摘要：With 16 years of daily lumber futures prices, we study the effects of different types ofinformation releases: (1) monthly housing starts estimates, (2) aperiodic administrative andjudicial announcements about U.S.-Canada trade disputes, and (3) novel and unprecedentedcourt decisions related to the Endangered Species Act (ESA). The information releases aredifferent in ways that predict their relative speeds of impoundment in prices. We test thepredictions using a new event study methodology appropriate to relatively slowly evolvinginformation events. We find that housing starts are absorbed more quickly than trade events,which are absorbed more quickly than ESA events.
