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Registros recuperados: 154
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Dairy Farm Management Business Summary New York State 2005 AgEcon
Knoblauch, Wayne A.; Putnam, Linda D.; Karszes, Jason.
Business and financial records for 2005 from 225 New York dairy farm businesses are summarized and analyzed. This analysis demonstrates the use of cash accounting with accrual adjustments to measure farm profitability, financial performance, and costs of producing milk. Traditional methods of analyzing dairy farm businesses are combined with evaluation techniques that show the relationship between good management performance and financial success. The farms in the project averaged 340 cows per farm and 22,998 pounds of milk sold per cow, which represent above average size and management level for New York dairy farms. Net farm income excluding appreciation, which is the return to the operator's labor, management, capital, and other unpaid family labor,...
Tipo: Technical Report Palavras-chave: BUSINESS ANALYSIS; DAIRY MANAGEMENT; FARM BUSINESS SUMMARY; NEW YORK FARMS; Livestock Production/Industries; Q12; Q14.
Ano: 2006 URL: http://purl.umn.edu/121582
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COMMON FINANCING FOR AGRICULTURAL POLICY BUDGETARY QUESTIONS AgEcon
Vasary, Viktoria; Elekes, Andrea; Halmai, Peter.
Can we agree fully with the statement, that “agricultural spending is a major distorting factor in the EU economy and a distinct obstacle to the Lisbon agenda’s implementation”? (Gros, 2008) Is it without question that Europe’s agriculture is in position to become sustainable and competitive without certain kind of common policy with no Community financing? Is it unambiguous in every respect, that the challenges facing the sector – globalization, trade liberalization, climate change, water management, Lisbon process, enlargement, changing preferences – could be answered at national level utilizing exclusively national financial sources? The answers to these questions are complex. So the purpose of the paper is multiple: - Exploration of factors justifying...
Tipo: Conference Paper or Presentation Palavras-chave: Public goods; Fiscal federalism; A new agricultural policy; Agricultural and Food Policy; Public Economics; Q14; Q18; H41.
Ano: 2008 URL: http://purl.umn.edu/44820
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The Effect of Genetic and Infrastructure Investments in Dairy and Beef Producers' Profit in Chile AgEcon
Melo, Oscar; Alegre, Miguel; Ortega, Jorge; Foster, William E..
The objective of this study was to evaluate the effect of infrastructure and genetic improvement investments, promoted by a government program (Programa de Modernizacion Ganadera), in milk and meat producers' profit in Region IX. Using a system of simultaneous equations, the effect of the investment on quality, in the price, in the yield and production cost of milk were estimated. In the case of milk, we reject the nonlinear hypothesis that the elasticities of investment in genetic improvement in gross income and variable costs are equal to zero. The estimation was done using information of 276 producers of the IX Region that participated in the program during the period 1998-99 (17,3 % of the regional population), with information for the years 1998...
Tipo: Conference Paper or Presentation Palavras-chave: Livestock Production/Industries; O13; Q14; Q16.
Ano: 2006 URL: http://purl.umn.edu/25744
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INCOME AND CAPITALIZATION RATE RISK IN AGRICULTURAL REAL ESTATE MARKETS AgEcon
Schnitkey, Gary D.; Sherrick, Bruce J..
Tipo: Journal Article Palavras-chave: Farmland Prices; Farmland Returns; Capitalization Rates; Risk; Asset Bubbles; Land Economics/Use; Q14.
Ano: 2011 URL: http://purl.umn.edu/109472
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Feasibility of the Income Stabilisation Tool in Finland AgEcon
Liesivaara, Petri; Myyra, Sami; Jaakkola, Antti.
Whole-farm income insurances are promoted in the new post-2013 Common Agricultural Policy (CAP). The current Crop Damage Compensation (CDC) scheme in Finland covers crop failure for farmers who have suffered losses and applied for the payments. This paper analyses the use of the Income Stabilisation Tool (IST) and compares it to the current CDC scheme in Finland. The Finnish Farm Accountancy Data Network (FADN) is used to simulate the costs of IST compensation payments. Special attention is paid to pig farms and their possibilities to manipulate the IST. Results show that the IST is triggered with a high frequency on Finnish farms. The IST would be more costly than the current CDC programme. The results also suggest that the IST would act as an income...
