Steve Ohana is an associate professor of finance at ESCP Europe. He graduated from Ecole Polytechnique in 2000, then obtained a Master Degree in Finance at Paris VI. His Ph.D. in Finance at University Paris-Dauphine was done in partnership with Gaz de France and dealt with energy price modelling and dynamic commodity portfolio optimization. His current research focuses on the impact of speculation and the anticipation of extreme price moves in commodity markets. He published two reports for the French Ministry of Agriculture on these subjects.
Does the impact of exchange-traded funds flows on commodities prices involve stockpiling as a signature? An empirical investigation
This paper examines the relation between the flows into the three main commodity index exchange-traded funds (ETFs) and the prices, inventory and term structure of four energy and twelve US-traded agricultural contracts.