Forward and Futures Prices: Evidence from the Foreign Exchange Markets
利用外汇市场数据，检验期货价格与隐含远期价格之间的差异，以区分税收、交易成本和期货结算程序等不同解释。
Empirical studies of the Treasury Bill markets have revealed substantial differences between the futures price and the implied forward price. These differences have been attributed to taxes, transaction costs, and the settling up procedure employed in the futures market. This paper examines the forward and futures prices in foreign exchange in an attempt to distinguish between the competing explanations.