The Empirical Research on Price Efficiency in Chinas Bulk Steel Electronic Marketplace
Chinas bulk stock electronic marketplace has developed fast in recent years,especially in the steel industry which close to the national industry.The forward electronic trading mode is becoming riper with the volume of steel trading in electronic marketplace sharing more market.This study analyzes the dynamic relationship between the forward price of the variety hot rolled strip coil in SSEC and the spot price by performing cointegration test,causality test,and variance decomposition methods,etc.,evidences are found that a stable long-run equilibrium relationship exists and forward price in electronic marketplace plays a leading role.
forward price spot price cointegration test causality test variance decomposition
Qinglan Fan Gengzhong Feng Wei Jiang
School of Management Xian Jiaotong UniversityXian,P.R.China School of Systems & Enterprises Stevens Institute of Technology Hoboken,New Jersey,USA
国际会议
北京
英文
2008-10-12（万方平台首次上网日期，不代表论文的发表时间）