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SUMMARY:Efficiency of the Dojima rice futures market in Tokugawa-period Ja
 pan - Professor Shigeru Wakita\, Graduate School of Social Sciences\, Toky
 o Metropolitan University
DTSTART:20100621T160000Z
DTEND:20100621T180000Z
UID:TALK24040@talks.cam.ac.uk
CONTACT:D'Maris Coffman
DESCRIPTION:Cointegration analysis is applied to historical data (1760-186
 4) from the world's first well-established futures market\, in rice at Doj
 ima (in Osaka\, Japan). The market shows a strong seasonal character. The 
 summer market was strongly characterized by producers' hedging behavior\, 
 and may be called a "commodity-oriented futures market." On the other hand
 \, the spring and autumn markets in the middle of Tokugawa era were "finan
 cial" markets\, characterized by the unbiasedness hypothesis from the theo
 ry of rational expectations. \n\nThere will be drinks reception and a seat
 ed dinner afterwards. Interested parties should contact ddc22.
LOCATION:Lucia Windsor Room\, Newnham College
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