According to a paper by three SMU Assistant Professors of Finance Tang Yuehua, Hu Jianfeng and Gennaro Bernile, some investors between 1997 and 2013 may have gotten early word of changes to Federal Reserve policy and profited by trading before the Fed publicly announced the policy shifts. The moves occurred before and during the time that reporters were given the Federal Open Market Committee statement in so-called media lockups. The researchers found that statistically significant order imbalances that correctly predicted the post-release market reaction tended to arise in the E-mini S&P 500 futures market between 10 minutes and 20 minutes before the scheduled release of the statement.