Asset pricing in created markets

American Journal of Agricultural Economics

Volumn 89, Issue 2, 2007, Pages 259-272

  Newell, Richard G ^a   Papps, Kerry L ^b   Sanchirico, James N ^c  

^a DUKE UNIVERSITY   (United States)

^b RESOURCES FOR THE FUTURE   (United States)

^c Cornell University ^*  (United States)

Author keywords

Asset pricing; Fishery management; Tradable permits

Indexed keywords

FISHERY ECONOMICS; FISHERY MANAGEMENT; FISHING; PRICE DYNAMICS; QUOTA SYSTEM;

AUSTRALASIA; NEW ZEALAND;

EID: 34547455966     PISSN: 00029092     EISSN: 14678276     Source Type: Journal    
DOI: 10.1111/j.1467-8276.2007.01018.x     Document Type: Article

References (43)

1. Alston, J.M. 1986. "An Analysis of Growth of U.S. Farmland Prices, 1963-82." American Journal of Agricultural Economics 68: 1-9.
2. Annala, J.H. 1996. "New Zealand's ITQ System: Have the First Eight Years Been a Success or a Failure?" Reviews in Fish Biology and Fisheries 6: 43-62.
3. Annala, J.H., K.J. Sullivan, and C.J. O'Brien. 2000. Report from the Fishery Assessment Plenary: Stock Assessments and Yield Estimates. Wellington: New Zealand Ministry of Fisheries.
4. Arnason, R. 1990. "Minimum Information Management in Fisheries." Canadian Journal of Economics 23: 630-53.
5. Arellano, M., and S. Bond. 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations." Review of Economic Studies 58: 277-97.
6. Balestra, P., and J. Varadharajan-Krishnakumar. 1987. "Full Information Estimations of a System of Simultaneous Equations with Error Component Structure." Econometric Theory 3: 223-46.
7. Baltagi, B.H. 2001. Econometric Analysis of Panel Data, 2nd ed. New York: John Wiley and Sons.
8. Banerjee, A. 1999. "Panel Data Unit Roots and Cointegration: An Overview." Oxford Bulletin of Economics and Statistics Special Issue: 607-29.
9. Barichello, R. 1996. "Capitalizing Government Program Benefits: Evidence of the Risk Associated with Holding Farm Quotas." In J.M. Antle and D.A. Sumner, eds. The Economics of Agriculture: Papers in Honor of D. Gale Johnson, Volume 2. Chicago: University of Chicago Press, pp. 283-99.
10. Barry, P.J. 1980. "Capital Asset Pricing and Farm Real Estate." American Journal of Agricultural Economics 62: 549-53.
11. Batstone, C.J., and B.M.H. Sharp. 2003. "Minimum Information Management Systems and ITQ Fishery Management." Journal of Environmental Economics and Management 45: 492-504.
12. Batstone, C.J., and B.M.H. Sharp. 1999. "New Zealand's Quota Management System: The First Ten Years." Marine Policy 23: 177-90.
13. Burt, O.R. 1986. "Econometric Modeling of the Capitalization Formula for Farmland Prices." American Journal of Agricultural Economics 68: 10-26.
14. Campbell, J.Y. 2000. "Asset Pricing at the Millennium." Journal of Finance 55: 1515-67.
15. Campbell, J.Y., A.W. Lo, and A.C. MacKinley. 1997. The Econometrics of Financial Markets. Princeton, NJ: Princeton University Press.
16. Casey K.E., J. Wilen, and C. Dewees. 1995. "The Effects of Individual Vessel Quota in the British Columbia Halibut Fishery." Marine Resource Economics 10: 211-30.
17. Clark, J.S., M.E. Fulton, and J.T. Scott. 1993. "The Inconsistency of Land Values, Land Rents and Capitalization Formulas." American Journal of Agricultural Economics 75: 147-55.
18. Cochrane, J.H. 2001. Asset Pricing. Princeton, NJ: Princeton University Press.
19. Cochrane, J.H. 1992. "Explaining the Variance of Price-Dividend Ratios." The Review of Financial Studies 2: 243-80.
20. Davidson, R., and J. MacKinnon. 1993. Estimation and Inference in Econometrics. New York: Oxford University Press.
