{"id":"https://openalex.org/W1995403526","doi":"https://doi.org/10.1111/j.1540-6288.1996.tb00886.x","title":"Further Evidence on Foreign Exchange Market Efficiency: An Application of Cointegration Tests","display_name":"Further Evidence on Foreign Exchange Market Efficiency: An Application of Cointegration Tests","publication_year":1996,"publication_date":"1996-08-01","ids":{"openalex":"https://openalex.org/W1995403526","doi":"https://doi.org/10.1111/j.1540-6288.1996.tb00886.x","mag":"1995403526"},"language":"en","primary_location":{"id":"doi:10.1111/j.1540-6288.1996.tb00886.x","doi":"https://doi.org/10.1111/j.1540-6288.1996.tb00886.x","is_oa":false,"landing_page_url":"https://doi.org/10.1111/j.1540-6288.1996.tb00886.x","pdf_url":null,"source":{"id":"https://openalex.org/S9351053","display_name":"Financial Review","issn_l":"0732-8516","issn":["0732-8516","1540-6288"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-scientific","cwts-core","fnege-3","jufo-1","norway-1","poland-70","russia-white-list-2"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Financial Review","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5033675582","display_name":"John Phillip Lajaunie","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I47209331","display_name":"Nicholls State University","ror":"https://ror.org/04pq5x672","country_code":"US","type":"education","lineage":["https://openalex.org/I2799628689","https://openalex.org/I47209331"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"John P. Lajaunie","raw_affiliation_strings":["Nicholls State University, Thibodaux, Louisiana 70310"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Nicholls State University, Thibodaux, Louisiana 70310","institution_ids":["https://openalex.org/I47209331"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5041400732","display_name":"Bruce L. McManis","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I47209331","display_name":"Nicholls State University","ror":"https://ror.org/04pq5x672","country_code":"US","type":"education","lineage":["https://openalex.org/I2799628689","https://openalex.org/I47209331"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Bruce L. McManis","raw_affiliation_strings":["Nicholls State University, Thibodaux, Louisiana 70310"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Nicholls State University, Thibodaux, Louisiana 70310","institution_ids":["https://openalex.org/I47209331"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5038747996","display_name":"Atsuyuki Naka","orcid":"https://orcid.org/0000-0003-3764-5729","observed_orcids":["https://orcid.org/0000-0003-3764-5729"]},"institutions":[{"id":"https://openalex.org/I192396691","display_name":"LSU New Orleans","ror":"https://ror.org/034mtvk83","country_code":"US","type":"education","lineage":["https://openalex.org/I192396691"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Atsuyuki Naka","raw_affiliation_strings":["University of New Orleans","Univ of New Orleans"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of New Orleans","institution_ids":["https://openalex.org/I192396691"]},{"raw_affiliation_string":"Univ of New Orleans","institution_ids":["https://openalex.org/I192396691"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":{"value":2900,"currency":"USD","value_usd":2900},"apc_paid":null,"fwci":2.3828,"has_fulltext":false,"cited_by_count":21,"citation_normalized_percentile":{"value":0.89961081,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":89,"max":96},"biblio":{"volume":"31","issue":"3","first_page":"553","last_page":"564"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9872999787330627,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9872999787330627,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.006099999882280827,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10282","display_name":"Financial Risk and Volatility Modeling","score":0.005100000184029341,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/foreign-exchange-market-efficiency","display_name":"foreign exchange market efficiency","score":0.9950000047683716},{"id":"https://openalex.org/keywords/cointegration","display_name":"cointegration","score":0.9399999976158142},{"id":"https://openalex.org/keywords/johansen-test","display_name":"Johansen test","score":0.7630000114440918},{"id":"https://openalex.org/keywords/long-run-relationship","display_name":"long-run relationship","score":0.5569999814033508},{"id":"https://openalex.org/keywords/exchange-rates","display_name":"exchange rates","score":0.4569999873638153}],"concepts":[{"id":"https://openalex.org/C145162277","wikidata":"https://www.wikidata.org/wiki/Q1751675","display_name":"Cointegration","level":2,"score":0.9580474495887756},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.725624680519104},{"id":"https://openalex.org/C2776436953","wikidata":"https://www.wikidata.org/wiki/Q5163215","display_name":"Consistency (knowledge bases)","level":2,"score":0.7132213711738586},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.6489694714546204},{"id":"https://openalex.org/C2983132609","wikidata":"https://www.wikidata.org/wiki/Q66076","display_name":"Foreign