CAPITAL-MARKET SEGMENTATION AND US FARM REAL-ESTATE PRICING

Authors
SHIHA AN CHAVAS JP
Citation
An. Shiha et Jp. Chavas, CAPITAL-MARKET SEGMENTATION AND US FARM REAL-ESTATE PRICING, American journal of agricultural economics, 77(2), 1995, pp. 397-407
Citations number
30
Categorie Soggetti
Economics,"AgricultureEconomics & Policy
Journal title
American journal of agricultural economics → ACNP
ISSN journal
00029092
Volume
77
Issue
2
Year of publication
1995
Pages
397 - 407
Database
ISI
SICI code
0002-9092(1995)77:2<397:CSAUFR>2.0.ZU;2-#
Abstract
In this paper we present and test a segmented capital market equilibri um. We extend the traditional CAPM by explicitly considering barriers to the flow of external equity capital into farm real estate markets. The empirical results provide a plausible explanation as to why the tr aditional arbitrage-based pricing models fail to explain equity pricin g in farmland markets.