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          Volume 11, Number 02, December 1986 >

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Authors: Shonkwiler, John Scott
Issue Date: 1986-12
Abstract: A measure for evaluating whether live hog and cattle futures prices represent rational forecasts is presented. It is assumed that the mechanisms which generate rational price forecasts possess the same stochastic properties as the cash prices with which they are associated. Using empirical data, tests are constructed which suggest that for contracts more than two months from maturity the rationality hypothesis is generally rejected. These findings are related to other studies of futures performance and the livestock markets.
Institution/Association: Western Journal of Agricultural Economics>Volume 11, Number 02, December 1986
Total Pages: 6
Language: English
From Page: 123
To Page: 128
Collections:Volume 11, Number 02, December 1986

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