Frank, Julieta; Garcia, Philip; Irwin, Scott H. - Department of Agricultural and Consumer Economics, … - 2007
We re-assess the effect of new information contained in the Hogs and Pigs Reports (HPR) focusing on the rationality of … the announcements. We find that HPR preliminary numbers are irrational estimates of the final numbers and market … expectations before the announcements are also irrational estimates of HPR numbers. Based on these results we modify the …