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Registros recuperados: 28
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A Theory of Firm Decline AgEcon
Gian Luca, Clementi; Cooley, Thomas; Di Giannatale, Sonia.
We study the problem of an investor that buys an equity stake in an entrepreneurial venture, under the assumption that the former cannot monitor the latter’s operations. The dynamics implied by the optimal incentive scheme is rich and quite different from that induced by other models of repeated moral hazard. In particular, our framework generates a rationale for firm decline. As young firms accumulate capital, the claims of both investor (outside equity) and entrepreneur (inside equity) increase. At some juncture, however, even as the latter keeps on growing, invested capital and firm value start declining and so does the value of outside equity. The reason is that incentive provision is costlier the wealthier the entrepreneur (the greater is inside...
Tipo: Working or Discussion Paper Palavras-chave: Principal Agent; Moral Hazard; Hidden Action; Incentives; Survival; Firm Dynamics; Financial Economics; D82; D86; D92; G32.
Ano: 2010 URL: http://purl.umn.edu/92788
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Agricultural Banking and Early Warning Models for the Bank Failures of the Late 2000s Great Recession AgEcon
Li, Xiaofei; Escalante, Cesar L.; Epperson, James E.; Gunter, Lewell F..
This paper is designed to validate if the agricultural sector can once again be labeled as an instigator of the late-2000s Great Recession using the early warning models technique. The empirical results indicate that exposure to agribusiness operations does not necessarily enhance a banks’ tendency to fail.
Tipo: Presentation Palavras-chave: Agricultural Banking; Early warning signals; In-sample accuracy; Out-of-sample forecasting; Agricultural Finance; Research Methods/ Statistical Methods; G21; G32; G33; C01.
Ano: 2012 URL: http://purl.umn.edu/119656
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Análise dos determinantes do endividamento das empresas de capital aberto do agronegócio brasileiro AgEcon
Bressan, Valéria Gama Fully; Lima, Joao Eustaquio de; Bressan, Aureliano Angel; Braga, Marcelo Jose.
Studies involving capital structure and the identification of its determinants are relevant issues in the field of corporate finance management research. In this regard, the present study intends to evaluate the determinants of corporate leverage in the Brazilian agribusiness sector using the model of Rajan and Zingales (1995). In the definition of the sample there were selected 26 companies that are classified in one of three subdivisions of the Brazilian agribusiness sector: a) the agriculture or cattle raising; b) inputs or production factors and c) processing and distribution sector, using as reference the CNA classification. The study used data from the Economatica® database, with the adoption of panel data methods. The results indicated that the...
Tipo: Journal Article Palavras-chave: Debt; Capital structure; Agribusiness; Pecking Order Theory.; Agribusiness; Environmental Economics and Policy; Q14; G32.
Ano: 2009 URL: http://purl.umn.edu/60816
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Capital Structure and Regulation: Does Ownership Matter? AgEcon
Bortolotti, Bernardo; Cambini, Carlo; Rondi, Laura; Spiegel, Yossi.
We construct a comprehensive panel data of 96 publicly traded European utilities over the period 1994-2005 in order to study the relationship between the capital structure of regulated firms, regulated prices, and investments, and examine if and how this interaction is affected by ownership structure. We show that firms in our sample increase their leverage after becoming regulated by an independent regulatory agency, but only if they are privately controlled. Moreover, we find that the leverage of these firms has a positive and significant effect on regulated prices, but not vice versa, and it also has a positive and significant effect on their investment levels. Our results are consistent with the theory that privately-controlled firms use leverage...
Tipo: Working or Discussion Paper Palavras-chave: Regulated utilities; Regulatory agencies; Capital structure; Leverage; Investment; Private and state ownership; Public Economics; L51; G31; G32; L33.
Ano: 2007 URL: http://purl.umn.edu/7449
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Collaterals, Bank Monitoring and Performance: the Case of Newly Established Wine Farmers AgEcon
Cadot, Julien.
This research aims at identifying the incentives associated to collaterals in an asymmetric information context and when the bank is the main financial partner of the entrepreneurs, which is typically the case for most farms and especially in the wine sector. In one hand, collaterals may reduce the risk of overinvestment by entrepreneurs and so reduce the risk of repayment default. In the other hand, to contract collaterals may lead the bank to reduce the monitoring effort. In this paper we test these two hypotheses in taking into account the fact that entrepreneurs can benefit from a banking relationship or not. Our results confirm that collaterals’ incentives depend on the bank monitoring. Moreover, this emphasizes the uniqueness of land mortgages....
Tipo: Conference Paper or Presentation Palavras-chave: Collaterals; Incentives; Bank monitoring; Agricultural Finance; G32; G33; G35.
