Methods for assessing the likelihood of country grain elevator failure in the United States

The ability to accurately assess the financial soundness of grain elevators has become an increasingly important task for regulatory authorities. Recent changes in both the general economy and the agricultural economy during the early and mid-1980s have created financial stress in parts of the grain sector. These changes and the resulting increases in the number of grain elevator insolvencies have caused regulators to seek improved means to judge the financial health of grain elevators. The purpose of this study was to develop an accurate and reliable early warning model to assist regulatory authorities in identifying financially troubled country grain elevators in the United States;Three early warning models were estimated and tested in this study. Two models were based on discriminant functions; one linear and the other quadratic. The third model was based on a logistic cumulative distribution function. The purpose of the models was to forewarn regulatory authorities of impending grain elevator insolvency one year in advance;Five variables were hypothesized to be important indicators of the financial health of grain elevators and were included in each of the early warning models developed in this study. The variables were constructed from basic information contained in the elevators\u27 financial statements. Each of the variables included in the models measured a different dimension of firm performance; liquidity, financial structure, cash flow, productivity, and profitability;The findings of this study indicated that: (1) each of the early warning models did a very credible job of distinguishing solvent grain elevators from insolvent grain elevators,(2) the independent variables used were capable of providing information that could discern healthy grain elevators from those likely to fail, (3) the classification performance of the early warning models varied considerably over the range of cutoff scores used for classification, and (4) the early warning model based on the logistic cumulative distribution function generally outperformed the other two models for purposes of detecting grain elevator insolvencies

Strengthening Entrepreneurship and Building Leadership Capacity in Rural Communities

This article describes a potential model for other Extension programs across the United States that are looking for effective strategies to support and enhance community-based entrepreneurship. The University of Maine Cooperative Extension, in collaboration with other business-assist organizations, business owners, and municipal officials, organized the annual Washington County Business Conference and Marketplace. The overall goal of the conference was to improve the chances of success for existing and aspiring small business owners. A post-conference survey revealed that conference participants improved their business management skills; started, expanded, or improved a business; increased sales and profits; and made better business decisions

The Impact of Cruise Ship Passengers in Maine: The Example of Bar Harbor

Maine’s expanding cruise ship industry can provide local economic benefits and add to the state’s already large tourism economy. The authors describe results of a survey they conducted among passengers from eight ship visits to Bar Harbor, a town that has emerged as a popular port of call on New England summer and autumn cruises. They found that cruise ship passengers have higher household incomes and spend substantially more per day than typical Maine tourists. They make several suggestions for how ports can maximize the benefits from cruise ship passengers. These include using cruise ship visits to extend the local tourism season; converting “non-spending” passengers to “spenders;” implementing strategies to encourage and track return visits by passengers; and developing management plans to direct the flow of passengers through town

CRUISERS: WHAT THEY DO WHEN THEY GET OFF THE SHIP

This paper looks at the cruise ship industry in Bar Harbor, Maine, with an emphasis on the economic impact of passenger spending and the likelihood of return visitation. The analysis is based on 1,080 passenger surveys conducted in 2002. Study findings show that cruise ship passengers have higher household incomes, and are older and more likely to be female than the typical Maine visitor. Survey respondents stayed an average of five hours and twenty minutes in port, and a large number of passengers took a tour of Acadia National Park. The typical respondent spent an estimated $105.82 in Bar Harbor, including cruise-line sponsored tours. Collectively, cruise ship passengers had a$12.1 million impact on local sales revenue, including multiplier effects, and supported 275 full and part-time jobs in Bar Harbor in 2002. The cruise ship industry is especially important to the Bar Harbor economy in October, when passengers accounted for an estimated 64 percent of retail sales and 26 percent of restaurant and bar sales. About one-third of the survey respondents indicated that they were planning to return to Bar Harbor within a two-year time frame. Econometric analysis shows that the distance between a person’s place of residence and Bar Harbor has a negative effect on the likelihood of return, while the number of past visits a passenger has made to Bar Harbor and the amount of time spent in town during the one-day cruise ship visit both increase the prospects of a return trip

Economic Impact of Cruise Ships Passengers in Portland, Maine

This report examines the demographic characteristics and economic impact of cruise ship passengers in Portland, Maine, and its surrounding region. In 2008, the city hosted an estimated 47,841 passengers from 32 ships. Information collected from surveys distributed during the fall of 2008 suggests that cruise ship passengers spend an average of $80.51 on goods and services in the Portland region. This amount increases to$109.68 with the inclusion of passenger expenditures on cruise-line sponsored tours. The total economic impact of cruise ship passenger spending, including multiplier effects, is between $5.8 million and$8.0 million in sales revenue throughout the Portland region. Economic activity associated with this spending supported between 69 and 96 full- and part-time jobs, and provided between $2.0 million and$3.2 million in wages and salaries

Economic Contribution of Maine’s Food Industry

Using existing state and federal data and Maine IMPLAN, a state-of-the-art economic modeling system, the authors present an overview of the economic contributions of Maine’s food industry. This includes food makers (farms, fisheries, food-processing companies) and food sellers (grocery stores, direct sales, restaurants). Each play a unique, but interconnected, role in the Maine economy and add up to significant economic impact

Economic Impact of Cruise Ships Passengers in Portland, Maine

This report examines the demographic characteristics and economic impact of cruise ship passengers in Portland, Maine, and its surrounding region. In 2008, the city hosted an estimated 47,841 passengers from 32 ships. Information collected from surveys distributed during the fall of 2008 suggests that cruise ship passengers spend an average of $80.51 on goods and services in the Portland region. This amount increases to$109.68 with the inclusion of passenger expenditures on cruise-line sponsored tours. The total economic impact of cruise ship passenger spending, including multiplier effects, is between $5.8 million and$8.0 million in sales revenue throughout the Portland region. Economic activity associated with this spending supported between 69 and 96 full- and part-time jobs, and provided between $2.0 million and$3.2 million in wages and salaries

The Impact of Cruise Ship Passengers in Maine: The Example of Bar Harbor

Maine’s expanding cruise ship industry can provide local economic benefits and add to the state’s already large tourism economy. The authors describe results of a survey they conducted among passengers from eight ship visits to Bar Harbor, a town that has emerged as a popular port-of-call on New England summer and autumn cruises. They found that cruise ship passengers have higher household incomes and spend substantially more per day than the typical Maine tourist. They make several suggestions for how ports can maximize the benefits from cruise ship passengers. These include using cruise ship visits to extend the local tourism season; converting “non-spending” passengers to “spenders”; implementing strategies to encourage and track return visits by passengers; and developing management plans to direct the flow of passengers through town

Economic Contribution of Maine's Food Industry

Using existing state and federal data and Maine IMPLAN, a state-of-the-art economic modeling system, Todd Gabe, James C. McConnon Jr. and Richard Kersbergen crunch the numbers to present an overview of the economic contribution of Maine’s food industry. This includes food makers (farms, fisheries, food-processing companies) and food sellers (grocery stores, direct sales, restaurants). Each play a unique, but interconnected, role in the Maine economy and add up to significant economic impact

Economic Contribution of Maine's Food Industry

Using existing state and federal data and Maine IMPLAN, a state-of-the-art economic modeling system, Todd Gabe, James C. McConnon Jr. and Richard Kersbergen crunch the numbers to present an overview of the economic contribution of Maine’s food industry. This includes food makers (farms, fisheries, food-processing companies) and food sellers (grocery stores, direct sales, restaurants). Each play a unique, but interconnected, role in the Maine economy and add up to significant economic impact