Economics Professor Publishes Paper

Wednesday, September 9, 2009

"Market Efficiency and the Lead-Lag Relationship Between Futures and Spot Rates for the Australian Dollar," co-authored by Dr. Daniel Fischmar, Westminster professor of economics and business, was published in the fall issue of Pennsylvania Economic Review.

Fischmar explained, "This paper studies the spot and futures market for the Australian dollar and the relationship between these two markets. Our study shows that 1) returns in the futures market are somewhat predictable in the sense that prediction errors in previous periods can be used to predict subsequent returns, and 2) information flows between the two markets is fairly rapid, creating a strong linkage between the two markets."

Fischmar, who joined the Westminster faculty in 1975, earned undergraduate and master's degrees from Roosevelt University and Ph.D. from Southern Illinois University, Carbondale.

The paper was co-authored with Dr. Rita Madarassy Akin, who taught economics at Westminster from 2003-2009.

Contact Fischmar at (724) 946-7162 or e-mail for additional information.

About Westminster College...
Founded in 1852 and related to the Presbyterian Church (U.S.A.), Westminster College is a top tier liberal arts college and a national leader in graduation rate performance, according to U.S. News Guide to America's Best Colleges. Westminster ranked third among liberal arts colleges in social mobility, according to the Washington Monthly College Guide, and is one of the most affordable national liberal arts colleges in Pennsylvania. Westminster is also honored as one of "The Best 371 Colleges" and "Best in the Northeast" by The Princeton Review, and is named to the President's Honor Roll for excellence in service learning.

Nearly 1,600 undergraduate and graduate students benefit from individualized attention from dedicated faculty while choosing from 41 majors and nearly 100 organizations on the New Wilmington, Pa., campus.

Dr. Daniel Fischmar