Anomalies: Foreign Exchange
从远期贴水偏差检验的视角，讨论外汇市场的效率问题，该检验强烈拒绝原假设，并提及多种替代解释的实证研究。
In what follows, we discuss the efficiency of foreign exchange markets. To manage what would otherwise be an enormous task, the question of efficiency is viewed below from the perspective of a single type of test: the test for what is called the forward discount bias. This test is easy to understand, and since it strongly rejects the null hypothesis, statistical power is not an issue. Naturally, in discussing this particular test we mention a variety of other empirical work designed to shed light on alternative explanations of the results.