Price discovery dynamics in European agricultural markets
研究了欧洲农产品期货合约在价格动荡和交易活跃时期对价格发现的影响，发现2007-2009年价格飙升期间期货市场影响大，但2010-2013年期间影响反而降低，表明更多期货交易并未提升对现货价格的影响。
This article examines the influence of European agricultural futures contracts on price discovery during periods of price turmoil and rising trading activity. We use a hand‐collected data set of spot and futures prices for canola, wheat, and corn and show that the impact of the futures markets was high during the first period of price spikes (2007 to 2009) but lower during the second one (2010 to 2013). These results are noteworthy as more trading activity in futures markets did not lead to a higher influence on spot prices.