[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-0-en-105":3,"doc-detail-394388-en":59,"doc-seo-394388-105":82},{"code":4,"msg":5,"data":6},0,"success",[7,13,18,23,28,33,38,43,48,51,55],{"id":8,"doc_module":4,"doc_module_name":9,"category_name":10,"show_sort_weight":11,"slug":12},1,"Document","Story & Novel",90,"story-novel",{"id":14,"doc_module":4,"doc_module_name":9,"category_name":15,"show_sort_weight":16,"slug":17},2,"Literature",80,"literature",{"id":19,"doc_module":4,"doc_module_name":9,"category_name":20,"show_sort_weight":21,"slug":22},4,"Exam",70,"exam",{"id":24,"doc_module":4,"doc_module_name":9,"category_name":25,"show_sort_weight":26,"slug":27},5,"Comic",60,"comic",{"id":29,"doc_module":4,"doc_module_name":9,"category_name":30,"show_sort_weight":31,"slug":32},6,"Technology",50,"technology",{"id":34,"doc_module":4,"doc_module_name":9,"category_name":35,"show_sort_weight":36,"slug":37},7,"Healthcare",40,"healthcare",{"id":39,"doc_module":4,"doc_module_name":9,"category_name":40,"show_sort_weight":41,"slug":42},8,"Research & Report",30,"research-report",{"id":44,"doc_module":4,"doc_module_name":9,"category_name":45,"show_sort_weight":46,"slug":47},9,"Religion & Spirituality",20,"religion-spirituality",{"id":46,"doc_module":4,"doc_module_name":9,"category_name":49,"show_sort_weight":46,"slug":50},"World Cup","world-cup",{"id":52,"doc_module":4,"doc_module_name":9,"category_name":53,"show_sort_weight":52,"slug":54},10,"Lifestyle","lifestyle",{"id":56,"doc_module":4,"doc_module_name":9,"category_name":57,"show_sort_weight":24,"slug":58},19,"General","general",{"code":4,"msg":5,"data":60},{"doc_id":61,"user_id":62,"nickname":63,"user_avatar":64,"doc_module":4,"category_id":39,"category_name":40,"doc_title":65,"doc_description":66,"doc_content":67,"file_id":68,"file_url":69,"file_type":70,"file_size":71,"view_count":72,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":73,"language":74,"language_code":75,"site_id":76,"html_lang":75,"table_of_contents":77,"faqs":78,"seo_title":79,"seo_description":66,"update_tm":80,"read_time":81},394388,962084928432,"Maya Linwood","https://ap-avatar.wpscdn.com/davatar_155a257f0dc6eb9ab79c44ca47cae57d","Commodities in Asset Management - No. 81 - paper","Commodity investment has gained importance in recent years, and the paper outlines the key characteristics of financially relevant commodities. It argues that passive index investment is often most suitable and therefore analyzes the GSCI and its underlying futures. The study evaluates how risk–return relationships change when commodities are added to equity and bond portfolios, showing effects vary by holding period. Commodities were useful during high inflation and strong equity markets, yet overall performance from 1976–2006 was not convincing, driven more by roll and collateral return than spot returns.","Frankfurt School – Working Paper Series  \nNo. 81  \nCommodities in Asset Management  \nby Nadeshda Demidova-Menzel, Thomas Heidorn  \nAugust 2007  \nSonnemannstr. 9– 11 60314 Frankfurt an Main, Germany Phone: +49 (0) 69 154 008 0 Fax: +49 (0) 69 154 008 728 [Internet:](Internet: www.frankfurt-school.de)[ www.frankfurt-school.de](Internet: www.frankfurt-school.de)  \nAbstract  \nThe investment in commodities is starting to be more important during the last years. The paper describes the characteristics of financially important commodities. In many cases a passive investment in an index is most suitable. As the GSCI is found to be the most important, its underlying futures are analyzed. The change of risk-return relationships in equity and bond portfolios including commodities is discussed. The paper shows that the effects differ substantially during different holding periods. Especially during times of high inflation and strong equity markets, commodities were a sensible addition. Still, the total performance from 1976 to 2006 was not convincing. This paper reveals that the performance does not mainly depend on the spot return but more on roll and collateral return.  \nKey words: commodities, investable commodities, commodity future, commodity index, GSCI, portfolio optimization with commodities, spot return, roll return, collateral return  \nJEL classification: G11, G15, G24 .  \nISSN: 14369753  \nContact:  \nNadeshda Demidova-Menzelequinet AG (ESN) Gräfstr. 