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The Users Of Lumber And The Us-Canada Softwood Lumber Agreement: An Event Study

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  • Malhotra, Nisha
  • Gulati, Sumeet

Abstract

In this paper we analyze whether the Softwood Lumber Agreement between US and Canada imposed significant economic costs on the users of Lumber in the US. To ascertain this impact we use an event study. Our event study analyzes variations in the stock prices of lumber using firms listed at the major stock markets in the US. We find that events leading to the Softwood Lumber Agreement had significant negative impacts on the stock prices of industries using softwood lumber. The average reduction of stock prices for our sample of firms was approximately 5.42% over all the events considered.

Suggested Citation

  • Malhotra, Nisha & Gulati, Sumeet, 2003. "The Users Of Lumber And The Us-Canada Softwood Lumber Agreement: An Event Study," Working Papers 15842, University of British Columbia, Food and Resource Economics.
  • Handle: RePEc:ags:ubcwps:15842
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    File URL: http://purl.umn.edu/15842
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    1. Heng-Chi Lee & Bruce A. McCarl & Dhazn Gillig, 2005. "The Dynamic Competitiveness of U.S. Agricultural and Forest Carbon Sequestration," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 53(4), pages 343-357, December.
    2. Kenneth M. Chomitz & Franck Lecocq, 2004. "Temporary sequestration credits: an instrument for carbon bears," Climate Policy, Taylor & Francis Journals, vol. 4(1), pages 65-74, March.
    3. GR Pautsch & LA Kurkalova & BA Babcock & CL Kling, 2001. "The Efficiency Of Sequestering Carbon In Agricultural Soils," Contemporary Economic Policy, Western Economic Association International, vol. 19(2), pages 123-134, April.
    4. G. Cornelis van Kooten & Clark S. Binkley & Gregg Delcourt, 1995. "Effect of Carbon Taxes and Subsidies on Optimal Forest Rotation Age and Supply of Carbon Services," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 77(2), pages 365-374.
    5. Antle, John & Capalbo, Susan & Mooney, Sian & Elliott, Edward & Paustian, Keith, 2003. "Spatial heterogeneity, contract design, and the efficiency of carbon sequestration policies for agriculture," Journal of Environmental Economics and Management, Elsevier, vol. 46(2), pages 231-250, September.
    6. Antle, John M. & Capalbo, Susan Marie & Mooney, Sian & Elliott, Edward T. & Paustian, Keith H., 2001. "Economic Analysis Of Agricultural Soil Carbon Sequestration: An Integrated Assessment Approach," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 26(02), December.
    7. Gregory R. Pautsch & Lyubov A. Kurkalova & Bruce A. Babcock & Catherine L. Kling, 2000. "Efficiency of Sequestering Carbon in Agricultural Soils, The," Center for Agricultural and Rural Development (CARD) Publications 00-wp246, Center for Agricultural and Rural Development (CARD) at Iowa State University.
    8. Lecocq, Franck & Chomitz, Kenneth, 2001. "Optimal use of carbon sequestration in a global climate change strategy : is there a wooden bridge to a clean energy future ?," Policy Research Working Paper Series 2635, The World Bank.
    9. Paul J. Thomassin, 2003. "Canadian Agriculture and the Development of a Carbon Trading and Offset System," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 85(5), pages 1171-1177.
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    Cited by:

    1. Sumeet Gulati & Nisha Malhotra, 2006. "Estimating Export Response in Canadian Provinces to the Canada-US Softwood Lumber Agreement," Canadian Public Policy, University of Toronto Press, vol. 32(2), pages 157-172, June.

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    Keywords

    International Relations/Trade;

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