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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
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
Rights Information:Copyright 2010 Kevin L. Noland
Date Available in IDEALS:2010-05-18
Date Deposited:May 2010

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