The Changing Debt Maturity Structure of U.S. Farms

The objectives of this paper are to examine the debt maturity structure of farm businesses and to investigate the determinants of the farm businesses’ choice of the maturity structure. Based on 2008 ARMS data, our findings indicate that size, asset maturity, financial risk, region, and type of farm operation influenced the debt maturity structure in 2008.Debt maturity structure, farm debt, tobit, Agricultural Finance, G10,

Determining Default Probabilities for FSA Direct Loans

A binomial logit model was used to analyze relationships between financial characteristics and loan performance for FSA direct borrowers receiving direct FO or OL loans in fiscal 2005. Not surprisingly, the results indicate a strong and direct relationship between many key financial variables and probability of default. Production specialization, however, was indicated to have just as important an impact on probability of default as many financial variables. Other strong indicators included farm size, membership in a targeted group, and the ability to obtain credit from commercial lenders.FSA credit programs, loan defaults, credit risk models, risk rating, Agricultural Finance, Financial Economics,

The Effect of Human Resource Management Practices on Farm Profitability: An Initial Assessment

Sound human resource management practices such as performance bonuses, performance reviews and feedback, and standard operating procedures allow farm managers to improve the human capital, and profitability, on the farm. To date, no research of the impact of HRM practices on farm profitability has been published. This article provides a theoretical justification for analyzing the impacts of HRM practices on firm profitability. This model assumes that HRM practices are labor-augmenting technologies, causing existing labor to be more efficient in production. Empirical results provide little support for a positive relationship between HRM practices and farm profitability, although additional research is suggested.

FIRM EFFICIENCY AND INFORMATION TECHNOLOGY USE: EVIDENCE FROM U.S. CASH GRAIN FARMS

We implement stochastic frontier analysis techniques to show the effects of information technology use on firm efficiency. Results from a sample of 1,865 U.S. cash grain farms reveals that information technology use within the farm business moved farms significantly towards the efficiency frontier. Also moving farms towards the efficiency frontier were the use of written long-term plans, advanced input acquisition strategies, and increased farm labor hours relative to total labor hours. In contrast, an increase in the debt to asset ratio was associated with movements away from the efficiency frontier.Crop Production/Industries,

The Market Reaction to Interest Rate Change: The Effect of Financial Leverage

This research project examines the relationship between the financial leverage of firms with total book assets above $50M and the Target Federal Fund Rate changes during 1990 to 2015. We do not find that the value-weighted index is affected by change in interest rates. We find that increases in interest rate tends to hurt firms with higher book leverage (debt divided by total assets) than firms with low leverage. Unfortunately, these results do not seem to be robust, and we believe that the major reasons for that is that we use the full interest rate change, rather than the unanticipated component of interest rate change, which is unobservable

Role of Trabecular Microarchitecture and Its Heterogeneity Parameters in the Mechanical Behavior of Ex Vivo Human L3 Vertebrae

Low bone mineral density (BMD) is a strong risk factor for vertebral fracture risk in osteoporosis. However, many fractures occur in people with moderately decreased or normal BMD. Our aim was to assess the contributions of trabecular microarchitecture and its heterogeneity to the mechanical behavior of human lumbar vertebrae. Twenty-one human L3 vertebrae were analyzed for BMD by dual-energy X-ray absorptiometry (DXA) and microarchitecture by high-resolution peripheral quantitative computed tomography (HR-pQCT) and then tested in axial compression. Microarchitecture heterogeneity was assessed using two vertically oriented virtual biopsies—one anterior (Ant) and one posterior (Post)—each divided into three zones (superior, middle, and inferior) and using the whole vertebral trabecular volume for the intraindividual distribution of trabecular separation (Tb.Sp*SD). Heterogeneity parameters were defined as (1) ratios of anterior to posterior microarchitectural parameters and (2) the coefficient of variation of microarchitectural parameters from the superior, middle, and inferior zones. BMD alone explained up to 44% of the variability in vertebral mechanical behavior, bone volume fraction (BV/TV) up to 53%, and trabecular architecture up to 66%. Importantly, bone mass (BMD or BV/TV) in combination with microarchitecture and its heterogeneity improved the prediction of vertebral mechanical behavior, together explaining up to 86% of the variability in vertebral failure load. In conclusion, our data indicate that regional variation of microarchitecture assessment expressed by heterogeneity parameters may enhance prediction of vertebral fracture risk. © 2010 American Society for Bone and Mineral Research

Estudio de los cambios topograficos a corto y mediano plazo en ortoqueratología y su relación con la biomecánica corneal

