An Empirical Analysis of the Efficiency
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Shigeyuki Hamori; Naoko Hamori; David A. Anderson
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Article
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2001
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John Wiley and Sons
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English
β 165 KB
## Abstract The Dojima Rice Market in Osaka was the first futures market in the world, and an influential role model for modern futures markets. This study examines the efficiency of the original futures market by applying timeβseries analysis to data on futures prices from Japan's Tokugawa era (16