Tipo: Presentation Palavras-chave: Income stabilization tool; Moral hazard; Farm Accountancy Data Network; Farm Management; Risk and Uncertainty; Q14.
Ano: 2012 URL: http://purl.umn.edu/122537
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Efficient Estimation of Copula Mixture Model: An Application to the Rating of Crop Revenue Insurance AgEcon
Ghosh, Somali; Woodard, Joshua D.; Vedenov, Dmitry V..
The association between prices and yields are of paramount importance to the crop insurance programs. Proper estimation of the association is highly desirable. Copulas are one such method to measure the dependence structure. Five single parametric copulas, a non- parametric copula and their fifteen different combinations taking a mixture of two different copulas at a time have been used in the crop insurance rating analysis. Using data of corn from 1973-2009 for 602 counties in the Mid-West area two different efficient methods have been proposed to generate the optimal mixtures using the cross validation approach. A resampling technique is used to check for the significance of the expected indemnities.
Tipo: Conference Paper or Presentation Palavras-chave: Copulas; Crop Insurance; Cross-Validation; Empirical distribution; GRIP; Indemnities; Out-Of-Sample Log-Likelihood; Agricultural Finance; Q14.
Ano: 2011 URL: http://purl.umn.edu/103738
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The 2007 emerging corn price surge revisited – Was it expected or a large surprise? AgEcon
Schmitz, Jochen; Ledebur, Oliver von.
Point forecasts are a common method to classify uncertain future outcomes. In the option price literature the concept of implied volatility is well known. This concept is used to get a forward looking indicator about the future volatility. Nowadays market expectations can be extracted in numerous ways. One of the first articles regarding this topic in the area of exchange rates and interest rates was Sölderlind and Svensson (1997). Extracting market expectations is not only focused on point forecasts. A more ambitious approach is to extract the whole possible range of market expectations out of option prices. This concept is called risk-neutral density (RND). Most agricultural markets undergo some remarkable price movements in the last 4 years. The reasons...
Tipo: Presentation Palavras-chave: Risk neutral density; Market expectations; Futures prices; Corn market; Agricultural Finance; Financial Economics; Political Economy; Research Methods/ Statistical Methods; Q14; C53; C58; G17.
Ano: 2012 URL: http://purl.umn.edu/123971
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Export Implicit Financial Performance: The Case of French Wine Companies AgEcon
Viviani, Jean-Laurent.
Noting the difficulties of measuring a company’s export performance and especially financial performance, we develop a new measurement approach grounded on modern portfolio theory. The export intensities and the global financial performance of exporting companies being known, this approach allows deducing the export margin ratio, export risk and correlation of domestic activities with export activities. Using a sampling from French companies in the wine industry from 2001-2005, these implicit financial export performance characteristics are estimated. Main results found: export activities permit a better global margin-risk relationship essentially due to diversification gains because export financial performance seems to be inferior to the domestic one for...
Tipo: Journal Article Palavras-chave: Export; Financial measures; Performance; Wine industry; Agricultural Finance; Financial Economics; Q10; Q14.
Ano: 2009 URL: http://purl.umn.edu/53795
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Analyzing FSA Direct Loan Borrower Payback Histories: Predictors of Financial Improvement and Loan Servicing Actions AgEcon
Landerito, Aiko O.; Dixon, Bruce L.; Ahrendsen, Bruce L.; Hamm, Sandra J.; Danforth, Diana M..
Classical and count data regression models are estimated to predict improvement in three key financial indicators—net worth, debt-to-asset ratio and current ratio—as well as the number of loan restructurings and delinquencies. Data consist of Farm Service Agency direct loans originated in fiscal years 1994-1996. Models to predict outcomes vary by loan type. Models explaining variation in the financial measures have modest explanatory power but initial levels of debt-to-asset ratio and current ratio are significant in explaining changes in debt-to-asset ratios and current ratios, respectively. Models explaining number of restructurings and delinquencies for operating loans have satisfactory explanatory power. Increasing crop revenues to total farm...
Tipo: Conference Paper or Presentation Palavras-chave: FSA direct loans; Financial improvement; Loan servicing actions; Agricultural Finance; Farm Management; Q14; Q12.
Ano: 2009 URL: http://purl.umn.edu/49340
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Why Don't Lenders Finance High-Return Technological Change in Developing-Country Agriculture? AgEcon
Blackman, Allen.
