文章基本信息

标题：MANDATORY VERSUS VOLUNTARY PRICE REPORTING: AN EMPIRICAL INVESTIGATION OF THE MARKET TRANSPARENCY CONTROVERSY
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作者：Fausti, Scott W. ; Keimig, R. ; Diersen, Matthew A. 等
期刊名称：Journal of Agribusiness
印刷版ISSN：0738-8950
出版年度：2002
期号：suppl
出版社：Journal of Agribusiness
摘要：The ability of the former voluntary price reporting system to generate market transparency in U.S. livestock markets was called into question by producer groups and academic research prior to the new federal system of mandatory price reporting being implemented. The market transparency issue is investigated by comparing price data collected from the former AMS voluntary price reporting systems to mandatory price reporting data for live slaughter steers collected by the State of South Dakota before the advent of the new federal system. The relationship between a set of public price report series and the South Dakota mandatory price series is analyzed using cointegration techniques. The empirical findings indicate a strong long-run and short-run integrated relationship between the mandatory price series and a majority of the selected public price reports. We conclude that in the cash market for live steers in South Dakota, the former voluntary price reporting system did foster market transparency and aided in the price discovery process.