{"id":{"repo_id":"uiuc","oai_identifier":"oai:www.ideals.illinois.edu:2142/23548"},"canonical_url":"https://search.dev.ndltd.org/etd/uiuc/oai:www.ideals.illinois.edu:2142/23548","repository":{"repo_id":"uiuc","name":"University of Illinois - Urbana-Champaign","base_url":"https://www.ideals.illinois.edu/oai-pmh"},"display":{"title":"Intertemporal portfolio choice: An application to agricultural investment","abstract":"This research analyzes optimal off-farm investment decisions for a Central Illinois hog farm in the presence of bankruptcy costs. Optimal decisions are derived using a stochastic dynamic programming (SDP) model which incorporates the stochastic dynamic nature of investment returns and the interrelationships between financial structure and investment decisions when the costs of bankruptcy are considered. Results suggest that in the presence of bankruptcy, financial structure and farm profitability have a strong influence on investment decisions. Investment in common stocks may increase terminal wealth with little increase in the probability of bankruptcy. Failure to account for bankruptcy costs in determining investment decisions results in very high probabilities of bankruptcy.","abstract_html":"This research analyzes optimal off-farm investment decisions for a Central Illinois hog farm in the presence of bankruptcy costs. Optimal decisions are derived using a stochastic dynamic programming (SDP) model which incorporates the stochastic dynamic nature of investment returns and the interrelationships between financial structure and investment decisions when the costs of bankruptcy are considered. Results suggest that in the presence of bankruptcy, financial structure and farm profitability have a strong influence on investment decisions. Investment in common stocks may increase terminal wealth with little increase in the probability of bankruptcy. 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Robert","Lins, David A."],"dc:creator":["Novak, Frank Steve"],"dc:date":["2011-05-07T14:18:16Z","10000-01-01","1992"],"dc:description":["This research analyzes optimal off-farm investment decisions for a Central Illinois hog farm in the presence of bankruptcy costs. Optimal decisions are derived using a stochastic dynamic programming (SDP) model which incorporates the stochastic dynamic nature of investment returns and the interrelationships between financial structure and investment decisions when the costs of bankruptcy are considered. Results suggest that in the presence of bankruptcy, financial structure and farm profitability have a strong influence on investment decisions. Investment in common stocks may increase terminal wealth with little increase in the probability of bankruptcy. Failure to account for bankruptcy costs in determining investment decisions results in very high probabilities of bankruptcy.","Made available in DSpace on 2011-05-07T14:18:16Z (GMT). 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