This study addresses key issues of market efficiency in weak global futures markets, focusing on the intricate relationship between market sentiment and options pricing. Employing rolling variance ratio tests and information-sharing models for market dynamics analysis, and supplemented with Granger causality tests and impulse response findings, it reveals a significant, unidirectional impact of market sentiment on options pricing, especially during periods of heightened sentiment. These insights underscore the importance of considering time dynamics in market behavior analysis, offering a novel perspective on futures and options market understanding.

中文翻译：

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弱市中的市场情绪与价格动态：豆粕期权市场综合实证分析

本研究解决了全球期货市场疲软时市场效率的关键问题，重点关注市场情绪与期权定价之间的复杂关系。采用滚动方差比测试和信息共享模型进行市场动态分析，并辅以格兰杰因果关系测试和脉冲响应结果，揭示了市场情绪对期权定价的显着、单向影响，尤其是在情绪高涨时期。这些见解强调了在市场行为分析中考虑时间动态的重要性，为理解期货和期权市场提供了新颖的视角。