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040			_aMSU _cMSU _erda
100			_aSTEVENS, J
245			_aTesting the efficiency of the futures market for crude oil using weighted least squares
264			_aNew York _bTaylor & Francis _c2013
336			_2rdacontent _atext _btxt
337			_2rdamedia _aunmediated _bn
338			_2rdacarrier _avolume _bnc
440			_aApplied Economics Letters _vVolume , number ,
520			_aIt is well known that parameter estimates obtained from ordinary least squares can be distorted by outliers. Given the dramatic fluctuations observed in the price of crude oil, it is surprising that the robustness of parameter estimates has not been scrutinized more closely. This article investigates the efficiency of the New York futures market for crude oil using the basis regression. In addition to ordinary least squares, the model’s parameters are estimated using weighted least squares and trimmed least squares. The results suggest that the presence of outliers may distort parameter estimates obtained from ordinary least squares away from a finding of an inefficient futures market.
650			_acrude oil
650			_afutures market
650			_aweighted least squares
856			_uhttps://doi.org/10.1080/13504851.2013.829190
942			_2lcc _cJA
999			_c163252 _d163252