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| Bjornson, Bruce; Klipfel, Jason. |
| This paper assesses the agricultural equipment industry through the perspective of the three leading firms in the United States. It reviews the salient events of the 1990s and relates the business environment to the firms financial performance. It then assesses the factors likely to impact performance in the future, drawing on lessons from historical performance and on new environmental factors. The firms capital market valuations appear consistent with the expectation that farm equipment firms will resume growth after the farm recession. |
| Tipo: Journal Article |
Palavras-chave: Agribusiness. |
| Ano: 2000 |
URL: http://purl.umn.edu/34567 |
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| Bjornson, Bruce; Innes, Robert. |
| This article develops and estimates an explicit-factor Arbitrage Pricing Theory (APT) model in an endeavor to uncover (a) the systematic risk properties of returns to agricultural assets, (b) the relationship between agricultural returns and returns on comparable-risk nonagricultural assets, and (c) the possible relevance of agriculture-related risks in general capital markets. The article concludes that: (a) farmer-held assets have exhibited significant systematic/ factor risk over the 1963-82 estimation interval, but U.S. farmland has not exhibited such risk; (b) a grain-price index has been a priced factor in general capital markets; and (c) average returns on farmer-held assets have been significantly lower; and average returns on U.S. farmland... |
| Tipo: Journal Article |
Palavras-chave: Agricultural Finance. |
| Ano: 1992 |
URL: http://purl.umn.edu/30946 |
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| Liu, Yan; Bjornson, Bruce. |
| Direct foreign investment (DFI) allows a multinational corporation (MNC) to generate and appropriate extra-normal profits from its unique assets in a foreign market. China has become increasingly attractive for foreign investment over the past 20 years. This entails political risk, but MNCs can reduce the risk by relying heavily on MNC-specific assets, often in the form of tacit knowledge. A joint venture with a local partner creates an incentive for a local stakeholder to shield the DFI from political risks and allows the partner to contribute location-specific assets to the venture, further reducing the MNCs risk. |
| Tipo: Journal Article |
Palavras-chave: Agribusiness; International Relations/Trade. |
| Ano: 1998 |
URL: http://purl.umn.edu/34511 |
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| Kaufman, Phillip R.; Bjornson, Bruce. |
| The competitive environment in the agri-food sector is evolving as the food manufacturing and retailing industries become more concentrated. Evolving industry structure and new firm investment portend changes in future firm competitiveness and performance. This research describes how large food-manufacturing and retail firm performance has shifted and how firm valuation signals expected future change in performance. While there have been expectations that return on investment of large food retailers would increase relative to large packaged-food manufacturers, we find that this has not yet happened and that market valuations imply that retailers are not likely to gain on manufacturers in the future. |
| Tipo: Journal Article |
Palavras-chave: Agribusiness. |
| Ano: 2004 |
URL: http://purl.umn.edu/27237 |
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| Konduru, Srinivasa; Bjornson, Bruce. |
| A concern in the political economy is how national income is shared between labor and capital. This study evaluates long-term changes in factor income shares in three agri-food industries, their attribution to the level of factor usage or to factor compensation rates, and relation to changes in capital intensity and factor productivity. We find long-term stability in the profit and labor shares of farm income, decline, in the profit share of agricultural serviced industry income, and increase in the profit share of food manufacturing income due to fewer productivity improvements being passed on to wage increases. |
| Tipo: Journal Article |
Palavras-chave: Agriculture; Factor shares; Food; GDP; National income; D33; E25; L66. |
| Ano: 2004 |
URL: http://purl.umn.edu/43474 |
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