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| 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 |
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| Henderson, Joanne; Baylis, Katherine R.; Barton, Jason. |
| In this paper, we ask whether PROCAMPO helped Mexican agricultural producers benefit from NAFTA. Specifically, we explore the effect of these decoupled income payments (PROCAMPO) on producers’ ability to switch to cash crop production, and whether these payments help alleviate credit constraints for poorer producers. Given that WTO negotiations are currently stalled in part because of the trade concerns of developing nations, exploring the constraints that small producers face and whether decoupled subsidies can assist those producers in benefiting from new markets is important. Unlike previous studies, who concentrated on specific regions and ejidal lands, we use nationwide county-level data, which allows for us to see the regional distribution of change... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: NAFTA; PROCAMPO; Credit Constraint; Mexico; Staple production; Crop choice; International Relations/Trade. |
| Ano: 2010 |
URL: http://purl.umn.edu/61525 |
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