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Financial Constraints and Farm Investment: A Bayesian Examination

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

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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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
Contact details of provider: Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
Phone: +1 515.294.6741
Fax: +1 515.294.0221
Web page: http://www.econ.iastate.edu
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