Showing papers on "Futures contract published in 1978"
TL;DR: In a special issue of the Journal of Financial Economics as discussed by the authors, the authors bring together a number of these scattered pieces of anomalous evidence regarding Market Efficiency and make a much stronger case for the necessity to carefully review both our acceptance of the efficient market theory and our methodological procedures.
Abstract: The efficient market hypothesis has been widely tested and, with few exceptions, found consistent with the data in a wide variety of markets: the New York and American Stock Exchanges, the Australian, English, and German stock markets, various commodity futures markets, the Over-the-Counter markets, the corporate and government bond markets, the option market, and the market for seats on the New York Stock Exchange. Yet, in a manner remarkably similar to that described by Thomas Kuhn in his book, The Structure of Scientific Revolutions, we seem to be entering a stage where widely scattered and as yet incohesive evidence is arising which seems to be inconsistent with the theory. As better data become available (e.g., daily stock price data) and as our econometric sophistication increases, we are beginning to find inconsistencies that our cruder data and techniques missed in the past. It is evidence which we will not be able to ignore. The purpose of this special issue of the Journal of Financial Economics is to bring together a number of these scattered pieces of anomalous evidence regarding Market Efficiency. As Ball (1978) points out in his survey article: taken individually many scattered pieces of evidence on the reaction of stock prices to earnings announcements which are inconsistent with the theory don't amount to much. Yet viewed as a whole, these pieces of evidence begin to stack up in a manner which make a much stronger case for the necessity to carefully review both our acceptance of the efficient market theory and our methodological procedures.
1,173 citations
TL;DR: In a special issue of the Journal of Financial Economics as mentioned in this paper, the authors bring together a number of these scattered pieces of anomalous evidence regarding Market Efficiency and make a much stronger case for the necessity to carefully review both our acceptance of the efficient market theory and our methodological procedures.
1,041 citations
438 citations
TL;DR: Lebeck, a leading advocate for the use and value of futures markets, outlines the scope of the futures trading industry and explains some of the reasons for its rapid growth.
334 citations
Book•
01 Jan 1978
TL;DR: The Eurodollar market and its linkages are discussed in this article, where Eurodollar Forwards, Swaps, Futures, and Options contracts are presented as well as Eurodollar Options Contract Specifications.
Abstract: 1. The Eurodollar Market and Its Linkages. Appendices: Are Eurodollars Money? Eurodollar Growth: A Closer Look. 2. Domestic Money Markets. 3. Eurocurrency Interest Rates. Appendix: Causes of Bias in the Forward Rate. 4. Eurodollar Forwards, Swaps, Futures, and Options. Appendix: Eurodollar Futures Contract Specifications. Eurodollar Options Contract Specifications. Put-Call Parity. 5. Euromarket Funding Practices. 6. Lending Techniques in the International Money Market. Appendix: Clauses in Typical Eurodollar Loan Agreements. 7. Public Policy and the International Money Market. 8. The International Money Market: Perspective and Prognosis. Index.
89 citations
Book•
01 Jan 1978
TL;DR: Henderson as discussed by the authors argues that GNP distorts the goal of human development worldwide and points out misleading assumptions and a redefinition of health, wealth and progress for humanity's long-term survival.
Abstract: Creating Alternative Futures has pioneered many debates on how to guide industrial societies on healthier paths toward more equitable, ecologically sustainable human development. Henderson explains how GNP distorts the goal of human development worldwide. She points out misleading assumptions and a redefinition of health, wealth, and progress for humanity's long-term survival. The book predicts the sweep of democratization and the new "third sector" of grassroots globalists.
63 citations
01 Jan 1978
TL;DR: The degree of monopoly or competition encountered by the buyer in supply markets varies considerably and there are also wide variations in the way price is determined, and the extent to which it is subject to fluctuation as discussed by the authors.
Abstract: The degree of monopoly or competition encountered by the buyer in supply markets varies considerably, and there are also wide variations in the way price is determined, and the extent to which it is subject to fluctuation. In this chapter we consider briefly the legal position as regards monopoly and restrictive practices; examine the elements of market structure and the relationship between structure and behaviour; and finally consider the commodity markets.
