메뉴 건너뛰기




Volumn 81, Issue 2, 1999, Pages 257-272

Transaction costs and the present value model of farmland: Iowa, 1900-1994

Author keywords

Bootstrapping; Farmland prices; Land transfer; Present value model; Transaction costs

Indexed keywords

AGRICULTURAL LAND; BOOTSTRAPPING; DISCOUNT RATE; LAND MARKET; TRANSACTION COST;

EID: 0032854662     PISSN: 00029092     EISSN: None     Source Type: Journal    
DOI: 10.2307/1244580     Document Type: Article
Times cited : (34)

References (40)
  • 1
    • 0344929861 scopus 로고
    • Explaining financial market facts: The importance of incomplete markets and transaction costs
    • Winter
    • Aiyagari, S.R. "Explaining Financial Market Facts: The Importance of Incomplete Markets and Transaction Costs." Fed. Reserve Bank Minneapolis Quart. Rev. (Winter 1993):17-31.
    • (1993) Fed. Reserve Bank Minneapolis Quart. Rev. , pp. 17-31
    • Aiyagari, S.R.1
  • 2
    • 0001162133 scopus 로고
    • Tests for parameter instability and structural change with unknown change point
    • July
    • Andrews, D.W.K. "Tests for Parameter Instability and Structural Change with Unknown Change Point." Econometrica 61(July 1993):821-56.
    • (1993) Econometrica , vol.61 , pp. 821-856
    • Andrews, D.W.K.1
  • 3
    • 0344498787 scopus 로고
    • Major statistical series of the U.S. Department of Agriculture: Land values and land use
    • Washington DC: U.S. Department of Agriculture, Economic Research Service
    • Barnard, C.H., and R. Hexem. Major Statistical Series of the U.S. Department of Agriculture: Land Values and Land Use. Washington DC: U.S. Department of Agriculture, Economic Research Service, Agriculture Handbook No. 671, Volume 6, 1988.
    • (1988) Agriculture Handbook No. 671 , vol.6
    • Barnard, C.H.1    Hexem, R.2
  • 4
    • 34848900983 scopus 로고
    • ARCH modelling in finance: A review of the theory and empirical evidence
    • April/May
    • Bollerslev, T., R.Y. Chou, and K.F. Kroner. "ARCH Modelling in Finance: A Review of the Theory and Empirical Evidence." J. Econometrics 52(April/May 1992):5-59.
    • (1992) J. Econometrics , vol.52 , pp. 5-59
    • Bollerslev, T.1    Chou, R.Y.2    Kroner, K.F.3
  • 5
    • 0009713512 scopus 로고
    • An intertemporal asset pricing model with stochastic consumption and investment opportunities
    • September
    • Breeden, D. "An Intertemporal Asset Pricing Model with Stochastic Consumption and Investment Opportunities." J. Finan. Econ. 7(September 1979):265-96.
    • (1979) J. Finan. Econ. , vol.7 , pp. 265-296
    • Breeden, D.1
  • 7
    • 85047697614 scopus 로고
    • The inconsistency of land values, land rents, and capitalization formulas
    • February
    • Clark, J.S., M. Fulton, and J.T. Scott. "The Inconsistency of Land Values, Land Rents, and Capitalization Formulas." Amer. J. Agr. Econ. 75(February 1993):147-55.
    • (1993) Amer. J. Agr. Econ. , vol.75 , pp. 147-155
    • Clark, J.S.1    Fulton, M.2    Scott, J.T.3
  • 8
    • 0000472488 scopus 로고
    • Likelihood ratio statistics for autoregressive time series with a unit root
    • June
    • Dickey, D.A., and W.A. Fuller. "Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root." Econometrica 49(June 1981):1057-72.
    • (1981) Econometrica , vol.49 , pp. 1057-1072
    • Dickey, D.A.1    Fuller, W.A.2
  • 9
    • 0011691614 scopus 로고
    • Arbitrage
    • P. Newman, M. Milgate, and J. Eatwell, eds., London: The Macmillan Press Limited
    • Dybvig, P.H., and S.A. Ross. "Arbitrage." The New Palgrave Dictionary of Money and Finance, vol 1. P. Newman, M. Milgate, and J. Eatwell, eds., pp. 43-50. London: The Macmillan Press Limited, 1992.
    • (1992) The New Palgrave Dictionary of Money and Finance , vol.1 , pp. 43-50
    • Dybvig, P.H.1    Ross, S.A.2
  • 10
    • 0002344794 scopus 로고
    • Bootstrap methods: Another look at the Jackknife
    • January