Ano: 2011 URL: http://purl.umn.edu/103414
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Does Privatization Deliver? Access to Telephone Services and Household Income in Poor Rural Areas Using a Quasi-Natural Experiment for Peru AgEcon
Chong, Alberto E.; Galdo, Virgilio; Torero, Maximo.
We take advantage of a quasi-natural experiment in Peru by which the privatized telecommunications company was required by government to randomly install and operate public pay phones on small rural towns along the national territory. Using a especially designed household survey for a representative sample of rural towns we are able to link access to telephone services with household income. We find, that regardless of the income measurement, most characteristics of public telephone are positively linked with income. Remarkably, the benefits are given at both non-farm and farm income levels. Not only do the findings hold when using instrumental variables but they are further confirmed when using propensity scores matching methods.
Tipo: Conference Paper or Presentation Palavras-chave: Privatization; Institutions; Rural; Poverty; Telecommunications; Consumer/Household Economics; G32; H10; J45; O1.
Ano: 2006 URL: http://purl.umn.edu/25691
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Identification of stochastic processes for an estimated icewine temperature hedging variable AgEcon
Cyr, Don; Kusy, Martin.
Weather derivatives are a relatively new form of financial security that can provide firms with the ability to hedge against the impact of weather related risks to their activities. Participants in the energy industry have employed standardized weather contracts trading on organized exchanges since 1999 and the interest in non-standardized contracts for specialized weather related risks is growing at an increasing rate. The purpose of this paper is to examine the potential use of weather derivatives to hedge against temperature related risks in Canadian ice wine production. Specifically we examine historical data for the Niagara region of the province of Ontario, Canada, the largest icewine producing region of the world, to determine an appropriate...
Tipo: Working or Discussion Paper Palavras-chave: Wine market; Weather derivatives; Weather hedging; Agribusiness; Agricultural Finance; Crop Production/Industries; Environmental Economics and Policy; G13; G32; Q14; Q51; Q54.
Ano: 2007 URL: http://purl.umn.edu/37298
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Inheritance Law and Investment in Family Firms AgEcon
Panunzi, Fausto; Ellul, Andrew; Pagano, Marco.
Entrepreneurs may be constrained by the law to bequeath a minimal stake to non-controlling heirs. The size of this stake can reduce investment in family firms, by reducing the future income they can pledge to external financiers. Using a purpose-built indicator of the permissiveness of inheritance law and data for 10,245 firms from 32 countries over the 1990-2006 interval, we find that stricter inheritance law is associated with lower investment in family firms, while it leaves investment unaffected in non-family firms. Moreover, as predicted by the model, inheritance law affects investment only in family firms that experience a succession.
Tipo: Working or Discussion Paper Palavras-chave: Succession; Family Firms; Inheritance Law; Growth; Investment; Financial Economics; G32.
Ano: 2009 URL: http://purl.umn.edu/50330
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Innovation and Institutional Ownership AgEcon
Aghion, Philippe; Van Reenen, John; Zingales, Luigi.
We find that institutional ownership in publicly traded companies is associated with more innovation (measured by cite-weighted patents). To explore the mechanism through which this link arises, we build a model that nests the lazy-manager hypothesis with career-concerns, where institutional owners increase managerial incentives to innovate by reducing the career risk of risky projects. The data supports the career concerns model. First, whereas the lazy manager hypothesis predicts a substitution effect between institutional ownership and product market competition (and managerial entrenchment generally), the career-concern model allows for complementarity. Empirically, we reject substitution effects. Second, CEOs are less likely to be fired in the face of...
Tipo: Working or Discussion Paper Palavras-chave: Career Concerns; Innovation; Institutional Ownership; Productivity and R&D; Financial Economics; G20; G32; O31; O32; O33.
Ano: 2010 URL: http://purl.umn.edu/93414
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Long Term Changes in Voting Power and Control Structure following the Unification of Dual Class Shares AgEcon
Lauterbach, Beni; Yafeh, Yishay.
We follow the evolution of ownership structure in a sample of 80 Israeli companies that unified their dual-class shares in the 1990s, and compare it with a control sample of firms that maintained their dual share structure at least until 2000. Our main findings are as follows. First, controlling shareholders offset the dilution of voting rights they incurred upon unification by: 1) increasing their holdings prior to the unification (ex-ante preparation), and 2) by buying shares afterwards; by the end of the sample period their voting power was only marginally lower than in the control sample. This suggests that marginal voting rights are important to controlling shareholders even beyond the 50% threshold. Second, share unifications were not associated with...
Tipo: Working or Discussion Paper Palavras-chave: Dual Class Shares; Corporate Governance; Financial Economics; G30; G32.
Ano: 2009 URL: http://purl.umn.edu/55833
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Managing Price Risk in Volatile Grain Markets, Issues and Potential Solutions AgEcon
McKenzie, Andrew M.; Kunda, Eugene L..
