Pricing Efficiency in the Mortgage Market
研究了抵押贷款市场的定价效率，基于343家机构71周的数据发现多种抵押贷款合同定价有效，对金融从业者和研究者判断市场效率有参考价值。
Traditionally, the presence of serial correlation has been presumed to indicate an inefficient market for financial assets. As Latham [15] discusses, while the absence of serial correlation implies market efficiency, its mere presence does not imply inefficiency. Rather, market efficiency is a characteristic of security pricing. This study investigates pricing efficiency in the mortgage market. Using mortgage loan quotations for 343 institutions over a 71‐week period, the empirical findings show that a wide variety of mortgage contracts are efficiently priced.