It is well documented that ‘‘unanticipated’’ information contained in United States Department of Agriculture (USDA) crop reports induces large price reactions in corn and soybean markets. Thus, a natural question that arises from this literature is: To what extent are...

The degree to which markets are spatially efficient has important implications for market liberalization and other policy reforms. After several attempts to control and regulate the marketing of maize in Benin, a liberalized free-market system was finally adopted in 1990. It was assumed that a...

Simulations are conducted to assess the inferential accuracy of statistical event study approaches using daily futures returns. Methods examined include constant mean return models and several regression models—OLS, GARCH(1,1), and a GARCH(1,1) model having an error term with a Student's t...

Using an event study, we examine the impact of recalls for E. Coli O157:H7 on wholesale and farm-level beef prices. Prices for boneless beef, a high-volume product primarily used for processing into ground beef, react negatively to recalls, suggesting incentives exist for packing firms to adopt...

Purpose – Pricing densities implied from options on live cattle futures show a persistent and negative skew. The purpose is to examine whether the skew can be explained, in part, by peso-type problems. Design/methodology/approach – Two announcements of bovine spongiform encephalopathy (BSE)...