During 2008 extreme price volatility in grain markets led to country elevators incurring unprecedentedly large margin calls on their futures hedges. As a result elevators’ traditional liquidity sources and lines of credit were stretched to breaking point. This article explores the potential liquidity benefits of making available an Over-the-Counter Margin Credit Swap contract to grain hedgers. The swap would enable hedgers to draw upon sources of capital outside the farm credit system to provide liquidity needed to make margin calls. Simulation results clearly show that a Margin Credit Swap contract would provide significant liquidity benefits to hedgers during volatile periods.
Tipo: Journal Article Palavras-chave: Elevator; Hedging; Margin; Swap; Agribusiness; Agricultural Finance; Crop Production/Industries; Risk and Uncertainty; G32; G13; Q14.
Ano: 2009 URL: http://purl.umn.edu/53081
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Microfinance for Agricultural Firms- Credit Access and Loan Repayment in Tanzania AgEcon
Weber, Ron; Musshoff, Oliver.
On the example of a commercial microfinance institution (MFI) in Tanzania this paper investigates first whether agricultural firms have a different probability to get a loan and whether their loans are differently volume rationed than loans to non-agricultural firms. Second, we analyze whether agricultural firms repay their loans with different delinquencies than non-agricultural firms. Our results reveal that agricultural firms face higher obstacles to get credit but as soon as they have access to credit, their loans are not differently volume rationed than those of non-agricultural firms. Furthermore, agricultural firms are less often delinquent when paying back their loans than non-agricultural firms. Our findings suggest that a higher risk exposition...
Tipo: Presentation Palavras-chave: Agricultural Finance; Access to Credit; Loan Repayment; Microfinance Institutions; Financial Economics; International Development; Risk and Uncertainty; G21; G32; Q14.
Ano: 2012 URL: http://purl.umn.edu/122552
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Microfinance Institutions: Does Capital Structure Matter? AgEcon
Bogan, Vicki.
Microfinance Institutions (MFIs) have risen to the forefront as invaluable institutions in the development process. Nevertheless, capital constraints have hindered the expansion of microfinance programs such that the demand for financial services still far exceeds the currently available supply. Moreover, it is observed that microfinance organizations have had various degrees of sustainability. Thus, the question of how best to fund these programs is a key issue. Recognizing the potential of microfinance in the development process, this paper examines the existing sources of funding for MFIs by geographic region, and explores how changes in capital structure could facilitate future growth and improve the efficiency and financial sustainability of MFIs....
Tipo: Working or Discussion Paper Palavras-chave: Microfinance Institutions; Capital structure; Financial Economics; F3; G21; G32; O1.
Ano: 2008 URL: http://purl.umn.edu/51125
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Minimizing geographical basis risk of weather derivatives using a multi-site rainfall model AgEcon
Ritter, Matthias; Musshoff, Oliver; Odening, Martin.
Weather risk is one of the main causes for income fluctuation in agriculture. Since 1997, the economic consequences of weather risk can be insured with weather derivatives, which are offered for many different weather events, such as temperature, rainfall, snow or hurricanes. It is well known that the hedging effectiveness of weather derivatives is interfered by the existence of geographical basis risk, i.e., the deviation of weather conditions at different locations. In this paper, we explore how geographical basis risk of rainfall based derivatives can be reduced by regional diversification. Minimizing geographical basis risk requires knowledge of the joint distribution of rainfall at different locations. For that purpose, we estimate a daily multi-site...
Tipo: Presentation Palavras-chave: Management; Weather risk; Regional diversification; Portfolio weights; Risk and Uncertainty; G11; Q14; G32.
Ano: 2012 URL: http://purl.umn.edu/122527
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Monitoring Managers: Does it Matter? AgEcon
Cornelli, Francesca; Kominek, Zbigniew; Ljungqvist, Alexander.
We test under what circumstances boards discipline managers and whether such interventions improve performance. We exploit exogenous variation due to the staggered adoption of corporate governance laws in formerly Communist countries coupled with detailed ‘hard’ information about the board’s performance expectations and ‘soft’ information about board and CEO actions and the board’s beliefs about CEO competence in 473 mostly private-sector companies backed by private equity funds between 1993 and 2008. We find that CEOs are fired when the company underperforms relative to the board’s expectations, suggesting that boards use performance to update their beliefs. CEOs are especially likely to be fired when evidence has mounted that they are incompetent and...
Tipo: Working or Discussion Paper Palavras-chave: Corporate Governance; Large Shareholders; Boards of Directors; CEO Turnover; Legal Reforms; Transition Economies; Private Equity; Financial Economics; G34; G24; G32; K22; O16; P21.
