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| Registros recuperados: 37 | |
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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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| Katchova, Ani L.; Nam, Sangjeong. |
| We applied the migration approach to credit scoring measurement to determine how ratings, focused on farm characteristics such as farm size, age, and farm business type, change across business cycles. The empirical results from analyzing migration matrices using data from FBFM suggest that old, large and grain farms are more likely to upgrade their classes, while young, small, livestock farms are likely to downgrade. The migration matrices for each characteristic across the business cycles show that all farm businesses (except small, livestock farms) have a tendency to deteriorate during the recession cycles regardless of their characteristics. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Migration matrix; Business cycle; Path independence; Agricultural Finance. |
| Ano: 2005 |
URL: http://purl.umn.edu/19451 |
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| Katchova, Ani L.; Miranda, Mario J.; Gonzalez-Vega, Claudio. |
| In this paper, we examine the contract design problem of banks that extend loans to poor borrowers and seek to maximize outreach while remaining financially sustainable. A dynamic model is developed that shows how interest rates can be determined based on information about productivity and diligence characteristics of borrowers, investment opportunities, correlation of business activities, peer monitoring costs, and social sanctions. The results indicate that relative to the traditional static models, the dynamic model explains better the current experience in individual and group lending in developing countries. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Financial Economics. |
| Ano: 2001 |
URL: http://purl.umn.edu/20635 |
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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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| Katchova, Ani L.. |
| This study examines the portfolio allocation of assets for farm and nonfarm households using the Agricultural Resource Management Survey and the Survey of Consumer Finances. The stylized facts of household finance, including limited participation in equity markets and heterogeneity of asset portfolios, are also confirmed for farm households. However, farm households show fewer differences in participation rates and asset allocation across wealth groups. Probit and conditional regression models indicate that fewer demographic factors affect participation rates and portfolio shares of risky assets for farm than nonfarm households. The aggregate statistics seem overwhelmingly influenced by households with large holdings of risky assets as shown by quantile... |
| Tipo: Journal Article |
Palavras-chave: Farm households; Financial management; Nonfarm households; Portfolio analysis; Quantile regression; Agricultural Finance; Financial Economics. |
| Ano: 2008 |
URL: http://purl.umn.edu/48143 |
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| Katchova, Ani L.. |
| This study compares the economic well-being of farm and nonfarm households using data from the 2004 Agricultural Resource Management Survey and the 2004 Survey of Consumer Finances. Comparisons are made in terms of income and wealth using Tukey-Kramer mean separation tests, regression analysis, and inequality distributions. The results show that the economic well-being of households differs based on their degree of involvement in business activities and their life-cycle stages. The most interesting conclusion is that the well-being of rural residence and intermediate farms is comparable to that of wage-earning nonfarm households, while commercial farms are similar in well-being to nonfarm households with businesses. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: International Development. |
| Ano: 2006 |
URL: http://purl.umn.edu/21401 |
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| Hennings, Enrique; Katchova, Ani L.. |
| This study examines the business strategies employed by Illinois farms to maintain equity growth using quantile regression analysis. Using data from the Farm Business Farm Management system, this study finds that the effect of different business strategies on equity growth rates differs between quantiles. Financial management strategies have a positive effect for farms situated in the highest quantile of equity growth, while for farms in the lowest quantile the effect on equity growth is negative. Cost reduction, asset management and revenue enhancement strategies all proved to have important effects on the determination of growth equity rates. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Farm Management. |
| Ano: 2005 |
URL: http://purl.umn.edu/19367 |
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| Zhang, Tianwei; Katchova, Ani L.. |
| This study uses the cohort approach to estimate the credit risk migration probability of farm business. Using data from the Farm Business and Farm Management, this study rates the credit risk into 10 risk levels plus a default level, defines a farm business cycle with peak, normal and trough periods and evaluates the effect on farm financial performance of the farm business booms and slumps. The results show that the farms with low credit risk are more likely to stay in the same risk level but the farms with high credit risk have the trend to improve their risk situation and move upwards. The results also show that the credit risk ratings are more likely to move upgrade during farm business cycle peaks. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Agricultural Finance. |
| Ano: 2005 |
URL: http://purl.umn.edu/19292 |
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| Registros recuperados: 37 | |
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