21. Dewees, C.M. 1998. "Effects of Individual Quota Systems on New Zealand and British Columbia Fisheries." Ecological Applications 8: S133-S138.
22. Falk, B. 1991. "Formally Testing the Present Value Model of Farmland Prices." American Journal of Agricultural Economics 73: 1-10.
23. Fama, E.F. 1991. "Efficient Capital Markets: II." Journal of Finance 46: 1575-617.
24. Fama, E.F. 1998. "Market Efficiency, Long-Term Returns, and Behavioral Finance." Journal of Financial Economics 49: 283-306.
25. Huppert, D.D., G.M. Ellis, and B. Noble. 1996. "Do Permit Prices Reflect the Discounted Value of Fishing?Evidence from Alaska's Commercial Salmon Fisheries." Canadian Journal of Fisheries and Aquatic Sciences 53: 761-67.
26. Just, R.E., and J.A. Miranowski. 1993. "Understanding Farmland Price Changes." American Journal of Agricultural Economics 75: 156-68.
27. Karpoff, J.M. 1984a. "Insights from the Markets for Limited Entry Permits in Alaska." Canadian Journal of Fisheries and Aquatic Sciences 41: 1160-66.
28. Karpoff, J.M. 1984b. "Low-Interest Loans and the Markets for Limited Entry Permits in the Alaska Salmon Fisheries." Land Economics 60: 69-80.
29. Karpoff, J.M. 1985. "Non-Pecuniary Benefits in Commercial Fishing: Empirical Findings from the Alaska Salmon Fisheries." Economic Inquiry 23: 159-74.
30. LeRoy, S.F. 1989. "Efficient Capital Markets and Martingales." Journal of Economic Literature 27: 1583-621.
31. McGough, B., A. Plantinga, and B. Provencher. 2004. "The Dynamic Behavior of Efficient Timber Prices." Land Economics 80: 95-108.
32. Melichar, E. 1979. "Capital Gains versus Current Income in the Farming Sector." American Journal of Agricultural Economics 61: 1085-92.
33. Newell, R.G., K. Papps, and J.N. Sanchirico. 2007. "AJAE Appendix: Asset Pricing in Created Markets." Unpublished manuscript. Available at: Http://agecon.lib.umn.edu.
34. Newell, R.G., J.N. Sanchirico, and S. Kerr. 2005. "Fishing Quota Markets." Journal of Environmental Economics and Management 49: 437-62.
35. Orazem, P., and J. Miranowski. 1986. "An Indirect Test for the Specification of Expectation Regimes." Review of Economics and Statistics 68: 603-09.
36. Pagan, A.R., and D. Hall. 1983. "Diagnostic Tests as Residual Analysis." Econometric Reviews 2: 159-218.
37. Robison, L.J., D.A. Lins, and R. VenKataraman. 1985. "Cash Rents and Land Values in U.S. Agriculture." American Journal of Agricultural Economics 67: 794-805.
38. Sanchirico, J.N., D. Holland, K. Quigley, and M. Fina. 2006. "Catch-Quota Balancing in Multispecies Individual Fishing Quotas." Marine Policy 30 (6): 767-85.
39. Shalit, H., and A. Schmitz. 1982. "Farmland Accumulation and Prices." American Journal of Agricultural Economics 64: 710-19.
40. Wilson, N., and D.A. Sumner. 2004. "Explaining Variations in the Price of Dairy Quota: Flow Returns, Liquidity, Quota Characteristics, and Policy Risk." Journal of Agricultural and Resource Economics 29: 1-16.
41. Wooldridge, J.M. 2002. Econometric Analysis of Cross Section and Panel Data. Cambridge, MA: MIT Press.
42. Yandle, T. 2001. "Market-Based Natural Resource Management: An Institutional Analysis of Individual Tradable Quota in New Zealand's Commercial Fisheries." PhD dissertation, Department of Political Science, Indiana University.
43. Yandle, T. 2003. "The Challenge and Strength of Rock Lobster Fisheries Governance in New Zealand: Combining Grassroots Values with Centralized Leadership." Paper presented at Fisheries Co-ops & Beyond, University of Alaska, Anchorage AK, 23-24 June.