对不带偏见的假设的实证态度的拒绝，应该是金融研究人员普遍存在的困惑。研究结果表明，未来的即期汇率与远期利率的协整关系的实证证据是相结合的。因此，通过进行回归分析，对该假设的实证失败进行了回归分析，并分析了在相关的远期保费中确定的现货兑换率和在性质上为负斜率的系数(Shehadeh et al.， 2016)。
研究人员已经认识到各种各样的失效原因。其中一个理论中心围绕着风险中立性的放松，同时假设期望是合理的。例如，外汇风险溢价可以反映未来即期汇率和远期利率之间的差异(Sinha et al.， 2016)。鉴于此，下面的公式说明远期利率等于未来的即期汇率和风险溢价，是为了帮助风险溢价与远期溢价不一样:
英国《金融时报》= Et(圣+ 1)+ Pt
The rejection of empirical manner pertaining to the unbiased hypothesis is supposed to the prevailing puzzle among the researchers of the finance. It is found that the empirical evidence related to the co-integration among the future spot rate and the forward rate is combined. Therefore, numerous articles have been published for the showcasing of the hypothesis’s empirical failure through undertaking the regression analysed of the changes that are identified within the spot exchange rates on the concerned forward premiums and identification of the coefficients that are negative slope in nature (Shehadeh et al., 2016).
Varieties of the rationales for the failures have been recognized by the researchers. One of the centres of rationale exists surrounding the risk neutrality’s relaxation along with the assumption that the expectations are rational. For an instance, a risk premium on foreign exchange can be present which can account for the variances among the future spot rate and the forward rate (Sinha et al., 2016). Due to this, the below equation illustrates the forward rate to be equivalent to the spot rate of future and the risk premium, it is to assist that risk premium is not the same as forward premium:
Ft=Et(St+1) + Pt