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Registros recuperados: 25
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A Personal Touch: Text Messaging for Loan Repayment AgEcon
Morten, Melanie; Karlan, Dean S.; Zinman, Jonathan.
We worked with two microlenders to test impacts of randomly assigned reminders for loan repayments in the “text messaging capital of the world”. We do not find strong evidence that loss versus gain framing or messaging timing matter. Messages only robustly improve repayment when they include the loan officer’s name. This effect holds for clients serviced by the loan officer previously but not for first-time borrowers. Taken together, the results highlight the potential and limits of communications technology for mitigating moral hazard, and suggest that personal obligation/reciprocity between borrowers and bank employees can be harnessed to help overcome market failures.
Tipo: Working Paper Palavras-chave: Microcredit; Microfinance; Randomized evaluation; Development finance; Consumer/Household Economics; Financial Economics; Research and Development/Tech Change/Emerging Technologies; D21; D92; G21; O16; O17.
Ano: 2012 URL: http://purl.umn.edu/121867
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A Theory of Firm Decline AgEcon
Gian Luca, Clementi; Cooley, Thomas; Di Giannatale, Sonia.
We study the problem of an investor that buys an equity stake in an entrepreneurial venture, under the assumption that the former cannot monitor the latter’s operations. The dynamics implied by the optimal incentive scheme is rich and quite different from that induced by other models of repeated moral hazard. In particular, our framework generates a rationale for firm decline. As young firms accumulate capital, the claims of both investor (outside equity) and entrepreneur (inside equity) increase. At some juncture, however, even as the latter keeps on growing, invested capital and firm value start declining and so does the value of outside equity. The reason is that incentive provision is costlier the wealthier the entrepreneur (the greater is inside...
Tipo: Working or Discussion Paper Palavras-chave: Principal Agent; Moral Hazard; Hidden Action; Incentives; Survival; Firm Dynamics; Financial Economics; D82; D86; D92; G32.
Ano: 2010 URL: http://purl.umn.edu/92788
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Accounting for agronomic rotations in crop production: A theoretical investigation and an empirical modeling framework AgEcon
Carpentier, Alain; Gohin, Alexandre; Letort, Elodie.
As far as crop acreage choices are concerned, a consensus seems to exist among agricultural scientists and extension agents: crop rotation effects and the related constraints are major determinants of farmers’ crop choices. Crop rotation effects are inherently dynamic. They are generally ignored in multicrop models with land as an allocable input found in the literature since most of these models are developed within a static framework. The aim of this paper is twofold (i) to propose a new approach and tools for investigating dynamic crop acreage choices accounting for crop rotation benefits and constraints and (ii) to illustrate the impacts of crop rotation effects and constraints on farmers’ acreage choices through simulation examples. The models...
Tipo: Conference Paper or Presentation Palavras-chave: Crop rotation; Dynamic programming; Acreage choice; Crop Production/Industries; Land Economics/Use; Q12; D21; D24; D92.
Ano: 2011 URL: http://purl.umn.edu/103431
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Auctioning Monopoly Franchises: Award Criteria and Service Launch Requirements AgEcon
Dosi, Cesare; Moretto, Michele.
We study the competition to acquire the exclusive right to operate an infrastructure service, by comparing two different specifications for the financial proposals - "lowest price to consumers" vs "highest concession fee", and two alternative contractual arrangements: a contract which imposes the obligation to immediately undertake the investment required to operate the concessioned service and a contract which simply assigns to the winning bidder the right to supply the market at a date of her choosing. By comparing the returns of these alternative award criteria and concessioning conditions, we show that concessioning without imposing rollout time limits may or may not provide a higher expected social value, depending on the bidding rule used to allocate...
Tipo: Working or Discussion Paper Palavras-chave: Concessions; Auctions; Award criteria; Service Rollout Time limits; Public Economics; L51; D44; D92.
Ano: 2009 URL: http://purl.umn.edu/50409
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Closing down the Farm: An Experimental Analysis of Disinvestment Timing AgEcon
Maart, Syster Christin; Musshoff, Oliver; Odening, Martin; Schade, Christian.
Agrarian structures are often characterized by some kind of economic inertia. It is particularly puzzling why unprofitable farms persist over time instead of being sold. In this paper we analyze the exit decision of farmers using the real options approach. The validity of the real options theory is assessed by means of laboratory experiments. Our results show that real options models are able to predict actual disinvestment decisions better than traditional investment theory. Nevertheless, the observed disinvestment reluctance was even more pronounced as predicted by theory. This finding suggests the inclusion of bounded rationality into normative disinvestment models.
