We develop a new event-study technique, the distributional event response model (DERM), appropriate to relatively slowly evolving information events. We apply the model to twelve years of daily lumber futures prices and analyze the effects of three different types of information releases: ("a")...

With 16 years of daily lumber futures prices, we study the effects of different types of information releases: (1) monthly housing starts estimates, (2) aperiodic administrative and judicial announcements about U.S.-Canada trade disputes, and (3) novel and unprecedented court decisions related...

Recent lumber price volatility has been attributed to Spotted Owl Litigation and U.S.-Canada trade disputes. We use intervention analysis to explain daily lumber futures price volatility based on these events and other factors. The way information enters the market is shown to affect the speed...

The U.S. peanut program has limited peanut production since 1949. Unlike the programs for grains, cotton, and rice, the 1996 FAIR Act left the peanut program largely intact. As before FAIR (and since 1977) the right to grow peanuts for the domestic edible market is embodied in marketing quota,...

Pollination by honeybees plays an important role in modern agriculture. Some crops are greatly dependent on honeybees (almonds, apples, avocados, blueberries, and cherries are examples) while the yields and quality of other crops are significantly enhanced by honeybee pollination. The importance...