Determinants of Ditch company share prices in the South Platte River Basin

Ditch companies were formed historically to distribute irrigation water. A portfolio of water rights would be acquired and the resultant water distributed proportionately among the members. Active markets for these shares developed because of their relative homogeneity and ease of transfer. This stu...

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Bibliographic Details
Published in:American journal of agricultural economics 1997-08, Vol.79 (3), p.946-951
Main Authors: Goodman, D. Jay, Howe, Charles W.
Format: Article
Language:English
Subjects:
ABASTECIMIENTO DE AGUA
AGRICULTEUR
AGRICULTORES
Agricultural economics
Agricultural production
AGUA DE RIEGO
APPROVISIONNEMENT EN EAU
Business structures
Cities
COLORADO
Costs
Creeks
Creeks & streams
Crop economics
Crop production
Crops
DEBIT
DERECHO DE USO
ditch company shares
DITCHES
DRAINAGE
DRENAJE
DROIT D'USAGE
EAU D'IRRIGATION
ECONOMETRIC MODELS
EMPRESAS
ENTERPRISES
ENTREPRISE
FACTOR ANALYSIS
FARMERS
FINANCES PUBLIQUES
FLOW RATE
GASTO
HACIENDA PUBLICA
Interest rates
Irrigation
IRRIGATION WATER
Land purchases
LOSSES
MARKET PRICES
METHODE STATISTIQUE
METODOS ESTADISTICOS
MODELE ECONOMETRIQUE
MODELOS ECONOMETRICOS
OFERTA Y DEMANDA
OFFRE ET DEMANDE
Owners
OWNERSHIP
PERDIDAS
PERTE
PRECIOS DE MERCADO
Present value
Prices
PRIX DE MARCHE
Property rights
PROPIEDAD
PROPRIETE
PUBLIC FINANCE
Purchasing
Q150
REGRESSION ANALYSIS
RENDEMENT
RENDIMIENTO
RIGHT OF ACCESS
River basins
Seniority
Shares
STATISTICAL METHODS
Stock prices
STOCKS (FINANCIAL)
STREAM FLOW
SUPPLY BALANCE
Transaction costs
U.S.A
URBAN AREAS
USO DEL AGUA
UTILISATION DE L'EAU
Water demand
Water markets
Water resources
WATER RIGHTS
WATER SUPPLY
WATER USE
Water utilization
Willingness to pay
YIELDS
ZONAS URBANAS
ZONE URBAINE
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Description
Summary:Ditch companies were formed historically to distribute irrigation water. A portfolio of water rights would be acquired and the resultant water distributed proportionately among the members. Active markets for these shares developed because of their relative homogeneity and ease of transfer. This study identifies the factors that determine share prices, by regressing price on supply- and demand-side variables: characteristics of the underlying water rights, anticipated transfer losses, general factors affecting urban demand, and effects unique to each purchasing city. The major factors are found to be seniority of the underlying water rights, average yields, and transfer losses.
ISSN:0002-9092
1467-8276
DOI:10.2307/1244434