48 citations
44 citations
Book•
01 Jan 1978
37 citations
Journal Article•
TL;DR: In this paper, the authors examined 16 recent studies of global futures and examined their conclusions within a sociopolitical framework, and constructed three idealised worldviews (conservative, reformist, radical) from this framework; they are then married with a classification based upon the two parameters of high growth-low growth and equality-inequality.
Posted Content•
TL;DR: In this article, the yields on 3-month Treasury bills have been examined for clues as to market expectations of the future course of interest rates, and it has been shown that these yields do embody information about market expectations about future interest rates.
Abstract: ~t1JNCE the introduction of futures trading in 3-month Treasury bills in 1976, yields on these futures contracts have been examined for clues as to market expectations of the future course of interest rates. Although there are difficulties in isolating these expectations, the yields on futures contracts do embody information about market expectations of future interest rates.’ However, similar information is also embodied in the forward rates of interest that are implicit in the spot market yield curve.
Book•
01 Jan 1978
TL;DR: Alternative futures for world food in 1985 is presented, with a focus on Asia and the Middle East.
Abstract: Alternative futures for world food in 1985 , Alternative futures for world food in 1985 , مرکز فناوری اطلاعات و اطلاع رسانی کشاورزی
TL;DR: A detailed engineering-economic simulation model of residential energy use was used to evaluate the effects of nine different residential energy-use "futures" described in terms of annual and cumulative energy use from 1977 through 2000 by fuel, end use, and in aggregate.
Abstract: We used a detailed engineering-economic simulation model of residential energy use to evaluate the effects of nine different residential energy-use "futures." These "futures" are described in terms of annual and cumulative energy use from 1977 through 2000 by fuel, end use, and in aggregate. Outputs from the model also include economic information on the costs to households of fuels, equipment, and thermal improvements to new and existing structures. The major outputs from these nine cases are shown in Tables 1 and 2 and Figs. 6 and 7.
TL;DR: The authors empirically investigated currency futures traded on the International Monetary Market (IMM) of the Chicago Mercantile Exchange (CME) and found that currency future prices were consonant with the interest rate parity theorem.
Abstract: This paper empirically investigates three questions concerning currency futures traded on the International Monetary Market (IMM) of the Chicago Mercantile Exchange: 1) Are currency future prices consonant with the interest rate parity theorem? 2) Does a characteristic bias exist in the currency futures prices? 3) What has been the holding period return experience of currency futures since their inception on the IMM?
TL;DR: In this article, a test of the capital asset pricing model for spot commodity prices has been conducted and the results show that the model does not apply as well to spot commodity price as it does to security prices.
Abstract: The capital asset pricing model has most often been applied to securities markets Recent studies have used models of capital market equilibrium to examine also the pricing of commodity contracts Dusak [3] first applied the capital asset pricing model to commodity futures prices for corn, wheat, and soybeans More recently, Black [1] has derived expressions for the expected change in the price of futures contracts and expressions for the values of forward commodity contracts and commodity options To date, however, there has not been a test of the capital asset pricing model for spot commodity prices The spot price of a commodity is the price at which it can be bought or sold for immediate delivery There are some reasons why the capital asset pricing model may not apply as well to spot commodity prices as it does to security prices Because most commodities are produced only during certain seasons
TL;DR: In this paper, the author outlines an ethnographic and cultural approach developed during a study of Thailand's future-a study which necessitated different approaches from those commonly used in futures research in dealing with the developed world.
TL;DR: In this article, the authors use the second-generation Mesarovic-Pestel model to produce global scenarios and stress the importance of the closed-loop approach when considering global futures.
TL;DR: This article explored the relationship between futures research and judgement research and discussed the gains to policy analysis and formation-notably in the creative aspect of policy invention -from a linking of, and interaction between, the two areas.
Posted Content•
TL;DR: In this paper, the authors argue that it appears unwarranted to establish a Futures Research group independent of the Strategic Planning department for various reasons, including executives' belief that futurism is not "businesslike".