Determinants of investments in non-farm assets by farm households

Agricultural Finance Review

Volumn 64, Issue 1, 2004, Pages 17-32

  Serra, Teresa ^a   Goodwin, Barry K ^b   Featherstone, Allen M ^c  

^a UNIVERSITY OF CALIFORNIA   (United States)

^b NORTH CAROLINA STATE UNIVERSITY   (United States)

^c KANSAS STATE UNIVERSITY   (United States)

Author keywords

Farm income variability; Offfarm investments; Risk management

Indexed keywords

EID: 84886933104     PISSN: 00021466     EISSN: 20416326     Source Type: Journal    
DOI: 10.1108/00215100480001151     Document Type: Article

References (29)

1. Barlett, P. F. "Motivations of Part-Time Farmers." In Multiple Job-Holding Among Farm Families, eds., M. C. Hallberg, J. L. Findeis, and D. A. Lass, pp. 45-70. Ames, IA: Iowa State University Press, 1991.
2. Barry, P. J. "Capital Asset Pricing and Farm Real Estate." Amer. J. Agr. Econ 62(1980):549-553.
3. Carriker, G. L., M. R. Langemeier, T. C. Schroeder, and A. M. Featherstone. "Propensity to Consume Farm Family Income from Separate Sources." Amer. J. Agr. Econ 75(1993):739-744.
4. Cass, D., and J. E. Stiglitz. "Risk Aversion and Wealth on Portfolios with Many Assets." Rev. Econ Stud. 39(1972): 331-354.
5. Chavas, J. P., and R. D. Pope. "Price Uncertainty and Competitive Firm Behavior: Testable Hypotheses from Expected Utility." J. Econ. and Bus. 37(1985):223-235.
6. Crisostomo, M. F., and A. M. Featherstone. "A Portfolio Analysis of Returns to Farm Equity and Assets." N. Cent. J. Agr. Econ. 12(1990):9-21.
7. Furtan, W. H., G. C. Van Kooten, and S. J. Thompson. "The Estimation of Off-Farm Supply Functions in Saskatchewan." Can. J. Agr. Econ 36(May 1985): 212-220.
8. Goodwin, B. K., and A. Mishra. "The Effects of Direct Payments of Crop Production and Marketing Decisions of United States Farmers." Dept. of Agr., Environ., and Develop. Econ., Ohio State University, 2002. Online. Available at http://aede.osu.edu/programs/ Anderson/current_papers.htm. [Accessed November 10, 2002.]
9. Gustafson, C. R., and S. L. Chama. "Financial Assets Held by North Dakota Farmers." J. Amer. Society Farm Mgrs. and Rural Appraisers 58(1994):90-94.
10. Hansen, L., and K. Singleton. "Stochastic Consumption, Risk Aversion, and the Temporal Behavior of Asset Returns." J. Polit. Econ. 91(1983):249-265.
11. Huffman, W. E. "Farm and Off-Farm Work Decisions: The Role of Human Capital." Rev. Econ and Statis. 62(1980):14-23.
12. Irwin, S. H., D. L. Forster, B. J. Sherrick. "Returns to Farm Real Estate Revisited." Amer. J. Agr. Econ 70, 3(1988):580-587.
13. Kaplan, H. M. "Farmland as a Portfolio Investment." J. Portfolio Mgmt. 11(1985): 73-78.
14. Lass, D. A., J. L. Findeis, and M. C. Hallberg. "Factors Affecting the Supply of Off-Farm Labor: A Review of Empirical Evidence." In Multiple Job-Holding Among Farm Families, eds., M. C. Hallberg, J. L. Findeis, and D. A. Lass, pp. 239-262. Ames, IA: Iowa State University Press, 1991.
15. Mishra, A. K., and B. K. Goodwin. "Farm Income Variability and the Supply of Off- Farm Labor." Amer. J. Agr. Econ 79(1997):880-887.
16. Mishra, A. K., and M. J. Morehart. "Off- Farm Investment of Farm Households: A Logit Analysis." Agr. Fin Rev. 61(2001):87-101.
17. Mishra, A. K., and M. J. Morehart. "Farm Families' Savings: Findings from the ARMS Survey." Agricultural Outlook (April 2002). Online. Available at http://www.ers.usda.gov/publications/ agoutlook/April2002/. [Accessed December 11, 2002.]
18. Monke, J. "Do Farmers Need Tax-Deferred Savings Accounts to Help Manage Income Risk?" In Issues in Agricultural and Rural Finance, ed. R. Collender. Pub. No. AIB-724-07, USDA/Economic Research Service, Washington, DC, 1997. Online. Available at http://www.ers.usda.gov/publications/ AIB724/Index.htm. [Accessed December 11, 2002.]
19. Moss, C. B., A. M. Featherstone, and T. G. Baker. "Agricultural Assets in an Efficient Investment Portfolio." Agr. Fin Rev. 47(1987):82-94.
20. Penson, J. B. "Demand for Financial Assets in the Farm Sector: A Portfolio Balance Approach." Amer. J. Agr. Econ. 54(1972):163-173.
21. Pope, R. D., and R. E. Just. "On Testing the Structure of Risk Preferences in Agricultural Supply Analysis." Amer. J. Agr. Econ 80(1991):743-748.
22. Rosenfeld, R. Farm Women. Chapel Hill, NC: University of North Carolina Press, 1985.
23. Sherrick, B. J., S. H. Irwin, and D. L. Forster. "Returns to Capital in Agriculture: A Historical View Using Portfolio Theory." Selected paper presented at annual meetings of the AAEA, Reno, NV, July 27-30, 1986.
24. Shonkwiler, J. S., and S. T. Yen. "Two- Step Estimation of a Censored System of Equations." Amer. J. Agr. Econ 81(1999):972-982.
25. Su, S. B., and S. T. Yen. "A Censored System of Cigarette and Alcohol Consumption." Appl. Econ 32(2000): 729-737.
26. Sumner, D. A. "The Off-Farm Labor Supply of Farmers." Amer. J. Agr. Eon. 64(1982):499-509.
27. Takayama, A. Analytical Methods in Economics. Ann Arbor, MI: University of Michigan Press, 1993.
28. U.S. Department of Agriculture, National Agricultural Statistics Service. Various county-level yield data, 1993-2000. USDA/NASS, Washington, DC. Online. Available at http://www.nass.usda. gov:81/ipedbcnty/main2.htm.
29. Young, R., and P. J. Barry. "Holding Financial Assets as a Risk Response: A Portfolio Analysis of Illinois Grain Farms." N. Cent. J. Agr. Econ 9(1987): 77-84.