Jan 19, 2013
Thanks for your note and curious mind. I no longer have free access to the pricey academic journals but googling "academic studies financial speculation" had this on top: http://www.voxeu.org/article/speculation-oil-markets-what-have-we-learned. There have been many studies of "speculators" in different markets with generally similar results. That is, definite benefits, sometimes temporary volatility costs. You may find some contradictory studies somewhere, but most serious pubs agree.