Urcola, Hernan A.; Irwin, Scott H. - 2010
This article tests the efficiency of the hog options market and assesses the impact of the 1996 contract redesign on … efficiency. We find that the hog options market is efficient, but some options yielded excess returns during the live hogs period … but not during the lean hogs period. Our findings indicate that the hog options market is efficient and is consistent with …