Do Commodity Traders Herd?

Bahram Adrangi and Arjun Chatrath

The Financial Review, 2008, vol. 43, issue 3, 461-476

Abstract: We test for herding using data on aggregate trader positions for four commodities over 20 years. We show that while the positions of commodity traders are highly related, the relatedness falls short of herding. The cross‐commodity relatedness in trader positions is almost entirely explained by common demand and supply factors.

Date: 2008
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