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Efficiency tests in the Spanish futures markets

โœ Scribed by Lee, Chun I.; Mathur, Ike

Publisher
John Wiley and Sons
Year
1999
Tongue
English
Weight
477 KB
Volume
19
Category
Article
ISSN
0270-7314

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โœฆ Synopsis

The Spanish futures markets, the MEFF RENTA FIJA, and the MEFF RENTA VARIABLE, are among the fast-growing futures markets in the world. These markets are known for their cutting-edge technological innovations related to trading, providing information, clearing, and settlement. The growing importance of these markets for both foreign and domestic investors motivated the examination of their efficiency. Test results from serial correlations, unit root tests, and variance ratio tests overwhelmingly show that the random walk hypothesis cannot be rejected, indicating that the MEFF markets are efficient.

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