Consulta: creatorFacets:"Guan,   Zhengfei"
Registros recuperados: 14
Data/hora: 02/06/2024 11:35:29

Farm Capital Structure Choice under Credit Constraint: Theory and Application
Provedor de dados: 31
Autores: Wu,   Feng; Guan,   Zhengfei.
This study proposed a theoretical framework for analyzing farm capital structure choice. The theoretical model recognizes that the costs of debt are endogenously determined which in turn reflect the degree of credit constraint faced by individual borrowers. Based on the proposed model, we derived the impacts of different determinants on capital structure choice analytically. The theoretical inferences are further tested with empirical data. Methodologically, we proposed a fixed-effect quantile regression procedure to estimate the impacts of determinants at different ranges of leverage. The effects of determinants are discussed in the empirical application.
Tipo: Conference Paper or Presentation
Palavras-chave: Capital Structure; Cost of Debt; Credit Constraint; Quantile Regression; Agricultural Finance.
Ano: 2008
URL: http://purl.umn.edu/6130

Modeling Agricultural Risk, Risk Preferences and Perceptions
Provedor de dados: 31
Autores: Guan,   Zhengfei; Wu,   Feng.
Tipo: Conference Paper or Presentation
Palavras-chave: Risk and Uncertainty.
Ano: 2011
URL: http://purl.umn.edu/103801

Forecasting Volatilities of Corn Futures at Distant Horizons
Provedor de dados: 31
Autores: Wu,   Feng; Guan,   Zhengfei.
Accurately forecasting volatility at distant horizons is critical for managing long-term risk in agriculture. Given the poor performance of GARCH-type models at long-term volatility forecast, we develop a risk-adjusted implied volatility, which adjust the risk-neutral implied volatility by correctly accounting for the volatility risk premium. The paper evaluates the performance of the new implied volatility in the corn futures market relative to two alternative forecasts- a three-year moving average forecast and a naïve forecast. The finding from the study is that the new implied volatilities have at least as well as or stronger predictive power than alternative predicting approaches.
Tipo: Conference Paper or Presentation
Palavras-chave: Risk-neutral; Volatility risk premium; Forecast; Corn options; Demand and Price Analysis.
Ano: 2010
URL: http://purl.umn.edu/61316

Formal and Informal Credit Markets and Rural Credit Demand in China
Provedor de dados: 31
Autores: Tang,   Sai; Guan,   Zhengfei; Jin,   Songqing.
Credit markets are an essential economic institution. In developing countries, particularly in countries undergoing rapid social and economic transition, it is important to identify emerging credit demand and institute credit supply in a timely manner to facilitate economic transformation. This research focuses on the evolving rural credit market in China, where borrowing from the social network has been common but the recent economic transition has made this informal credit market inadequate in addressing rural credit needs. This research is aimed at identifying the social and economic factors that explain the farmers’ credit constraint and influence farmers’ decisions to switch from informal to formal credit markets. Using data from a household survey,...
Tipo: Conference Paper or Presentation
Palavras-chave: Formal Credit; Informal Credit; Credit Markets; Rural Credit; China; Agricultural Finance; Farm Management.
Ano: 2010
URL: http://purl.umn.edu/61339

Factors Influencing the Profitability of Fertilizer Use on Maize in Zambia
Provedor de dados: 31
Autores: Xu,   Z.; Guan,   Zhengfei; Jayne,   Thomas S.; Black,   J. Roy.
Major Findings: The additional maize produced from a given amount of fertilizer applied varied widely across households even after largely controlling for soil and rainfall conditions. The median estimated response rate was 15.9kgs of maize per kg nitrogen applied; Under the range of conditions and smallholder management practices, average maize fertilizer response rates declined as the application rate increased beyond 2 bags of urea and 2 bags of D compound; Factors raising the response rate and profitability of fertilizer use included timely availability, application rates less than the MOA 4x4 recommendation, use of animal draft power in land preparation, and use of hybrid seed. In remote areas, and given current management practices, fertilizer use...
Tipo: Report
Palavras-chave: Agriculture; Africa; Zambia; Fertilizer; Crop Production/Industries; Q12.
Ano: 2009
URL: http://purl.umn.edu/54639

The Volatility Spillover Effects and Optimal Hedging Strategy in the Corn Market
Provedor de dados: 31
Autores: Wu,   Feng; Guan,   Zhengfei.
This article examines the volatility spillovers from energy market to corn market. Using a volatility spillover model from the finance literature, we found significant spillovers from energy market to corn cash and futures markets, and the spillover effects are time-varying. The business cycle proxied by crude oil prices is shown to affect the magnitude of spillover effects over time. Based on the strong informational linkage between energy market and corn market, a cross hedge strategy is proposed and its performance studied. The simulation outcomes show that compared to alternative strategies of no hedge, constant hedge, and GARCH hedge, the cross hedge does not yield superior risk-reduction performance.
Tipo: Conference Paper or Presentation
Palavras-chave: Volatility Spillover; GARCH; Optimal Hedge Ratio; Energy Price; Corn Price; Risk and Uncertainty.
Ano: 2009
URL: http://purl.umn.edu/49453

Excess Capital in Agricultural Production
Provedor de dados: 31
Autores: Kumbhakar,   Subal C.; Guan,   Zhengfei; Oude Lansink,   Alfons G.J.M.
In this article we propose a theoretical model for analyzing capital requirement in agricultural production and define excess capital thereupon. We develop a two-step method that allows endogenous regressors in the maximum likelihood estimation. The two-step procedure is also capably of recovering the parameters of time invariant variables in fixed effect models. The model and method are applied to a capital requirement study using data from cash crop farms in the Netherlands. Empirical results show that excess capital widely exists on the farm. The implications of excess capital are further demonstrated with a production frontier analysis.
Tipo: Conference Paper or Presentation
Palavras-chave: Agricultural production; Capital requirement; Endogeneity; Excess capital; Fixed effect; Maximum likelihood estimation; Stochastic frontier; Production Economics.
Ano: 2007
URL: http://purl.umn.edu/9813

