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| Hranaiova, Jana; Stefanou, Spiro E.. |
| SUMMARY: This study focuses on the analysis of the production behavior and risk preferences in the presence of output price uncertainty. Following a theoretical model based on the assumption of maximization of expected utility of profits, the approach used in this study infers information about risk preferences from the production characteristics of the farm. In addition, the nonparametric method of estimating elasticity of scale and technical change eliminates the need to impose a uniform production or cost functions on individual producers. The approach is applied to a panel of dairy farms, which are evaluated for their elasticity of scale and the total productivity growth components of their operations. Estimates of farmers' risk attitudes... |
| Tipo: Journal Article |
Palavras-chave: Uncertainty; Risk Aversion; Productivity Growth; Productivity Analysis; Q14. |
| Ano: 2002 |
URL: http://purl.umn.edu/28760 |
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| Hranaiova, Jana. |
| This paper estimates values of the delivery options implicit in the CBOT corn futures contract. Joint values of the timing and location options are estimated for the years 1989-97. By interacting the effects of the two delivery options, a potentially more accurate estimates are obtained. Two models are presented that rely on different assumptions about the institutional setup of the delivery process. The first model approximates the discreteness of the three day delivery process, while the second model relies on an assumption of immediate delivery that is consistent with the existing literature on pricing options. Individual hedgers can use these models to help them make delivery decisions. When all the costs of delivery are incorporated, true value of the... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Delivery options; Joint timing-location option; Basis convergence; Marketing. |
| Ano: 2000 |
URL: http://purl.umn.edu/18936 |
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| Hranaiova, Jana. |
| This paper analyzes serial correlation in stock returns, and informational role of volume and volatility in Polish and Slovakian stock markets. Results indicate that prices tend to overshoot to new information in the Slovakian market, while new information gets impounded into prices with a one-day lag in the Polish market. In the context of feedback trading models, the Slovakian stock market seems to be dominated by traders who sell high and buy low, while stop-loss or distress selling type traders prevail in the Polish market. Traders became more sophisticated over time, as market efficiencies increased. Informational role of volume and volatility appears to be consistent with that found in developed stock markets. |
| Tipo: Working or Discussion Paper |
Palavras-chave: Financial Economics. |
| Ano: 1999 |
URL: http://purl.umn.edu/7225 |
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