Score contribution per author:
α: calibrated so average coauthorship-adjusted count equals average raw count
A comparative study between the U. S. and Chinese futures markets focusing on the Samuelson hypothesis of the maturity effect was conducted. We examine 15 matched pairs of futures markets between October 31, 2015 and October 31, 2021 and provide empirical evidence of carry arbitrage in only a few U. S. futures markets but no Chinese futures markets. We posit that structural factors drive the empirical differences identified here. The results improve our understanding of futures price volatility differences between markets and provide evidence of the role financing plays in existing and emerging futures markets.