“…Bhardwaj et al (2008) Chen, Neill, and Zhu (2005) report that the key foundation for futures returns, as posited by some practitioners and academics, is the risk transfer function of the futures market itself (Kritzman, 1993;Lightner, 2003;Spurgin, 2003). Some commercial market participants such as hedgers are willing to pay the equivalent of an insurance premium to non-commercial participants (i.e., investors) for assuming risk.…”