A framework is developed to examine the 2011 pilot program established by the Risk Management Agency (RMA) to insure organic crops. Given that for insurance purposes RMA links organic crop prices to their conventional counterparts by a fixed percentage, we calibrate our model to reflect the...

A two-factor affine theoretical model is used to estimate the long-term futures curves for wheat in the European Union and the United States, as represented by the Euronext and CME markets, respectively. The CME futures curve exhibits a long-term equilibrium; in contrast, the Euronext futures...

The historical behavior of farmland prices, rental rates, and rates of return are examined by treating farmland as an asset with an infinitely long life. It is found that high (low) farmland prices relative to rents have historically precededextended periods of low (high) net rates of return,...

Cointegration is tested between organic and conventional corn and soybean markets in several locations throughout the U.S. using a unique data set. Organic prices are found to behave like pure jump processes rather than diffusions. A simple specification for pure jump processes is introduced and...

Welfare tradeoffs between intellectual property (IP) protections provided by patents and by plant variety protection (PVP) are explored. PVP breeders' exemption weakens IP protection, but may speed the transfer of research gains across firms. A model is developed assuming firms optimize research...

We draw from agency theory and take into account organizational inertia to argue that, over time, firms determine their future international strategy based on the level of current strategy because their commitments and investments become institutionalized into daily routines, lessening decision...

 We use event study analysis to determine whether the release of Newsweek’s “Global 100 Ranking†is relevant for the market. We look at one- and two-day event windows to check two possible reactions of the market: changes in the value of a portfolio consisting of one unit of...

We use event study analysis to determine whether the release of Newsweek’s “Global 100 Ranking†is relevant for the market. We look at one- and two-day event windows to check two possible reactions of the market: changes in the value of an equal-weight portfolio, and changes in...

 This study explores performance of the Johansen cointegration statistics on data containingnegative moving average (NMA) errors. Monte Carlo experiments demonstrate that the asymptoticdistributions of the statistics are sensitive to NMA parameters, and that using the standard 5%asymptotic...

A framework is developed to examine organic crop insurance established by the Risk ManagementAgency (RMA). Given that the RMA links organic and conventional crop prices, the modelis calibrated to reflect both markets to illustrate the impacts that pricing has on insurancecoverage. Findings...