The empirical research on price efficiency in China´s bulk steel electronic marketplace

Author

Fan, Qinglan ; Feng, Gengzhong ; Jiang, Wei

Author_Institution

Sch. of Manage., Xian Jiaotong Univ., Xian

Volume

1

fYear

2008

fDate

12-15 Oct. 2008

Firstpage

689

Lastpage

694

Abstract

China´s bulk stock electronic marketplace has developed fast in recent years, especially in the steel industry which close to the national industry. The forward electronic trading mode is becoming riper with the volume of steel trading in electronic marketplace sharing more market. This study analyzes the dynamic relationship between the forward price of the variety hot rolled strip coil in SSEC and the spot price by performing cointegration test, causality test, and variance decomposition methods, etc., evidences are found that a stable long-run equilibrium relationship exists and forward price in electronic marketplace plays a leading role.

Keywords

causality; electronic trading; pricing; steel industry; stock markets; bulk stock electronic marketplace; causality test; cointegration test; electronic trading; national industry; price efficiency; steel industry; steel trading; variance decomposition methods; Analysis of variance; Consumer electronics; Electronic equipment testing; Electronics industry; Forward contracts; Industrial electronics; Industrial relations; Metals industry; Performance analysis; Steel; causality test; cointegration test; forward price; spot price; variance decomposition;

fLanguage

English

Publisher

ieee

Conference_Titel

Service Operations and Logistics, and Informatics, 2008. IEEE/SOLI 2008. IEEE International Conference on

Conference_Location

Beijing

Print_ISBN

978-1-4244-2012-4

Electronic_ISBN

978-1-4244-2013-1

Type

conf

DOI

10.1109/SOLI.2008.4686486

Filename

4686486