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| Registros recuperados: 40 | |
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| Robison, Lindon J.; Barry, Peter J.; Burghardt, William G.. |
| This paper extends finance theory under risk to account for borrowing behavior under financial stress conditions. As the financial stress level for the firm increases, the role of credit or unused borrowing capacity changes. With a strong equity position, credit is valued as a reserve to avoid liquidation costs resulting from the sale of fixed assets to meet cash flow obligations. As the financial stress on the firm increases the model demonstrates the firms willingness to reduce credit reserves and increase its financial leverage in order to increase its probability of survival. These results are derived in a tractable framework by describing risky alternatives in terms of expected values and variances. |
| Tipo: Journal Article |
Palavras-chave: Financial Economics. |
| Ano: 1987 |
URL: http://purl.umn.edu/32236 |
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| Taheripour, Farzad; Katchova, Ani L.; Barry, Peter J.. |
| While traditional finance theory suggests that leasing and debt are substitutes, some papers demonstrated the theoretical possibility of complementarity. Empirical studies indicate that both are possible. In this paper we will use the Tobit model, ordinary least squares and quantile regression techniques to study the relationship between leasing and debt in farm capital structure in Illinois. Our results indicate that leasing and debt are close to perfect substitutes and leased assets are less risky than debt-financed assets in Illinois farms. The results from the quantile regression help us to capture the effects of farm characteristics on the distribution of leased to assets ratio. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Agricultural Finance. |
| Ano: 2002 |
URL: http://purl.umn.edu/19636 |
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| Zhao, Jianmei; Katchova, Ani L.; Barry, Peter J.. |
| Numerous empirical studies in the finance field have tested many theories for firms¡¦ capital structure. Under the assumption of asymmetric information, the pecking order theory proposes the financing order for farm businesses, which implies a negative relationship between their cash flow and leverage. Meanwhile, the signaling theory suggests a farms' financing strategy, meaning high quality farms prefer to facilitate their capital rising by sending diverse signals to potential lenders. Could these capital structure theories be applied for farm businesses? This paper tests the applicability of the pecking order theory and the signaling theory for farm businesses. The results show that farm businesses not only follow the pecking order theory but also the... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Farm Businesses; Pecking Order Theory; Signaling Theory; Research Methods/ Statistical Methods; Q14. |
| Ano: 2004 |
URL: http://purl.umn.edu/20215 |
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| Bard, Sharon K.; Barry, Peter J.. |
| The 1996 Farm Bill and low commodity prices have regenerated interest in the impact of risk and farmers' risk attitudes on production agriculture. Previous research has used expected utility theory (EUT) and direct elicitation of utility functions (DEU) for eliciting risk attitudes. To overcome the criticism of EUT and DEU, a recently developed technique called the "closing in" method is adapted for eliciting farmers' risk attitudes. This method is applied to Illinois farmers by using a computerized decision procedure, and is validated by comparing the results to the farmers' self-assessment of their risk attitudes and score to a risk attitudinal scale. |
| Tipo: Journal Article |
Palavras-chave: Risk and Uncertainty. |
| Ano: 2001 |
URL: http://purl.umn.edu/31153 |
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| Cozzarin, Brian P.; Barry, Peter J.. |
| The manuscript addresses the choice of organizational form in industrialized hog production. The objectives are to review the relevant theoretical literature on organizational form and create conceptual models of two of the major contractual relationships (alliance and integrator) emerging in the hog sector. Actual contracts are proprietary. Consequently, empirical information is scarce; however, we feel that the application of conceptual models of contracts can aid in making performance comparisons. The goal is to give some prescription as to which alternative organizational and contractual forms will perform the best. The models developed in this paper derive optimal contracts and show that an integrator organizational form (one party as residual... |
| Tipo: Journal Article |
Palavras-chave: Livestock Production/Industries. |
| Ano: 1998 |
URL: http://purl.umn.edu/34428 |
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| Patrick, George F.; Wilson, Paul N.; Barry, Peter J.; Boggess, William G.; Young, Douglas L.. |
| Farm level risk analyses have used price and yield variability almost exclusively to represent risk. Results from a survey of 149 agricultural producers in 12 states indicate that producers consider a broader range of sources of variability in their operations. Significant differences exist among categories with respect to the importance of the sources of variability in crop and livestock production. Producers also used a variety of management responses to variability. There were significant difference among categories in the importance given to particular responses and their use of them. These results have implications for research, extension, and policy programs. |
| Tipo: Journal Article |
Palavras-chave: Risk and Uncertainty. |
| Ano: 1985 |
URL: http://purl.umn.edu/29989 |
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| Escalante, Cesar L.; Barry, Peter J.. |
| This study provides farm-level empirical support to the Risk-Balancing Hypothesis using Illinois grain farm data. The econometric results indicate that risk-balancing farmers comprise more than half of the sample. These farmers tend to be older, have higher leasing ratios, are less financially efficient and manage risk through crop specialization, enterprise diversification, and marketing strategies in addition to risk balancing. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Risk and Uncertainty. |
| Ano: 2001 |
URL: http://purl.umn.edu/20617 |
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| Schnitkey, Gary D.; Barry, Peter J.; Ellinger, Paul N.. |
| This article describes the properties of the Farm Financial Simulation Model (FFSM). FFSM is a tool for analyzing the financial consequences of various managerial strategies and policy options that may be implemented in responding to farm financial stress. Various farm types from different geographical regions having differing enterprises, financial structures, tenure arrangements, and consumption patterns can be analyzed. The emphasis of FFSM is placed on modeling a farm's profitability, liquidity, solvency, and financial position and the model produces a coordinated set of financial statements and an extensive set of financial ratios over a four-year period. |
| Tipo: Journal Article |
Palavras-chave: Farm Management. |
| Ano: 1987 |
URL: http://purl.umn.edu/30195 |
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| Registros recuperados: 40 | |
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