Access the full text.
Sign up today, get DeepDyve free for 14 days.
Kamina Johnson, Riley Seeger, T. Marsh (2016)
Local Economies and Highly Pathogenic Avian InfluenzaChoices. The Magazine of Food, Farm, and Resources Issues, 31
L. Nogueira, T. Marsh, P. Tozer, D. Peel (2011)
Foot‐and‐mouth disease and the Mexican cattle industryAgricultural Economics, 42
K. Im, K. Dow, V. Grover (2001)
Research Report: A Reexamination of IT Investment and the Market Value of the Firm - An Event Study MethodologyInf. Syst. Res., 12
John Binder (1997)
The Event Study Methodology Since 1969Review of Quantitative Finance and Accounting, 11
Journal of Financial Research, 9
Mark Johnson, T. Lawson (2016)
The impact of the Food Safety and Modernization Act on firm valueAgricultural Finance Review, 76
Jagdish Agrawal, W. Kamakura (1995)
The Economic Worth of Celebrity Endorsers: An Event Study AnalysisJournal of Marketing, 59
Rafael Costa, D. Bessler, C. Rosson (2015)
The Impacts of Foot and Mouth Disease Outbreaks on the Brazilian Meat MarketJournal of food distribution research, 46
C. Costello, C. McAusland (2003)
Protectionism, Trade, and Measures of Damage from Exotic Species IntroductionsWiley-Blackwell: American Journal of Agricultural Economics
Mustafa Gultekin, N. Gultekin (1983)
Stock market seasonality: International EvidenceJournal of Financial Economics, 12
D. Koehn, M. Goranova (2018)
Do Investors See Value in Ethically Sound CEO Apologies? Investigating Stock Market Reaction to CEO ApologiesJournal of Business Ethics, 152
V. Pozo, T. Schroeder (2016)
Evaluating the costs of meat and poultry recalls to food firms using stock returnsFood Policy, 59
Stephen Brown, Jerold Warner (1980)
MEASURING SECURITY PRICE PERFORMANCEJournal of Financial Economics, 8
J. Crews (2013)
Top 100: ranking the industry’s leading companies
R. Haugen, Philippe Jorion (1996)
The January Effect: Still There after All These YearsFinancial Analysts Journal, 52
E. Fama, L. Fisher, M. Jensen, Richard Roll (1969)
The Adjustment of Stock Prices to New InformationCapital Markets: Market Efficiency eJournal
Christian Crowley, Yoshiaki Shimazaki (2005)
Measuring the Impact of a BSE Announcement on U.S. Retail Beef Sales: A Time-Series AnalysisJournal of Agribusiness, 23
M. Thomsen, A. McKenzie (2001)
Market Incentives for Safe Foods: An Examination of Shareholder Losses from Meat and Poultry RecallsComparative Political Economy: Regulation eJournal
H. Jin, W. Koo (2003)
The effect of the BSE outbreak in Japan on consumers' preferencesEuropean Review of Agricultural Economics, 30
Victoria Salin, N. Hooker (2001)
Stock Market Reaction to Food RecallsApplied Economic Perspectives and Policy, 23
(2016)
USDA APHIS | 2014-2015 HPAI Outbreak
D. Pendell, Chulgu Cho (2013)
Stock Market Reactions to Contagious Animal Disease Outbreaks: An Event Study in Korean Foot‐and‐Mouth Disease OutbreaksAgribusiness, 29
Mark Haug, M. Hirschey (2005)
The January EffectFinancial Analysts Journal, 62
P. Tozer, T. Marsh, E. Perevodchikov (2015)
Economic Welfare Impacts of Foot-and-Mouth Disease in the Canadian Beef Cattle SectorCanadian Journal of Agricultural Economics-revue Canadienne D Agroeconomie, 63
Jada Thompson, Dustin Pendel (2016)
Proactive Risk Assessments to Improve Business ContinuityChoices. The Magazine of Food, Farm, and Resources Issues, 31
P. Paarlberg, John Lee, A. Seitzinger (2003)
Measuring Welfare Effects of an FMD Outbreak in the United StatesJournal of Agricultural and Applied Economics, 35
International Economic Review, 10
Wei Huang, A. Hagerman, D. Bessler (2016)
The Impact of Highly Pathogenic Avian Influenza on Table Egg PricesChoices. The Magazine of Food, Farm, and Resources Issues, 31
H. Jin, Jang-Chul Kim (2008)
The effects of the BSE outbreak on the security values of US agribusiness and food processing firmsApplied Economics, 40
B. Schaufele, D. Sparling (2011)
Regulation and the financial performance of Canadian agribusinessesAgricultural Finance Review, 71
(2015)
Chapter 2.3.4. avian influenza (infection with avian influenza viruses)
M. Halperin, E. Lusk (2013)
Events and EVENTUS: Understanding and Facilitating Event StudiesJournal of Business & Finance Librarianship, 18
R. Ball, P. Brown (1968)
An empirical evaluation of accounting income numbersJournal of Accounting Research, 6
(2015)
List of publicly traded meat producers
R. Johansson, W. Preston, A. Seitzinger (2016)
Government Spending to Control Highly Pathogenic Avian InfluenzaChoices. The Magazine of Food, Farm, and Resources Issues, 31
