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Welcome to the 2017 AFS Annual Meeting, being held this year, in conjunction with FPA in Nashville!
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Sunday, October 1 • 3:30pm - 4:20pm
F3b Exposure to Commodities - Should you buy the asset or the company?

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We compare the return performance of commodities in general with exchange-traded products designed to replicate the performance of overall commodities. More generally, we break commodities down into their subgroups and compare each subgroup to an equally-weighted basket of stocks from the producer of the commodity subgroup. In both comparisons, ignoring transactions costs and taxes, we find that an investor is almost always better off investing in the financial product as opposed to the commodity. The uploaded version has performance through 2013. The presented paper in October will include full results through 2016.

Author(s): Jeff Smith, Ph.D.


Jeff Smith, Ph.D.

Associate Professor of Economics and Finance, VMI

Sunday October 1, 2017 3:30pm - 4:20pm
Mockingbird 3

Attendees (1)