We test the efficiency of the financial market for the stocks of publicly traded firms related to the largely subsidized U.S. agriculture industry. We study how the anomalous value premium appears in the stocks of participating firms. Our study of the value and growth anomalies of these stocks...

This article empirically investigates the prices and returns of the stocks of U.S. agriculture related firms for momentum anomaly. The study utilizes the decile portfolios sorting and the Fama and MacBeth cross section regression empirical methods. The main dataset is a merger of the balance...

The industrialization of agriculture is associated with tighter supply chains where vertical coordination between farmers and processors is facilitated by the use of agricultural contracts. An overview is provided on the recent trends in the use and structure of agricultural contracts followed...

Consumer interest in locally produced foods marketed through local food networks has been increasing. Local food networks utilize local supply chains such as direct market sales to consumers through CSAs, farmers markets, farm stands, and other alternative outlets. Our goal is to examine the...

The purpose of this research is to evaluate the financial performance measures calculated and reported by Economic Resource Service (ERS) from ARMS data. The evaluation includes the calculation method and the underlying assumptions used in obtaining the reported values. The financial measures...

U.S. decoupled direct payments, paid to farm operators based on historic yields and base acreage under the 2002 Farm Bill, may alter a farmer’s access to credit or his ability to meet debt servicing obligations. Data from the U.S. Department of Agriculture (USDA) Agricultural Resource...

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Credit risk models are developed and used to estimate capital requirements for agricultural lenders under the New Basel Capital Accord. The theoretical models combine Merton’s distance-to-default approach with credit value-at-risk methodologies. Two applied models, CreditMetrics and KMV, are...

This study compares the economic well-being of farm and nonfarm households using data from the 2001 Agricultural Resource Management Survey and the 2001 Survey of Consumer Finances. Comparisons are made in terms of income and wealth using Tukey-Kramer mean separation tests, regression analysis,...

Theoretical arguments suggest that diversification has both value-enhancing and value-reducing effects. Several finance studies have found that the average diversified firm is worth less than a portfolio of comparable single-segment firms. In agriculture, farms have different characteristics and...