Market Efficiency in the Non-Genetically Modified Soybean Futures Market
-
Kentaka Aruga
The world's first non-genetically modified (non-GM) soybean futures market opened in May 2000 but no studies have tested whether this market transmits price information efficiently. This study investigates the market efficiency of the non-GM and conventional soybean futures markets and their information flow between the futures and spot prices. The Johansen cointegration test is used for this purpose. The results suggest that both the non-GM and conventional soybean futures markets are efficient, but the non-GM soybean futures market is relatively inefficient compared to the conventional soybean futures market. In both soybean futures markets long-run information flow was found from the spot market to the futures market and existence of such causality supports that these futures markets function efficiently.
©2012 Walter de Gruyter GmbH & Co. KG, Berlin/Boston
Artikel in diesem Heft
- Article
- Tax Incidence When Quality Matters: Evidence from the Beer Market
- Market Efficiency in the Non-Genetically Modified Soybean Futures Market
- Do Taxes Produce Better Wine?
- Economic Effects of Purity Standards in Biotech Labeling Laws
- Does the Prevalence of Contract Hog Production Influence the Price Received by Independent Hog Producers?
- Impact of Country-of-Origin Labeling on Bovine Meat Trade
- Geographical Indications and The Trade Related Intellectual Property Rights Agreement (TRIPS): A Case Study of Basmati Rice Exports
- Measuring Consumers' Attachment to Geographical Indications
- Willingness to Pay for Fair Trade Coffee: A Conjoint Analysis Experiment with Italian Consumers
- Pressure Group Competition and GMO Regulations in Sub-Saharan Africa - Insights from the Becker Model
- Price Transmission and Volatility in the Greek Broiler Sector: A Threshold Cointegration Analysis
- Livestock Mandatory Price Reporting: A Literature Review and Synthesis of Related Market Information Research
Artikel in diesem Heft
- Article
- Tax Incidence When Quality Matters: Evidence from the Beer Market
- Market Efficiency in the Non-Genetically Modified Soybean Futures Market
- Do Taxes Produce Better Wine?
- Economic Effects of Purity Standards in Biotech Labeling Laws
- Does the Prevalence of Contract Hog Production Influence the Price Received by Independent Hog Producers?
- Impact of Country-of-Origin Labeling on Bovine Meat Trade
- Geographical Indications and The Trade Related Intellectual Property Rights Agreement (TRIPS): A Case Study of Basmati Rice Exports
- Measuring Consumers' Attachment to Geographical Indications
- Willingness to Pay for Fair Trade Coffee: A Conjoint Analysis Experiment with Italian Consumers
- Pressure Group Competition and GMO Regulations in Sub-Saharan Africa - Insights from the Becker Model
- Price Transmission and Volatility in the Greek Broiler Sector: A Threshold Cointegration Analysis
- Livestock Mandatory Price Reporting: A Literature Review and Synthesis of Related Market Information Research
