Li, Jing; Miller, Norman C. - In: Journal of International Financial Markets, … 34 (2015) C, pp. 311-320
of beta is uncertain. It is shown that this result implies that the existence of fx market inefficiency is consistent …) market inefficiency. The latter means that there is always some “unexploited profit” which tends to generate a negative value …This paper develops a perfectly general non-linear Uncovered Interest Parity, UIP, framework with foreign exchange (fx …