The Response of Futures Prices to New Market Information: The Case of Live Hogs

Steve Miller

Journal of Agricultural and Applied Economics, 1979, vol. 11, issue 1, 67-70

Abstract: Writing about empirical tests of stock market efficiency, Fama et al. [2, p. 1] noted that “… the usual procedure has been to infer market efficiency from the observed independence of successive price changes. There has been very little actual testing of the speed of adjustment of prices to specific kinds of new information.”

Date: 1979
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