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Students Form Commodity Pool to Learn about the Futures Market

William I. Tierney · North Central Journal of Agricultural Economics · 1989

Cited by 3

Students Form Commodity Pool to Learn about the Futures Market

William I. Tierney · Applied Economic Perspectives and Policy · 1989

Abstract Commodity paper trading games are widely used to give students experience in trading. One weakness of these games is that there are no monetary and only minor emotional consequences resulting from the students' trades. To simulate actual trading more realistically, a Student Commodity Pool (SCP) was organized at Kansas State University. Twenty‐nine students contributed $100 each to a pool account, formed groups to research and present trade recommendations and then traded actual futures and options contracts. As an experiential learning method, most students gave the class high marks. Other instructors may be able to establish SCPs with approval from the Commodity Futures Trading Commission.

Cited by 3

Challenges of Making Financial Decisions and Avoiding Fraudulent Schemes

Mattos, Fabio · Insecta mundi · 2021

Last month there was an article in the local newspaper about a man accused of defrauding commodity investors for several years in Nebraska. This person is a commodity pool operator (CPO), who is an individual or organization that operates a commodity pool and solicits funds for that pool. A commodity pool is an enterprise in which funds contributed by a number of clients are combined for the purpose of trading futures contracts, options contracts, among other types of financial products. Generally speaking, a CPO manages an investment fund focused on commodity products.

Cited by 0

Two commodity queueing inventory system with random common lifetime, two demand classes and pool of customers

S. Dissa, P. V. Ushakumari · Heliyon · 2023

Cited by 7Open access

ECA says pool procurement platform, ATEX, can help mitigate impact of rising commodity prices in Africa

Economic Commission for Africa Knowledge Repository (Economic Commission for Africa) · 2022

As part of its regular Price Watch Dialogue series, the African Centre for Statistics (ACS) at the Economic Commission for Africa (ECA) hosted, on 21 July, a policy dialogue on the impact of the Ukraine-Russia conflict on commodity and food prices in Africa. In his welcoming remarks, Oliver Chinganya, ACS Director, stated “Africa, in the last two years, has been hit by exogenous shocks that undermine its dreams of prosperity. Interest rate hikes, increased borrowing costs, weakened currencies and tightening global financing conditions have had dire implications on the fiscal space of low and middle income countries.”

Cited by 0

Two Commodity Perishable Inventory System with Postponed Demands and a Finite Population

P. Senthil Kumar · Asian Journal of Research in Social Sciences and Humanities · 2016

In this article, we consider a continuous review two commodity perishable inventory system with a finite number of homogeneous sources generating demands. The maximum storage capacity for the commodity-i is Si(i = 1, 2). The life time of each item is assumed to have an exponential distribution. We adopt a joint reordering policy for placing orders and the lead time for the delivery of orders is assumed to have an exponential distribution. An arriving customer gets either commodity-1 or commodity-2 according to a Bernoulli trial. We assume that demands for commodity-i(i = 1, 2) that occur during the stock out period either enter a place called pool-i(i = 1, 2) or leave the system which is according to a Bernoulli trial. The demands in the pool-i(i = 1, 2) are selected one by one, while the stock is above the level Si(i = 1, 2), with interval time between any two successive selections is distributed as exponential. The joint probability distribution of the number of customers in the pool and the inventory level is obtained in the steady state case. Some measures of the system performance in the steady state are derived and some numerical illustrations are provided.

Cited by 1Open access

Managed commodity funds

Franklin R. Edwards, Jimmy Liew · Journal of Futures Markets · 1999

The performance of managed commodity fund investments during the years l982 through 1996 is examined, both as stand-alone investments and as assets in diversified stock and bond portfolios. Nine stylized commodity fund investments are examined: randomly-selected, single-CTAs, pool, and fund portfolios; equally weighted market portfolios (EWMPs) of CTAs, pools, and funds; and value-weighted portfolios (VWMP) of CTAs, pools, and funds. Further, two subperiods are examined: 1982–1988 and 1989–1996. Based on an analysis using Sharpe ratios as the performance criterion, several types of managed commodity funds make both good stand-alone investments and good portfolio assets; an EWMP of CTAs and a VWMP of pools receive the highest ranking among the alternative commodity fund investments. It is also shown that commodity indexes are not a substitute for a managed commodity fund investment. A number of issues warrant further study: Can investors still earn consistently attractive risk-adjusted returns on managed commodity fund investments if they do not hold diversified portfolios of CTAs and pools? Also: How can such high speculative returns be earned in efficient commodity markets? And: Are CTA and pool returns high because commodity fund managers have superior trading skill? An important issue for future research is to determine whether in fact CTAs do possess such skill. © 1999 John Wiley & Sons, Inc. Jrl Fut Mark 19: 377–411, 1999

Cited by 42

ACTION: Final rule.

L None, Ali Bahrami, Billing Code ––p · 2008

Trading Commission (Commission or CFTC) is amending its regulations applicable to the filing of Disclosure Documents by commodity pool operators (CPOs) and commodity trading advisors (CTAs) with the National Futures Association (NFA). In response to a petition from NFA, the CFTC is requiring that CPOs and CTAs be required to file their Disclosure Documents electronically with NFA (Amendments).

