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How Efficient Is The Rough Rice Futures Market?

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  • Hoffman, Linwood A.

Abstract

Efficiency of the rough rice futures market is analyzed relative to the Arkansas cash market. Market activity is examined and various efficiency tests are performed. Inefficiencies were found in beginning or low volume contracts, but some market efficiency criteria improved with time and greater contract volume.

Suggested Citation

  • Hoffman, Linwood A., 1990. "How Efficient Is The Rough Rice Futures Market?," 1990 Annual meeting, August 5-8, Vancouver, Canada 270860, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    • Handle: RePEc:ags:aaea90:270860
    DOI: 10.22004/ag.econ.270860
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    References listed on IDEAS

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    1. Fama, Eugene F, 1970. "Efficient Capital Markets: A Review of Theory and Empirical Work," Journal of Finance, American Finance Association, vol. 25(2), pages 383-417, May.
    2. Gordon, J. Douglas & Wang, George H. K., 1988. "Problems with an Econometric Test of Forecast Accuracy," 1988 Annual Meeting, August 1-3, Knoxville, Tennessee 270294, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    3. Emmett Elam & Bruce L. Dixon, 1988. "Examining the validity of a test of futures market efficiency," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 8(3), pages 365-372, June.
    4. Gordon, Douglas, 1984. "Performance of Thin Futures Markets: Rice and Sunflower Seed Futures," Journal of Agricultural Economics Research, United States Department of Agriculture, Economic Research Service, vol. 36(4), pages 1-16.
    5. Larry Martin & Philip Garcia, 1981. "The Price-Forecasting Performance of Futures Markets for Live Cattle and Hogs: A Disaggregated Analysis," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 63(2), pages 209-215.
    6. William G. Tomek & Roger W. Gray, 1970. "Temporal Relationships Among Prices on Commodity Futures Markets: Their Allocative and Stabilizing Roles," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 52(3), pages 372-380.
    7. Tetteh A. Kofi, 1973. "A Framework for Comparing the Efficiency of Futures Markets," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 55(4_Part_1), pages 584-594.
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