Abstract
This study examines stock price reactions, for both U.S. and Canadian softwood-lumber producers, to a series of events culminating in the 1986 Memorandum of Understanding under which Canada agreed to impose a 15 percent export tariff on lumber shipped to the United States. The authors' results indicate that a number of these events were accompanied by significant reactions in directions consistent with their priors. Notwithstanding that the events in question pertained principally to the prospects of a tariff, it is possible that these events also had implications for the outcome of free trade negotiations in progress during this time frame. Coauthors are John Hughes, Judy Rayburn, and David Runkle.
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