Returns to farm real estate: analysis of an Illinois farmland portfolio
Noland, Kevin L.
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https://hdl.handle.net/2142/15986
Description
Title
Returns to farm real estate: analysis of an Illinois farmland portfolio
Author(s)
Noland, Kevin L.
Issue Date
2010-05-18T18:53:28Z
Director of Research (if dissertation) or Advisor (if thesis)
Schnitkey, Gary D.
Department of Study
Agr & Consumer Economics
Discipline
Agr & Consumer Economics
Degree Granting Institution
University of Illinois at Urbana-Champaign
Degree Name
M.S.
Degree Level
Thesis
Keyword(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.
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