Returns to farm real estate revisited

Barry's research on farm real estate returns suggests that when farm assets are viewed as a part of the nation's wealth portfolio, returns are not persistently low, as is commonly asserted in policy debates. This paper extends Barry's research by explicitly accounting for the effects...

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Bibliographic Details
Published in:American journal of agricultural economics 1988-08, Vol.70 (3), p.580-587
Main Authors: Irwin, S.H, Forster, D.L, Sherrick, B.J
Format: Article
Language:English
Subjects:
ACCOUNTING
ACTIF
ACTIVO
ANALISIS DE COSTOS
ANALYSE DES COUTS
asset returns
ASSETS
Capital asset pricing models
CAPM
COMPTABILITE
CONTABILIDAD
COST ANALYSIS
diversification
ESTADOS UNIDOS DE AMERICA
ETATS-UNIS
EXPLOITATION AGRICOLE
EXPLOTACIONES AGRARIAS
farm real estate
FARMS
Financial portfolios
GANANCIAS
INFLACION
INFLATION
Inflation rates
Investment return rates
Investment risk
MODELE
MODELOS
OWNERSHIP
portfolios
PRECIOS
PRICES
PRIX
PROFIT
PROPIEDAD
PROPRIETE
Real estate
Real estate economics
Real estate markets
Real estate taxes
RIESGO
RISK
RISQUE
Systematic risk
USA
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Summary:Barry's research on farm real estate returns suggests that when farm assets are viewed as a part of the nation's wealth portfolio, returns are not persistently low, as is commonly asserted in policy debates. This paper extends Barry's research by explicitly accounting for the effects of uncertain inflation, using a broader market proxy, and lengthening the sample period. The results suggest farm real estate offers only slight (not substantial) premiums above those for systematic risk, contributes little systematic risk to a well-diversified portfolio, and exhibits substantial risk due to uncertain inflation.
ISSN:0002-9092
1467-8276
DOI:10.2307/1241496