 and 2010 andExpand
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The Financialization of Food?
&NA; Commodity‐equity return co‐movements rose dramatically during the Great Recession. This development took place following what has been dubbed the “financialization” of commodity markets. WeExpand
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Physical Markets, Paper Markets and the WTI-Brent Spread
Since the Fall of 2008, the benchmark West Texas Intermediate (WTI) crude oil has periodically traded at unheard-of discounts to the corresponding Brent benchmark. This discount is not reflected inExpand
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The impact of illegal insider trading in dealer and specialist markets: evidence from a natural experiment
We examine insider trading in specialist and dealer markets, using the trades of stock brokers who had advance copies of a stock analysis column in Business Week magazine. We find that increases inExpand
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Fundamentals, Derivatives Market Information and Oil Price Volatility
We analyze empirically what drives market expectations of crude oil price volatility. Between 2000 and 2014, we investigate the links between the term structure of oil option‐implied volatilitiesExpand
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