Empirical essays about the coffee future market efficiency / Ensaios EmpÃricos sobre a eficiÃncia do Mercado Futuro do CafÃ

AUTOR(ES)

Wanderci Alves Bitencourt

DATA DE PUBLICAÇÃO

2007

RESUMO

The efficiency of the coffee market has important implications in the Brazilian case, because Brazil is a great consuming and trade of this product. The motivation for this paper is that the commercialization of primary commodities generates great preoccupations with vulnerability of its prices in the international market. Thus, the present study analyze the hypothesis of market efficiency for coffee contract, by means of various tests available in literature, whose objective would be to identify of the best possible form the efficiency or not of this market and its possible justifications. The results had been different between some of the used tests, but it is possible to conclude that the returns show contrary characteristics to the weak form of efficiency. However, futures prices become anbiased predictors of future spot prices.

ASSUNTO(S)

administracao financeira

Documentos Relacionados

• Ensaios empÃricos sobre compensaÃÃo executiva e dinÃmica das greves no Brasil
• AnÃlise de EficiÃncia para o Mercado de Fundos de Investimentos em AÃÃes no Brasil
• Os Pilares da qualidade: o processo de implementaÃÃo do Programa de Qualidade do Cafà (PQC) no mercado de cafà torrado e moÃdo do Brasil.
• A volatilidade nos preÃos do cafà futuro brasileiro e seus principais elementos causadores.
• A HipÃtese de EficiÃncia de Mercado e as FinanÃas comportamentais: evidÃncias empÃricas no mercado acionÃrio brasileiro e uma proposta teÃrica integrativa