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Der Einfluss Von Long-Only-Indexfonds Auf Die Preisbildung Und Das Marktergebnis An Warenterminmärkten

Author

Listed:
  • Prehn, Soren
  • Glauben, Thomas
  • Loy, Jens-Peter
  • Pies, Ingo
  • Will, Matthias Georg

Abstract

Long-only-Indexfonds stehen seit geraumer Zeit unter Verdacht, für die Preisanstiege an landwirtschaftlichen Warenterminmärkten, insbesondere für Getreide, verantwortlich zu sein. Diese Arbeit untersucht anhand partieller Gleichgewichtskonzepte die langfristige Marktwirkung von Long-only-Indexfonds. Die Analyse zeigt, dass Long-only-Indexfonds keineswegs Preise treiben, sondern stabilisieren. Der Markteintritt von Long-only-Indexfonds verringert die Risikoprämie. Landwirte können sich zu geringeren Kosten am Warenterminmarkt absichern. Letzteres fördert die Lagerhaltung und schwächt so saisonale Preisschwankungen am Kassamarkt ab. Der Markteintritt von Long-only-Indexfonds ist somit auch im Interesse der Konsumenten. Lediglich Long-only-Indexfonds selbst profitieren nicht von einem weiteren Markteintritt von Long-only-Indexfonds. Ihre Rentabilität ist negativ korreliert mit der Anzahl der sich am Warenterminmarkt befindlichen Long-only-Indexfonds. Es sollte davon abgesehen werden, die Aktivität von Long-only-Indexfonds regulatorisch einzuschränken.

Suggested Citation

  • Prehn, Soren & Glauben, Thomas & Loy, Jens-Peter & Pies, Ingo & Will, Matthias Georg, 2014. "Der Einfluss Von Long-Only-Indexfonds Auf Die Preisbildung Und Das Marktergebnis An Warenterminmärkten," 54th Annual Conference, Goettingen, Germany, September 17-19, 2014 187363, German Association of Agricultural Economists (GEWISOLA).
    • Handle: RePEc:ags:gewi14:187363
    DOI: 10.22004/ag.econ.187363
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    References listed on IDEAS

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    Demand and Price Analysis; Marketing;

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