Ano: 2010 URL: http://purl.umn.edu/60665
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Polish banking system during the global financial crisis AgEcon
Wiszniowski, Edward.
Lasting for over a year the global crisis in financial markets, affected individual countries’ banking systems to a different degree. The present article discusses the phenomenon and its effects on the Polish banking system. The aim of the article is to present trends, the scale of the crisis and the current level of danger to stability of domestic financial market. The result of the research is a synthetic estimation of the level of the financial sector stability, taking into account the risks to solvency, liquidity, profitability, and quality loan portfolio and changes in deposits.
Tipo: Journal Article Palavras-chave: Banking; Financial crisis; Financial stability.; Financial Economics; G32.
Ano: 2010 URL: http://purl.umn.edu/94635
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Reallocation of price risk among members AgEcon
Pedersen, Michael Friis.
Marketing of milk and meat in Denmark is dominated by two large cooperatives, Arla Foods in the dairy sector and Danish Crown in the pork sector. Members in these cooperatives practically have no possibility for price risk management on their main product. Futures markets for dairy and pork are not utilised, and it is suggested that the reason is prohibitively large basis risk. The events following the global financial crisis suggest increased need for price risk management in Danish agriculture. Since futures markets do not seem to be a viable solution, the paper explores an alternative. Reallocation of price risk among members in marketing cooperatives. Endowing members with a forward contracted share of delivery, and allowing for transfer at a market...
Tipo: Presentation Palavras-chave: Futures; Hedging; Risk management; Marketing cooperatives; Agribusiness; Risk and Uncertainty; G13; G32; Q13; D61; D8.
Ano: 2012 URL: http://purl.umn.edu/122529
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Regulatory Independence and Political Interference: Evidence from EU Mixed-Ownership Utilities’ Investment and Debt AgEcon
Cambini, Carlo; Rondi, Laura.
This paper examines the investment and financial decisions of a sample of 92 EU regulated utilities, taking into account key institutional features of EU public utilities, such as: a) regulation by agencies with various degrees of independence; b) partial ownership of the state in the regulated firm; and c) the government’s political orientation, which may ultimately influence the regulatory climate to be either more pro-firm or more pro-consumers. Our results show that regulatory independence matters for both investment and financial decisions. Investment increases under an Independent Regulatory Agency (IRA), while ownership has no effect. Leverage also increases when the IRA is in place, especially so if the regulated firm is privately controlled....
Tipo: Working or Discussion Paper Palavras-chave: Regulated Utilities; Investment; Capital Structure; Private and State Ownership; Regulatory Independence; Government’s Political Orientation; Financial Economics; G31; G32; L33; L51; L90.
Ano: 2010 URL: http://purl.umn.edu/91002
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SERVING PRODUCERS IN VOLATILE TIMES REPORT FROM THE 2008 LARGE COMMERCIAL PRODUCER SURVEY AgEcon
Alexander, Corinne E.; Boehlje, Michael; Downey, W. Scott; Gray, Allan W.; Gunderson, Michael A.; Roucan-Kane, Maud.
Purdue University’s Center for Food and Agricultural Business undertook the 2008 Large Commercial Producer Survey with the goal of providing food and agribusiness firms with a clear depiction of the commercial producers—a group that purchases the majority of agricultural inputs. This survey summarizes the results of more than 2,500 farm operator interviews completed in January and February 2008. The center first conducted this survey in 1993 and collects new data every five years. This study offers a broad look at changes in farm businesses over time. In addition to demographic information, the questions specifically explore the goals, attitudes and buying behaviors of large commercial farming and ranching operations.
Tipo: Working or Discussion Paper Palavras-chave: Commercial producers; Buying behavior; Attitudes; Demographic; Goals; Large farms; Agribusiness; Q12; Q14; G32; J11; D2; M21.
Ano: 2009 URL: http://purl.umn.edu/56116
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Signaling Credit Risk in Agriculture: Implications for Capital Structure Analysis AgEcon
Zhao, Jianmei; Barry, Peter J.; Katchova, Ani L..
Signaling is an important element in the lender-borrower relationship that influences the cost and availability of debt capital to agricultural borrowers. This paper analyzes the effects of signaling on farm capital structure in conjunction with the pecking order and trade-off theories. The aggregate estimation indicates that signaling does affect agricultural credit relationships through measures of past cash flow and profitability. High-quality borrowers achieve greater credit capacity by providing lenders with valid signals of their financial status, while adjusting toward target debt levels over time and following the pecking order relationship in the short run.
Tipo: Journal Article Palavras-chave: Farm businesses; Pecking order theory; Signaling theory; Trade-off theory; Agribusiness; Risk and Uncertainty; G11; G32; Q14.
Ano: 2008 URL: http://purl.umn.edu/47260
Registros recuperados: 28
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