Abstract
This paper analyzes the information flow between U.S. and Finnish stock index futures and cash markets. Its results support earlier findings indicating no significant causal relationship between U.S. and Finnish cash market returns. When futures market returns are evaluated, however, the conclusions are considerably different. U.S. futures returns lead both Finnish cash and futures returns. In general, the results suggest that the information flow among the financial markets of different countries may be significantly underestimated if futures markets are not considered.