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Betreiben Indexfonds Agrarspekulation? Erläuterungen zum Geschäftsmodell und zum weiteren Forschungsbedarf
[Do index funds speculate on agricultural futures markets? Explanatory notes on the business model and the additional need for research]

Author

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

Abstract

Indexfonds sind aufgrund ihrer Terminmarktgeschäfte mit Agrarrohstoffen ins Zentrum öffentlicher Aufmerksamkeit und Kritik geraten. Hierzu kursieren in den Medien zahlreiche Falschinformationen, deren Korrektur sich durch klar identifizierbare Forschungslücken der empirischen Literatur verzögert hat. Gleichwohl können folgende Erkenntnisse helfen, die Debatte zu versachlichen: Indexfonds folgen einer passiven Handelsstrategie. Sie zeichnen einen Markttrend nach. Hiervon geht eine preisstabilisierende Wirkung aus. Deshalb ist zu befürchten, dass regulatorische Einschränkungen der Geschäftsaktivität von Indexfonds in Form von strengen Positionslimits oder Preislimits der Funktionsweise von Terminmärkten nicht zuträglich, sondern abträglich sind.

Suggested Citation

  • Prehn, Sören & Glauben, Thomas & Pies, Ingo & Will, Matthias Georg & Loy, Jens-Peter, 2013. "Betreiben Indexfonds Agrarspekulation? Erläuterungen zum Geschäftsmodell und zum weiteren Forschungsbedarf [Do index funds speculate on agricultural futures markets? Explanatory notes on the business model and the additional need for research]," IAMO Discussion Papers 138, Leibniz Institute of Agricultural Development in Transition Economies (IAMO).
    • Handle: RePEc:zbw:iamodp:138
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    2. Prehn, Sören & Glauben, Thomas & Loy, Jens-Peter & Pies, Ingo & Will, Matthias Georg, 2014. "The impact of long-only index funds on price discovery and market performance in agricultural futures markets," IAMO Discussion Papers 169081, Institute of Agricultural Development in Transition Economies (IAMO).
    3. Loy, Jens-Peter (ed.), 2014. "Marktwirtschaftliche Koordination: Möglichkeiten und Grenzen. Symposium anlässlich des 75. Geburtstages von Prof. Dr. Dr. h.c. mult. Ulrich Koester," Studies on the Agricultural and Food Sector in Transition Economies, Leibniz Institute of Agricultural Development in Transition Economies (IAMO), volume 77, number 77, February.
    4. Pies, Ingo, 2015. "Kommentar zur Spekulation mit Agrarrohstoffen: Eine Replik auf Christian Conrad," Discussion Papers 2015-11, Martin Luther University of Halle-Wittenberg, Chair of Economic Ethics.
    5. Steinhübel, Linda & Prehn, Sören & Brümmer, Bernhard & Pies, Ingo & Will, Matthias Georg, "undated". "The impact of index funds on grain futures markets revisited," 2017 International Congress, August 28-September 1, 2017, Parma, Italy 261428, European Association of Agricultural Economists.
    6. Will, Matthias Georg & Pies, Ingo, 2014. "Insiderhandel und die Regulierung der Kapitalmärkte: Ein Beitrag zur MiFID-Debatte," Discussion Papers 2014-7, Martin Luther University of Halle-Wittenberg, Chair of Economic Ethics.
    7. Prehn, S. & Glauben, T. & Loy, J.-P. & Pies, I. & Will, M.G., . "Der Einfluss von long-only-Indexfonds auf die Preisbildung und das Marktergebnis an landwirtschaftlichen Warenterminmärkten," Proceedings “Schriften der Gesellschaft für Wirtschafts- und Sozialwissenschaften des Landbaues e.V.”, German Association of Agricultural Economists (GEWISOLA), vol. 50.
    8. Pies, Ingo, 2013. "Personen, Organisationen, Ordnungsregeln: Der demokratische Diskurs muss zwei Defizite aufarbeiten - ein Interview zur Bankenmoral," Discussion Papers 2013-18, Martin Luther University of Halle-Wittenberg, Chair of Economic Ethics.
    9. Loy, Jens-Peter & Schmitz, P. Michael & Glauben, Thomas & Djuric, Ivan & Götz, Linde & Pàll, Zsombor & Perekhozhuk, Oleksandr & Prehn, Sören & Renner, Swetlana & Hermann, Roland & Pies, Ingo & Will, M, 2014. "Marktwirtschaftliche Koordination: Möglichkeiten und Grenzen. Symposium anlässlich des 75. Geburtstages von Prof. Dr. Dr. h.c. mult. Ulrich Koester," Studies on the Agricultural and Food Sector in Transition Economies 200287, Institute of Agricultural Development in Transition Economies (IAMO).
    10. Will, Matthias Georg & Pies, Ingo, 2014. "Discourse and regulation failures: The ambivalent influence of NGOs on political organizations," Discussion Papers 2014-2, Martin Luther University of Halle-Wittenberg, Chair of Economic Ethics.
    11. Pies, Ingo & Will, Matthias Georg, 2013. "Finanzspekulation mit Agrarrohstoffen: Analyse und Bewertung aus wirtschaftsethischer Sicht," Discussion Papers 2013-24, Martin Luther University of Halle-Wittenberg, Chair of Economic Ethics.
    12. Pies, Ingo & Will, Matthias Georg, 2013. "Finanzspekulation mit Agrarrohstoffen: Wie (Wirtschafts-)Ethik und (Agrar-)Ökonomik gemeinsam einem Diskurs- und Politik-Versagen entgegentreten können," Discussion Papers 2013-12, Martin Luther University of Halle-Wittenberg, Chair of Economic Ethics.
    13. 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).

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    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • Q10 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - General

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