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Inefficiency of foreign exchange markets and expectations: survey evidence

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In recent years, the finding of a bias has cast doubts on the efficiency of the forward-exchange market. A large survey of exchange-rate expectations in the Danish market shows that this inefficiency is mainly due to risk aversion in the market. The results contradict the findings of surveys of US and UK forward exchange markets, where contribution from biased expectations has been large.
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Document Type: Research Article

Publication date: 1996-04-01

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