| 초록 |
This study primarily aims to determine the cross-hedging potential of CBOT rough rice futures for California medium grain rice. Rigorous statistical tests indicate that there exists neither long-run equilibrium relationship nor correlation between California medium grain rice and CBOT rough rice futures. Therefore, CBOT rough rice futures can not be effectively used as a cross-hedging vehicle for California medium grain rice. The results of this study generally support the idea that the new futures market for medium grain rice is needed for Northeast Asian countries.
|
