Commodities: Markets, Performance, and Strategies provides a comprehensive view of commodity markets by describing and analyzing historical commodity performance, vehicles for investing in commodities, portfolio strategies, and current topics. It begins with the basics of commodity markets and various investment vehicles. The book then highlights the unique risk and return profiles of commodity investments, along with the dangers from mismanaged risk practices. The book also provides important insights into recent developments, including high frequency trading, financialization, and the emergence of virtual currencies as commodities. Readers of Commodities: Markets, Performance, and Strategies can gain an in-depth understanding about the multiple dimensions of commodity investing from experts from around the world. Commodity markets can be accessed with products that create unique risk and return dynamics for investors worldwide. The authors provide insights in a range of areas, from the economics of supply and demand for individual physical commodities through the financial products used to gain exposure to commodities. The book balances useful practical advice on commodity exposure while exposing the reader to various pitfalls inherent in these markets. Readers interested in a basic understanding will benefit as will those looking for more in-depth presentations of specific areas within commodity markets. Overall, Commodities: Markets, Performance, and Strategies provides a fresh look at the myriad dimensions of investing in these globally important markets.

Autorentext

H. Kent Baker is a University Professor of Finance in the Kogod School of Business at American University. He has authored or edited 29 books and has published more than 170 refereed articles in such journals as the Journal of Finance, Journal of Financial and Quantitative Analysis, Financial Management, Financial Analysts Journal, and Journal of Portfolio Management. He has consulting and training experience with more than 100 organizations. Greg Filbeck is a Samuel P. Black III Professor of Finance and Risk Management at Penn State Behrend and serves as the Director for the Black School of Business. Professor Filbeck has authored or edited 10 books and published more than 90 refereed academic journal articles appearing in the Financial Analysts Journal, Financial Review, and Journal of Business, Finance, and Accounting. Jeffrey H. Harris is the Gary Cohn Goldman Sachs Chair in Finance in the Kogod School of Business at American University. Professor Harris has served as Chief Economist at the U.S. Commodity Futures Trading Commission and has published 24 refereed articles in such journals as the Energy Journal, Journal of Finance, Journal of Financial and Quantitative Analysis, Journal of Financial Economics, Review of Financial Studies, Financial Management, and Journal of Futures Markets.

Inhalt

Contents Acknowledgments About the Editors About the Contributors List of Figures List of Tables Abbreviations Part One BACKGROUND 1. Commodities: An Overview H. Kent Baker, Greg Filbeck, and Jeffrey H. Harris 2. The Economics of Commodities and Commodity Markets Florian Ielpo 3. Commodity Exchanges and Regulation Jerry W. Markham 4. Behavioral Aspects of Commodity Markets John R. Nofsinger, Pattanaporn Chatjuthamard, and Xu Dai 5. Commodity Derivatives Neil C. Schofield 6. Fundamentals and Commodity Prices Michael S. Haigh Part Two PHYSICAL COMMODITIES 7. Physical Commodities Xiaohu Deng, Seow Eng-Ong, and Andrew C. Spieler 8. Agricultural Nicole Moran and Kelsey Syvrud 9. Energy Michael A. Penick and Lynn Riggs 10. Livestock Xiaohu Deng, Andrew C. Spieler, and Desmond Tsang 11. Metals Greg Leonard and Chanel O'Neill Part Three METHODS TO INVEST IN COMMODITIES 12 Commodity Trading Advisors and Managed Futures Koray Simsek and Halil Kiymaz 13. Commodity Exchange-Traded Funds Christopher Milliken, Ehsan Nikbakht, and Andrew C. Spieler 14. Commodity Mutual Funds Gustavo Camilo, Janko Cizel, and Paul Zurek Part Four PERFORMANCE OF COMMODITIES 15. Pricing of Futures Contracts Timothy A. Krause 16. Commodity Return Characteristics Dianna Preece 17. Issues in Commodity Benchmarking Performance Aaron Filbeck 18. Volatility Transmission across Commodity Futures Markets Frankie Ho-Chi Chau and Rataporn Deesomsak Part Five STRATEGIES AND PORTFOLIO MANAGEMENT 19. Commodities in International and Emerging Markets Kamal Smimou 20. Commodity Trading Strategies, Common Mistakes, and Catastrophic Blowups Hilary Till, Joseph Eagleeye, and Richard Heckinger 21. Asset Allocation Strategies and Commodities Claudio Boido 22. Food Prices and Food Price Volatility: Strategies for Extending the Reach of Risk Markets Donald F. Larson Part Six ISSUES INVOLVING COMMODITIES 23. High Frequency Trading of Commodities Raymond P. H. Fishe and Aaron D. Smith 24. Energy Risk Management Thomas Barkley, Mingwei (Max) Liang, and Andrew C. Spieler 25. Financialization of Commodity Markets Kyle J. Putnam and Ramesh Adhikari 26. Virtual Currencies as Commodities Lamia Chourou, Samir Saadi, and Azizah Aljohani 27. Research Issues in Commodities and Commodity Markets Scott Mixon 28. Future of Commodity Markets and Investments Hunter M. Holzhauer Discussion Questions and Answers Index