Most of the literature attributes credit constraints in small-farm developing-country agriculture to the variability of returns to investment in this sector. But the literature does not fully explain lenders. reluctance to finance investments in technologies that provide both higher average and less variable returns. To fill this gap, this article develops an information-theoretic credit market model with endogenous technology choice. The model demonstrates that lenders may refuse to finance any investment in a riskless high-return technology--regardless of the interest rate they are offered--when they are imperfectly informed about loan applicants, time preferences and, therefore, about their propensities to default intentionally in order to finance...
Tipo: Working or Discussion Paper Palavras-chave: Agriculture; Asymmetric information; Credit; Developing country; Technology adoption; Research and Development/Tech Change/Emerging Technologies; O12; O16; O33; Q14; D82.
Ano: 2001 URL: http://purl.umn.edu/10886
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The Impact of Crop Insurance on the Economic Performance of Hungarian Cropping Farms AgEcon
Sporri, Martina; Baráth, Lajos; Bokusheva, Raushan; Ferto, Imre.
Crop insurance products can improve and stabilize economic performance. However, due to insurance market imperfections, the use of insurance products often requires governmental support. This paper analyses the actual impact of insurance products on the economic performance of cropping farms by linking the economic performance model with the insurance demand model. For this analysis, a simultaneous equation system is solved. Our estimations show a negative impact of insurance on the economic performance indicators farm profit, labour productivity and land productivity. The analysis of the insurance demand side confirms financial limitations of many farms.
Tipo: Presentation Palavras-chave: Hungary; Crop Insurance; 2SCML; Impact evaluation; Risk and Uncertainty; Q12; Q14; G22.
Ano: 2012 URL: http://purl.umn.edu/122525
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BUSINESS SUMMARY NEW YORK STATE 2003 AgEcon
Knoblauch, Wayne A.; Putnam, Linda D.; Karszes, Jason.
Business and financial records for 2003 from 201 New York dairy farm businesses are summarized and analyzed. This analysis demonstrates the use of cash accounting with accrual adjustments to measure farm profitability, financial performance, and costs of producing milk. Traditional methods of analyzing dairy farm businesses are combined with evaluation techniques that show the relationship between good management performance and financial success. The farms in the project averaged 314 cows per farm and 22,302 pounds of milk sold per cow, which represent above average size and management level for New York dairy farms. Net farm income excluding appreciation, which is the return to the operator's labor, management, capital, and other unpaid family labor,...
Tipo: Technical Report Palavras-chave: BUSINESS ANALYSIS; DAIRY MANAGEMENT; FARM BUSINESS SUMMARY; NEW YORK FARMS; Livestock Production/Industries; Q12; Q14.
Ano: 2004 URL: http://purl.umn.edu/122107
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Actuarial Implication of Structural Changes in El Niño-Southern Oscillation Index Dynamics AgEcon
Chen, Shu-Ling.
The influence of climate variability on agricultural production and financial risks faced by an individual or an institution has been the center of the public discussion in the recent years. The changing weather patterns and environmental conditions could cause substantial unpredicted economic loss. Failure to capture the changing climate would underestimate the insurance contract’s expected indemnity and further create a major obstacle for insurance sectors. In this paper, we undertake a case study of El Niño-Southern Oscillation Index insurance for coastal Peru proposed by Skees. We examined the behavior of El Niño dynamics and found El Niño indices are changing over time. A class of generalized autoregressive conditional heteroskedasticity (GARCH)...
Tipo: Conference Paper or Presentation Palavras-chave: Actuarial rating; Climate variability; El Niño; Fractional integration ARCH; FIGARCH; Index insurance; Structural change; Agricultural Finance; Financial Economics; Risk and Uncertainty; G21; G22; Q10; Q14.
Ano: 2010 URL: http://purl.umn.edu/61384
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Analyzing Relationships Between Cash and Futures Dairy Markets Using Partially Overlapping Time Series AgEcon
Bozic, Marin; Fortenbery, T. Randall.
Replaced with revised version of paper 02/10/10.
Tipo: Conference Paper or Presentation Palavras-chave: Partially overlapping time series; Spectral analysis; Risk premium; Futures markets; Dairy policy; Dairy industry; Agribusiness; Agricultural and Food Policy; Agricultural Finance; Q13; Q14; Q18.