exchange","level":2,"score":0.616752564907074},{"id":"https://openalex.org/C536366893","wikidata":"https://www.wikidata.org/wiki/Q66076","display_name":"Foreign exchange market","level":3,"score":0.6028130650520325},{"id":"https://openalex.org/C2985330422","wikidata":"https://www.wikidata.org/wiki/Q724931","display_name":"Market efficiency","level":2,"score":0.5068293213844299},{"id":"https://openalex.org/C177264268","wikidata":"https://www.wikidata.org/wiki/Q1514741","display_name":"Set (abstract data type)","level":2,"score":0.5008859634399414},{"id":"https://openalex.org/C124953554","wikidata":"https://www.wikidata.org/wiki/Q6217229","display_name":"Johansen test","level":4,"score":0.4424419403076172},{"id":"https://openalex.org/C2777267654","wikidata":"https://www.wikidata.org/wiki/Q3519023","display_name":"Test (biology)","level":2,"score":0.41097211837768555},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.28594136238098145},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.25946852564811707},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.23635458946228027},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.1869514286518097},{"id":"https://openalex.org/C134024062","wikidata":"https://www.wikidata.org/wiki/Q1401229","display_name":"Error correction model","level":3,"score":0.17383715510368347},{"id":"https://openalex.org/C127313418","wikidata":"https://www.wikidata.org/wiki/Q1069","display_name":"Geology","level":0,"score":0.05598321557044983},{"id":"https://openalex.org/C151730666","wikidata":"https://www.wikidata.org/wiki/Q7205","display_name":"Paleontology","level":1,"score":0.0},{"id":"https://openalex.org/C199360897","wikidata":"https://www.wikidata.org/wiki/Q9143","display_name":"Programming language","level":1,"score":0.0},{"id":"https://openalex.org/C2524010","wikidata":"https://www.wikidata.org/wiki/Q8087","display_name":"Geometry","level":1,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1111/j.1540-6288.1996.tb00886.x","doi":"https://doi.org/10.1111/j.1540-6288.1996.tb00886.x","is_oa":false,"landing_page_url":"https://doi.org/10.1111/j.1540-6288.1996.tb00886.x","pdf_url":null,"source":{"id":"https://openalex.org/S9351053","display_name":"Financial Review","issn_l":"0732-8516","issn":["0732-8516","1540-6288"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-scientific","cwts-core","fnege-3","jufo-1","norway-1","poland-70","russia-white-list-2"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Financial Review","raw_type":"journal-article"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":23,"referenced_works":["https://openalex.org/W1587141723","https://openalex.org/W1589272184","https://openalex.org/W1600478152","https://openalex.org/W1896992559","https://openalex.org/W1981653114","https://openalex.org/W2034707435","https://openalex.org/W2040676145","https://openalex.org/W2053618259","https://openalex.org/W2074158860","https://openalex.org/W2095364399","https://openalex.org/W2097580026","https://openalex.org/W2110002822","https://openalex.org/W2110603299","https://openalex.org/W2116988722","https://openalex.org/W2131178762","https://openalex.org/W2131773668","https://openalex.org/W2140013551","https://openalex.org/W2153562738","https://openalex.org/W2164599393","https://openalex.org/W2802864114","https://openalex.org/W3015297855","https://openalex.org/W3123946376","https://openalex.org/W4231546411"],"related_works":["https://openalex.org/W2071103003","https://openalex.org/W2384998066","https://openalex.org/W1600478152","https://openalex.org/W2070332383","https://openalex.org/W1981653114","https://openalex.org/W2471366574","https://openalex.org/W2046282122","https://openalex.org/W152295762","https://openalex.org/W2725479868","https://openalex.org/W4367851855"],"abstract_inverted_index":{"Abstract":[0],"This":[1],"study":[2],"extends":[3],"and":[4,25,28,50,69,87],"expands":[5],"the":[6,18,29,44,55,64,71,74,94],"body":[7],"of":[8,41,46,66,73,91],"evidence":[9],"related":[10],"to":[11,59],"foreign":[12,96],"exchange":[13,97],"market":[14],"efficiency":[15,92],"by":[16,23],"employing":[17],"single\u2010equation":[19],"cointegration":[20],"test":[21,62],"proposed":[22],"Phillips":[24],"Ouliaris":[26],"[19],":[27],"Johansen":[30],"[12]":[31],"1991":[32],"Full":[33],"Information":[34],"Maximum":[35],"Likelihood":[36],"procedure":[37],"for":[38,63],"a":[39,51],"system":[40],"equations.":[42],"Through":[43],"use":[45],"these":[47],"updated":[48],"techniques":[49],"global":[52,95],"data":[53],"set,":[54],"authors":[56],"are":[57,82,88],"able":[58],"more":[60],"carefully":[61],"presence":[65],"cointegrating":[67],"relationships":[68],"examine":[70],"consistency":[72],"results":[75,81],"in":[76,93],"three":[77],"trading":[78],"locations.":[79],"The":[80],"quite":[83],"consistent":[84],"across":[85],"locations":[86],"highly":[89],"supportive":[90],"market.":[98]},"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2023,"cited_by_count":1},{"year":2018,"cited_by_count":1},{"year":2017,"cited_by_count":1},{"year":2013,"cited_by_count":1},{"year":2012,"cited_by_count":1}],"updated_date":"2026-10-31T12:09:11.096373","created_date":"2016-06-24T00:00:00"}