search query: @author Kao, G. W. / total: 2
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| Author: | Ma, C. K. Kao, G. W. Frohlich, C. J. |
| Title: | Margin requirements and the behavior of silver futures prices. |
| Journal: | Journal of Business Finance and Accounting
1993 : JAN, VOL. 20:1, p. 41-60 |
| Index terms: | FUTURES MARKETS PRICING DEALER SPREADS |
| Language: | eng |
| Abstract: | This study examines the impact of margin requirements on the pricing process in the silver futures market. The evidence suggests that increases (decreases) in price levels and price volatility are associated with decreases (increases) in margin requirements. This is consistent with the 'restriction hypothesis' which suggests that margin changes will mainly affect the destabilizing speculator's activities. So it is stressed that compared with the wheat and corn markets, traders in the silver futures markets may be more likely classified as destabilizing speculators. |
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