Returns to farm real estate: analysis of an Illinois farmland portfolio

Noland, Kevin L.

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Title:	Returns to farm real estate: analysis of an Illinois farmland portfolio
Author(s):	Noland, Kevin L.
Advisor(s):	Schnitkey, Gary D.
Department / Program:	Agr & Consumer Economics
Discipline:	Agr & Consumer Economics
Degree Granting Institution:	University of Illinois at Urbana-Champaign
Degree:	M.S.
Genre:	Thesis
Subject(s):	Farmland returns Optimal portfolios Farmland analysis Capital asset pricing model (CAPM)
Abstract:	Previous research on returns to farmland derived data from aggregate U.S. or regional sources. A distinction of this document is that an actual portfolio of Illinois farms are evaluated. This thesis extends past research by analyzing a longer and more current period. The results suggest that Illinois farmland pays a substantial premium above what is required for systematic risk and that its returns are negatively correlated to most major asset classes. Illinois farmland adds very little risk to a well-diversified portfolio and is a hedge against inflation.
Issue Date:	2010-05-18
URI:	http://hdl.handle.net/2142/15986
Rights Information:	Copyright 2010 Kevin L. Noland
Date Available in IDEALS:	2010-05-18 2012-05-19
Date Deposited:	May 2010