Factors Influencing the Profitability of Fertilizer Use on Maize in Zambia.
Provedor de dados: 31
Autores: Xu,   Zhiying; Guan,   Zhengfei; Jayne,   Thomas S.; Black,   J. Roy.
Fertilizer use remains very low in most of Africa despite widespread agreement that much higher use rates are required for sustained agricultural productivity growth. This study estimates maize yield response functions in agro-ecological Zone IIA, a relatively high potential zone of Zambia, to determine the profitability of fertilizer use under a range of small farm conditions found within this zone. The theoretical framework used in this study incorporates agronomic principles of the crop growth process. The model distinguishes different roles of inputs and non-input factors in crop production. We estimate the effects of conventional production inputs as well as household characteristics and government programs on maize yield for households in the...
Tipo: Report
Palavras-chave: Zambia; Maize; Fertilizer; Profitability; Crop Production/Industries; Q12.
Ano: 2009
URL: http://purl.umn.edu/54500

Contract Designs and Participation in the Conservation Reserve Program in the Era of Biofuel Production
Provedor de dados: 31
Autores: Wu,   Feng; Guan,   Zhengfei.
This article has presented a farmer decision making model of participation in the Conservation Reserve Program (CRP) under the current rising bio-fuel production. The decision is specified as an optimal stopping problem and farming return is assumed following stochastic process with the uncertainty of growth rate. Nonliear Kalman filter approach is used to continuously upgrade the new information and estimate the random growth rate with the minimum error. The problem is formulated as a linear complementarity problem that is solved numerically using a fully implicit finite difference method.  It is found that participation in the CRP is sensitive to financial incentive, and shortening contract length is also an effective method to promote land enrollment in...
Tipo: Conference Paper or Presentation
Palavras-chave: Conservation Reserve Program; Nonlinear Kalman Filter; Farmer Participation; Real Option; Environmental Economics and Policy.
Ano: 2009
URL: http://purl.umn.edu/51646

Specification and estimation of heterogeneous risk preference
Provedor de dados: 31
Autores: Guan,   Zhengfei; Wu,   Feng.
In this paper we specify and estimate producers’ risk preference using farm data. We allow heterogeneous risk preference across individuals and propose a specification to model the heterogeneity. We base farmers’ decision making on a utility maximization framework and incorporate both market and production risk in farmers’ decision making. We do not assume any specific utility function or distribution of risk. The empirical application to farm level production data shows that risk preference does vary among individuals; demographic and institutional factors have significant effect on producers’ risk attitude.
Tipo: Conference Paper or Presentation
Palavras-chave: Risk Preference; Heterogeneity; Production Risk; Price Risk; Demographics; Subsidy; GMM; Agricultural Finance; Crop Production/Industries; Production Economics; Risk and Uncertainty.
Ano: 2009
URL: http://purl.umn.edu/51804

Energy Efficiency and CO2 Emissions in the Greenhouse Industry: Evidence From Michigan
Provedor de dados: 31
Autores: Guan,   Zhengfei; Gao,   Xiaoxi.
Tipo: Conference Paper or Presentation
Palavras-chave: Resource /Energy Economics and Policy.
Ano: 2010
URL: http://purl.umn.edu/61714

Rural Nonfarm Employment and Agricultural Modernization and Diversification in Guatemala
Provedor de dados: 31
Autores: Hernandez,   Ricardo; Reardon,   Thomas; Guan,   Zhengfei.
Tipo: Conference Paper or Presentation
Palavras-chave: Community/Rural/Urban Development; International Development; Labor and Human Capital.
Ano: 2010
URL: http://purl.umn.edu/61686

Supporting Cellulosic Ethanol Biomass Production and its Impact on Land Use Conversion
Provedor de dados: 31
Autores: Wu,   Feng; Guan,   Zhengfei.
One of the problems facing the cellulosic ethanol industry is the cellulose material supply. The U.S. forestlands have considerable potential to become one of the main sources of biomass to meet the 2022 renewable fuel target. Focusing on the land exiting the Conservation Reserve Program (CRP), the article finds that few landowners are willing to convert their land to forestland after the CRP contract is expired. Our econometric estimates show the choice decision is responsive to net returns of land use alternatives, especially cropland. Two policy initiatives are suggested to provide direct incentives for land use change. The nested logit estimates are used to simulate landowners‘ responses to policy mechanism. The results show that subsidies can...
Tipo: Conference Paper or Presentation
Palavras-chave: Cellulosic Ethanol; Biomass; Land Use; The CRP; Forestland; Environmental Economics and Policy.
Ano: 2009
URL: http://purl.umn.edu/49451

Pricing Commodity Options under Markov Regime Switching GARCH Processes
Provedor de dados: 31
Autores: Wu,   Feng; Guan,   Zhengfei.
MS-GARCH option pricing model proposed in this paper accommodates new features of corn futures price movement in the era of biofuel production and therefore is more general. Our findings show that this new model will outperform models used in the existing literature both for the in-sample and out-of-sample option pricing fit.
Tipo: Conference Paper or Presentation
Palavras-chave: Option Pricing; Markov Regime Switching GARCH; Demand and Price Analysis.
Ano: 2010
URL: http://purl.umn.edu/61311