英文文献：Efficiency Of Forest Commodity Futures Markets-森林商品期货市场的效率
英文文献作者：He, Dequan,Holt, Matthew T.
英文文献摘要：
Market efficiency and unbiasedness tests are performed for the first time for three forest commodity futures markets: softwood lumber, oriented strand board (OSB), and northern bleached softwood kraft pulp (NBSK). The Johansen cointegration procedure is applied to test long-term market efficiency, while the standard error correction models (ECM) and ECM with GQARCH-in-mean process are also used to examine short-term market efficiency and unbiasedness. Results show that these markets are inefficient and biased in both the long-term and short-term. Results also indicate that no short-term time-varying risk premiums are found in these commodity futures markets.

首次对三种森林商品期货市场:软木材、定向刨花板(OSB)和北方漂白软木硫酸盐浆(NBSK)进行了市场效率和无偏性试验。采用Johansen协整过程检验长期市场效率，采用标准误差修正模型(ECM)和GQARCH-in-mean过程的标准误差修正模型(ECM)检验短期市场效率和无偏性。结果表明，这些市场在长期和短期都是低效的和有偏见的。结果还表明，在这些商品期货市场没有发现短期时变风险溢价。