Arbitrage pricing, capital asset pricing, and agricultural assets

A new asset pricing model, the arbitrage pricing theory, has been developed as an alternative to the capital asset pricing model. The arbitrage pricing theory model is used to analyze the relationship between risk and return for agricultural assets. The major conclusion is that the arbitrage pricing...

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Bibliographic Details
Published in:American journal of agricultural economics 1988-05, Vol.70 (2), p.359-365
Main Authors: Arthur, L.M, Carter, C.A, Abizadeh, F
Format: Article
Language:English
Subjects:
ACTIF
ACTIVO
Agriculture
ANALISIS DE COSTOS
ANALYSE DES COUTS
Arbitrage
arbitrage pricing theory
Automatic picture transmission
CAPITAL
capital asset pricing model
Capital asset pricing models
COMPTABILITE
CONTABILIDAD
Corn
ECONOMIA
ECONOMIE
ESTADOS UNIDOS DE AMERICA
ETATS-UNIS
Farm commodities
Farmlands
Financial portfolios
FORMACION DE PRECIOS
FORMATION DES PRIX
GESTION DE L'EXPLOITATION AGRICOLE
Investment risk
MANEJO DE FINCAS
MODELE
MODELOS
RIESGO
RISQUE
Systematic risk
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Summary:A new asset pricing model, the arbitrage pricing theory, has been developed as an alternative to the capital asset pricing model. The arbitrage pricing theory model is used to analyze the relationship between risk and return for agricultural assets. The major conclusion is that the arbitrage pricing theory results support previous capital asset pricing model findings that the estimated risk associated with agricultural assets is low. This conclusion is more robust for the arbitrage pricing theory application because it provides a better explanation of the relationship between risk and returns than does the capital asset pricing model.
ISSN:0002-9092
1467-8276
DOI:10.2307/1242076