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Ordenar por: RelevânciaAutorTítuloAnoImprime registros no formato resumido
Registros recuperados: 8
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Announcement Effects and the Theory of Storage: An Empirical Study of Lumber Futures AgEcon
Karali, Berna; Thurman, Walter N..
Replaced with revised version of paper on 06/11/07.
Tipo: Conference Paper or Presentation Palavras-chave: Theory of storage; Announcement effects; Event study; Futures markets; Commodity futures; Marketing.
Ano: 2007 URL: http://purl.umn.edu/9865
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EFFECTS OF MEAT RECALLS ON FUTURES MARKET PRICES AgEcon
Lusk, Jayson L.; Schroeder, Ted C..
The number of meat recalls has increased markedly in recent years. Meat recalls have the potential to adversely affect short run demand for meat because of the associated decline in consumer confidence. This research examines the impact of beef and pork recalls on nearby daily live cattle and lean hog futures market prices, respectively. Results indicate that medium sized beef and large pork recalls that are a serious health concern have a marginally negative impact on short-term live cattle and lean hog futures prices, respectively. However, results are not robust across recall size and severity. This research suggests that if there is any systematic significant change in beef and pork demand due to meat recalls, it likely occurs over an extended period...
Tipo: Conference Paper or Presentation Palavras-chave: Meat recalls; Event study; Meat demand; Livestock Production/Industries; Marketing.
Ano: 2000 URL: http://purl.umn.edu/18925
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Identifying Abnormal Returns to Food and Agribusiness Stocks on Key Farm Policy Legislative Dates AgEcon
Detre, Joshua D.; Gunderson, Michael A.; Briggeman, Brian C..
The efficient market hypothesis would suggest that stock prices incorporate the information revealed in the public process of creating legislation as the debate occurred. Thus, there should be no abnormal returns to agribusiness stocks on key legislative dates when drafting and altering the farm bill. Using an event study methodology, key legislative dates are tested for abnormal returns to firms that supply inputs to or process outputs of agricultural producers. Typically, agribusinesses react on the date legislation emerges from the joint House and Senate conference committee.
Tipo: Journal Article Palavras-chave: Agribusiness stock values; Event study; Farm bill; Agribusiness; Agricultural and Food Policy.
Ano: 2008 URL: http://purl.umn.edu/90551
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Patents, Spillovers, and Competition in Biotechnology AgEcon
Austin, David H..
I perform an event study on 600+ patents awarded primarily to 20 leading biotechnology firms and find significant changes in market values at the time of the awards. Adjusting for partial anticipation of events, I estimate that core technology patents in highly contested research areas are expected to generate between $13 and $21 million of economic value. They also generate spillover benefits for the patentee's rivals-presumably including knowledge transfers-valued at $3 to $6 million per firm. Awardees may appropriate only half of private benefits, although I observe negative spillovers for some high-profile awards. Most patents have no significant market impact.
Tipo: Working or Discussion Paper Palavras-chave: Innovation; Patent value; Spillover; Competition; Event study; Research and Development/Tech Change/Emerging Technologies; G14; O31; O34; L65.
Ano: 2000 URL: http://purl.umn.edu/10808
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Stock Prices in a Speculative Market: The Chinese Split-Share Reform AgEcon
Beltratti, Andrea; Caccavaio, Marianna; Bortolotti, Bernardo.
In 2005-2006 China reformed its stock market by eliminating non-tradable shares. The regulator set general guidelines and then assigned responsibility for implementation to each company. We derive relations that should have been followed by the prices of stocks and exploit a company-level data set to compare the actual and the theoretical price reactions. We find evidence for abnormal returns both before the beginning of the reform and during the reform. Cross-sectionally, abnormal returns are associated mainly with turnover and compensation. This shows that in a speculative market, investors do not properly react to unambiguous corporate actions.
Tipo: Working or Discussion Paper Palavras-chave: Speculation; Chinese Stock Market; Market segmentation; Event study; Market Efficiency; Financial Economics; G14; N25.
Ano: 2009 URL: http://purl.umn.edu/50364
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The Effects of Mad Cow Disease on U.S. Live Cattle Futures Price AgEcon
Paiva, Newton N..
Due to red meat consumption, bovine spongiform encephalopathy (BSE) disease has been a major human health concern since its discovery in 1986. An event study approach was applied to determine the impact of BSE official events that occurred in the United Kingdom on U.S. live cattle futures prices. When abnormal returns were aggregated during the course of the events, the price series were adversely affected, mainly after the event day. This suggests that market reaction was dissipated quickly and that no leakage of information occurred prior to the event.
Tipo: Journal Article Palavras-chave: Abnormal returns; Bovine spongiform encephalopathy; Event study; Live cattle futures price; Q11; Q13; Q14; Q17.
Ano: 2003 URL: http://purl.umn.edu/43215
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The Impact of Measurement Error on Estimates of the Price Reaction to USDA Crop Reports AgEcon
Aulerich, Nicole M.; Irwin, Scott H.; Nelson, Carl H..
This paper investigates the impact of USDA crop production reports in corn and soybean futures markets. The analysis is based on all corn and soybean production reports released over 1970-2006. The empirical analysis compares the typical OLS event study approach to the new Identification by Censoring (ITC) technique. Corn and soybean production reports are analyzed both separately and together for impact in corn and soybean futures prices. ITC proves to be the more useful method because it avoids the pitfalls of errors in variables that cause downward bias in OLS coefficients. Price reaction coefficients estimated via ITC are one to four times larger than OLS estimates for a one price and one event analysis. In the two price, two event case, ITC estimates...
Tipo: Conference Paper or Presentation Palavras-chave: Event study; USDA Crop Production reports; Measurement error; Identification Through Censoring.
Ano: 2007 URL: http://purl.umn.edu/37579
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The Value of USDA Situation and Outlook Information in Hog and Cattle Markets AgEcon
Good, Darrel L.; Irwin, Scott H.; Isengildina, Olga.
This study investigates the impact of six major USDA reports in hog and cattle markets: Cattle; Cattle on Feed; Cold Storage; Hogs and Pigs; Livestock, Dairy, and Poultry Outlook (LDPO); and World Agricultural Supply and Demand Estimates (WASDE). A TARCH-in-mean model, with dummy variables to measure the impact of USDA reports and other external factors, is used to model close-to-open live-lean hog and live cattle futures returns from January 1985 through December 2004. The analysis revealed a statistically significant impact of all but Cattle and Cold Storage reports in live/lean hog futures, and all but Cold Storage reports in live cattle futures. Hogs and Pigs reports had the highest impact on live/lean hog returns by increasing conditional standard...
Tipo: Journal Article Palavras-chave: Cattle; Event study; Hogs; Livestock; Public information; TARCH model; USDA reports; Livestock Production/Industries; Marketing.
Ano: 2006 URL: http://purl.umn.edu/8614
Registros recuperados: 8
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