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Capital Asset Pricing And Agricultural Assets In England And Wales

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  • Dehong Gu

Abstract

This paper uses Capital Asset Pricing Models to analyse the relationship between returns and risks for agricultural assets in England and Wales. The study also compares this relationship with those of non‐agricultural assets such as ordinary shares, government bonds, and commercial and industrial properties. The results show that the estimated market risks associated with agricultural assets are low and tenant‐type agricultural assets have earned much lower returns than other assets with similar market risks.

Suggested Citation

  • Dehong Gu, 1996. "Capital Asset Pricing And Agricultural Assets In England And Wales," Journal of Agricultural Economics, Wiley Blackwell, vol. 47(1‐4), pages 99-108, January.
    • Handle: RePEc:bla:jageco:v:47:y:1996:i:1-4:p:99-108
    DOI: 10.1111/j.1477-9552.1996.tb00674.x
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    1. Michael C. Jensen, 1968. "The Performance Of Mutual Funds In The Period 1945–1964," Journal of Finance, American Finance Association, vol. 23(2), pages 389-416, May.
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    3. Scott H. Irwin & D. Lynn Forster & Bruce J. Sherrick, 1988. "Returns to Farm Real Estate Revisited," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 70(3), pages 580-587.
    4. W. B. Brueggeman & A. H. Chen & T. G. Thibodeau, 1984. "Real Estate Investment Funds: Performance and Portfolio Considerations," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 12(3), pages 333-354, September.
    5. Peter J. Barry, 1980. "Capital Asset Pricing and Farm Real Estate," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 62(3), pages 549-553.
    6. Louise M. Arthur & Colin A. Carter & Fay Abizadeh, 1988. "Arbitrage Pricing, Capital Asset Pricing, and Agricultural Assets," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 70(2), pages 359-365.
    7. Friend, Irwin & Landskroner, Yoram & Losq, Etienne, 1976. "The Demand for Risky Assets under Uncertain Inflation," Journal of Finance, American Finance Association, vol. 31(5), pages 1287-1297, December.
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