97  \nD 60487 Frankfurt am Main  \nNadeshda.Demidova@equinet-ag.de  \nProf. Dr. Thomas Heidorn  \nFrankfurt School of Finance & Management / HfB Sonnemannstr. 9 – 11  \nD 60314 Frankfurt am Main [t.heidorn@frankfurt-school.de](t.heidorn@frankfurt-school.de)  \n.  \nFrankfurt School of Finance & Management Working Paper No. 81  \n2  \nContent  \n1 Introduction............................................................................................................................ 4  \n2 Investments in Commodities ................................................................................................. 5  \n2.1 Commodity Definition................................................................................................ 5  \n2.2 Energy......................................................................................................................... 5  \n2.3 Precious Metals........................................................................................................... 7  \n2.4 Industrial Metals ......................................................................................................... 8  \n2.5 Agriculture.................................................................................................................. 9  \n2.6 Livestock .................................................................................................................. 10  \n2.7 Other Commodities................................................................................................... 10  \n3 Commodities as an Asset Class ........................................................................................... 11  \n3.1 Benefits of Commodity Investments ........................................................................ 13  \n3.2 Commodity-Related Investments ............................................................................. 14  \n3.2.1 Direct Investments in Physical Commodities................................................... 14  \n3.2.2 Direct Investments in Commodity-Related Companies ................................... 14  \n3.2.3 Investment in commodity futures ..................................................................... 17  \n4 Investments in Commodity Futures Indices ........................................................................ 18  \n4.1 Comparative Analysis and Choice of Future-Based Index ...................................... 18  \n4.2 Backwardation and Contango.....................................................................","cbCaibXd3wmgOW21","https://ap.wps.com/l/cbCaibXd3wmgOW21","pdf",770371,3,66,"English","en",105,"# 1 Introduction\n# 2 Investments in Commodities\n## 2.1 Commodity Definition\n## 2.2 Energy\n## 2.3 Precious Metals\n## 2.4 Industrial Metals\n## 2.5 Agriculture\n## 2.6 Livestock\n## 2.7 Other Commodities\n# 3 Commodities as an Asset Class\n## 3.1 Benefits of Commodity Investments\n## 3.2 Commodity-Related Investments\n# 4 Investments in Commodity Futures Indices\n## 4.1 Comparative Analysis and Choice of Future-Based Index\n## 4.2 Backwardation and Contango\n## 4.3 Return Sources of Commodity Futures-Based Indices\n# 5 Portfolio Selection Model in Consideration of Commodity-Related Investments\n## 5.1 Idea and Assumptions of Markowitz’s Portfolio Selection Model\n## 5.2 Other Asset Classes and Proxies Used for Modelling\n## 5.3 Empirical Results Risk and Return\n## 5.4 Empirical Correlation Results\n## 5.5 Added Value in µ-σ-Framework: Efficient Line and Efficient Portfolios\n## 5.6 Criticism of Standard Deviation as Risk Measure\n# 6 Summary and Outlook","[{\"question\":\"Why has commodity investment become more important in recent years?\",\"answer\":\"The paper states that investment in commodities has become more important during the last years, motivating an analysis of financially important commodity characteristics.\"},{\"question\":\"What index and underlying instruments does the paper focus on?\",\"answer\":\"It identifies the GSCI as the most important and analyzes its underlying futures to study commodity index investments.\"},{\"question\":\"How do commodities affect risk–return relationships in portfolios?\",\"answer\":\"The paper discusses changing risk–return relationships when commodities are included in equity and bond portfolios, noting that the effects differ substantially across holding periods.\"}]","Commodities in Asset Management - 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