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Commodity Linked Credit: A Risk Management Instrument for the Agrarians in India AgEcon
Shee, Apurba; Turvey, Calum G..
This research analyzes daily commodity spot prices and designs risk contingent structured financial instruments as a means to mitigate business and financial risk by reducing debt obligations depending on the embedded commodity options whose payoffs are linked with commodity price fluctuations. Models are developed for operating loans and farm mortgages. The results show that the distributions with the embedded option have higher probability of greater returns and the embedded option with the repayment contingent on the price fluctuation reduces the downside risk of the return from the investment.
Tipo: Journal Article Palavras-chave: Agricultural Finance; Risk and Uncertainty.
Ano: 2008 URL: http://purl.umn.edu/48139
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Bounded Learning Efficiency and Sources of Firm Level Productivity Growth in Colombian Food Manufacturing Industry AgEcon
Shee, Apurba; Stefanou, Spiro E..
The measurement of productivity fluctuations has been the focus of decades-long interest. In addition to broad structural forces driving productivity changes, there is more recent interest in measuring and identifying the heterogeneous forces driving these changes. A major force is learning-by-doing which is used by economists to describe the phenomenon of productivity growth arising from the accumulation of production experience by a firm. This paper proposes a bounded learning concept with the learning progress function characterized by the degree of efficiency and the specification of the learning progress as a logistic function capturing both the slow start-up and the limit in learning progress. The inter-firm learning inefficiency is defined as the...
Tipo: Conference Paper or Presentation Palavras-chave: Colombian food manufacturing industry; Bounded learning-by-doing; Learning efficiency; Logistic differential equation; Technical efficiency; Firm-level productivity growth; Decomposition of productivity change; Endogeneity of input choice; Stochastic production frontier; Agribusiness; Industrial Organization; Production Economics; Productivity Analysis.
Ano: 2011 URL: http://purl.umn.edu/103898
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