Monday, June 4, 2018

Members in the News: Sykuta, Hurt, and Young

Michael Sykuta, University of Missouri
High-Frequency Trading for Bitcoins
By: Bloomberg - May 16, 2018
Should index funds be illegal?

No, write Thomas Lambert and Michael Sykuta of the University of Missouri, in “The Case for Doing Nothing About Institutional Investors’ Common Ownership of Small Stakes in Competing Firms”:

We show that the theory of anticompetitive harm from institutional investors’ common ownership is implausible and that the empirical studies supporting the theory are methodologically unsound. The theory fails to account for the fact that intra-industry diversified institutional investors are also inter-industry diversified and rests upon unrealistic assumptions about managerial decision-making. The empirical studies purporting to demonstrate anticompetitive harm from common ownership are deficient because they inaccurately assess institutional investors’ economic interests and employ an endogenous measure that precludes causal inferences.
Read more on: Bloomberg

Chris Hurt, Purdue University
Pork Producers Feel Pain From Mexico's Tariff Retaliation Plan
By: Bloomberg - May 31, 2018
“It’s a tragedy if we lose any major portion of our export business,” Christopher Hurt, a professor of agricultural economics at Purdue University in West Lafayette, Indiana, said in a telephone interview. “It comes at a bad time.”

Hurt is forecasting average losses for U.S. hog farmers of about $9 per animal in 2018 and $13 next year. Those estimates don’t include any impact from tariffs by China or Mexico, and the trade disputes may not necessarily cause exports to drop, he said. If they do decline for any reason, the losses for ranchers could be even larger. If the portion of U.S. output that’s exported was to fall to 18 percent from 22 percent currently, the losses in 2019 may widen to $18 a hog, Hurt estimates.
Read more on: Bloomberg

Chris Hurt, Purdue University
Bob Young, American Farm Bureau Federation
A closer look at the impact of the Bayer-Monsanto merger
By: Agri Pulse - May 30, 2018
The Justice Department said the agreement it has reached with Monsanto and Bayer contains “robust enforcement provisions” to ensure that the companies adhere to its conditions.

“This needs to be watched,” said Chris Hurt, an agricultural economics professor at Purdue. “We need to make sure we always have effective competition.”

Bob Young, president of Agricultural Prospects and former chief economist at the American Farm Bureau Federation, said that “when you recognize that DowDuPont had gone forward already,” it made sense to create another large company to compete with it. “If you’re going to have one of these seed-chemistry firms you want to have at least two of them."
Read more on: Agri Pulse

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*Articles in response to the AAEA Communicating Out Strategy Press Releases highlighting: Government Relations, American Journal of Agricultural Economics, Applied Economic Perspectives & Policy, Choices Magazine, General Media, and/or 2018 AAEA Annual Meeting in Washington D.C.

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