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- W2116723731 abstract "Recent interest in equity financing for commercial agriculture has created the need to reexamine the required rate of return for agricultural equity. The required rates of return for ten publicly held firms with agricultural operations are examined with arbitrage pricing theory. The results suggest that the required rate of return for this group of firms is similar to the required rate of return for an average share of stock. The well-documented growth in farm size and associated increases in capital intensity over the last thirty-five years have created difficult financing demands for the U.S. agricultural sector. The growth in real assets has exceeded the rate at which equity could be generated within the sector, resulting in increases in debt financing.' This secular trend has created interest in mechanisms for attracting external equity into the farm sector (Boehlje; Fiske, Batte, and Lee; Collins and Bourn; Moore; Penson) to give production agriculture a choice between debt and equity financing. Several institutional structures that would allow a proprietary farm to gain access to Wall Street equity have been proposed. One proposal (Collins and Bourn) suggests that a publicly traded real estate investment trust (REIT) could form limited partnership agreements with individual commercial farms. If the REIT provided a certain amount of financing in exchange for a share of the farm's income, a formal financial intermediary would exist to channel equity financing from Wall Street to commercial farms. A mechanism allowing a proprietary farm to attract outside equity financing could allow for I Some of the secular increase in the use of debt undoubtedly reflects the choice to borrow more and reinvest less rather than the sheer force of expansion. These choices may have been affected by a general change in attitudes toward debt as well as by incentives" @default.
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- W2116723731 date "1988-01-01" @default.
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- W2116723731 title "The Required Rate of Return for Publicly Held Agricultural Equity: An Arbitrage Pricing Theory Approach" @default.
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