期刊名称：Journal of Agricultural and Resource Economics
印刷版ISSN：1068-5502
出版年度：2019
卷号：44
期号：3
页码：591-604
出版社：WAEA
摘要：Using traditional price volatility tests, we find that the market impact of USDA Cattle on Feedand Hogs and Pigs reports largely disappeared after 2000. In contrast, using market surprise tests,we find no evidence that the impact of Cattle on Feed information changed significantly after2000. The evidence is mixed for Hogs and Pigs reports using market surprise tests, with marketinventory information increasing in value and breeding inventory decreasing. The contrastingresults can be explained by increasing market concentration in cattle and hogs leading to smallermarket surprises and smaller futures price reactions.
