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大小:600.65 KB
页数:58页
时间:2019-06-24
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1、PUTTINGONTHECRUSH...MARKETSTRUCTURE,INFORMATIONANDTHESOYBEANCOMPLEXDominicRechnerB.A.(Economics),SimonFraserUniversity1987THESISSUBMITTEDINPARTIALFULFILLMENTOFTHEREQUIREMENTSFORTHEDEGREEOFMASTEROFARTSintheDepartmentofEconomicsDominicRechner1989SIMONFRASERUNIVERSITYNovember1989Allrightsrese
2、rved.Thisworkmaynotbereproducedinwholeorinpart,byphotocopyorothermeans,withoutpermissionoftheauthor.APPROVALName:DominicRechnerDegree:M.A.(Economics)TitleofThesis:"PuttingontheCrush"...MarketStructure,InformationandtheSoybeanComplexExaminingCommittee:Chairman:S.Easton---flMI-elBowe2Assista
3、ntProfessorSeniorSupervisoroffreyPoitrassistantProfessor"-V-GdorgeBlazenko-AssistantProfessor.~indsay-~eyedithr'Associateprofessofi'BusinessAdministrationExternalExaminerDateApproved:PARTIALCOPYRIGHTLICENSEIherebygranttoSimonFraserUniversitytherighttolendmythesis,projectorextendedessay(the
4、titleofwhichisshownbelow)tousersoftheSimonFraserUniversityLibrary,andtomakepartialorsinglecopiesonlyforsuchusersorinresponsetoarequestfromthelibraryofanyotheruniversity,orothereducationalinstitution,onitsownbehalforforoneofitsusers.Ifurtheragreethatpermissionformultiplecopyingofthisworkfor
5、scholarlypurposesmaybegrantedbymeortheDeanofGraduateStudies.Itisunderstoodthatcopyingorpublicationofthisworkforfinancialgainshallnotbeallowedwithoutmywrittenpermission.TitleofThesis/Project/ExtendedEssay"Puttingonthecrush"...MarketStructure,InformationandtheSoybeanComplex.(signature)Domini
6、cRechner(name)6December1989(date)ABSTRACTThisstudyexploresefficiencyinaspeculativecompetitivemarket.Fromadiscussionofthetheoreticalaspectsoftheefficientmarkethypothesisandthestructureoffuturesmarkets,"disequilibrium"pricingisrationalizedonthebasisofmarketimperfectionsintheinformationalaspe
7、ctofmarkets.SpreadstrategiesareusedtotestfordependencyandweakformefficiencyontheChicagoBoardofTrade.Theyareappliedtodailyfuturespricesforthecommoditiesofthesoybeancomplex.Theresultsarefreeofsamplingbiasandreasonabletrading,costsareconsidered.Theempiricalresul
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