Cited by 0

Take Bitcoin into your portfolio: a novel ensemble portfolio optimization framework for broad commodity assets

Yuze Li, Shangrong Jiang, Yunjie Wei et al. · Greater South Information System · 2021

Abstract The emergence and growing popularity of Bitcoins have attracted the attention of the financial world. However, few empirical studies have considered the inclusion of the newly emerged commodity asset in the global commodity market. It is of great importance for investors and policymakers to take advantage of this asset and its potential benefits by incorporating it as a part of the broad commodity trading portfolio. In this study, we propose a novel ensemble portfolio optimization (NEPO) framework utilized for broad commodity assets, which integrates a hybrid variational mode decomposition-bidirectional long short-term memory deep learning model for future returns forecast and a reinforcement learning-based model for optimizing the asset weight allocation. Our empirical results indicate that the NEPO framework could effectively improve the prediction accuracy and trend prediction ability across various commodity assets from different sectors. In addition, it could effectively incorporate Bitcoins into the asset pool and achieve better financial performance compared to traditional asset allocation strategies, commodity funds, and indices.

Cited by 0Open access

Take Bitcoin into your portfolio: a novel ensemble portfolio optimization framework for broad commodity assets

Yuze Li, Shangrong Jiang, Yunjie Wei et al. · Greater South Information System · 2021

Abstract The emergence and growing popularity of Bitcoins have attracted the attention of the financial world. However, few empirical studies have considered the inclusion of the newly emerged commodity asset in the global commodity market. It is of great importance for investors and policymakers to take advantage of this asset and its potential benefits by incorporating it as a part of the broad commodity trading portfolio. In this study, we propose a novel ensemble portfolio optimization (NEPO) framework utilized for broad commodity assets, which integrates a hybrid variational mode decomposition-bidirectional long short-term memory deep learning model for future returns forecast and a reinforcement learning-based model for optimizing the asset weight allocation. Our empirical results indicate that the NEPO framework could effectively improve the prediction accuracy and trend prediction ability across various commodity assets from different sectors. In addition, it could effectively incorporate Bitcoins into the asset pool and achieve better financial performance compared to traditional asset allocation strategies, commodity funds, and indices.

Cited by 0Open access

The Forward Market in Electricity

Josh Danziger · Palgrave Macmillan UK eBooks · 1993

The construction of the electricity market prior to the privatisation of the UK industry gave rise to an open market in physical electricity, known as the pool. It also gave rise to a completely new type of commodity risk for generators, suppliers and users of electricity: electricity price risk. Electricity prices in the pool are highly volatile: typically they average around £20/MWh, but sometimes fall to below £10/MWh and on occasion rise to above £300/MWh.

Cited by 1

An Analysis of the Fish Pool Market in the Context of Seasonality and Stochastic Convenience Yield

Christian‐Oliver Ewald, Ruolan Ouyang · Marine Resource Economics · 2017

On the basis of a popular two-factor approach applied in commodity markets, we develop a model featuring seasonality and study futures contracts written on fresh farmed salmon, which have been actively traded at the Fish Pool market in Norway since 2006. The model is estimated by means of Kalman filtering, using a rich data set of contracts with different maturities traded at Fish Pool between 01/01/2010 and 24/04/2014. The results are then discussed in the context of other commodity markets, specifically live cattle, which is a substitute. We show that the seasonally adjusted model proposed in this article describes the behavior of salmon price very well. More importantly we show that seasonality exists in the salmon futures market. This is highly important in pricing of contingent claims, designing hedging strategies, and making real investment decisions in marine resources.

Cited by 15

Commodity Shocks and Incumbency Effects

Lucas M. Novaes, Luis Schiumerini · British Journal of Political Science · 2021

Abstract Why do incumbents enjoy an electoral advantage in some political settings but suffer from a disadvantage in others? We propose a novel explanation linking variation in incumbency effects with exogenous commodity shocks. While voters attempt to sanction incumbents for economic performance, changes in commodity prices affect their evaluations and condition the electoral fortunes of incumbents vis-à-vis challengers. We test our argument in Brazilian municipalities, combining a plausibly exogenous measure of variation in commodity prices with a close election regression discontinuity design. Our results show that increases in the price of agricultural commodities greatly enhance the prospects of incumbents, while negative shocks exacerbate their incumbency disadvantage, especially in rural municipalities. Further investigation suggests that commodity shocks do not operate via voter learning about candidate quality, changes in the pool of candidates, shifts in voter preferences, or strategic elite investments. Instead, we find suggestive evidence that commodity shocks affect voters' evaluations through their effect on local economic growth.

Cited by 11

Packet capture engine for commodity network interface cards in high-speed networks

Wenji Wu · OSTI OAI (U.S. Department of Energy Office of Scientific and Technical Information) · 2023

A method, systems for a packet capture engine for commodity network interface cards (NICs) in high-speed networks that provides lossless zero-copy packet capture and delivery services by exploiting multi-queue NICs and multicore architectures. The methods, systems include a ring-buffer-pool mechanism and a buddy-group based offloading mechanism.

