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This study seeks to explain the major drivers of trading activity in commodity futures markets and gage the effect of trading activity on commodity prices. Rather than concentrating on a specific commodity subgroup or a particular type of commodity traders, we provide an extensive overview of the behavior across all market participants and their influence on commodity prices by using a broad set of commodity futures contracts. Although commodity futures returns show co-movement with financial fundamentals (U.S. dollar index, equity, and bond markets), based on the Disaggregated Commitment of Traders Report (DCOT), this relationship cannot be attributed to trading activity. Pricing in commodity markets can be predominantly attributed to hedgers and influential speculators (money managers), whereas small speculators (nonreportable traders) are crucial to some soft commodity futures similar to dealers in metals commodity futures. Furthermore, we find limited cases where inventory changes exert a sizable influence on position changes of DCOT traders.
DieFelix-App
(2020)
Emotionen besitzen eine große Bedeutung bei Lernprozessen. Nach der „Control-Value“-Theorie wird davon ausgegangen, dass positive Emotionen sich positiv, nega tive Emotionen sich hingegen negativ auf den Lernprozess auswirken können. Die Felix-App greift solche Effekte auf, um das Befinden und die Bedürfnisse von Lehrenden und Lernenden in Echtzeit zu erfassen und direkt in Form anschaulicher Grafiken zurück-zumelden. Der theoretische Hintergrund und Best-Practice-Beispiele werden erläutert.