Tipo: Conference Paper or Presentation Palavras-chave: Disinvestment; Real Options; Experimental Economics; Agricultural Finance; Farm Management; C91; D81; D92.
Ano: 2011 URL: http://purl.umn.edu/114375
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Comparison of the Investment Behavior of German and Kazakhstani Farmers: an Experimental Approach AgEcon
Tubetov, Dulat; Maart, Syster Christin; Musshoff, Oliver.
Revised April 2012
Tipo: Working Paper Palavras-chave: Experimental Economics; Investment Timing; Real Options; Kazakhstan; Germany; Agricultural Finance; Institutional and Behavioral Economics; International Development; Risk and Uncertainty; C91; D03; D81; D92.
Ano: 2012 URL: http://purl.umn.edu/122422
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Concession Bidding Rules and Investment Time Flexibility AgEcon
Dosi, Cesare; Moretto, Michele.
We study the competition to operate an infrastructure service by developing a model where firms must report a two-dimensional sealed bid: the price to consumers and the concession fee paid to the government. Two bidding rules are considered in this paper. One rule consists of awarding the concession to the firm that reports the lowest price. The other consists of granting the franchise to the bidder offering the highest fee. We compare the outcome of these rules with reference to two alternative concession arrangements. The former imposes the obligation to immediately undertake the investment required to roll-out the service. The latter allows the concessionaire to optimally decide the investment timing. The focus is on the effect of bidding rules and...
Tipo: Conference Paper or Presentation Palavras-chave: Concessions; Auctions; Bidding Rules; Managerial Flexibility; Research Methods/ Statistical Methods; L51; D44; D92.
Ano: 2006 URL: http://purl.umn.edu/6630
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Dynamic adjustments in the Dutch greenhouse sector due to environmental regulations AgEcon
Verreth, Daphne M.I.; Emvalomatis, Grigorios; Bunte, Frank H.J.; Oude Lansink, Alfons G.J.M..
Horticultural firms are dependent on energy to produce, while policy makers focus on reducing the use of energy and investment in energy-saving technologies. The paper aimed to asses Dutch greenhouse farmers‘ responses to policies that would affect prices of different energy inputs. The farmer’s behaviour is modelled in two steps: firms are assumed to maximize profit at given energy use level, and firms are assumed to minimize the discounted sum of energy costs. The model is estimated using farm survey data spanning the period 2001-2008. Short-run and long-run elasticities with respect to prices and investments in energy-using technology are estimated. The greenhouse sector shows a fast adjustment of energy capital towards its long-run equilibrium. This...
Tipo: Conference Paper or Presentation Palavras-chave: Greenhouse horticulture; Energy; Dynamic duality; Adjustment costs; Agricultural and Food Policy; C51; C61; D92; Q12; Q18; Q48..
Ano: 2011 URL: http://purl.umn.edu/99364
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Economic Hysteresis in Variety Selection AgEcon
Richards, Timothy J.; Green, Gareth P..
Investing in a new perennial crop variety involves an irreversible commitment of capital and generates an uncertain return stream. As a result, the decision to adopt a new variety includes a significant real option value. Waiting for returns to rise above this real option causes a delay in adoption because of economic hysteresis. This study tests for hysteresis in the adoption of wine grape varieties using a sample of district-level data from the state of California. The empirical results show a significant hysteretic effect in wine grape investment, which might be reduced by activities that smooth earnings over time.
Tipo: Journal Article Palavras-chave: California; Grapes; Hysteresis; Investment; Jump diffusion; Real options; Variety adoption; Wine; Q14; Q11; D92; C34.
Ano: 2003 URL: http://purl.umn.edu/37310
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Estimation of a Backward-Bending Investment Demand Function for Agribusiness Firms AgEcon
Kropp, Jaclyn D.; Power, Gabriel J..
We investigate irreversible investment behavior under uncertainty of payoffs using U.S. firm-level panel data. We estimate the relationship between the firm’s investment to capital ratio and the interest rate, while controlling for investment opportunities, real option values, uncertainty and profitability. The results indicate the investment demand curve is a backward-bending function of the interest rate; at low interest rates, an increase in the interest rate leads to increased investment by increasing the cost of postponing investment. Firm investment behavior is also consistent with real options behavior. The investment behavior of agribusiness firms is significantly different from firms in other sectors.
Tipo: Conference Paper or Presentation Palavras-chave: Investment demand; Irreversible investment; Real options; Agribusiness; Agricultural Finance; Financial Economics; D81; D92; Q13.