D. Pendell, J. Leatherman, T. Schroeder, G. Alward (2007)
The Economic Impacts of a Foot-And-Mouth Disease Outbreak: A Regional AnalysisJournal of Agricultural and Applied Economics, 39
(2018)
EDGAR company filings | CIK lookup
Metin Çakır, M. Boland, Yanghao Wang (2018)
The Economic Impacts of 2015 Avian Influenza Outbreak on the U.S. Turkey Industry and the Loss Mitigating Role of Free Trade AgreementsApplied Economic Perspectives and Policy, 40
W. Sharpe (1964)
CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK*Journal of Finance, 19
Michael Rozeff, William Kinney (1976)
Capital market seasonality: The case of stock returnsJournal of Financial Economics, 3
W. Schlenker, S. Villas-Boas (2009)
Consumer and Market Responses to Mad Cow DiseaseERN: Agricultural Economics (Topic)
B. Lupiani, S. Reddy (2009)
The history of avian influenza.Comparative immunology, microbiology and infectious diseases, 32 4
H. Peterson, Yun‐Ju Chen (2005)
The impact of BSE on Japanese retail meat demandAgribusiness, 21
Stephen Pruitt, David Peterson (1985)
SECURITY PRICE REACTIONS AROUND PRODUCT RECALL ANNOUNCEMENTSThe Financial Review, 20
(1933)
Characteristics and procedure of common-stock split-ups
A. Thompson (1993)
The Anticipated Sectoral Adjustment to the Canada-United States Free Trade Agreement: An Event Study AnalysisCanadian Journal of Economics, 26
C. Wieck, Simone Schlüter, W. Britz (2012)
Assessment of the Impact of Avian Influenza–Related Regulatory Policies on Poultry Meat Trade and WelfareInternational Trade eJournal
Craig Mackinlay (1997)
Event Studies in Economics and FinanceJournal of Economic Literature, 35
Stephen Brown, Jerold Warner (1985)
Using daily stock returns: The case of event studiesJournal of Financial Economics, 14
Jada Thompson (2018)
EFFECTS OF REGIONALIZED TRADE RESTRICTIONS ON QUANTITY EXPORTED DURING A HIGHLY PATHOGENIC AVIAN INFLUENZA EVENTJournal of Agricultural and Applied Economics, 50
Kamina Johnson, A. Hagerman, Jada Thompson, C. Kopral (2015)
Factors Influencing Export Value Recovery after Highly Pathogenic Poultry Disease OutbreaksThe International Food and Agribusiness Management Review, 18
W. Attavanich, B. McCarl, D. Bessler (2011)
The Effect of H1N1 (Swine Flu) Media Coverage on Agricultural Commodity MarketsApplied Economic Perspectives and Policy, 33
The purpose of this paper is to determine the impact of 2014–2015 highly pathogenic avian influenza (HPAI), the largest animal health emergency in US history to date, on agribusinesses’ market values.Design/methodology/approachUsing the 2014–2015 HPAI outbreaks in US commercial poultry, event study analysis of meat processing and marketing companies is conducted to estimate the effects HPAI had on firm value and how these effects differed across meat marketing firms over distinct disease event dates. The analyses include an overall aggregate event study, chronological outbreak studies, and an analysis that separated firms specifically marketing poultry products from those marketing all other types of meat.FindingsBy tracing abnormal stock returns through the event dates, the results show heterogeneity of investors responses based on the nature of the event (i.e. backyard vs commercial flocks affected), timing of the event over the course of the entire HPAI outbreak, and if a firm marketed poultry products. Overall, negative abnormal returns, ranging from 2 to 4 percent of publicly traded meat processors’ equities, are predominant post-disease event. These negative effects are slightly higher, above 5 percent, for firms marketing poultry products.Originality/valueThis study is the first to analyze the effects of an HPAI outbreak on the market value of US agribusiness firms.
Agricultural Finance Review – Emerald Publishing
Published: Jun 10, 2019
Keywords: Event study; Agribusiness finance
Read and print from thousands of top scholarly journals.
Already have an account? Log in
Bookmark this article. You can see your Bookmarks on your DeepDyve Library.
To save an article, log in first, or sign up for a DeepDyve account if you don’t already have one.
Copy and paste the desired citation format or use the link below to download a file formatted for EndNote
Access the full text.
Sign up today, get DeepDyve free for 14 days.
All DeepDyve websites use cookies to improve your online experience. They were placed on your computer when you launched this website. You can change your cookie settings through your browser.