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Christopher R. McIntosh Jason F. Shogren Erik Dohlman 《American journal of agricultural economics》2007,89(4):1046-1057
We design an experiment to simulate how people make agricultural production decisions under three policy scenarios, each incorporating direct payments (DPs): ( a ) price uncertainty without countercyclical payments (CCPs); ( b ) price uncertainty with CCPs; and ( c ) price uncertainty, CCPs, and uncertainty regarding base acreage updating. Results are the CCP program and perceived possibility of future base updating created incentives for subjects to invest more in program (base) crops, despite payments being decoupled from current production decisions. Those choosing to reduce revenue risk by increasing plantings of base crops may face reduced incomes, suggesting the efficiency of crop markets may be diminished. 相似文献
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Erik N. Dohlman 《Review of World Economics》2001,137(4):666-689
A New Look at the Impact of U.S. Import Barriers on Corporate Profit Expectations. — The notion that industries benefit from
protection is firmly grounded in trade theory. However, previous “event studies” measuring the impact of trade restrictions
on stock prices reveal that shareholders expect no improvement in industry profits from protection. The implication is that
barriers designed to promote industry adjustment are considered ineffective by equity holders. This investigation of U.S.
“Escape Clause” cases shows that shareholders do expect protection to enhance profits, but not universally. Outcomes are linked
to the type of trade measure selected, with industries protected by tariffs or global quotas faring better than those shielded
by nonglobal “Orderly Marketing Agreements.” 相似文献
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Using the "event study" method, we measure the impact on agricultural biotechnology firm equity values of new regulations and other limitations placed on the marketing of biotech crops. Unanticipated declines to biotech firm stock prices indicate that newly imposed regulatory restrictions appear most likely to diminish profit expectations for these firms. The stock price reaction to decisions by crop handlers, processors, or retailers to segregate or limit the use of biotech crops and to reports questioning their safety are less pronounced. Incentives to engage in new biotech crop research and development may be diminished by these developments. 相似文献
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