Cointegration Tests and Spatial Price Linkages in Regional Cattle Markets
用协整检验分析1980-1987年美国区域肉牛市场的价格关联，发现部分市场不协整，但1980年代后期协整性显著增强，与畜牧业结构变化相关，且市场距离、集中度、交易量和类型显著影响协整关系。
Abstract This analysis empirically evaluates spatial linkages in regional cattle markets using cointegration tests of regional price series. Several markets were not cointegrated over the 1980 through 1987 period. However, significant increases in cointegration of several regional livestock markets are observed through the 1980s. The increased cointegration parallels significant structural changes in the livestock industry. A formal analysis of market characteristics reveals that distances between markets, industry concentration ratios, market volumes, and market types have significant influences on cointegration relationships between markets.