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| Registros recuperados: 20 | |
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| Zhou, Haijiang; Roberts, Matthew C.; Zulauf, Carl R.. |
| This study examines the long run relationship between 1-day and 3-month futures prices for five metals at the London Metal Exchange (LME) and further investigates the role of interest rates in this relationship. A battery of stationarity tests and cointegration tests are applied to a simple cost of carry model, which contains the interrelationship between prices of the same commodity for delivery at two different dates and the cost of carry term. Results provide strong evidence that 1-day and 3-month metals futures prices are cointegrated and that interest rates are not needed to find this cointegration. These findings are confirmed in an analysis of the truncated sample period of 1979-1984 when the interest rates were highly volatile. Our finding calls... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Demand and Price Analysis. |
| Ano: 2004 |
URL: http://purl.umn.edu/20095 |
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| Zulauf, Carl R.. |
| Changes since 1970 in the distribution of selected farm characteristics among constant and current dollar farm sales categories were examined. In general, the same trends emerged but changes were less dramatic after adjusting for inflation. The increasing concentration of net farm income among farms with sales exceeding $500,000 was attributed in part to their continuing high ratio of gross farm income to expenses (approximately 145 percent). Farms with sales between $10,000 and $500,000 became more dependent on nonfarm income. This dependency is postulated to result from a farm income treadmill and use of nonfarm income to cope with the treadmill. |
| Tipo: Journal Article |
Palavras-chave: Agribusiness. |
| Ano: 1986 |
URL: http://purl.umn.edu/29471 |
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| Cooper, Joseph C.; Langemeier, Michael R.; Schnitkey, Gary D.; Zulauf, Carl R.. |
| Yield variability can be significantly higher at the farm level than at more aggregated levels, including the county. However, due to a dearth of available farm level data, much stochastic analysis involving farm yields utilizes more aggregated yield data as a proxy for the farm level. We empirically evaluate farm-level variability using longitudinal farm level data sets available from the Kansas Farm Management Association and the Illinois Farm Business and Farm Management Association. For corn, soybeans, and wheat, we compare the farm level yield variability obtained from this data to that inferred from Federal crop insurance premiums. The farm management data exhibit lower yield variability than are implied by the crop insurance premiums. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Yield variability; Crop insurance; Corn; Wheat; Soybeans; Agricultural and Food Policy; Crop Production/Industries; Research Methods/ Statistical Methods; Risk and Uncertainty. |
| Ano: 2009 |
URL: http://purl.umn.edu/49216 |
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| Zulauf, Carl R.; Larson, Donald W.; Alexander, Christopher K.; Irwin, Scott H.. |
| This paper contributes to the debate on whether pre-harvest pricing strategies can improve returns over cash sales at harvest. It also examines cash flow needs of such strategies. The analysis is conducted for Ohio corn produced from 1986 through 1999. The pre-harvest strategies evaluated (short futures, long put, synthetic long put, put-call fence) did not statistically improve returns over cash sales at harvest. However, if implemented during or before planting, these naïve strategies reduced the standard deviation of annual gross income. Substantial cash flow may be incurred, either to establish the strategy or meet margin calls. Therefore, assessments of pre-harvest pricing strategies should include cash flow needs, along with return and risk.... |
| Tipo: Journal Article |
Palavras-chave: Cash flow risk; Pre-harvest pricing strategies; Price risk.; Marketing. |
| Ano: 2001 |
URL: http://purl.umn.edu/15299 |
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| Zulauf, Carl R.; Schnitkey, Gary D.; Norden, Carl T.. |
| Although few in number, studies consistently find that price explains little, if any, of the variation in profit across farms. This contrasts with farmers' opinions regarding the importance of price, as well as the use of price supports as a primary policy instrument. Using farm level data from the Illinois Farm Business Farm Management program for calendar years 1996 through 2004, a potential explanation for this conundrum is identified. Price is significantly more correlated with a farmer's variation in management return from year to year (approximately, +0.45) than with the variation in management return across farmers (approximately, +0.10). Thus, the conundrum arises out of different perspectives: farmers focus on the performance of their own farm... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Agricultural Finance. |
| Ano: 2006 |
URL: http://purl.umn.edu/19000 |
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| Thayer, Sharon; Zulauf, Carl R.; Schnitkey, Gary D.; Forster, D. Lynn. |
| Crop yields which determine farm income deficiency payments have been frozen at 1981-1985 levels since 1986. Data from a longitudinal survey of Ohio farm operators are analyzed to evaluate whether updating payment yields will differentially affect farm operators. Results of the analysis imply that farm operators who operate larger farms, live in counties with higher yields, and have higher fertilizer and pesticide expenses per acre of corn will benefit more. In addition, low (high) existing payment yields are understated (overstated) relative to updated payment yields. |
| Tipo: Journal Article |
Palavras-chave: Agricultural Finance. |
| Ano: 1994 |
URL: http://purl.umn.edu/31451 |
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| King, Katie; Zulauf, Carl R.. |
| Farmers and other buyers and sellers of commodities use options in their marketing strategies. A cost of buying put and call options is the decay in option premium that occurs from the time an option position is established until the time the option position is closed out. This article finds that the average option premium decay cost associated with buying December corn and November soybean put and call options is relatively small if the option position is closed out before mid-to-late June. After this date the average option premium decay cost begins to accelerate, resulting in and increasing cost of using options to market corn and soybeans. |
| Tipo: Article |
Palavras-chave: Demand and Price Analysis; Financial Economics. |
| Ano: 2011 |
URL: http://purl.umn.edu/118951 |
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| Registros recuperados: 20 | |
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