{"id":"https://openalex.org/W2033554174","doi":"https://doi.org/10.1111/j.1540-6261.1981.tb01074.x","title":"Forward and Futures Prices: Evidence from the Foreign Exchange Markets","display_name":"Forward and Futures Prices: Evidence from the Foreign Exchange Markets","publication_year":1981,"publication_date":"1981-12-01","ids":{"openalex":"https://openalex.org/W2033554174","doi":"https://doi.org/10.1111/j.1540-6261.1981.tb01074.x","mag":"2033554174"},"language":"en","primary_location":{"id":"doi:10.1111/j.1540-6261.1981.tb01074.x","doi":"https://doi.org/10.1111/j.1540-6261.1981.tb01074.x","is_oa":false,"landing_page_url":"https://doi.org/10.1111/j.1540-6261.1981.tb01074.x","pdf_url":null,"source":{"id":"https://openalex.org/S5353659","display_name":"The Journal of Finance","issn_l":"0022-1082","issn":["0022-1082","1540-6261"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","utd24","vabb-shw"],"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":"The Journal of Finance","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/A5030126711","display_name":"Bradford Cornell","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"BRADFORD CORNELL","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"last","author":{"id":"https://openalex.org/A5040015652","display_name":"Marc R. Reinganum","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I161318765","display_name":"University of California, Los Angeles","ror":"https://ror.org/046rm7j60","country_code":"US","type":"education","lineage":["https://openalex.org/I161318765"]},{"id":"https://openalex.org/I95457486","display_name":"University of California, Berkeley","ror":"https://ror.org/01an7q238","country_code":"US","type":"education","lineage":["https://openalex.org/I95457486"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"MARC R. REINGANUM","raw_affiliation_strings":["The authors would like to thank Michael Brennan, John Cox, and Jon Ingersoll as well as participants at finance workshops at UC Berkeley and UCLA for helpful comments. Research assistance was provided by Tom Hay"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"The authors would like to thank Michael Brennan, John Cox, and Jon Ingersoll as well as participants at finance workshops at UC Berkeley and UCLA for helpful comments. Research assistance was provided by Tom Hay","institution_ids":["https://openalex.org/I161318765","https://openalex.org/I95457486"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":{"value":4430,"currency":"USD","value_usd":4430},"apc_paid":null,"fwci":15.6922,"has_fulltext":false,"cited_by_count":183,"citation_normalized_percentile":{"value":0.98842852,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":99},"biblio":{"volume":"36","issue":"5","first_page":"1035","last_page":"1035"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9448000192642212,"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":0.9448000192642212,"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/T10067","display_name":"Stochastic processes and financial applications","score":0.015300000086426735,"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":0.013199999928474426,"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"}}],"keywords":[{"id":"https://openalex.org/keywords/forward-prices","display_name":"forward prices","score":0.7889999747276306},{"id":"https://openalex.org/keywords/futures-prices","display_name":"futures prices","score":0.9980000257492065},{"id":"https://openalex.org/keywords/foreign-exchange-market","display_name":"foreign exchange market","score":0.8930000066757202},{"id":"https://openalex.org/keywords/transaction-costs","display_name":"transaction costs","score":0.8339999914169312},{"id":"https://openalex.org/keywords/taxation","display_name":"taxation","score":0.7080000042915344},{"id":"https://openalex.org/keywords/settlement-process","display_name":"settlement process","score":0.6259999871253967},{"id":"https://openalex.org/keywords/treasury-bill-market","display_name":"treasury bill market","score":0.4300000071525574}],"concepts":[{"id":"https://openalex.org/C106306483","wikidata":"https://www.wikidata.org/wiki/Q183984","display_name":"Futures contract","level":2,"score":0.9270903468132019},{"id":"https://openalex.org/C52837651","wikidata":"https://www.wikidata.org/wiki/Q5473279","display_name":"Forward market","level":3,"score":0.7378576993942261},{"id":"https://openalex.org/C2780889827","wikidata":"https://www.wikidata.org/wiki/Q10756188","display_name":"Treasury","level":2,"score":0.7194419503211975},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.7130184769630432},{"id":"https://openalex.org/C2983622608","wikidata":"https://www.wikidata.org/wiki/Q2298435","display_name":"Futures