133 records matched your query
02713nam a2200385Ia 4500 001 064D2820FBCE11DEB3E93EDF5F36B428 003 SILO 005 20100120073657 008 090731s2009 iaua b s000 0 eng 035 $a (OCoLC)428820382 040 $a IWA $c IWA $d SILO $d SILO 100 1 $a Zhao, Huan. 245 1 $a Pass-through in United States beef cattle prices / $c Huan Zhao, Xiaodong Du, and David A. Hennessy. 260 $a Ames, Iowa : $b Center for Agricultural and Rural Development, Iowa State University, $c 2009. 300 $a 17 p : $b ill. ; $c 28 cm. 490 1 $a Working paper ; $v 09-WP 494 500 $a "July 2009." 500 $a Author-supplied keywords: feeder cattle, futures market efficiency, live cattle, structural change. 504 $a Includes bibliographical references (p. 11-13). $b 37 520 3 $a Feeder cattle are fattened to become fed live cattle six months later. The U.S. feeder cattle industry is intensively competitive, so that market efficiency suggests feeder cattle prices should fully reflect feed prices and information on future fed cattle prices. Employing a long time series (1979-2004) of feeder cattle futures, live cattle futures, and local corn prices, we test whether complete pass-through occurs. The results indicate that an increase of a dollar per hundred pounds in the live cattle price leads to an increase of approximately $1.48 per hundred pounds in the feeder cattle price in one month, about 93% of complete pass-through. The corresponding negative effect of a corn price increase is about 87% of complete pass-through. By contrast with agricultural land markets, the results support the hypothesis of Ricardian rent extraction by the scarce asset owner in feeder cattle markets. The results also provide evidence in favor of informational efficiency in futures markets. 530 $a Also available on the Internet at: http://www.card.iastate.edu/publications/DBS/PDFFiles/09wp494.pdf 650 0 $a Cattle $x Economic aspects $z United States. 650 0 $a Beef industry $z United States. 650 0 $a Beef industry $x Economic aspects $z United States. 700 1 $a Du, Xiaodong. 700 1 $a Hennessy, David A. 710 2 $a Iowa State University. $b Center for Agricultural and Rural Development. 830 0 $a Working paper (Iowa State University. Center for Agricultural and Rural Development) ; $v 09-WP 494. 856 41 $u http://www.card.iastate.edu/publications/DBS/PDFFiles/09wp494.pdf 941 $a 3 952 $l IAOX771 $d 20240710101934.0 952 $l USUX851 $d 20180703063922.0 952 $l OVUX522 $d 20180126020008.0 956 $a http://locator.silo.lib.ia.us/search.cgi?index_0=id&term_0=064D2820FBCE11DEB3E93EDF5F36B428 994 $a 02 $b IOZInitiate Another SILO Locator Search