2021
DOI: 10.1002/fut.22204
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Efficiency in the Atlantic salmon futures market

Abstract: In this study, we examine the efficiency and unbiasedness of Atlantic salmon futures prices. Market participants use the Fish Pool futures market to hedge the increasingly volatile salmon spot price. We further examine the futures market's predictive accuracy, comparing it to a variety of proprietary prediction models. Our results show that futures prices are efficient and unbiased in the long‐run, while being biased and inefficient in the short‐run. Moreover, we find that futures prices provide an adequate pr… Show more

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Cited by 4 publications
(1 citation statement)
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References 35 publications
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“…The process of price discovery between futures and spot markets is dynamic [8] , [9] . During this process, fluctuations in spot market prices and supply-demand relationships can directly or indirectly impact the futures market [10] , [11] . Conversely, price fluctuations in the futures market and participants' trading behaviors can also influence the spot market.…”
Section: Introductionmentioning
confidence: 99%
“…The process of price discovery between futures and spot markets is dynamic [8] , [9] . During this process, fluctuations in spot market prices and supply-demand relationships can directly or indirectly impact the futures market [10] , [11] . Conversely, price fluctuations in the futures market and participants' trading behaviors can also influence the spot market.…”
Section: Introductionmentioning
confidence: 99%