{"id":{"repo_id":"uiuc","oai_identifier":"oai:www.ideals.illinois.edu:2142/129229"},"canonical_url":"https://search.dev.ndltd.org/etd/uiuc/oai:www.ideals.illinois.edu:2142/129229","repository":{"repo_id":"uiuc","name":"University of Illinois - Urbana-Champaign","base_url":"https://www.ideals.illinois.edu/oai-pmh"},"display":{"title":"Pre-planting liquidity shocks and farm performance: Evidence from Illinois grain farms","abstract":"Submission original under an indefinite embargo labeled 'Open Access'. The submission was exported from vireo on 2025-10-19 without embargo terms","abstract_html":"Submission original under an indefinite embargo labeled 'Open Access'. The submission was exported from vireo on 2025-10-19 without embargo terms","abstract_has_math":false,"creators":["Franciosi, Francesco"],"institution":"University of Illinois Urbana-Champaign","degree_name":"M.S.","degree_level":"Thesis","degree_discipline":"Agricultural & Applied Econ","degree_department":null,"school":null,"contributors":["Paulson, Nicholas D","Janzen, Joe","Schnitkey, Gary Donald"],"advisors":[],"committee_chairs":[],"committee_members":[],"year":2025,"date_issued":"2025-04-21","date_published":"2025-04-21","updated_at":"2026-07-22T22:25:04Z","subjects":["LIQUIDITY","FINANCE","FARM PERFORMANCE."],"languages":["en","eng"],"rights":["Copyright 2025 Francesco Franciosi"],"rights_urls":[],"identifier_entries":[]},"links":{"outbound_url":"https://hdl.handle.net/2142/129229","outbound_label":"Handle","outbound_source":"dc:identifier"},"metadata_groups":[{"id":"people","label":"People","entries":[{"key":"dc:contributor","label":"Contributor","values":["Paulson, Nicholas D","Janzen, Joe","Schnitkey, Gary Donald"]},{"key":"dc:creator","label":"Author","values":["Franciosi, Francesco"]}]},{"id":"academic_context","label":"Academic Context","entries":[{"key":"dc:date","label":"Dc Date","values":["2025-04-21","2025-05"]},{"key":"dc:type","label":"Dc Type","values":["text","Thesis"]},{"key":"thesis:degree_discipline","label":"Discipline","values":["Agricultural & Applied Econ"]},{"key":"thesis:degree_level","label":"Degree Level","values":["Thesis"]},{"key":"thesis:degree_name","label":"Degree Name","values":["M.S."]},{"key":"thesis:institution_name","label":"Thesis Institution Name","values":["University of Illinois Urbana-Champaign"]}]},{"id":"subjects_keywords","label":"Subjects and Keywords","entries":[{"key":"dc:subject","label":"Dc Subject","values":["LIQUIDITY","FINANCE","FARM PERFORMANCE."]}]},{"id":"language_rights","label":"Language and Rights","entries":[{"key":"dc:language","label":"Dc Language","values":["en","eng"]},{"key":"dc:rights","label":"Dc Rights","values":["Copyright 2025 Francesco Franciosi"]}]},{"id":"identifiers","label":"Identifiers","entries":[{"key":"dc:identifier","label":"Identifier","values":["https://hdl.handle.net/2142/129229"]}]},{"id":"additional","label":"Additional Metadata","entries":[{"key":"dc:description","label":"Description","values":["Submission original under an indefinite embargo labeled 'Open Access'. The submission was exported from vireo on 2025-10-19 without embargo terms","The student, Francesco Franciosi, accepted the attached license on 2025-04-21 at 14:17.","The student, Francesco Franciosi, submitted this Thesis for approval on 2025-04-21 at 14:21.","This Thesis was approved for publication on 2025-04-21 at 16:22.","DSpace SAF Submission Ingestion Package generated from Vireo submission #21863 on 2025-10-19 at 18:09:36","This thesis investigates how pre-planting liquidity shocks affect farm performance by examining the interaction between unexpected changes in grain futures prices and farms' existing grain inventories. Using unbalanced panel data from Illinois grain farms collected by the Farm Business Farm Management (FBFM) association (2003-2023) and futures price data from Bloomberg, this thesis utilizes a two-way fixed effects model to determine causal relationships between liquidity shocks