market","level":3,"score":0.6304229497909546},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.5999665856361389},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.5528346300125122},{"id":"https://openalex.org/C2983132609","wikidata":"https://www.wikidata.org/wiki/Q66076","display_name":"Foreign exchange","level":2,"score":0.48695430159568787},{"id":"https://openalex.org/C536366893","wikidata":"https://www.wikidata.org/wiki/Q66076","display_name":"Foreign exchange market","level":3,"score":0.464688777923584},{"id":"https://openalex.org/C98965940","wikidata":"https://www.wikidata.org/wiki/Q877496","display_name":"Transaction cost","level":2,"score":0.45489779114723206},{"id":"https://openalex.org/C193326847","wikidata":"https://www.wikidata.org/wiki/Q798547","display_name":"Normal backwardation","level":4,"score":0.42030981183052063},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.17481917142868042},{"id":"https://openalex.org/C166957645","wikidata":"https://www.wikidata.org/wiki/Q23498","display_name":"Archaeology","level":1,"score":0.0},{"id":"https://openalex.org/C95457728","wikidata":"https://www.wikidata.org/wiki/Q309","display_name":"History","level":0,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.1111/j.1540-6261.1981.tb01074.x","doi":"https://doi.org/10.1111/j.1540-6261.1981.tb01074.x","is_oa":false,"landing_page_url":"https://doi.org/10.1111/j.1540-6261.1981.tb01074.x","pdf_url":null,"source":{"id":"https://openalex.org/S5353659","display_name":"The Journal of Finance","issn_l":"0022-1082","issn":["0022-1082","1540-6261"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","utd24","vabb-shw"],"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":"The Journal of Finance","raw_type":"journal-article"},{"id":"doi:10.2307/2327298","doi":"https://doi.org/10.2307/2327298","is_oa":false,"landing_page_url":"https://doi.org/10.2307/2327298","pdf_url":null,"source":{"id":"https://openalex.org/S5353659","display_name":"The Journal of Finance","issn_l":"0022-1082","issn":["0022-1082","1540-6261"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","utd24","vabb-shw"],"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":"The Journal of Finance","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:bla:jfinan:v:36:y:1981:i:5:p:1035-45","doi":null,"is_oa":false,"landing_page_url":"http://links.jstor.org/sici?sici=0022-1082%28198112%2936%3A5%3C1035%3AFAFPEF%3E2.0.CO%3B2-B&origin=repec","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":null,"sustainable_development_goals":[],"sustainable_development_goals_aurora":[{"score":0.5199999809265137,"display_name":"Partnerships for the goals","id":"https://metadata.un.org/sdg/17"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":5,"referenced_works":["https://openalex.org/W1551785054","https://openalex.org/W2058064694","https://openalex.org/W2071492582","https://openalex.org/W2083071674","https://openalex.org/W2789980752"],"related_works":["https://openalex.org/W1972657749","https://openalex.org/W1594027659","https://openalex.org/W1598353480","https://openalex.org/W562202693","https://openalex.org/W2061418219","https://openalex.org/W2072992788","https://openalex.org/W1984191377","https://openalex.org/W641856967","https://openalex.org/W4300186076","https://openalex.org/W2073877379"],"abstract_inverted_index":{"ABSTRACT":[0],"Empirical":[1],"studies":[2],"of":[3],"the":[4,13,17,31,37,43,57],"Treasury":[5],"Bill":[6],"markets":[7],"have":[8,23],"revealed":[9],"substantial":[10],"differences":[11,22],"between":[12,56],"futures":[14,38,46],"price":[15],"and":[16,30,45],"implied":[18],"forward":[19,44],"price.":[20],"These":[21],"been":[24],"attributed":[25],"to":[26,54],"taxes,":[27],"transaction":[28],"costs,":[29],"settling":[32],"up":[33],"procedure":[34],"employed":[35],"in":[36,48,51],"market.":[39],"This":[40],"paper":[41],"examines":[42],"prices":[47],"foreign":[49],"exchange":[50],"an":[52],"attempt":[53],"distinguish":[55],"competing":[58],"explanations.":[59]},"counts_by_year":[{"year":2026,"cited_by_count":2},{"year":2025,"cited_by_count":1},{"year":2024,"cited_by_count":1},{"year":2023,"cited_by_count":1},{"year":2022,"cited_by_count":2},{"year":2021,"cited_by_count":4},{"year":2020,"cited_by_count":1},{"year":2018,"cited_by_count":5},{"year":2017,"cited_by_count":3},{"year":2016,"cited_by_count":1},{"year":2014,"cited_by_count":1},{"year":2013,"cited_by_count":4},{"year":2012,"cited_by_count":7}],"updated_date":"2026-10-12T09:40:04.860316","created_date":"2016-06-24T00:00:00"}
