Surveying the informational efficiency of corn in exchange market

One of the issues in the field of economy in recent decades has been rapidly expanding was economy information. In today's world of information and trading, market efficiency is the core. Efficient market is one where the market price is an unbiased estimate of the true value of the investment and Implicit in this derivation are several key concepts Market efficiency does not require that the market price be equal to true value at every point in time. All it requires is that errors in the market price be unbiased, i.e., that prices can be greater than or less than true value, as long as these deviations are random. In this paper market efficiency of corn futures market in the presence of cointegration relationship between time series, under the assumption of risk neutrality market participants, and the error correction model and the assumption of risk by using ARCH-M models and GARCH-M is evaluated are assessed. The results suggest that a potential future market for corn on weekly and monthly prices is inefficiency.

Market efficiency- Corn- GARCH M-Iran