@article{Frank:45046,
      recid = {45046},
      author = {Frank, Julieta and Garcia, Philip and Irwin, Scott H.},
      title = {To What Surprises Do Hog Futures Markets Respond?},
      journal = {Journal of Agricultural and Applied Economics},
      address = {2008-04},
      number = {1379-2016-112705},
      pages = {15},
      year = {2008},
      abstract = {We reassess the effect of new information in the Hogs and  Pigs Reports (HPR) focusing on
announcements’ rationality  and alternative surprises. HPR announcements are  irrational
estimates of final estimates, and market  expectations are irrational estimates of HPR
numbers. Using  the market’s best forecast and incorporating final  estimates, we modify
conventional information measures.  Despite differences as large as 33 cents/cwt in  price
response, findings suggest there is little to  differentiate among surprise measures.
Regardless, the  message that HPR provides new information to the market is  strongly
supported. On balance, marketing (breeding)  information has a larger effect on short-term
(long-term)  price changes.},
      url = {http://ageconsearch.umn.edu/record/45046},
      doi = {https://doi.org/10.22004/ag.econ.45046},
}