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Economics

Retrospective Theses and Dissertations

Finance and Financial Management

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Four Papers On Agricultural Finance And Adoption Of Biotechnology , Alexander Ernestovich Saak Jan 2001

Four Papers On Agricultural Finance And Adoption Of Biotechnology , Alexander Ernestovich Saak

Retrospective Theses and Dissertations

The four papers comprising this thesis are entirely self-contained. Paper I investigates financial measures of a projects' worth in a standard static setting. We identify conditions such that net present value is monotone in the discount rate applied to evaluate a project. We also formulate a linear dominance condition on projects' cash flows sufficient to order projects according to the internal rate of return criterion. Paper II develops a firmer understanding of the economics underlying the relationship between rental rates sensitivity to output price and land quality. Using two measures of land quality: distance to market and yield productivity, we ...


Exchange Rate And Market Power In Import Price , Jeong-Yun Seo Jan 1998

Exchange Rate And Market Power In Import Price , Jeong-Yun Seo

Retrospective Theses and Dissertations

This study consists of three papers in the area of international market analysis, as listed in Chapter 1, 2, and 3. Each paper has its own issue and application, but the main theme behind these papers is to figure out interactions of international firms' real decisions with respect to changes in financial variables or structure attributing to the firms' behaviors. The papers focus especially on a risk-averse international firm's decision model with respect to fluctuations in exchange rates;The first two papers relate the international firm's ex-ante real decision to the portfolio theory in correspondence to recent importance ...


An Analysis Of Commercial Bank Participation In The Farmer Mac Ii Loan Sale Program , Charles Edgar Murray Jan 1998

An Analysis Of Commercial Bank Participation In The Farmer Mac Ii Loan Sale Program , Charles Edgar Murray

Retrospective Theses and Dissertations

This dissertation's objective was to provide a descriptive and empirical analysis of commercial bank participation in the Farmer Mac II loan sale program for guaranteed portions of U.S. Department of Agriculture (USDA) Guaranteed Farm Loan Program loans. The descriptive analysis summarizes reasons for participation cited by bankers responding to a series of survey questions. Participants indicate the following factors as important in their decision to sell loans: enhanced liquidity, improved profitability, reduced interest rate risk, added capacity to meet heavy USDA guaranteed loan demand, and ability to pass on better loan rates and terms to their borrowers. Nonparticipants ...


Corn And Soybean Basis Behavior And Forecasting: Fundamental And Alternative Approaches , Bingrong Jiang Jan 1997

Corn And Soybean Basis Behavior And Forecasting: Fundamental And Alternative Approaches , Bingrong Jiang

Retrospective Theses and Dissertations

A model is developed to analyze the nearby basis behavior of corn and soybeans in several markets across the U.S. Results suggest that basis behavior has a seasonal pattern, and that different variables affect nearby corn and soybean basis at various periods. The most important factors affecting basis are storage cost (opportunity cost), transportation cost (barge rates), and supply (regional production relative to regional storage capacity). Nine conventional (naive three-year-average forecasts, econometric, ARIMA and composite forecast models) and less conventional forecasting techniques (State Space and Neural Networks models) are utilized to forecast out-of-sample basis for one-month up to 12-month ...


Farmer-Borrowers' Selection Of Short- And Intermediate-Term Loan Contracts: Traditional Lenders Versus Nontraditional Lenders , Jauling Tseng Jan 1996

Farmer-Borrowers' Selection Of Short- And Intermediate-Term Loan Contracts: Traditional Lenders Versus Nontraditional Lenders , Jauling Tseng

Retrospective Theses and Dissertations

The emergence and growth of nontraditional lenders in short- and intermediate-term agricultural credit markets during the 1990s prompted a number of studies on the economic incentives and competitive strategies for input supply or manufacturing firms to create captive finance companies. Comparably, little work, however, has been done on the choice of nontraditional lenders from the borrower's perspective. This dissertation examines the farmer-borrower's decision-making process in choosing between traditional and nontraditional lenders when financing short- and intermediate-term loan contracts. The objective of this research is to provide a better understanding of the factors that influence farm-level demand for traditional ...


Applications Of Contingent Claims Theory To Microeconomic Problems , David A. Hennessy Jan 1993

Applications Of Contingent Claims Theory To Microeconomic Problems , David A. Hennessy

Retrospective Theses and Dissertations

In this thesis contingent claims techniques have been applied to various specifications of the economic problem of optimizing the expected value of a welfare function. In paper I we consider the relationship between financial market completeness, corn production, and the corn target price program. Using the observation that the program is similar to a government issued put option, we found that the per acre program benefit, at around 20/acre was quite large, that the program encourages producers to trade options, and that the existence of contingent markets facilitates the policy maker in decoupling agricultural support. In paper II we ...


Overreaction In Futures Markets , Robert Frederick Baur Jan 1992

Overreaction In Futures Markets , Robert Frederick Baur

Retrospective Theses and Dissertations

Market efficiency is tested in futures markets by forming portfolios of futures contracts on the basis of previous price changes. Contracts with extreme positive (negative) price change are added to winner (loser) portfolios. Market efficiency requires the expected return on these two portfolios to be statistically equal. Buy-and-hold portfolios from sixty-six futures markets from a sample period of January, 1964 to April, 1992 are formed to test for the existence of risk premiums. This study extends DeBondt and Thaler (1985) by applying a similar strategy to futures markets where selection bias should not be a problem;Contrary to their findings ...


Effects Of Farm Characteristics And Government Disaster Assistance On Multiple-Peril Crop Insurance Purchases By Iowa Crop Farmers , Khosrow Khojasteh Jan 1992

Effects Of Farm Characteristics And Government Disaster Assistance On Multiple-Peril Crop Insurance Purchases By Iowa Crop Farmers , Khosrow Khojasteh

Retrospective Theses and Dissertations

The present federal crop insurance program has been characterized by low farmer participation and high government costs. It has been frequently argued that one of the major factors causing the poor participation rate is the continued availability of disaster relief payments, whereby the ad hoc disaster assistance programs help support producers' beliefs that a widespread natural disaster will be accompanied by government assistance;The purpose of this study was to develop and empirically estimate probability models that could explain Iowa farmers' behavior regarding the purchase of multiple-peril crop insurance. The models under study included both linear and nonlinear single- equations ...