The Information Content of Commodity Futures Markets

The authors thank the editor, two anonymous referees, Bastien Buchwalter, Hank Bessembinder, Laurent Calvet, Frans de Roon, Kewei Hou, Mehdi Khorram, Jianan Liu, Christoph Meinerding, Craig Pirrong, Marcel Prokopczuk, Michel Robe, Frauke Skudelny, and Mathijs van Dijk as well as conference and seminar participants at the American Finance Association 2020 Meeting, Society for Financial Studies (SFS) Cavalcade Asia-Pacific 2019 Meeting, 27th Finance Forum, the Commodity & Energy Markets Association 2019 Meeting, the European Economic Association 2019 Meeting, the Financial Management Association 2019 Meeting, the 6th Sustainable Architecture for Finance in Europe (SAFE) Asset Pricing Workshop at Goethe University Frankfurt and Deutsche Bundesbank, the Third Commodity Markets Winter Workshop, and Erasmus University for helpful comments. The usual disclaimer applies.