Published on 05/30/19

Doctoral candidates published in American Journal of Agricultural Economics

By Emily Clance

Yu Chen and Jiahui Ying, both finishing their doctoral studies at the University of Georgia, have received news this semester: Their research paper, “Flexible Tests for USDA Report Announcement Effects in Futures Markets,” was accepted for publication in the American Journal of Agricultural Economics (AJAE).

The paper started as a term paper Ying and Chen wrote in Jeff Dorfman’s price analysis graduate course. They collaborated with Dorfman to develop it further, using their skills and knowledge of market efficiency, econometrics and programming to explore whether the impact of U.S. Department of Agriculture reports on commodity futures has declined over time or not.

The paper’s primary goal was “to test whether the USDA reports are still informative ... in today’s market, with the internet booming and the rapid growth of private market advisory firms,” Ying said.

Chen and Ying found that many, but not all, USDA reports have significant effects on corn and soybeans futures market returns or volatility. With two years of work put into the paper, they submitted it to AJAE and received two requests for revisions before it was finally accepted on March 9.

“The reviewers’ comments helped us explore different perspectives that helped to strengthen this paper,” Chen said. “As I look back at the first draft to its current form, I am thankful for this journey.”

“It was a long way to go, but I greatly enjoyed every discussion, updating, and revision with (Chen and Dorfman),” Ying said. “That’s so inspiring. This paper really enhances our confidence in further investigations in applied economic research.”

Both Chen and Ying recommend discussing research and cooperating closely with fellow students and professors.

“Dr. Dorfman has been awesomely helpful and supportive throughout the whole process of our paper,” Ying said. “I feel extremely lucky to work with him and Yu, and I did learn a lot from them during the two years.”

“From the first submission to AJAE to the current acceptance has brought about a range of emotions,” added Chen. “However, having now the final acceptance in hand, it has been all worth it. I feel excited and optimistic to know that our paper will soon be accessible at AJAE.”

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