Cited by 0Open access

Collective investment in a common pool resource: Grower associations and food safety guidelines

Aaron Adalja, Erik Lichtenberg, Elina T. Page · American Journal of Agricultural Economics · 2022

Abstract Common pool resources often face overexploitation, but collective action can counteract that tendency. We investigate collective investment in reputation for produce food safety, a common pool resource because of limited branding and traceability, by U.S. commodity organizations. We use a unique dataset constructed with data from U.S. Department of Agriculture, Food and Drug Administration, Centers for Disease Control and Prevention, and industry to provide novel evidence on collective investment in common pool resources. Notably, only large shocks to reputation such as foodborne disease outbreaks resulting in hospitalization increase the likelihood of food safety guideline adoption. Adoption of food safety guidelines by government‐backed organizations results in improvements in some food safety outcomes.

Cited by 15Open access

Letter from Representative Burdick to Gerhard Stenerson Regarding Garrison Dam Pool Level, May 29, 1949

Burdick, Usher L. · UND Scholarly Commons (University of North Dakota) · 1949

This letter, dated May 29, 1949, from United States (US) Representative Usher Burdick to Van Hook Farmers Union secretary Gerhard Stenerson concerns the pool level of Garrison Dam. Burdick writes that his office received the Van Hook Farmers Union resolution dated May 3 and he and US Representative William Lemke are doing all they can to get the pool level down to 1,830. Burdick adds that hearings have been completed on his bill to cancel seed and feed loans and that the commodity credit corporation storage program is tied up in US Congress.

Cited by 0

Engineering acyl carrier protein to enhance production of shortened fatty acids

Xueliang Liu, Wade M. Hicks, Pamela A. Silver et al. · Biotechnology for Biofuels · 2016

We engineered the specificity of the ACP, an essential protein of fatty acid metabolism, to alter the E. coli lipid pool and enhance production of medium-chain fatty acids as biofuel precursors. These results indicate that modification of ACP itself could be combined with enzymes affecting length specificity in fatty acid synthesis to enhance production of commodity chemicals based on fatty acids.

Cited by 23Open access

DABLS: Device Attestation with Bounded Leakage of Secrets (CMU-CyLab-13-010)

Andrew Tran · Figshare · 2018

Use of commodity platforms for embedded systems makes it difficult to authenticate remote devices in the presence of malware and to obtain confirmation of malware-free device states in a verifiable manner. We propose a scheme for achieving these properties by installing and maintaining a pool of secrets in device memory that cannot be leaked by malware in its entirety via a bandwidth-limited (e.g., wireless) channel during a specified time epoch. Correct device operation limits malware leakage of pool content by updating the pool with fresh secrets. It is computationally infeasible for the adversary to compute the new pool given the limited information he was able to leak about the old pool within the specified time epoch. Verifier detection of a device’s failure to update the pool in a timely manner indicates the presence of active device malware and triggers remedial action (e.g., automated pool-content update, or manual device cleanup). Verified timely pool updates provide device authenticity, since all devices are initialized with independent pool secrets (i.e., pseudorandom values), and enable bringing the remote device to a malware-free state by removing malware from device memory. In this paper, we elaborate on these ideas and illustrate how our system complements the goals of cryptographic schemes that are resilient to continual but bounded secret-key leakage via side channels.

Cited by 0Open access

Does the Measure Matter in the Mutual Fund Industry?

Martin Eling · Financial Analysts Journal · 2008

A frequent comment is that investment funds with a nonnormal return distribution cannot be adequately evaluated by using the classic Sharpe ratio. Research on hedge fund data that compared the Sharpe ratio with other performance measures, however, found virtually identical rank ordering by the various measures. The study reported here analyzed a dataset of 38,954 funds investing in seven asset classes over 1996–2005 and found that the previous result is true not only for hedge funds but also for mutual funds investing in stocks, bonds, real estate, funds of hedge funds, commodity trading advisers, and commodity pool operators. In short, choosing a performance measure is not critical to fund evaluation and the Sharpe ratio is generally adequate.

Cited by 159

A special case of generalized English auction

Anna Shchiptsova · Zenodo (CERN European Organization for Nuclear Research) · 2021

A special case of generalized English auction (Gul & Stacchetti 2000) for differentiated commodity markets. A global market for homogeneous commodity consists of individual markets residing at different geographical locations. The markets are linked by the shared access to a finite pool of international suppliers. Suppliers differentiate price offers for distinct markets based on the trade costs. The algorithm finds the minimal Walrasian equilibrium (WE) for the matching problem in the exchange economy with indivisible objects, in which multiple objects (export supplies) are to be sold simultaneously, and each agent (market) wish to consume a bundle of different objects. Solution of the matching problem is a vector of export prices and a bundle of trade flows, or equivalently, a vector of export prices and a vector of market prices, which the program returns.

Cited by 0Open access