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Author(s): |
Pengjun Dai, College of Economics& Management, Shenyang Agricultural University, Shenyang, China, 110866
Jibing Chen, College of Economics& Management, Shenyang Agricultural University, Shenyang, China, 110866;College of Business Administration, Shenyang University, Shenyang, China, 110041 |
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Abstract: |
In the process of the agricultural products futures price formation, information plays an important role. Information impacts the agricultural products futures price behavior, thus, affects the investor's welfare. This paper studies the way and path in which the market information affects the agricultural products futures prices. Information can be divided into public information and private information. There are different ways and path that the public and private information enter into the price of agricultural products futures. Public information impacts the price of agricultural products futures instantaneously and the private information impacts the price of agricultural products futures gradually. This process can be illustrated by Bayesian learning model. According to the J. Hasbrouck, the effect of the information on the prices component is permanent. This paper has studied our country agricultural product futures market information structure and characteristics, and put forward the suggestion about the method of the disclosure and supervision of the agricultural
product futures market information including strengthening market information released through the construction of the laws and regulations, attaching importance to the agricultural product futures market information research and improving ability of the market participants to understand the information.
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