美国论文代写哈佛大学：商品市场是否有效？

最近Assignmentgo帮助一位来自美国的留学生完成了金融经济专业的literature review及指导服务： 

国家：美国 

专业/学科：金融经济 

服务类型：B 

文章类型：literature review 

文章字数：2500 

支付币种：美元 

最终成绩：85 

美国论文代写哈佛大学：商品市场是否高效?

根据Gilson＆Kraakman（2014）的定义，有效市场就是为有关方面提供一个能够预测未来业务和市场的框架。因此，市场效率是基于能够在近期或未来确定公司估值的能力。如果交易资产的市场价值显示有关资产的所有信息，则市场可以被定义为有效率。因此，市场通过准确无误的预测来实现其效率价值。霍德里克（Hodrick，2014）支持上述信息可能是有效的，更可能是因为弱效率市场是那些只能将期货市场预测到一定限度的市场。大多数这些用于未来预测的薄弱框架描述的信息只是与添加新信息的成本一样广泛，并且信息的范围受益。因此，这种定义的效率取决于交易者之间的仲裁，这往往会导致结果偏差。因此，市场的效率是决定市场增长和衰退的可预测性和模式的价值。

美国论文代写：Are commodity markets efficient? - A critical review of the literature

According to Gilson & Kraakman, (2014) the definition of efficient markets as those which provide a framework by which interested parties are able to make predictions concerning future of the business and the market. Market efficiency is therefore based on the ability to determine the valuation of a company in the near or further future. The market may be defined as efficient if the market value of a traded asset exhibits all information available concerning the asset. The market therefore achieves its efficiency value through predictions that are accurate and unbiased. Hodrick, (2014) supports that the above information may be valid, and more probably so due to the fact that weakly efficient markets are those which are only able to predict the futures market to a certain limit. Most of these weak frameworks for future predictions depict information only as wide as the cost of adding new information and benefit of the information’s extent. Efficiency in this type of definition therefore depends on the arbitration between traders which often results to biased outcomes (Hodrick, 2014). The efficiency of the market therefore is the value of its predictability and patterns which govern the growth and decline of the market.

美国论文代写哈佛大学：商品市场是否高效?

虽然对期货市场的效率进行了多次实证研究，但关于可能用于描述或确定市场效率的理论应用方面却没有太多的研究。大宗商品市场和其他市场的效率对于有关各方来说非常重要，因为学者和分析人士代表投资者和商业官员。院士们受益于市场人口统计学，因为他们提供了预测模型的实际应用，从而有机会进行评估和纠正。另一方面，投资者及其代表观察商品市场趋势及其结果，以做出准确的商业决策。 Kellard等人（1999）提出，来自不同领域的研究人员也对定义市场趋势的模型，模式和框架感兴趣。这些领域包括数学和统计学，物理学，心理学和其他科学。有效市场理论解释了各种市场中金融资产的可预测性，从而解释了市场参与者的推测股价。从Gilson＆Kraakman（2014）看，关注可用信息的市场效率及其对资产价值的影响不一定是金融市场效率的唯一方面。作者的解释是，基于有关市场价值的信息的效率只是信息性的。

美国论文代写：Are commodity markets efficient? - A critical review of the literature

While there are several empirical studies on the efficiency of the futures market, there is not much done concerning the theoretical applications that may be used to describe or determine efficiency of the market. Efficiency for commodity markets as well as other  markets is of high importance to various parties such those concerned due to academics and analysts working on behalf of investors and business officials (Leuthold, 1979). Academicians benefit from market demographics since they provide real life applications of their predictive models allowing a chance for evaluation and correction. On the other hand, investors and their representatives observe commodity market trends and their outcomes to make accurate business decisions. Kellard et al., (1999), advances that researchers from various fields are also interested in the models, patterns and frameworks that define the market trends. These fields include mathematics and statistics, physics, psychology and other sciences. The efficient markets theory explains the predictability of financial assets in various markets and thus the presumed stock prices for market players. From Gilson & Kraakman, (2014) the market efficiency which focuses on available information and its impact on the value of the asset is not necessarily the only aspect of efficiency in the financial market. The authors’ explanations are that the efficiency which is based on the information available concerning the value of the market is only informational.

美国论文代写哈佛大学：商品市场是否高效?

市场上的其他效率水平包括“运营”和“配置”市场效率。运营效率主要集中在市场微观结构上，而微观结构往往涉及到影响业务流程的因素。例如，在商品市场上，运营效率将根据公司完成交付的时间或者成功和失败交付的比例来确定。据说高效的商品市场是交易成本保持在最低水平的商品市场。基于帕累托效率框架，分配效率可以得到最好的表达。帕累托效率是指经济体对产品进行资本配置的能力，从而不再进行重新分配可能会增加国家产出。高度平衡的帕累托效率难以实现，因为如果不留下比其他经济体更糟糕的商品，增加一个配置几乎是不可能的。资本流动也可能受到商品供应和需求的影响。例如，在自然灾害发生后，由于需求增加而导致价格上涨的商品供应商有限。在进行预测时，投资者对预期或近期损失的成本进行预测，以确定导致价格膨胀的未来价格。

美国论文代写：Are commodity markets efficient? - A critical review of the literature

Other levels of efficiency in the market include the “operational” and the “allocative” market efficiency. The operational efficiency is mainly focused on the market microstructure which usually involves the factors that affect the business process (McKenzie & Holt, 2002). For instance, in the commodity markets, the operational efficiency will be determined based on the time taken for the company to complete a delivery or the proportion of successful and unsuccessful deliveries. Commodity markets which are said to be efficient are those in which the transaction costs are kept at their minimum (McKenzie & Holt, 2002).  Allocative efficiency may be best expressed based on the Pareto Efficiency framework. The Pareto efficiency is the perception in which the ability of the economy to make capital allocations for products such that no further reallocations may increase the national output. According toKristoufek & Vosvrda, (2014). the highly balanced Pareto efficiency is difficult to achieve since it is almost impossible to increase one allocation without leaving a certain commodity worse off than the rest of the economy. Capital flows may also be affected by the availability and demand for the commodity. For instance, after natural disasters there are limited commodity providers which foster a high price due to increased demand (Kristoufek & Vosvrda, 2014). When making predictions, the investors make predictions on the cost of anticipated or recent losses to determine future prices which causes inflation of price.