| Registro completo |
| Provedor de dados: |
AgEcon
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| País: |
United States
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| Título: |
To What Surprises Do Hog Futures Markets Respond?
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| Autores: |
Frank, Julieta
Garcia, Philip
Irwin, Scott H.
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| Data: |
2008-11-19
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| Ano: |
2008
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| Palavras-chave: |
HPR
New information
Rationality
Two-limit tobit
USDA announcements
Agribusiness
Agricultural Finance
C24
Q13
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| Resumo: |
We reassess the effect of new information in the Hogs and Pigs Reports (HPR) focusing on announcements’ rationality and alternative surprises. HPR announcements are irrational estimates of final estimates, and market expectations are irrational estimates of HPR numbers. Using the market’s best forecast and incorporating final estimates, we modify conventional information measures. Despite differences as large as 33 cents/cwt in price response, findings suggest there is little to differentiate among surprise measures. Regardless, the message that HPR provides new information to the market is strongly supported. On balance, marketing (breeding) information has a larger effect on short-term (long-term) price changes.
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| Tipo: |
Journal Article
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| Idioma: |
Inglês
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| Identificador: |
http://purl.umn.edu/45046
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| Relação: |
Journal of Agricultural and Applied Economics>Volume 40, Number 01, April 2008
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| Formato: |
15
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