Objectiu: Avaluar la relació dels canvis topogràfics i biomecànics en pacients amb ortoqueratologia. Metodologia: En aquest estudi han participat 18 subjectes sans, sense tractaments corneals previs, amb una miopia no major de -5.50 D i -2.00 D d’astigmatisme. Es van realitzar mesures amb CORVIS (tonòmetre sense contacte) i Pentacam (topògraf / tomògraf de Scheimpflug) prèvies a l’adaptació, així com al dia següent (matí i tarda) i a la setmana següent (matí i tarda). A cada visita es van determinar diversos paràmetres de biomecànica corneal i de topografia, per comparar-los entre ells i amb els obtinguts en altres visites. Resultats: Es van trobar diferències significatives en els valors de topografia anterior entre baseline y el matí posterior a una nit d’ús de les lents (canvi nocturn) y entre el matí i la tarda del mateix dia (regressió diürna). Es va trobar correlació entre el paràmetre absolut IntegrRadius i els canvis de Kf anterior entre baseline i matí (r=0.420, p=0.041), el que convertiria al paràmetre IntegrRadius en un indicador de l’efectivitat del procediment. Conclusions: L’adaptació amb lents de contacte d’ortoqueratologia nocturna condueix a canvis topogràfics i de biomecànica cornial. Alguns paràmetres de biomecànica cornial es troben relacionats i poden ser predictius dels canvis topogràfics originats per les lents de contacte

Factors affecting the selection of business arrangements by hog producers in the United States

The structure of the U.S. hog industry is changing rapidly. U.S. hog farms have become smaller in number, larger in size and more specialized. This study examines the factors that influence the hog producer\u27s choice among business arrangements offered in the U.S. hog industry. A national survey was mailed to 4,986 hog producers to determine these factors. The survey consisted of questions covering topics such as: production characteristics, autonomy, transaction costs, risk, social relationships, and demographics. A response rate of 21% was received from the mailed surveys. Four alternative business arrangements were used: independent production, cooperative farming, flat-fee contract, and incentive payment contract. The multinomial logit and binomial logit models were employed to determine factors influencing producers\u27 choice of business arrangement. Results indicate that independent producers are, in general, more likely to be breeding sow operators, diversified, corn producers, located in the same counties as flat-fee contract producers, frequent checkers of market prices, have higher debt, value autonomy and relationships with feed merchants more, and be relatively more educated than incentive payment contract producers. Cooperative producers are also more likely to be breeding sow operators, diversified, corn producers, and located in the same counties as flat-fee contractees. They are also likely to have accumulated higher assets, have higher debt and greater farm assets, be risk averse, be concerned about autonomy and relationships with feed merchants, and be relatively more educated than incentive payment contract producers. Flat-fee contract producers are more likely to be finishers located in counties with independent and cooperative producers, work more hours off-farm, and be owners of greater farm assets. They are less likely to value autonomy and more likely to value relationships with neighboring farmers. Finally, incentive payment contract producers are generally larger, lower debt finisher or breeding sow operators who work more hours off-farm, value autonomy less and relationships with lenders more than other business arrangements. They are likely to be located in counties with cooperative producers

Detection of Keratoconus With a New Biomechanical Index

To evaluate the ability of a new combined biomechanical index called the Corvis Biomechanical Index (CBI) based on corneal thickness profile and deformation parameters to separate normal from keratoconic patients

企業収益と負債 : 『企業活動基本調査』に基づく日本企業行動のパネル分析

本研究では『企業活動基本調査』を用いて、企業活動と企業財務、とりわけ収益と負債の関係について分析を行った。一般に企業活動を分析する際には労働や資本などのファンダメンタルな経済変数のみで説明されることが多かったが、企業財務や市場競争の条件を加えることによって、これまでよりも企業経営の効率性に関してより深い分析が可能になった。実証面については、膨大なミクロ統計を用いることによって、基本統計量だけではなく、分布情報などを精査し、産業内での市場競争、効率性、規制介入などの実態を明らかにすることが出来た。コーポレート・ガバナンスに関しては負債資産比率の係数から、健全な企業も最適負債比率を超えていることがわかった反面、市場競争の代理変数である商品売上シェアはそれほど重要ではないことがわかった。売上収益率の固定効果推計によれば、運輸・通信業、農林水産業、電気・ガス・熱供給・水道業、金融・保険業では固定効果が突出しており、政府規制、補助金など何らかの意味での保護が倒産リスクを低下させていることがデータから読み取れた。企業金融, 売上収益率, 負債, 市場競争, 売上シェア