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Contract design, transaction cost and market speculation-an demonstration study of Chinese futures market

机译:合约设计,交易成本和市场投机-中国期货市场的实证研究

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摘要

Market speculation is an important standard to evaluate the market efficiency. Comparing the contract design and the transaction cost of corn futures traded on the Da Lian futures market with the wheat futures traded on the Zheng Zhou futures market, both of which have the similar commodity attribute and transaction mechanism, this paper analyzes the inner reasons why the speculation in the corn futures market is stronger than that in the wheat futures market and make the following basic conclusion: First, the transaction cost is the important inner affect to determine the market speculation. Second, the contract design plays an important role in the scale of transaction cost.
机译:市场投机是评估市场效率的重要标准。比较在大连期货市场上交易的玉米期货和在郑州期货市场上交易的小麦期货的合约设计和交易成本,这两种期货具有相似的商品属性和交易机制,本文分析了导致这种交易的内在原因。玉米期货市场的投机活动要比小麦期货市场的投机活动强,并得出以下基本结论:首先,交易成本是确定市场投机活动的重要内在影响。其次,合同设计在交易成本的规模中起着重要的作用。

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