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Identifying Marketing Actions That Drive Financial Performance

Marketing Research Options Finance Behavior Buyers Interdisciplinary Co-operatives Strategy Business Psychology Futures Decision Making Under Risk Marketing Channels PR-Marketing

Prof. dr. Philip Garcia

Thomas A. Hieronymus Distinguished Chair in Futures Markets,

Director of OFOR @ UIUC

Prof. Garcia studies agricultural commodity futures and options markets. He investigates how prices are determined, the uncertainty that exists, and how producers and market participants can use these markets to manage the risks they face in their business operations. He received a BA from Occidental College (1968) and PhD. from Cornell University (1978).

Research Interests

On-going research assesses a range of issues related to agricultural futures and options markets, including: price discovery, liquidity costs, risk premium and trader performance, convergence, volatility spillovers and forecasting in periods of change, and market performance.

Recent Key Publications

  • Couleau, A., T. Serra and P. Garcia (2019), “Microstructure Noise and Realized Volatility in the Live Cattle Futures Market”, American Journal of Agricultural Economics 101 (2): 563–578.
  • Etienne, X., S.H. Irwin and P. Garcia (2018), “Speculation and Corn Prices”. Applied Economics 50 (44): 4724-4744.
  • Franken, J., P. Garcia, S.H. Irwin and X. Etienne (2018). “Information Transmission between Hog Futures and Expert Price Forecasts,” Journal of Agribusiness, 36(1).
  • Shang, Q., M. Mallory, and P. Garcia (2018). “The Components of the Bid-Ask Spread: Evidence from the Corn Futures Market.” Agricultural Economics 49(3): 381-393.
  • Franken, J.R., J.M.E. Pennings and P. Garcia (2018), “Graphical Illustration of Interaction Effects in Binary Choice Models: A Note,” Journal of Agricultural Economics, Vol. 69, No. 3, 852–858.
  • Trujillo-Barrera, A., P. Garcia and M. Mallory (2018). “Short-term Price Density Forecasts in the Lean Hog Futures.” European Review of Agricultural Economics 45(1): 121-142.
  • Joseph, K. and P. Garcia (2018). “Intraday Market Effects in Electronic Soybean Futures Market during Non-Trading and Trading Hour Announcements.” Applied Economics 50(11): 1188-1202.
  • Yan, L. and P. Garcia (2017). “Are Commodities Useful in Investor Portfolios?” Journal of Commodity Markets 8: 43-55.
  • Franken, J., J.M.E. Pennings and P. Garcia (2017). “Risk Attitudes and the Structure of Decision Making: Evidence from the Illinois Hog Industry.” Agricultural Economics 48: 41-50.
  • Etienne, X., S.H. Irwin and P. Garcia (2017). “New Evidence that Index Traders did not Drive Large Bubbles in Grain Futures Markets.” Journal of Agricultural and Resource Economics 42, 1: 45-67.
  • Trujillo-Barrera, A., P. Garcia and M. Mallory (2016). “Price Density Forecasts in the U.S. Hog Market: Composite Procedures.” American Journal of Agricultural Economics 98, 5: 1529-1544.
  • Joseph, K., S.H. Irwin, and P. Garcia (2016). “Commodity Storage under Backwardation: Does the Working Curve Work?” Applied Economic Perspectives and Policy 38, 1: 152-173.
  • Etienne, X., S.H. Irwin and P. Garcia (2015). “$25 Spring Wheat was a Bubble, Right?” Agricultural Finance Review 75, 1: 114-132.
  • Etienne, X., S.H. Irwin and P. Garcia (2015). “Price Explosiveness, Speculation, and Grain Futures Prices.” American Journal of Agricultural Economics 97, 1: 65-87.
  • Garcia, P., S.H. Irwin and A. Smith (2015). “Futures Market Failure?” American Journal of Agricultural Economics 97, 1: 40-64.
  • Lehecka, G., X. Wang and P. Garcia (2014). “Gone in Ten Minutes: Intraday Evidence from the Electronic Corn Futures Market.” Applied Economic Perspectives and Policy 36, 3: 504-526.
  • Wang, X., P. Garcia and S.H. Irwin (2014). “The Behavior of Bid-Ask Spreads in the Electronically Traded Corn Futures Market.” American Journal of Agricultural Economics 96, 2:557-577.
  • Franken, J., J.M.E. Pennings and P. Garcia (2014). “Measuring the Effect of Risk Attitude on Marketing Behavior.”Agricultural Economics 45: 525-535.
  • Etienne, X., S.H. Irwin and P. Garcia (2014). “Bubbles in Food Commodity Markets: Evidence over Four Decades.” Journal of International Money and Finance 42, April: 129-155.
  • Auerlich, N., S.H. Irwin and P. Garcia (2013). “Returns to Individual Traders in Agricultural Futures Markets: Skill or Luck?” Applied Economics 45: 3650-3666.
  • Colino, E., S.H. Irwin, P. Garcia and X. Etienne (2012). “Do Composite Procedures Really Improve the Accuracy of Outlook Forecasts?” Journal of Agricultural and Resource Economics 37: 228-246.
  • Trujillo-Barrera, A., M. Mallory and P. Garcia (2012). “Volatility Spillovers in U.S. Crude Oil, Ethanol and Corn Futures Markets.” Journal of Agricultural and Resource Economics 37: 247-262.
  • Mattos, F. and P. Garcia (2012). “Measuring the Degree Probability Weighting Affects Risk-Taking Behavior in Financial Decisions.” Journal of Finance and Investment Analysis 1: 1-39.
  • Franken, J., J.M.E. Pennings and P. Garcia (2012). “Crop Production and Marketing Strategies: What Drives their Use?”Agribusiness: An International Journal 28: 324-340.
  • Frank, J. and P. Garcia (2011). “Measuring Liquidity Costs in Agricultural Futures Markets: Conventionaland Bayesian Approaches.” Agricultural Economics 42: 131-140.
  • Irwin, S.H., P. Garcia, D. Good and E. Kunda (2011). “Spreads and Non-Convergence in CBOT Corn,Soybeans, and Wheat Futures: Are Index Funds to Blame?” Applied Economics Perspectives and Policy 33: 116-42.
  • Brittain, L., P. Garcia and S.H. Irwin (2011). “Live and Feeder Cattle Options Markets: Returns, Risk, and Volatility Forecasting.” Journal of Agricultural and Resource Economics 36: 28-47
  • Colino, E., S.H. Irwin and P. Garcia (2011). “Improving the Accuracy of Outlook Price Forecasts”. Agricultural Economics 42: 357-371.
  • Frank, J. and P. Garcia (2011). “Bid-Ask Spreads, Volume, and Volatility: Evidence from Livestock Markets.” American Journal of Agricultural Economics 93: 209-225.
  • Woodard, J.D., T.M. Egelkraut, P. Garcia, and J.M.E. Pennings (2011). “Effects of Full Collateralization in Commodity Futures Investments”. Journal of Derivatives and Hedge Funds 16: 253-266.
  • Pennings, J.M.E. and P. Garcia (2010). “Risk and Hedging Behavior: The Role and Determinants of Latent Heterogeneity”. Journal of Financial Research 33: 373-401.
  • Dorfman, J., J.M.E. Pennings and P. Garcia (2010). ‘Is Hedging a Habit? Hedging Ratio Determination of Cotton Producers’. Journal of Agribusiness 28: 31-48.

Room:
343 Mumford Hall

Phone:
(217) 333-0644

E-mail:
p-garcia@illinois.edu

Curriculum Vitae:

Curriculum Vitae

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