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Capital Structure in Modern American Agriculture: Evidence from a National Survey

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  • Moss, Charles B.
  • Mishra, Ashok K.
  • Uematsu, Hiroki

Abstract

Factors affecting the level of farm and household debt have been of sporadic concern in agricultural economic literature. In the Mid 1980s, farm business and household debt was hypothesized to contribute to the farm financial crisis. This paper examines factors affecting the probability of farm business and household debt and the level of that debt. The results indicate that farm debt is a decreasing function of operator age, importance of government payments, and significance of cash grain crops, but an increasing function of the size of the farm firm.

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Bibliographic Info

Paper provided by Agricultural and Applied Economics Association in its series 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington with number 124727.

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Date of creation: Jun 2012
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Handle: RePEc:ags:aaea12:124727

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Keywords: Agricultural Finance; Consumer/Household Economics;

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  1. Orazio Attanasio & Laura Blow & Robert Hamilton & Andrew Leicester, 2005. "Booms and busts: consumption, house prices and expectations," IFS Working Papers W05/24, Institute for Fiscal Studies.
  2. Aoki, Kosuke & Proudman, James & Vlieghe, Gertjan, 2004. "House prices, consumption, and monetary policy: a financial accelerator approach," Journal of Financial Intermediation, Elsevier, vol. 13(4), pages 414-435, October.
  3. Myers, Stewart C. & Majluf, Nicholas S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Journal of Financial Economics, Elsevier, vol. 13(2), pages 187-221, June.
  4. Stewart C. Myers & Nicholas S. Majluf, 1984. "Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have," NBER Working Papers 1396, National Bureau of Economic Research, Inc.
  5. Robison, Lindon J. & Barry, Peter J. & Burghardt, William G., 1987. "Borrowing Behavior Under Financial Stress By The Proprietary Firm: A Theoretical Analysis," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 12(02), December.
  6. Myers, Stewart C, 1984. " The Capital Structure Puzzle," Journal of Finance, American Finance Association, vol. 39(3), pages 575-92, July.
  7. Cordes, Joseph J & Sheffrin, Steven M, 1983. " Estimating the Tax Advantage of Corporate Debt," Journal of Finance, American Finance Association, vol. 38(1), pages 95-105, March.
  8. Myers, Stewart C., 1984. "Capital structure puzzle," Working papers 1548-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
  9. Stewart C. Myers, 1984. "Capital Structure Puzzle," NBER Working Papers 1393, National Bureau of Economic Research, Inc.
  10. McBride, William D. & El-Osta, Hisham S., 2002. "Impacts Of The Adoption Of Genetically Engineered Crops On Farm Financial Performance," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 34(01), April.
  11. Collins, Robert A. & Karp, Larry S., 1993. "Lifetime Leverage Choice For Proprietary Farmers In A Dynamic Stochastic Environment," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 18(02), December.
  12. Myers, Stewart C. & Majluf, Nicolás S., 1945-, 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Working papers 1523-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
  13. Miller, Merton H, 1977. "Debt and Taxes," Journal of Finance, American Finance Association, vol. 32(2), pages 261-75, May.
  14. Innes, Robert, 1991. "Investment and government intervention in credit markets when there is asymmetric information," Journal of Public Economics, Elsevier, vol. 46(3), pages 347-381, December.
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