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| Registros recuperados: 25 | |
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| Zohrabyan, Tatevik; Leatham, David J.; Bessler, David A.. |
| Using quarterly U.S. census division data for time period 1975-2006, this paper investigates the dynamic relationships among the house prices of nine divisions (regions): Pacific, Mountain, South Atlantic, Middle Atlantic, New England, East South Central, West South Central, West North Central, and East North Central. Johansen’s ML procedure is applied to shed light on the short-run and long-run components on the error correction model. Furthermore, a symmetric error-correction model is estimated followed by the contemporaneous causality structure that is provided by the directed acyclic graphs. The latter is used as an “input” for estimating the impulse response functions along with the forecast error variance decompositions. The results provide evidence... |
| Tipo: Journal Article |
Palavras-chave: Community/Rural/Urban Development; Financial Economics. |
| Ano: 2008 |
URL: http://purl.umn.edu/48138 |
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| Betubiza, Eustacius N.; Leatham, David J.. |
| The study examines balance sheet changes at Texas commercial banks following the 1980 bank deregulation. A comparison of selected deposit and asset variables for 1978 (pre-deregulation) and 1987 (post- deregulation) reveals a rapid increase in costly deposits and a decline in the proportion of loans in general, and agricultural loans in particular, relative to total bank assets. Although a weak Texas economy during this time period contributed to the observed asset reallocation, banks were also responding to the increased deposit costs and interest rate volatility following deregulation. This conclusion is consistent with previous findings cited in the study. |
| Tipo: Working or Discussion Paper |
Palavras-chave: Commercial banks; Agricultural loans; Bank deregulation; Financial Economics. |
| Ano: 1996 |
URL: http://purl.umn.edu/23985 |
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| Seo, Sangtaek; Salin, Victoria; Mitchell, Paul D.; Leatham, David J.. |
| This study determines the entry and exit thresholds of table grape farming with irreversible investment under uncertainty. Real option approach is adopted to consider the investment and management flexibility. Also revenue insurance is introduced to consider the effect of the risk management programs on the entry and exit thresholds. Results show that revenue insurance increases the entry and exit thresholds by 1% and 4%, respectively, thus discouraging new investment and current farming, as long as the revenue guarantee is less than the exit threshold. Revenue insurance increases the entry threshold by 3% and decreases the exit threshold by 13% as long as the revenue guarantee is greater than the exit threshold. In this case, revenue insurance... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Risk and Uncertainty. |
| Ano: 2004 |
URL: http://purl.umn.edu/20229 |
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| Seo, Sangtaek; Mitchell, Paul D.; Leatham, David J.. |
| We analyze the effects of crop insurance and the Marketing Loan Program on optimal nitrogen use and acreage allocation for a case cotton-sorghum farm in Texas. A mathematical programming model is used to simulate the optimal nitrogen fertilizer rate, crop acreage allocation, coverage level, and price election factor, along with participation in the crop insurance (APH and CRC) and the Marketing Loan Program for both crops. Results show that current insurance programs increase the optimal fertilizer rate 1-3% and increase the optimal cotton acreage 16-129%. The Marketing Loan Program slightly changes optimal fertilizer rates and increases optimal cotton acreage an additional 1-9%. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Agricultural and Food Policy; Risk and Uncertainty. |
| Ano: 2004 |
URL: http://purl.umn.edu/20160 |
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| Seo, Sangtaek; Mitchell, Paul D.; Leatham, David J.. |
| We analyze the effects of crop insurance and the Marketing Loan Program on optimal nitrogen use and acreage allocation for a case cotton-sorghum farm in Texas. A mathematical programming model is used to solve for the optimal nitrogen fertilizer rate, crop acreage allocation, coverage level, and price election factor, along with participation in the crop insurance and the Marketing Loan Program for both crops. Results show that depending on the crop and farmer risk aversion, these federal risk management programs increase or decrease optimal fertilizer rates-6% to 3%, increase optimal cotton acreage 94% to 144%, and decrease sorghum acres up to 50%. |
| Tipo: Journal Article |
Palavras-chave: Crop insurance; Extensive margin; Intensive margin; Loan deficiency payments; Revenue insurance; Q12; Q18. |
| Ano: 2005 |
URL: http://purl.umn.edu/43503 |
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| Larsen, Ryan A.; Vedenov, Dmitry V.; Leatham, David J.. |
