Capital Market Segmentation and U.S. Farm Real Estate Pricing

Amr N. Shiha · Jean‐Paul Chavas

22 citations0/0 files storedAmerican Journal of Agricultural Economics

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Financial Markets and Investment Strategies Agricultural economics and policies Housing Market and Economics

Abstract

Abstract In this paper we present and test a segmented capital market equilibrium. 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 traditional arbitrage‐based pricing models fail to explain equity pricing in farmland markets.

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References

1985International Asset Pricing under Mild Segmentation: Theory and Test 1981On the Effects of Barriers to International Investment 1982Multivariate tests of financial models 1974International capital market equilibrium with investment barriers 1986Integration vs. Segmentation in the Canadian Stock Market 1982Potential performance and tests of portfolio efficiency 1980Capital Asset Pricing and Farm Real Estate 1989Stocks, bonds, bills, and inflation : historical returns (1926-1987)

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