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| Registros recuperados: 40 | |
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| Hennings, Enrique; Sherrick, Bruce J.; Barry, Peter J.. |
| This study examines the impact of farmland investments on the risk-efficiency of mixed asset portfolios. Traditional asset classes considered available for investment include various equity market indices, commercial REITs, corporate bonds of investment- and sub investment grade, government bonds and treasury bills, corporate bonds, ex-U.S. equity indices, short term interest rate indexes, and commodity investments. Unlevered farmland returns were constructed at the state level as the sum of cash rent and capital gains less property taxes as a fraction of asset values. In addition, a unique, high quality data set comprised of the returns to all managed farmland properties in the NCREIF Farmland Index was also considered. A traditional optimal E-V... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Land Economics/Use. |
| Ano: 2005 |
URL: http://purl.umn.edu/19273 |
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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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| Dixon, Bruce L.; Barry, Peter J.. |
| Mean-variance efficient portfolio analysis is applied to situations where not all assets are perfectly price elastic in demand nor are asset moments known with certainty. Estimation and solution of such a model are based on an agricultural banking example. The distinction and advantages of a Bayesian formulation over a classical statistical approach are considered. For maximizing expected utility subject to a linear demand curve, a negative exponential utility function gives a mathematical programming problem with a quartic term. Thus, standard quadratic programming solutions are not optimal. Empirical results show important differences between classical and Bayesian approaches for portfolio composition, expected return and measures of risk. |
| Tipo: Journal Article |
Palavras-chave: Agricultural Finance; Research Methods/ Statistical Methods. |
| Ano: 1983 |
URL: http://purl.umn.edu/32102 |
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| Durguner, Seda; Barry, Peter J.; Katchova, Ani L.. |
| This paper uses FBFM (Illinois Farm Business Farm Management Association) data to analyze several key factors in the decision to categorize borrowers into acceptable or problematic and to classify borrowers across five classes. Net worth does not play significant role in the decision process for livestock farms, whereas it is significantly important for crop farms. For livestock farms, tenure ratio is not significant across classes and is generally not significant across categories depending on the cut off point used to describe acceptable or problematic borrower. However, it is significant for crop farms. Working capital to gross farm return, return on farm assets, and asset turnover ratio are all significant for both farm types. The operating expense... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Financial Economics. |
| Ano: 2006 |
URL: http://purl.umn.edu/21431 |
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| Schnitkey, Gary D.; Barry, Peter J.; Ellinger, Paul N.. |
| This article describes the properties of the Farm Financial Simulation Model (FFSM). FFSM is a tool for analyzing the financial consequences of various managerial strategies and policy options that may be implemented in responding to farm financial stress. Various farm types from different geographical regions having differing enterprises, financial structures, tenure arrangements, and consumption patterns can be analyzed. The emphasis of FFSM is placed on modeling a farm's profitability, liquidity, solvency, and financial position and the model produces a coordinated set of financial statements and an extensive set of financial ratios over a four-year period. |
| Tipo: Journal Article |
Palavras-chave: Farm Management. |
| Ano: 1987 |
URL: http://purl.umn.edu/30195 |
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| Barry, Peter J.; Ellinger, Paul N.. |
| In light of recent developments in agricultural credit evaluations, this study employs a multiperiod simulation model that endogenizes farm investment decisions, credit evaluations, and loan pricing based on the credit scoring procedures of agricultural lender. Model results show that credit-scored pricing yields time patterns of performance, credits classifications, and interest rates that parallel the firms investment, financing, and debt servicing activities. Moreover, the lenders price responses dampen growth incentives as credit worthiness diminished, stimulate growth as credit improves, and lead to similar capital structures over time. |
| Tipo: Journal Article |
Palavras-chave: Agricultural Finance. |
| Ano: 1989 |
URL: http://purl.umn.edu/32464 |
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| Barry, Peter J.. |
