Informational content of government hogs and pigs reports
1993
Carter, C.A. | Galopin, C.A.
We examine the value of the informational content of quarterly government reports which estimate forthcoming supplies of hogs and pigs. It is assumed that a hypothetical futures trader obtains the government reports one day in advance of their release. A futures market trading rule is established which uses early access to the reports together with a priori expectations of the reports' contents. We find the market information in the government reports is of little or no value to a futures trader in advance of the release date because this information is already incorporated in the futures price.
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