| As agriculture becomes more industrialized, the role of risk measures such as value-at-risk (VaR) will become more utilized. In this case it was applied to geographical diversification and also modifying the traditional VaR estimation by incorporating a copula dependence parameter into the VaR estimation. In addition, an alternative risk measure was also calculated, CVaR. The CVaR, unlike VaR, is a coherent risk measure. Thus it does not suffer from many of the shortcomings of the VaR. The land portfolio consisted of Dryland wheat production acres in Texas, Colorado, and Montana. Three series of net returns were calculated for each region. Based on the VaR and the CVaR, the portfolio was optimized based on minimizing the expected loss based on... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Copula; CVaR; Risk-Management; Geographical Diversification; Agribusiness; Farm Management; Risk and Uncertainty. |
| Ano: 2009 |
URL: http://purl.umn.edu/46763 |
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| Leatham, David J.; McCarl, Bruce A.; Richardson, James W.. |
| The effect of the farmer's choice of crop insurance was evaluated on both the farmer's and lender's performance. This was done using whole-farm, Monte Carlo simulation for Texas wheat/sorghum operations. Results indicate crop insurance would be preferred by moderately risk-averse farmers when farm firm failure became an issue or the insurance loss ration approached one. A lender always preferred the use of crop insurance, especially when the probability of firm bankruptcy was an issue. |
| Tipo: Journal Article |
Palavras-chave: Risk and Uncertainty. |
| Ano: 1987 |
URL: http://purl.umn.edu/30193 |
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| Bessler, David A.; Leatham, David J.; Yang, Juan. |
| The bank lending channel states that changes in monetary policy cause changes in bank loans thus causing changes in real income. This implies the Federal Reserve can influence real income by controlling the level of intermediated loans. We apply a new method to test for an operative bank lending channel in the transmission mechanism of monetary policy. Combining an error correction model with directed acyclic graphs, we explore the existence of a bank lending channel and the effectiveness of U.S. monetary policy since 1960. This paper shows when an operative bank lending channel existed, explains its impact, and evaluates other channels of monetary policy. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Financial Economics. |
| Ano: 2005 |
URL: http://purl.umn.edu/19558 |
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| Seo, Sangtaek; Segarra, Eduardo; Mitchell, Paul D.; Leatham, David J.. |
| Water scarcity has been a significant issue for several decades in the Texas High Plains, with agriculture identified as the main activity contributing to this scarcity. To address this issue, much effort has been devoted to developing and encouraging adoption of sophisticated irrigation systems with high levels of water application efficiency, such as the low energy precision application (LEPA) system, subsurface drip irrigation (SDI), and variable rate irrigation (VRI). In this study, the economic feasibility of these irrigation systems is evaluated in cotton farming in the Texas High Plains using a real options approach. Results find that only the LEPA system is profitable under current conditions. The VRI system is profitable with high cotton... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Resource /Energy Economics and Policy. |
| Ano: 2006 |
URL: http://purl.umn.edu/21427 |
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| Larsen, Ryan A.; Leatham, David J.; Vedenov, Dmitry V.. |
| The issue of modeling farm financial decisions in a dynamic framework is addressed in this paper. Discrete stochastic programming is used to model the farm portfolio over the planning period. One of the main issues of discrete stochastic programming is representing the uncertainty of the data. The development of financial scenario generation routines provides a method to model the stochastic nature of the model. In this paper, two approaches are presented for generating scenarios for a farm portfolio problem. The approaches are based on copulas and optimization. The copula method provides an alternative to the multivariate normal assumption. The optimization method generates a number of discrete outcomes which satisfy specified statistical properties by... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Agribusiness; Agricultural Finance; Farm Management. |
| Ano: 2010 |
URL: http://purl.umn.edu/61509 |
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| Yang, Jian; Leatham, David J.. |
| This paper examines the price discovery function for three U.S. wheat futures markets: the Chicago Board of Trade, Kansas City Board of Trade, and Minneapolis Grain Exchange. The maintained hypothesis is that futures markets search more for information than cash markets to find an equilibrium price, thus greatly improving the price discovery function. The tests reveal the existence of one equilibrium price across the three futures markets in the long run, but no cointegration among prices in the three representative cash markets. |
| Tipo: Journal Article |
Palavras-chave: Error correction model; Price discovery; Wheat futures; Marketing. |
| Ano: 1999 |
URL: http://purl.umn.edu/15375 |
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| Registros recuperados: 25 | |
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