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Financial Constraints and Farm Investment: A Bayesian Examination

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  • Hart, Chad E.
  • Lence, Sergio H.

Abstract

This study contributes to the q-based empirical investment literature by using a Bayesian approach to analyze the impact of internal financial variables on a q-based investment model, accounting specifically for variable selection and incorporating outliers explicitly within the advocated modeling framework. For the balanced panel analyzed, a farm's liquidity situation is found to affect its investment significantly. Incorporation of an outlier detection component changes the results drastically, in both the variables chosen and the parameter estimates. The results and the nature of most investment data suggest that not accounting for outliers may lead to inaccurate inference.

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Bibliographic Info

Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 11469.

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Date of creation: 01 Jan 2004
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Publication status: Published in Journal of Business & Economic Statistics 2004, vol. 22, pp. 51-63
Handle: RePEc:isu:genres:11469

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Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
Phone: +1 515.294.6741
Fax: +1 515.294.0221
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Web page: http://www.econ.iastate.edu
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Cited by:
  1. Olsen, Jakob Vesterlund & Pederson, Michael Friis, 2011. "An Empirical Analysis of Access to Finance for Danish Farms: Understanding Investment and the Absence of Risk Management," 2011 International Congress, August 30-September 2, 2011, Zurich, Switzerland, European Association of Agricultural Economists 114591, European Association of Agricultural Economists.
  2. Han, Chaodong & Porterfield, Tobin & Li, Xiaolin, 2012. "Impact of industry competition on contract manufacturing: An empirical study of U.S. manufacturers," International Journal of Production Economics, Elsevier, Elsevier, vol. 138(1), pages 159-169.
  3. Kandilov, Amy & Kandilov, Ivan, 2013. "The Impact of Interstate Bank Branching Deregulations on the U.S. Agricultural Sector: From Better Access to Credit to Higher Farm Sales and Profits," 2013 Annual Meeting, August 4-6, 2013, Washington, D.C., Agricultural and Applied Economics Association 149820, Agricultural and Applied Economics Association.
  4. Lence, Sergio H., 2008. "How Much Can We Learn About Producers' Utility Functions from Their Production Data?," Proceedings:2008 Agricultural and Rural Finance Markets in Transition, September 25-26, 2008, Kansas City, Missouri, Regional Research Committee NC-1014: Agricultural and Rural Finance Markets in Tran 119534, Regional Research Committee NC-1014: Agricultural and Rural Finance Markets in Transition.
  5. Lence, Sergio H., 2009. "Ajae Appendix For €Œjoint Estimation Of Risk Preferences And Technology: Flexible Utility Or Futility?€," American Journal of Agricultural Economics Appendices, Agricultural and Applied Economics Association, Agricultural and Applied Economics Association, vol. 91(3), August.

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