TESTING FOR WEAK FORM EFFICIENCY IN NEW AGRICULTURAL FUTURES MARKETS: SOME UK EVIDENCE
研究了英国大豆粕、马铃薯和猪肉期货市场在早期发展阶段是否弱式无效，以及是否随时间调整趋向效率，发现存在一定弱式无效但无明确调整过程。
This paper examines the hypothesis that new agricultural futures markets are weak form inefficient in their early stages of development and that they exhibit a process of adjustment towards efficiency over time. The concept of pricing efficiency in futures markets is outlined and the hypothesis is tested with respect to the UK soyabean meal, potato and pigmeat futures markets, using serial correlation, runs and spectral analysis. The results indicate that over the time period of the contract samples these markets exhibit some weak form inefficiency; however there is no clear evidence of an adjustment process.