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Capital Market Segmentation and U.S. Farm Real Estate Pricing

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  • Amr N. Shiha
  • Jean-Paul Chavas

Abstract

In this paper we present and test a segmented capital market equilibrium. We extend the traditional CAPM by explicitly considering barriers to the flow of external equity capital into farm real estate markets. The empirical results provide a plausible explanation as to why the traditional arbitrage-based pricing models fail to explain equity pricing in farmland markets.

Suggested Citation

  • Amr N. Shiha & Jean-Paul Chavas, 1995. "Capital Market Segmentation and U.S. Farm Real Estate Pricing," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 77(2), pages 397-407.
    • Handle: RePEc:oup:ajagec:v:77:y:1995:i:2:p:397-407.
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    File URL: http://hdl.handle.net/10.2307/1243549
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    Cited by:

    1. Painter, Marvin J., 2003. "Efficient Investment in Saskatchewan Farmland," 14th Congress, Perth, Western Australia, August 10-15, 2003 24316, International Farm Management Association.
    2. Ritter, Matthias & Yang, Xinyue & Odening, Martin, 2017. "Spatial integration of agricultural land markets," 2017 International Congress, August 28-September 1, 2017, Parma, Italy 261430, European Association of Agricultural Economists.
    3. Laure Latruffe & Chantal Le Mouël, 2009. "Capitalization Of Government Support In Agricultural Land Prices: What Do We Know?," Journal of Economic Surveys, Wiley Blackwell, vol. 23(4), pages 659-691, September.
    4. Justyna Franc-Dąbrowska & Magdalena Mądra-Sawicka & Joanna Bereżnicka, 2018. "Cost of Agricultural Business Equity Capital—A Theoretical and Empirical Study for Poland," Economies, MDPI, vol. 6(3), pages 1-15, June.
    5. Richard J. Vyn & Max Zongyuan Shang, 2021. "Prices paid for farmland in Ontario: Does buyer type matter?," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 69(1), pages 59-72, March.
    6. Williams, John & McSweeney, Peter & Salmon, Robert, 2014. "Australian Farm Investment: Domestic and Overseas Issues," Papers 234408, University of Melbourne, Melbourne School of Land and Environment.
    7. Patrick de Fontnouvelle & Sergio H. Lence, 2002. "Transaction Costs and the Present Value “Puzzle” of Farmland Prices," Southern Economic Journal, John Wiley & Sons, vol. 68(3), pages 549-565, January.
    8. B. James Deaton & Chad Lawley, 2022. "A survey of literature examining farmland prices: A Canadian focus," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 70(2), pages 95-121, June.

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