    • Efron, B. "Bootstrap Methods: Another Look at the Jackknife." Annals Statist. 7(January 1979):1-26.
    • (1979) Annals Statist. , vol.7 , pp. 1-26
    • Efron, B.1
  • 12
    • 0000397633 scopus 로고
    • ARIMA and cointegration tests of PPP under fixed and flexible exchange rate regimes
    • August
    • _. "ARIMA and Cointegration Tests of PPP under Fixed and Flexible Exchange Rate Regimes." Rev. Econ. Statist. 70(August 1988): 504-08.
    • (1988) Rev. Econ. Statist. , vol.70 , pp. 504-508
  • 13
    • 0000051984 scopus 로고
    • Autoregressive conditional heteroscedasticity with estimates of the variance of United Kingdom inflation
    • July
    • Engle, R.F. "Autoregressive Conditional Heteroscedasticity with Estimates of the Variance of United Kingdom Inflation." Econometrica 50(July 1982):987-1007.
    • (1982) Econometrica , vol.50 , pp. 987-1007
    • Engle, R.F.1
  • 14
    • 0026266974 scopus 로고
    • Formally testing the present value model of Farmland prices
    • February
    • Falk, B. "Formally Testing the Present Value Model of Farmland Prices." Amer. J. Agr. Econ. 73(February 1991):1-10.
    • (1991) Amer. J. Agr. Econ. , vol.73 , pp. 1-10
    • Falk, B.1
  • 15
    • 0010000580 scopus 로고
    • Testing for a time-varying risk premium in the returns to Farmland
    • September
    • Hanson, S.D., and R.J. Myers. "Testing for a Time-Varying Risk Premium in the Returns to Farmland." J. Empir. Finan. 2(September 1995):265-76.
    • (1995) J. Empir. Finan. , vol.2 , pp. 265-276
    • Hanson, S.D.1    Myers, R.J.2
  • 16
    • 84937290579 scopus 로고
    • Market frictions and consumption-based asset pricing
    • February
    • He, H., and D.M. Modest. "Market Frictions and Consumption-Based Asset Pricing." J. Polit. Econ. 103(February 1995):94-117.
    • (1995) J. Polit. Econ. , vol.103 , pp. 94-117
    • He, H.1    Modest, D.M.2
  • 18
    • 35548931351 scopus 로고
    • Efficient tests for normality, homoscedasticity, and serial independence of regression residuals
    • Jarque, C.M., and A.K. Bera. "Efficient Tests for Normality, Homoscedasticity, and Serial Independence of Regression Residuals." Econ. Letters 6(1980):255-59.
    • (1980) Econ. Letters , vol.6 , pp. 255-259
    • Jarque, C.M.1    Bera, A.K.2
  • 19
    • 0344929860 scopus 로고
    • Washington D.C.: U.S. Department of Agriculture, Bureau of Agricultural Economics, Circular No. 780
    • Johnson, A.R. The Farm Real Estate Situation 1946-47. Washington D.C.: U.S. Department of Agriculture, Bureau of Agricultural Economics, Circular No. 780, 1948.
    • (1948) The Farm Real Estate Situation 1946-47
    • Johnson, A.R.1
  • 20
    • 0027767113 scopus 로고
    • Understanding Farmland price changes
    • February
    • Just, R.E., and J.A. Miranowski. "Understanding Farmland Price Changes." Amer. J. Agr. Econ. 75(February 1993):156-68.
    • (1993) Amer. J. Agr. Econ. , vol.75 , pp. 156-168
    • Just, R.E.1    Miranowski, J.A.2
  • 21
    • 0017846358 scopus 로고
    • On a measure of lack of fit in time series models
    • August
    • Ljung, G.M., and G.E.P. Box. "On a Measure of Lack of Fit in Time Series Models." Biomètrika 65(August 1978):297-303.
    • (1978) Biomètrika , vol.65 , pp. 297-303
    • Ljung, G.M.1    Box, G.E.P.2
  • 22
    • 0001116758 scopus 로고    scopus 로고
    • Asset pricing in economies with frictions
    • November
    • Luttmer, E. "Asset Pricing in Economies with Frictions." Econometrica 64(November 1996):1439-67.
    • (1996) Econometrica , vol.64 , pp. 1439-1467
    • Luttmer, E.1
  • 23
    • 46549099071 scopus 로고
    • The equity premium: A puzzle
    • March
    • Mehra, R., and E.C. Prescott. "The Equity Premium: A Puzzle." J. Monet. Econ. 15(March 1985):145-61.
    • (1985) J. Monet. Econ. , vol.15 , pp. 145-161
    • Mehra, R.1    Prescott, E.C.2
  • 26
    • 0000829991 scopus 로고
    • An evaluation of econometric models of U.S. Farmland prices