Ano: 2010 URL: http://purl.umn.edu/61293
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Financial Risks, Bankruptcy Probabilities, and the Investment Behaviour of Enterprises AgEcon
Kirchesch, Kai.
The link between investment and finance usually enters the empirical literature in the form of financial constraints which are defined as the wedge between the costs of internal and external finance or as the risk of being rationed on the credit market. In this context, the sensitivity of investment with respect to single internal or external finance indicators is assumed to be appropriate to proxy for these constraints. However, enterprises that rely on external funds do not only face this external finance premium and potential borrowing limits, but also the risk of not being able to meet their repayment obligations and thus the risk of bankruptcy. If the risk of bankruptcy enters the profit maximization of the firm, the resulting empirical investment...
Tipo: Working or Discussion Paper Palavras-chave: Investment; Bankruptcy; Financial Constaints; GMM; Financial Economics; E22; D92; G33; C23.
Ano: 2004 URL: http://purl.umn.edu/26185
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Gewinnentwicklung und Betriebsaufgabe in der Landwirtschaft: Angebotseffekte, Nachfrageeffekte und regionale Heterogenität AgEcon
Margarian, Anne.
Zusammenfassung: Das Ziel der vorliegenden Arbeit besteht in der Bestimmung der Betriebsaufgabewahrscheinlichkeit verschiedener Betriebstypen im Westen Deutschlands in Abhängigkeit von Gewinnniveau und Gewinnentwicklung. Dabei wird davon ausgegangen, dass die Reaktion der Betriebe auch von der erwarteten Nachhaltigkeit der Gewinnschwankungen sowie von der Betroffenheit anderer Betriebe abhängt. Es wird deshalb auch erwartet, dass die Betriebe in Abhängigkeit vom regionalen Kontext unterschiedlich reagieren. Die Gewinnerwartung der Betriebe wird mithilfe des Testbetriebsnetzes des BMELV geschätzt. Die Betriebsaufgabewahrscheinlichkeit wird in einem zweiten Schritt anhand der flächendeckenden Daten der Agrarstrukturerhebung in einem logistischen Modell für...
Tipo: Report Palavras-chave: Agrarstrukturwandel; Betriebsaufgabeentscheidung; Heterogene Effekte; Nachbarschaftseffekte; Farm structural change; Farm-exit decision; Heterogeneous effects; Neighbour-hood effects; Community/Rural/Urban Development; Industrial Organization; Land Economics/Use; D22; D92; L16; L23; Q12.
Ano: 2010 URL: http://purl.umn.edu/102643
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Investment and Financial Constraints in European Agriculture: Evidence from France, Hungary and Slovenia AgEcon
Ferto, Imre; Bakucs, Lajos Zoltan; Bojnec, Stefan; Latruffe, Laure.
The article investigates the investment and financial constraints for French, Hungarian and Slovenian farms using FADN panel data with different econometric estimation approaches. Farm gross investment is positively associated with real sales growth and cash flow implying the absence of soft budget constraint. Gross farm investment is positively associated with investment subsidies. Specific results by country are found depending on farm indebtedness. Investment subsidies can mitigate some capital market imperfections in short-term, while on long-term what is crucial is farm sale ability to successfully compete in the output market gaining sufficient cash flow for farm competitive survival and investment.
Tipo: Conference Paper or Presentation Palavras-chave: Farm investment; Soft budget constraint; Investment subsidy; Panel data analysis; Agricultural Finance; D81; D92; O12; Q12; C23.
Ano: 2011 URL: http://purl.umn.edu/114357
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Investment Reluctance: Irreversibility or Imperfect Capital Markets? Evidence from German Farm Panel Data AgEcon
Huettel, Silke; Musshoff, Oliver; Odening, Martin.
Investment behavior at the firm level is characterized by lumpy adjustments and frequent periods of inactivity. Low investment rates are particularly puzzling in transition economies where an urgent need of modernization exists. The literature offers two explanations for. Firstly, neo-institutional finance theory focuses on the impacts of imperfect capital markets on investment decisions showing that the limited availability of financial funds may confine firms’ investments. Secondly, real options theory asserts that the interaction of irreversibility, uncertainty and flexibility may also result in investment reluctance. In this paper we suggest a generalized model that combines imperfect capital markets and real options effects. We also offer an...
Tipo: Conference Paper or Presentation Palavras-chave: Investment decision; Irreversibility; Uncertainty; Q-model; Capital market imperfections; Generalized tobit model; Transition; Financial Economics; D81; D92; O12.
