(with Zhi Wang). "Systematic Hog Price Management: Selective Hedging and Long-Term Risk Sharing Packer Contracts." Proceedings, NCR-134 Conference, Applied Commodity Price Analysis, Forecasting, and Market Risk Management, Chicago, IL, April, 1997. Selected paper.

Conventional wisdom and earlier research have concluded that cattle feeding profitability is more determined by feeder and fed cattle prices than by animal performance. This study examined cross-sectional and time-series data from over 1600 pens of cattle in more than 220 feedlots in the upper...