    • July
    • Pope, R.D., R.A. Kramer, R.D. Green, and B.D. Gardner. "An Evaluation of Econometric Models of U.S. Farmland Prices." W. J. Agr. Econ. 4(July 1979):107-19.
    • (1979) W. J. Agr. Econ. , vol.4 , pp. 107-119
    • Pope, R.D.1    Kramer, R.A.2    Green, R.D.3    Gardner, B.D.4
  • 28
    • 49549135545 scopus 로고
    • The arbitrage theory of capital asset pricing
    • December
    • Ross, S.A. "The Arbitrage Theory of Capital Asset Pricing." J. Econ. Theory 13(December 1976):341-60.
    • (1976) J. Econ. Theory , vol.13 , pp. 341-360
    • Ross, S.A.1
  • 29
    • 0009981024 scopus 로고
    • Multiple hypothesis testing
    • chap. 14. Z. Griliches, and M. Intriligator, eds. New York: North-Holland
    • Savin, N.E. "Multiple Hypothesis Testing." Handbook of Econometrics, vol. 2, chap. 14. Z. Griliches, and M. Intriligator, eds. New York: North-Holland, 1984.
    • (1984) Handbook of Econometrics , vol.2
    • Savin, N.E.1
  • 30
    • 0345563768 scopus 로고
    • Boom/bust cycles and Ricardian rents
    • December
    • Schmitz, A. "Boom/Bust Cycles and Ricardian Rents." Amer. J. Agr. Econ. 77(December 1995):1110-25.
    • (1995) Amer. J. Agr. Econ. , vol.77 , pp. 1110-1125
    • Schmitz, A.1
  • 32
    • 84980092818 scopus 로고
    • Capital asset prices: A theory of market equilibrium under conditions of risk
    • September
    • Sharpe, W.F. "Capital Asset Prices: A Theory of Market Equilibrium under Conditions of Risk." J. Finan. 19(September 1964):425-42.
    • (1964) J. Finan. , vol.19 , pp. 425-442
    • Sharpe, W.F.1
  • 33
    • 0010043915 scopus 로고
    • Credit as a factor influencing farmland values: What does the evidence show?
    • Washington DC: U.S. Department of Agriculture, Economic Research Service, February
    • Stam, J.M. "Credit as a Factor Influencing Farmland Values: What Does the Evidence Show?" Washington DC: U.S. Department of Agriculture, Economic Research Service, Agricultural Income and Finance AIS-56, pp. 35-39, February 1995.
    • (1995) Agricultural Income and Finance , vol.AIS-56 , pp. 35-39
    • Stam, J.M.1
  • 34
    • 0027487602 scopus 로고
    • A regression test of the present value model of U.S. Farmland prices
    • January
    • Tegene, A., and F. Kuchler. "A Regression Test of the Present Value Model of U.S. Farmland Prices." J. Agr. Econ. 44(January 1993): 135-43.
    • (1993) J. Agr. Econ. , vol.44 , pp. 135-143
    • Tegene, A.1    Kuchler, F.2
  • 35
    • 0001419808 scopus 로고
    • Effects of market channels on prices of farm land in South Carolina
    • Thompson, C.S., and W.S. Whiteside. "Effects of Market Channels on Prices of Farm Land in South Carolina." Agr. Finan. Rev. 47(1987): 119-24.
    • (1987) Agr. Finan. Rev. , vol.47 , pp. 119-124
    • Thompson, C.S.1    Whiteside, W.S.2
  • 37
    • 0001629593 scopus 로고
    • A proposal for international monetary reform
    • _. "A Proposal for International Monetary Reform." E. Econ. J. 4(1978):153-59.
    • (1978) E. Econ. J. , vol.4 , pp. 153-159
  • 38
    • 0009970502 scopus 로고
    • Costs of transferring ownership of farm real estate
    • October
    • U.S. Department of Agriculture, Economic Research Service (USDA). "Costs of Transferring Ownership of Farm Real Estate." Farm Real Estate Market Developments CD-66, pp. 29-38, October 1964.
    • (1964) Farm Real Estate Market Developments , vol.CD-66 , pp. 29-38
  • 39
    • 0344067667 scopus 로고    scopus 로고
    • The effect of agricultural policy on farm land values
    • San Antonio TX, July
    • Weersink, A., C. Turvey, S. Clark, and R. Sarkar. "The Effect of Agricultural Policy on Farm Land Values." Paper presented at AAEA annual meeting, San Antonio TX, July 1996.
    • (1996) AAEA Annual Meeting
    • Weersink, A.1    Turvey, C.2    Clark, S.3    Sarkar, R.4


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.