and farm economic outcomes. The study constructs a novel measure of farm-specific liquidity shocks by combining futures price movements during the critical January March pre-planting period with individual farm grain inventory positions. Results indicate that positive pre-planting liquidity shocks enhance farm financial performance, with the most substantial and statistically significant effect observed for gross margin. The analysis also reveals that higher debt-to-asset ratios and more significant proportions of cash-rented land are consistently associated with lower farm performance across all measures. This research makes three key contributions to agricultural finance literature: it introduces a farm-specific liquidity shock measure that captures the impact of price movements on stored grain inventories; it exploits exogenous variation in futures prices to identify causal effects; and it examines how farm characteristics moderate the relationship between liquidity shocks and performance."]},{"key":"dc:format","label":"Dc Format","values":["application/pdf"]},{"key":"dc:title","label":"Title","values":["Pre-planting liquidity shocks and farm performance: Evidence from Illinois grain farms"]}]}],"canonical_facts":{"dc:contributor":["Paulson, Nicholas D","Janzen, Joe","Schnitkey, Gary Donald"],"dc:creator":["Franciosi, Francesco"],"dc:date":["2025-04-21","2025-05"],"dc:description":["Submission original under an indefinite embargo labeled 'Open Access'. The submission was exported from vireo on 2025-10-19 without embargo terms","The student, Francesco Franciosi, accepted the attached license on 2025-04-21 at 14:17.","The student, Francesco Franciosi, submitted this Thesis for approval on 2025-04-21 at 14:21.","This Thesis was approved for publication on 2025-04-21 at 16:22.","DSpace SAF Submission Ingestion Package generated from Vireo submission #21863 on 2025-10-19 at 18:09:36","This thesis investigates how pre-planting liquidity shocks affect farm performance by examining the interaction between unexpected changes in grain futures prices and farms' existing grain inventories. Using unbalanced panel data from Illinois grain farms collected by the Farm Business Farm Management (FBFM) association (2003-2023) and futures price data from Bloomberg, this thesis utilizes a two-way fixed effects model to determine causal relationships between liquidity shocks and farm economic outcomes. The study constructs a novel measure of farm-specific liquidity shocks by combining futures price movements during the critical January March pre-planting period with individual farm grain inventory positions. Results indicate that positive pre-planting liquidity shocks enhance farm financial performance, with the most substantial and statistically significant effect observed for gross margin. The analysis also reveals that higher debt-to-asset ratios and more significant proportions of cash-rented land are consistently associated with lower farm performance across all measures. This research makes three key contributions to agricultural finance literature: it introduces a farm-specific liquidity shock measure that captures the impact of price movements on stored grain inventories; it exploits exogenous variation in futures prices to identify causal effects; and it examines how farm characteristics moderate the relationship between liquidity shocks and performance."],"dc:format":["application/pdf"],"dc:identifier":["https://hdl.handle.net/2142/129229"],"dc:language":["en","eng"],"dc:rights":["Copyright 2025 Francesco Franciosi"],"dc:subject":["LIQUIDITY","FINANCE","FARM PERFORMANCE."],"dc:title":["Pre-planting liquidity shocks and farm performance: Evidence from Illinois grain farms"],"dc:type":["text","Thesis"],"thesis:degree_discipline":["Agricultural & Applied Econ"],"thesis:degree_level":["Thesis"],"thesis:degree_name":["M.S."],"thesis:institution_name":["University of Illinois Urbana-Champaign"]},"updated_at":"2026-07-22T22:25:04Z"}