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oai:www.ideals.illinois.edu:2142/31037 2023-07-10 col_2142_13851 col_2142_5131 com_2142_684 com_2142_397 com_2142_5130

Goldsmith, Peter D. Cambier, Laurent 2012-05-22T00:23:24Z 2012-05-22T00:23:24Z 2012-05 2012-05-22T00:23:24Z 2012-05 Direct farm land investment and ownership by non-traditional institutional, private equity, and sovereign wealth funds has increased in recent years as investors find attractive characteristics in this asset class such as favorable risk adjusted returns, an inflation hedge, and a negative correlation with many other asset classes. Investors encounter difficulties valuing these real assets where idiosyncratic knowledge and farm management performance are central to the asset’s performance. Research into the drivers of farm performance has been the subject of substantial research, and good farms can be differentiated from poor ones. Unfortunately the proper valuation for direct investment in a real operating asset requires two key elements, an understanding of the relative performance of one investment to another, and the persistence of these peer rankings over time. Research to date has omitted these two key performance components of proper valuation. Using several logistic regressions, the analysis leads to conclude that the drivers of persistence of performance are linked to managerial, structural and environmental (exogenous factors). This thesis also shows that unfortunately for the investor there are high year to year movements of farms in the distribution of returns and efficiency in two samples of soybean farms, in Illinois and in Mato Grosso, Brazil. This has significant negative implications for an investor trying to value a farm asset. Item withdrawn by Mark Zulauf (zulauf@illinois.edu) on 2012-04-24T16:54:50Z Item was in collections: University of Illinois Theses & Dissertations (ID: 1) No. of bitstreams: 2 cambier_laurent.pdf: 1834824 bytes, checksum: b41f2b90cdea06bc280729dc9ea9d186 (MD5) Cambier_Laurent.pdf: 1834824 bytes, checksum: b41f2b90cdea06bc280729dc9ea9d186 (MD5) Made available in DSpace on 2012-05-22T00:23:24Z (GMT). No. of bitstreams: 2 Cambier_Laurent.pdf: 1703372 bytes, checksum: c91e4ea0fee9d32acdc302e06ced68de (MD5) license.txt: 4065 bytes, checksum: 781291e9664c73915fa0c2dd353766b3 (MD5) http://hdl.handle.net/2142/31037 en Copyright 2012 Laurent Cambier Farmland Investment Persistence, Returns Efficiency Soybeans Mato Grosso Illinois Cost Management The persistence of business performance in sample soybean farms from Mato Grosso and Illinois text Agr & Consumer Economics 1470 Agr & Consumer Economics 0176 University of Illinois at Urbana-Champaign Thesis M.S. MS:Agr & Consumer Econ -UIUC 10KS0176MS