| The industrialization of agriculture refers to the continued consolidation of farms and to the growing use of production and marketing contracts and vertical integration among input suppliers, lenders, agricultural producers, processors, and distributors of food and fiber products, domestically and globally. Industrialization is strongly affecting the structure and performance of farms and agribusiness firms; the distribution of risk, returns, and the ownership and control of resources in the food and fiber system; locations of production; competitiveness in international markets; the effectiveness of agricultural policy; business activity, income, family welfare and employment in rural communities; and environmental quality and control. Research is... |
| Tipo: Journal Article |
Palavras-chave: Agribusiness. |
| Ano: 1995 |
URL: http://purl.umn.edu/31463 |
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| Escalante, Cesar L.; Barry, Peter J.. |
| This study provides farm-level empirical support to the Risk-Balancing Hypothesis using Illinois grain farm data. The econometric results indicate that risk-balancing farmers comprise more than half of the sample. These farmers tend to be older, have higher leasing ratios, are less financially efficient and manage risk through crop specialization, enterprise diversification, and marketing strategies in addition to risk balancing. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Risk and Uncertainty. |
| Ano: 2001 |
URL: http://purl.umn.edu/20617 |
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| Gustafson, Cole R.; Barry, Peter J.; Sonka, Steven T.. |
| A combination of experimental and simulation procedures identify important factors in an Illinois cash grain farmers machinery investment decisions. In an experiment setting, a panel of farmers based investment decisions on their own expectations, farm situations, and varying policy scenarios. In general, the results show investment levels statistically related to the tenure and leverage of operators, the economic conditions they faced, and the age of existing machinery. Alternative public policies of lower commodity price supports, tax reform, and interest rate subsidies influenced the timing of purchases but did not alter total investment amounts. |
| Tipo: Journal Article |
Palavras-chave: Crop Production/Industries; Farm Management. |
| Ano: 1988 |
URL: http://purl.umn.edu/32105 |
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| Taheripour, Farzad; Katchova, Ani L.; Barry, Peter J.. |
| While traditional finance theory suggests that leasing and debt are substitutes, some papers demonstrated the theoretical possibility of complementarity. Empirical studies indicate that both are possible. In this paper we will use the Tobit model, ordinary least squares and quantile regression techniques to study the relationship between leasing and debt in farm capital structure in Illinois. Our results indicate that leasing and debt are close to perfect substitutes and leased assets are less risky than debt-financed assets in Illinois farms. The results from the quantile regression help us to capture the effects of farm characteristics on the distribution of leased to assets ratio. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Agricultural Finance. |
| Ano: 2002 |
URL: http://purl.umn.edu/19636 |
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| Lajili, Kaouthar; Barry, Peter J.; Sonka, Steven T.; Mahoney, Joseph T.. |
| An empirical approach combining elements of principal-agent theory and transaction cost economics is used to determine farmers' preferences for contract terms in crop production. The approach is tested by asking grain farmers to rank contract choices and specify price premiums in simulated case situations. The statistical results indicate that farmers' preferences for rates of cost sharing, price premiums, and financing arrangements are significantly influenced by asset specialization and uncertainty associated with the case situations, and by selected business and personal characteristics. |
| Tipo: Journal Article |
Palavras-chave: Farm Management. |
| Ano: 1997 |
URL: http://purl.umn.edu/30859 |
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| Robison, Lindon J.; Barry, Peter J.; Burghardt, William G.. |
| This paper extends finance theory under risk to account for borrowing behavior under financial stress conditions. As the financial stress level for the firm increases, the role of credit or unused borrowing capacity changes. With a strong equity position, credit is valued as a reserve to avoid liquidation costs resulting from the sale of fixed assets to meet cash flow obligations. As the financial stress on the firm increases the model demonstrates the firms willingness to reduce credit reserves and increase its financial leverage in order to increase its probability of survival. These results are derived in a tractable framework by describing risky alternatives in terms of expected values and variances. |
| Tipo: Journal Article |
Palavras-chave: Financial Economics. |
| Ano: 1987 |
URL: http://purl.umn.edu/32236 |
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| Registros recuperados: 40 | |
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