Formally Testing the Present Value Model of Farmland Prices
作者:
Barry Falk,
期刊:
American Journal of Agricultural Economics
(WILEY Available online 1991)
卷期:
Volume 73,
issue 1
页码: 1-10
ISSN:0002-9092
年代: 1991
DOI:10.2307/1242877
出版商: Oxford University Press
数据来源: WILEY
摘要:
AbstractThis paper applies recent statistical developments in the study of stock market price movements to study the plausibility of the constant expected returns version of the present value model as an explanation of farmland prices. Using Iowa farmland price and rent data over the 1921–86 sample period, formal test results indicate that, although farmland price and rent movements are highly correlated, price movements are not consistent with the implications of this model. There appear to be persistent predictable excess positive and/or negative returns in the Iowa farmland market.
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