Ano: 2010 URL: http://purl.umn.edu/56545
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Updating the Estimation of the Supply of Storage Model AgEcon
Zulauf, Carl R.; Zhou, Haijiang; Roberts, Matthew C..
An updated supply of storage equation is estimated to reflect recent developments in the theoretical and empirical literature. Among the findings is an inverse relationship between storage cost adjusted price spread and a proxy measure of convenience yield, and a curvilinear relationship between stocks-to-use ratio and implied volatility.
Tipo: Conference Paper or Presentation Palavras-chave: Supply of storage; Implied volatility; Convenience yield; Research Methods/ Statistical Methods; Q11; Q14; G10.
Ano: 2005 URL: http://purl.umn.edu/19122
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Looking for Rational Bubbles in Agricultural Commodity Markets AgEcon
Gutierrez, Luciano.
In this paper, we use a bootstrap methodology to helps us to compute the finite sample probability distribution of the asymptotic tests recently proposed in Phillips et al. (2009b) and Phillips and Yu (2009c). Simulation shows that the bootstrap methodology works well and allows us to identify explosive processes and collapsing bubbles. We apply the bootstrap procedure to the wheat and rough rice commodity prices. We find some evidence of price exuberance for both prices in the 2007-2008 period.
Tipo: Presentation Palavras-chave: Rational Speculative Bubbles; Bootstrap; Unit Root Tests; Commodity Prices.; Marketing; G14; Q14; C12; C15.
Ano: 2011 URL: http://purl.umn.edu/120377
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Economic Analysis of SODSAVER Provision of the 2008 Farm Bill for South Dakota AgEcon
Janssen, Larry; Hamda, Yonas.
The contents of this staff paper are based on the analysis of the Sodsaver provision prepared for the South Dakota Corn Utilization Council and the South Dakota Department of Agriculture. In addition this paper contains a summary of the policy discussion in January 2009 prior to South Dakota’s decision to not participate in the “Sodsaver” provision. Finally, a copy of the professional poster formatted for this publication is shown in Appendix 1.
Tipo: Report Palavras-chave: Farm bill; Sodsaver; Economic analysis; Farm Management; Q14.
Ano: 2009 URL: http://purl.umn.edu/56776
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Determinants of Return on Equity in U.S. Local Farm Supply and Grain Marketing Cooperatives AgEcon
Boyd, Scott; Boland, Michael A.; Dhuyvetter, Kevin C.; Barton, David G..
Farm supply cooperatives are an important component of the retail agribusiness industry in the United States. The objective of this research is to identify financial variables that are determinants of return on equity in these cooperatives. Firm effects are important and their effect is the result of managerial decision making and director policy. The estimated coefficient on asset size was not statistically significant, suggesting that return on equity is invariant to size over this period.
Tipo: Journal Article Palavras-chave: Agribusiness; Cooperatives; Finance; Management; Profitability; Agribusiness; Marketing; Q13; Q14.
Ano: 2007 URL: http://purl.umn.edu/6608
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A Life-Cycle Perspective on Governing Cooperative Enterprises in Agriculture AgEcon
Hueth, Brent; Reynolds, Anne.
Tipo: Journal Article Palavras-chave: Cooperatives; Governance; Life Cycle; Competition; Finance; Agribusiness; Q12; Q13; Q14.
Ano: 2011 URL: http://purl.umn.edu/117411
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Coping with Systemic Risk in Index-based Crop Insurance AgEcon
Shen, Zhiwei; Odening, Martin.
The implementation of index-based crop insurance is often impeded by the existence of systemic risk of insured losses. We assess the effectiveness of two strategies for coping with systemic risk: regional diversification and securitization with catastrophe (CAT) bonds. The analysis is conducted in an equilibrium pricing framework which allows the optimal price of the insurance and the number of traded contracts to be determined. We also explore the role of basis risk and risk aversion of market agents. The model is applied to a hypothetical area yield insurance for rice producers in northeast China. If yields in two regions are positively correlated, we find that enlarging the insured area leads to an increasing insurance premium. Unless capital market...
Tipo: Presentation Palavras-chave: Crop insurance; Systemic risk; Risk pooling; Securitization; Risk and Uncertainty; Q11; Q14.
Ano: 2012 URL: http://purl.umn.edu/122555
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