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| Neibergs, J. Shannon; Thalheimer, Richard. |
| Thoroughbred incentive programs are subsidy policies funded from state parimutuel tax revenue designed to promote regional race horse breeding and ownership. At issue is an ongoing debate concerning the effectiveness of alternative policies. Empirical results indicate that incentive programs have a positive economic effect, but gains to Thoroughbred breeders can be obtained by reallocating tax revenue to non-restricted purses. A policy allocating tax revenue ton non-restricted purses shifts yearling demand and increases prices, while breeder subsidies shift only the supply function and therefore lower prices. Consequently, breeder revenues increase in response to a policy that favors non-restricted purses over subsidies. |
| Tipo: Journal Article |
Palavras-chave: Incentive programs; Parimutual horse racing; Subsidy; Tax; Thoroughbred; Agricultural and Food Policy. |
| Ano: 1999 |
URL: http://purl.umn.edu/15157 |
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| Neibergs, J. Shannon. |
| Theoretical and empirical insights into the linkages between firm profitability and macroeconomic conditions are developed for nineteen agribusinesses. The hypothesis investigated in this analysis is that firm financial performance is a function of firm specific factors and macroeconomic conditions common to all firms. Seemingly unrelated regression with an unequal number of observations is used to estimate macroeconomic linkages. Empirical results indicate that macroeconomic conditions have differing affects on firm profitability dependent on a firms financial structure and the market segment in which it operates. Capital intensive industries and highly leveraged firms have higher business risk and are more susceptible to macroeconomic conditions. |
| Tipo: Journal Article |
Palavras-chave: Agribusiness. |
| Ano: 1998 |
URL: http://purl.umn.edu/34310 |
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| Vinzant, Patrick L.; Neibergs, J. Shannon. |
| Thoroughbred racehorses are commonly characterized as unprofitable investments. Previous studies, grouping all racehorses together, estimate that over 80% of all racehorses in training fail to earn enough to recover the variable costs of training. However, these studies are not truly representative, because they fail to account for a number of factors affecting profitability. This study estimates expected purse earnings and profitability of claiming horses in Kentucky. Maximum-likelihood estimates of probability distribution parameters show that expected purse earnings follow an exponential distribution with a mean of $25,267. Profitability is best described by a Gamma distribution with a mean of $4,824. Of the 305 claims analyzed for profitability,... |
| Tipo: Journal Article |
Palavras-chave: Claiming horses; Financial risk; Maximum likelihood; Probability; Profitability; Thoroughbred; Agribusiness. |
| Ano: 1999 |
URL: http://purl.umn.edu/14682 |
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