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An empirical methodology is developed for statistically testing the hedging effectiveness among competing futures contracts. The presented methodology is based on the encompassing principle, widely used in the forecasting literature, and applied here to minimum variance hedging regressions....
Persistent link: https://www.econbiz.de/10009443388
Analysts’ forecasting of earnings per share for multiple quarter time horizons of eleven agribusiness companies is evaluated using a mean absolute scaled error and a direct test. Results illustrate that unique information is consistently found. Rational and efficient expectations are formed...
Persistent link: https://www.econbiz.de/10010916635
An empirical methodology is developed for statistically testing the hedging effectiveness among competing futures contracts. The presented methodology is based on the encompassing principle, widely used in the forecasting literature, and applied here to minimum variance hedging regressions....
Persistent link: https://www.econbiz.de/10005330819
One-step-ahead forecasts of quarterly beef, pork, and poultry production are examined and evaluated based on traditional criteria for optimality-efficiency and unbiasedness-as well as their performance versus a univariate time-series model. However, traditional regression methodology for...
Persistent link: https://www.econbiz.de/10005064464
Decisions made by publicly traded agribusinesses impact suppliers, processors, farmers, and even rural communities. Professional analysts’ estimates of earnings per share (EPS) provide a unique source of information regarding firm-level financial performance. Incorporating a battery of tests,...
Persistent link: https://www.econbiz.de/10005039201
The fruit and vegetable industry does not have a risk management instrument or a well-structured price discovery system, such as commodity futures contracts, to aid in the marketing and management of its price risk. Since the 1980s, financial futures contracts based on indexes of stocks,...
Persistent link: https://www.econbiz.de/10009442640
While not ignoring risk, agricultural cooperatives tend to accommodate risk through the holding of internal capital reserves rather than engage in active risk management. A lack of information regarding the risk, returns, and the effect on cooperative financial performance of both traditional...
Persistent link: https://www.econbiz.de/10009442985
Several explanations for merger activity exist for publicly traded firms, but none consider the unique aspects of cooperatives. This study develops a test for the hypothesis that cooperative consolidation occurs primarily in response to capital constraints associated with a lack of access to...
Persistent link: https://www.econbiz.de/10005220682
While not ignoring risk, agricultural cooperatives tend to accommodate risk through the holding of internal capital reserves rather than engage in active risk management. A lack of information regarding the risk, returns, and the effect on cooperative financial performance of both traditional...
Persistent link: https://www.econbiz.de/10005220906
Agricultural cooperatives, like all agribusinesses, operate in an inherently risky environment. Many risk management tools exist, but agricultural cooperatives have been slow to adopt sophisticated risk management practices. Using simulation methods, this paper presents insight into how both...
Persistent link: https://www.econbiz.de/10005330693