This paper extends finance theory under risk to account for borrowing behavior under financial stress conditions. As the financial stress level for the firm increases, the role of credit or unused borrowing capacity changes. With a strong equity position, credit is valued as a reserve to avoid...

Economists evaluating policies frequently split the measurement of effects into two elements: efficiency, and the distribution of income. Traditional economic theory has focused primarily upon efficiency, under the assumption that efficiency alone avoids subjective judgments. Considerations of...

This report summarizes the 2007 financial and production records of 77 Michigan cash grain farms. To be included, the farms must have produced at least 50 percent of gross cash farm income from one or a combination of these items: corn, soybeans, wheat, navy beans, oats, sugar beets and other...

This report summarizes the financial and production records of 24 dairy farms across the Upper Peninsula (UP) of Michigan. To be included, the farms must have produced at least 50 percent of gross cash farm income from milk and dairy animal sales. The records came from Michigan State...

This report summarizes the financial and production records of 16 dairy farms across the Upper Peninsula (UP) of Michigan. To be included, the farms must have produced at least 50 percent of gross cash farm income from milk and dairy animal sales. The records came from Michigan State...

This report summarizes the 2008 financial and production records of 44 Michigan cash grain farms. To be included, the farms must have produced at least 50 percent of gross cash farm income from one or a combination of these items: corn, soybeans, wheat, navy beans, oats, sugar beets and other...