Ict Equipment Investment and Growth in Low- And Lower-Middle-Income Countries Markus Haacker

ISBN: 9781282845596

Published: August 31st 2004

ebook

50 pages


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Ict Equipment Investment and Growth in Low- And Lower-Middle-Income Countries  by  Markus Haacker

Ict Equipment Investment and Growth in Low- And Lower-Middle-Income Countries by Markus Haacker
August 31st 2004 | ebook | PDF, EPUB, FB2, DjVu, talking book, mp3, ZIP | 50 pages | ISBN: 9781282845596 | 3.42 Mb

Commodities are back following a stellar run of price performance, attracting financial investor attention. What are the fundamental reasons to hold commodities? One reason is the exposure offered to underlying risk factors. In this paper, I assessMoreCommodities are back following a stellar run of price performance, attracting financial investor attention. What are the fundamental reasons to hold commodities? One reason is the exposure offered to underlying risk factors.

In this paper, I assess the macro risk exposure offered by commodity futures and test whether these risks are priced, using Mertons (1973) intertemporal capital asset pricing model for a sample of commodity prices covering the period January 1973 - February 2008.

I find that commodity futures offer a hedge against lower interest rates and that investors are willing to accept lower expected returns for this position. Although some commodities are also a hedge against U.S. dollar depreciation, this risk is not priced.



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