Ano: 2007 URL: http://purl.umn.edu/9826
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Learning-by-Doing and the Choice of Technology: The Role of Patience AgEcon
Karp, Larry S.; Lee, In Ho.
If agents learn-by-doing and are myopic, less advanced firms might adopt new technologies while more advanced firms stick with the old technology. This kind of overtaking can also occur if agents are forward looking and have high discount rates. However, overtaking never occurs if agents are sufficiently patient. A finite discount rate increases the set of states at which agents adopt new technologies, so more patient agents tend to upgrade their technology more frequently.
Tipo: Working or Discussion Paper Palavras-chave: Learning-by-doing; Overtaking; Leapfrogging; Technology adoption; Economic growth; International Development; Research and Development/Tech Change/Emerging Technologies; D92; O14; O33.
Ano: 2000 URL: http://purl.umn.edu/25108
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Licences, "Use or Lose" Provisions and the Time of Investment AgEcon
Dosi, Cesare; Moretto, Michele.
Exclusive rights granted by public authorities, like concessions to develop natural resources or electromagnetic spectrum licences, often have option-like features. However, to avoid licences being unused for lengthy periods, regulators sometimes set time limits, after which the exclusive right of exercise may be revoked. In this paper we analyse the impact of use or lose ("UOL") provisions upon the private time of investment. We find that the risk of losing the licence because of inaction generally increases the probability of early investment. However, when capital costs are expected to decline over time, UOL provisions may involve a "perverse effect", by increasing, rather than reducing, the expected time of investment, with respect to a situation where...
Tipo: Working or Discussion Paper Palavras-chave: Licences; Real Options; Use or Lose Provisions; Time of Investment; Financial Economics; L51; D44; D92.
Ano: 2010 URL: http://purl.umn.edu/59756
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Measurement of dynamic efficiency, a directional distance function parametric approach AgEcon
Serra, Teresa; Stefanou, Spiro E.; Oude Lansink, Alfons G.J.M..
This research proposes a parametric estimation of the structural dynamic efficiency measures proposed by Silva and Oude Lansink (2009). Overall, technical and allocative efficiency measurements are derived based on a directional distance function and the duality between this function and the optimal value function. The applicability of the parametric proposal is illustrated by assessing dynamic efficiency ratings for a sample of Dutch dairy farms observed from 1995 to 2005.
Tipo: Conference Paper or Presentation Palavras-chave: Structural dynamic efficiency; Dairy farms; Parametric approach; Agricultural and Food Policy; Farm Management; Land Economics/Use; D21; D24; D61; D92.
Ano: 2010 URL: http://purl.umn.edu/61107
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Optimal Timing of Farmland Investment - An Experimental Study on Farmers' Decision Behavior - AgEcon
Maart, Syster Christin; Musshoff, Oliver.
Replaced with revised version of paper 5/26/11.
Tipo: Conference Paper or Presentation Palavras-chave: Experimental Economics; Investment; Real Options; Agribusiness; Agricultural Finance; Farm Management; Financial Economics; Institutional and Behavioral Economics; Risk and Uncertainty; C91; D81; D92.
Ano: 2011 URL: http://purl.umn.edu/103693
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Option Value, Policy Uncertainty, and the Foreign Direct Investment Decision AgEcon
Chen, Yu-Fu; Funke, Michael.
In this paper we analyse the impact of policy uncertainty on foreign direct investment strategies. The paper follows the real options approach, which allows to investigate the value to a firm of waiting to invest and/or disinvest, when payoffs are stochastic due to political uncertainty and investments are partially reversible. Across the board we find that political uncertainty can be very detrimental to FDI decisions.
Tipo: Working or Discussion Paper Palavras-chave: Real options; Investment; Foreign Direct Investment; Political Uncertainty; International Relations/Trade; D81; D92; E22; F21.
Ano: 2003 URL: http://purl.umn.edu/26373
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Portfolio selection with growth optimization and downside protection AgEcon
Lagerkvist, Carl Johan; Olson, Kent D..
This paper applies growth optimization with downside protection as a portfolio selection technique. The model is based on power-log utility functions that combine portfolio growth maximization with the behavioural tenets of prospect theory. We use three assets (a farm return index, a stock market index, and a Treasury bond index) to illustrate how effective this technique is compared to the standard model of growth maximization.
Tipo: Conference Paper or Presentation Palavras-chave: Portfolio management; Growth optimization; Financial Economics; D92.
Ano: 2007 URL: http://purl.umn.edu/9724
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