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Registros recuperados: 25
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An Analysis of the Banana Import market in the U.S. AgEcon
Su, Chia-Hsien; Ishdorj, Ariun; Leatham, David J..
Tipo: Working or Discussion Paper Palavras-chave: Demand; Banana; Import; Market power; Demand and Price Analysis; Food Consumption/Nutrition/Food Safety.
Ano: 2011 URL: http://purl.umn.edu/98847
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Cointegration Analysis of Regional House Prices in U.S. AgEcon
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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COMMERCIAL BANKS' RESPONSE TO COSTLY DEPOSITS IN A DEREGULATED ENVIRONMENT AgEcon
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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Dynamic Analysis of Land Prices with Flexible Risk Aversion Coefficients AgEcon
Xu, Jin; Leatham, David J..
Tipo: Conference Paper or Presentation Palavras-chave: Land Economics/Use; Risk and Uncertainty.
Ano: 2010 URL: http://purl.umn.edu/61872
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Economic Impact of Crop Insurance on the North Dakota State Economy AgEcon
Leatham, David J.; Jones, Lonnie L.; Crane, Laurence M..
Tipo: Conference Paper or Presentation Palavras-chave: Risk and Uncertainty.
Ano: 1997 URL: http://purl.umn.edu/35853
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EFFECT OF REVENUE INSURANCE ON ENTRY AND EXIT DECISIONS IN TABLE GRAPE PRODUCTION: A REAL OPTION APPROACH AgEcon
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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EFFECTS OF FEDERAL RISK MANAGEMENT PROGRAMS ON LAND ALLOCATION AND INPUT USE AgEcon
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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Effects of Federal Risk Management Programs on Optimal Acreage Allocation and Nitrogen Use in a Texas Cotton-Sorghum System AgEcon
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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Enterprise-level risk assessment of geographically diversified commercial farms: a copula approach AgEcon
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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Estimating the Fair Insurance Premium for Dungeness Crab Yields in the Western U.S. Coast AgEcon
Liu, Chia-Lan; Richardson, James W.; Leatham, David J..
The Dungeness is a popular food and the most commercially important crab in the western states in the U.S. Like all agricultural production, the crab fisherman face yield risks and must manage these risks. In addition to weather risk, crab fisherman may experience low yields if the crabs are over fished in previous years. Farmers for many traditional agricultural crops can purchase crop insurance to insure against low yields. However, crab fishermen at this time do not have this option. The purpose of this paper is to estimate a fair insurance premium based on the historical yields of the Dungeness crab. This information can then be used in risk/return models for crab fishing to determine if it would be optimal for fisherman to purchase crop insurance. An...
Tipo: Conference Paper or Presentation Palavras-chave: Dungeness Crab; Fair Insurance Premium; Simulation; Agricultural and Food Policy; Agricultural Finance; Risk and Uncertainty.
Ano: 2011 URL: http://purl.umn.edu/103424
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FACTORS AFFECTING COMMERCIAL BANK LENDING TO AGRICULTURE AgEcon
Betubiza, Eustacius N.; Leatham, David J..
A tobit econometric procedure was used to examine the effect of selected demand and supply factors on nonreal estate agricultural lending by commercial banks in Texas. Results show that banks have reduced their agricultural loan portfolios in response to increased use of interest sensitive deposits after deregulation. Moreover, almost half of this decrease came from banks that stopped making agricultural loans. Also, results show that banks affiliated with multi-bank holding companies lend less money to agriculture relative to their assets than do independent banks.
Tipo: Journal Article Palavras-chave: Agricultural lending; Commercial banks; Deregulation; Tobit; Agricultural Finance.
Ano: 1995 URL: http://purl.umn.edu/15326
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Forecasting Housing Prices: Dynamic Factor Model versus LBVAR Model AgEcon
Li, Yarui; Leatham, David J..
The purpose of this paper is to compare the forecasting power of DFM and LBVAR models as they are used to forecast house price growth rates for 42 metropolitan areas in the United States. The forecasting performances of these two large-scale models are compared based on the Theil U-statistic.
Tipo: Conference Paper or Presentation Palavras-chave: Housing market; DFM; LBVAR; Dynamic PCA; Demand and Price Analysis.
Ano: 2010 URL: http://purl.umn.edu/103667
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Fundamentals and US natural gas price dynamics AgEcon
Qin, Xiaoyan; Bessler, David A.; Leatham, David J.; Wu, Ximing; Gan, Li.
Investigation into the relations between market fundamentals and US natural gas prices is carried out in the regime-switching framework. To test the hypothesis that US natural gas market may switch between two states of market: bullish market and bearish market, a 2-state regime-switching model with Markov transition chain is carried out. GARCH effects are also built into the model to account for the conditional heteroskedasticity. Short-term forecasts based on the regime-switching model are also provided. Empirical results suggest that real world natural gas price behavior is far more complicated than that predicted by fundamental models. Volatility which cannot be explained by fundamentals plays an essential role in natural gas price behavior. The major...
Tipo: Conference Paper or Presentation Palavras-chave: US natural gas price behaviors; Markov-switching model; GARCH; Resource /Energy Economics and Policy.
Ano: 2010 URL: http://purl.umn.edu/56501
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Geographical Diversification: An Application of Copula Based CVaR AgEcon
Larsen, Ryan A.; Leatham, David J.; Mjelde, James W.; Wolfley, Jared L..
Tipo: Presentation Palavras-chave: Risk and Uncertainty.
Ano: 2008 URL: http://purl.umn.edu/119533
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IMPLICATIONS OF CROP INSURANCE FOR FARMERS AND LENDERS AgEcon
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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In Search of the "Bank Lending Channel": Causality Analysis for the Transmission Mechanism of U.S. Monetary Policy AgEcon
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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Irrigation Technology Adoption in the Texas High Plains: A Real Options Approach AgEcon
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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Measuring efficiency of the Farm Credit System AgEcon
Dang, Trang; Leatham, David J..
DO NOT CITE THIS DRAFT. See formally published version: Measuring the efficiency of the Farm Credit System Trang Dang , David Leatham , Bruce A. McCarl , Ximing Wu Agricultural Finance Review 2014 74:1 , 38-54
Tipo: Conference Paper or Presentation Palavras-chave: Farm Credit System; Agricultural lenders; Technical efficiency; Financial crisis; Stochastic frontier production function; Financial reform; Agricultural Finance.
Ano: 2011 URL: http://purl.umn.edu/104006
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Multi-Period Asset Allocation: An Application of Discrete Stochastic Programming AgEcon
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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PRICE DISCOVERY IN WHEAT FUTURES MARKETS AgEcon
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
Registros recuperados: 25
Primeira ... 12 ... Última
 

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