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| Registros recuperados: 154 | |
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| Fortenbery, T. Randall. |
| This paper examines three invited papers focused on commodity prices. Public responses to high nominal commodity prices and perceived increases in price risk have ranged from attempts to assign blame, attempts to change contracting arrangements, and development of public policy that ‘‘protects’’ the market from future occurrences of unacceptable behavior. Interestingly, a result of increased commodity price volatility has suggested that futures markets no longer ‘‘work.’’ This is ironic given that futures markets initially came into existence as tools for managing the negative impacts of commodity price risk. In response to perceptions of market failure some are looking for strategies to regulate the who and how of futures trading. |
| Tipo: Journal Article |
Palavras-chave: Futures markets; Hedging; Price risk; Risk management; Speculation; Agribusiness; Agricultural Finance; Marketing; Risk and Uncertainty; G13; Q11; Q13; Q14. |
| Ano: 2009 |
URL: http://purl.umn.edu/53084 |
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| Xing, Liu; Pietola, Kyosti. |
| This paper estimates optimal hedging ratios for a Finnish spring wheat producer under price and yield risk. The forward contract available for hedging fixes the price and quantity at the time of sowing for a delivery at harvest. Autoregressive models are used to obtain point forecasts for the conditional mean price and price volatility at harvest. Expected yield and yield volatility are estimated from the field experiment data. A range of coefficients of absolute risk aversion are used in the computations. The results suggest that yield volatility is large and it dominates the price volatility in the optimal hedging decisions of the Finnish wheat producers. Nevertheless, a potential for large negative correlation between the price and the yield decreases... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Hedging ratio; Risk; Forward contract; Financial Economics; Risk and Uncertainty; Q14. |
| Ano: 2005 |
URL: http://purl.umn.edu/24467 |
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| El Benni, Nadja; Finger, Robert; Mann, Stefan. |
| The study examines the effect of agricultural policy reforms on income variability of Swiss farmers. The observed heterogeneity in income risks across farms and time is explained with farm and regional characteristics. FADN data are used to construct coefficients of variation of total household income and gross revenues at farm-level over the period 1992-2009. Applying linear mixed effect models the effects of off-farm income, direct payments, farm size, specialisation and liquidity on gross revenue and household income variability in three different production regions are measured. The switch from market-based support to direct payments decreased the variability of farm revenues and household income. Off-farm income has a positive and farm size a negative... |
| Tipo: Presentation |
Palavras-chave: Income risk; Agricultural policy; Direct payments; Risk and Uncertainty; Q12; Q14; Q18. |
| Ano: 2012 |
URL: http://purl.umn.edu/122532 |
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| Petrick, Martin; Ditges, C. Markus. |
| On the basis of portfolio selection theory, this paper finds that whole-farm risk must be regarded as a major reason for the low level of credit flow to agriculture in North-western Kazakhstan. A quadratic programming model was used in order (a) to demonstrate the comparatively high overall risk exposition of a typical farm, (b) to show that an inflow of working capital could contribute to risk reduction, and (c) to illustrate short-term risk management strategies. Although there may be a role for the government in reducing risk exposition of agriculture in its current form, natural and economic constraints suggest to pave the way for structural reforms that reduce the importance of agriculture in the rural economy. . |
| Tipo: Working or Discussion Paper |
Palavras-chave: Agricultural credit; Kazakhstan; Portfolio selection theory; Risk programming; Agricultural Finance; Q14; G11; C61. |
| Ano: 2000 |
URL: http://purl.umn.edu/14939 |
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| Zhao, Jianmei; Katchova, Ani L.; Barry, Peter J.. |
| Numerous empirical studies in the finance field have tested many theories for firms¡¦ capital structure. Under the assumption of asymmetric information, the pecking order theory proposes the financing order for farm businesses, which implies a negative relationship between their cash flow and leverage. Meanwhile, the signaling theory suggests a farms' financing strategy, meaning high quality farms prefer to facilitate their capital rising by sending diverse signals to potential lenders. Could these capital structure theories be applied for farm businesses? This paper tests the applicability of the pecking order theory and the signaling theory for farm businesses. The results show that farm businesses not only follow the pecking order theory but also the... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Farm Businesses; Pecking Order Theory; Signaling Theory; Research Methods/ Statistical Methods; Q14. |
| Ano: 2004 |
URL: http://purl.umn.edu/20215 |
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| Bokusheva, Raushan; Conradt, Sarah. |
| The study evaluates the effectiveness of a catastrophic drought-index insurance developed by applying two alternative methods - the standard regression analysis and the copula approach. Most empirical analyses obtain estimates of the dependence of crop yields on weather by employing linear regression. By doing so, they assume that the sensitivity of yields to weather remains constant over the whole distribution of the weather variable and can be captured by the effect of the weather index on the yield conditional mean. In our study we evaluate, whether the prediction of farm yield losses can be done more accurately by conditioning yields on extreme realisations of a weather index. Therefore, we model the dependence structure between yields and weather by... |
| Tipo: Presentation |
Palavras-chave: Catastrophic insurance; Weather-based insurance; Copula; Risk and Uncertainty; C18; Q14. |
| Ano: 2012 |
URL: http://purl.umn.edu/122443 |
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| Power, Gabriel J.; Turvey, Calum G.. |
| Both prices and the volatility of storable agricultural commodity futures contracts have been rising since 2005 and particularly since 2007. This paper aims to answer two principal questions: (i) How has the behavior of these futures prices over time and across maturities changed with the rise of biofuels and their demand-side pres- sure on corn and related crops?, and (ii) Is there now stronger or weaker evidence of the Kaldor-Working convenience yield-storage hypothesis, whereby futures price backwardation can be explained by the high value of remaining inventory stocks when these are near stockouts? The empirical application is to Chicago Board of Trade corn, wheat and soybeans futures. To make use of all available futures data rather than only the... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Agricultural Finance; C52; C53; G12; G13; Q13; Q14. |
| Ano: 2008 |
URL: http://purl.umn.edu/37608 |
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| Zhao, Jianmei; Zhang, Jun. |
| This article addresses the separability issue in the context of Chinese rural households. Deviating from previous research, our test on separability is embedded in the capital market imperfections and from the perspective of farm living consumption and their production inputs. Our theoretical framework incorporates the credit constraint and predicts both separability and non-separability behavior from rural households. Empirical estimation presents the evidence of non-separability behavior for credit constrained farm families, while independent decisions on farm living consumption and their production inputs exist among unconstrained households. Our overall results reject the separability for financially constraint farm households in China. |
| Tipo: Presentation |
Palavras-chave: Credit constraint; Non-separable behavior; Switching regression; Agricultural Finance; Consumer/Household Economics; Q12; Q14; O18. |
| Ano: 2012 |
URL: http://purl.umn.edu/123950 |
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| Petrick, Martin. |
| Welfare economics as the traditional, prescriptive theory framework used in agricultural economics has been criticised by institutional economists as being largely irrelevant to real-world policy issues. We therefore ask how normative statements are possible within an economic theory framework that does recognise the importance of institutional arrangements. Instead of applying established outcome-oriented criteria of social welfare, we examine whether the rules of economic interaction allow the acquisition of gains from cooperation. We suggest to reconstruct any interaction as an existing or repealed social dilemma. This approach helps to identify common rule interests which create room for improvement of all parties involved, and to suggest desirable... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Agricultural Finance; Institutional and Behavioral Economics; D02; D63; D74; Q14. |
| Ano: 2006 |
URL: http://purl.umn.edu/25702 |
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| Registros recuperados: 154 | |
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