| volume
40, 1980
Gertel
and Lewis
/ Returns
From Absentee-Owned Farmland and Common Stock 1940-79
Nixon
/ Cash Versus Installment
Sales of Farmland
White
and Miller / Determining
Multiplier Effects of Agriculture on the Rest of the Economy
Stansell
/ The
Relative Risk and Efficiency of Cooperative Versus Commercial Telephone
Companies
Musser,
Tew, and Clifton / A
Break-Even Analysis of Investment in Irrigation Systems for Subhumis Agriculture
Thompson
and Hanson / The
Impact of Selected Credit Terms in Maximum Feasible Farm Debt Levels:
A Simulation Study
Conley
and Lewis / Evaluating
Financial Obstacles to Equity Redemption in Cooperatives: Program Compared
to No-Program Cooperatives
"Beyond
the Furrow" and Tomorrow's Harvest" by Hiram M. Drache
Abstracts
Gertel
and Lewis
/ Returns
From Absentee-Owned Farmland and Common Stock 1940-79 <top>
Investing
in farmland and cash leasing yields returns (annual income and asset
appreciation) that are competitive with stock investments in the long
run; in the short run, one type of investment may yield better returns
than the other. From 1940 to 1979, the Standard and Poor's Index
of 500 common stocks yielding an annual rate of return of 10.7 percent. In the same period, yields from farmland investments were nearly equal
or better; 9.5 percent in central Kansas, 10.7 percent in central Illinois,
13.5 percent in Montana, and 17.9 percent in northwest Mississippi.
Nixon
/ Cash Versus Installment
Sales of Farmland <top>
The 1978
Revenue Act reduced the tax liability incurred by cash sales of farm
real estate from the provisions of the earlier law. The effect
of the changes was to make cash sales somewhat more attractive than
installment sales of farm real estate, in some instances. The
tax liability for each type of sale is computed and the liabilities
compared with those incurred under the earlier law.
White
and Miller / Determining
Multiplier Effects of Agriculture on the Rest of the Economy <top>
The econometric
model presented here allows the user to estimate the marginal impacts
of changes in the agricultural sector and how much those changes affect
the general economy. The model, which is based on State data,
estimates agricultural multipliers for employment, income, and retail
sales. Increases in personal income for a $1 increase in agricultural
production range from 22 cents in West Virginia to 72 cents in
Florida.
Stansell
/ The
Relative Risk and Efficiency of Cooperative Versus Commercial Telephone
Companies <top>
Do significant
differences exist between cooperative and commercial telephone companies
in terms of efficiency (as measured by expense/revenue ratios) and risk
(as measured by financial ratios)? Multiple discriminate analysis
techniques are used to determine whether firms can by correctly classified
using ratios of this sort. Based on traditionally accepted measures
of financial risk, cooperatives are somewhat riskier than commercial
firms. No significant differences in efficiency were found.
Musser,
Tew, and Clifton / A
Break-Even Analysis of Investment in Irrigation Systems for Subhumis Agriculture
<top>
Information
is often limited on economic feasibility of irrigation in the eastern
part of the United States. A break-even net present-value framework
is used to evaluate tax benefits of such investments in irrigation equipment. Empirical applications for several irrigation systems under different
tax-leverage situations illustrate the framework. The relationship
between the type of tax-leverage situation and the incentive to purchase
an irrigation system is also considered.
Thompson
and Hanson / The
Impact of Selected Credit Terms in Maximum Feasible Farm Debt Levels:
A Simulation Study <top>
The report
estimates how much debt nine farms typifying the Corn Belt region of
southern Minnesota can handle. Data from farm management associations
are analyzed with a regression technique to determine per enterprise
rates of return, operating expense, and asset composition. Such
estimates are used to simulate returns for specified one- and two-enterprise
farms. Maximum feasible debt ratios for these units are estimated
for both rigid and flexible default conditions for 1966 through 1975,
Sensitivity tests are performed on the model to observe the effects
of interest rate changes and mortgage term lengths on the debt-servicing
capacity of each farm type.
Conley
and Lewis / Evaluating
Financial Obstacles to Equity Redemption in Cooperatives: Program
Compared to No-Program Cooperatives <top>
Cooperatives
are worried that a program for redeeming members' equity investments
will threaten their financial strength. Little difference was
found between grain-marketing cooperatives in Illinois that did and
did not have such programs. No significant differences were found
between the two types of cooperatives in their total assets, net worth,
liquidity, or equity positions. Cooperatives with such programs
used more debt financing. The no-program cooperatives somewhat
higher rates of growth in fixed assets, debt financing, and total assets.
"Beyond
the Furrow" and Tomorrow's Harvest" by Hiram M. Drache
The Interstate Printers and Publishers, Inc., Danville, IL. 551
and 314 pp., 1976 and 1978
Book Reviews
by Ken Krause
Send
questions and comments to Faye Butts: fsb1@cornell.edu
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