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Article
Publication date: 15 August 2019

Aleksandre Maisashvili, Henry Bryant, George Knapek and James Marc Raulston

The purpose of this paper is to develop methods for inferring if crop insurance premiums imply yield distributions that are valid according to standard laws of probability and…

Abstract

Purpose

The purpose of this paper is to develop methods for inferring if crop insurance premiums imply yield distributions that are valid according to standard laws of probability and broadly consistent with observed empirical evidence. The authors also survey current premium-implied distributions both before and after conditioning on the producer’s choice of coverage level.

Design/methodology/approach

Under an assumption of actuarial fairness, the authors derive expressions for upper and lower bounds for premium-implied yield cumulative distribution functions (CDFs) at loss thresholds for each coverage level. When observed premiums imply a CDF that exceeds one or is not non-decreasing, the authors conclude that premiums cannot be actuarially fair. The authors additionally specify very weak conditions for premium-implied yield CDFs to be consistent with two possible reasonable parametric distributions.

Findings

The authors evaluate premiums for the year 2018 for 19,104 county-crop-type-practice combinations, both before and after conditioning on producer’s choice of coverage level. The authors find problems in roughly one-third of cases. Problems are exhibited for all crops evaluated, and are strongly associated with areas with lower expected yields and higher yield variability. At least 40m acres are currently insured under premium schedules that cannot possibly be consistent with valid probability distributions.

Originality/value

The authors make two primary contributions. First, the premium-implied yield CDF bounds the authors derive requires fewer assumptions than previous similar work, while simultaneously placing more stringent conditions on premiums to be consistent with actuarial fairness. Second, the authors show that current US crop insurance premiums cannot possibly be actuarially fair for many cases, reflecting tens of millions of insured acres, which implies sub-optimal producer risk mitigation and inequitable expenditures for producers and taxpayers.

Details

Agricultural Finance Review, vol. 79 no. 4
Type: Research Article
ISSN: 0002-1466

Keywords

Article
Publication date: 17 April 2023

Natalie A. Graff, Bart L. Fischer, Henry L. Bryant and David P. Anderson

The purpose of this paper is to evaluate the Dual Use (DU) Option – a crop insurance policy created by the 2018 Farm Bill – relative to other policies available to dual-purpose…

Abstract

Purpose

The purpose of this paper is to evaluate the Dual Use (DU) Option – a crop insurance policy created by the 2018 Farm Bill – relative to other policies available to dual-purpose annual forage producers. The new policy combines existing rainfall-based policies for annual forage crops and multi-peril policies for grain, allowing coverage for multiple crop uses on the same acres during the same growing season.

Design/methodology/approach

The paper uses a simulation model to examine crop insurance choices for a typical Texas dual-purpose wheat farm. The certainty equivalent (CE) of wealth is used to rank choices within and between three insurance plans and to analyze the effects of those choices over a range of producer risk aversion levels and for three cases of yield expectations.

Findings

The DU Option is more preferred as risk aversion increases, but it is not universally preferred. Therefore, while the policy can be a viable risk management tool, certain restrictions may be limiting its effectiveness.

Practical implications

The findings of this paper can help explain farm-level decision making related to dual-purpose annual forage crop insurance program choices.

Originality/value

This paper contributes to the literature by documenting a new crop insurance program made available in the 2018 Farm Bill and provides insights into producers' possible choices by evaluating extensive scenarios.

Details

Agricultural Finance Review, vol. 83 no. 3
Type: Research Article
ISSN: 0002-1466

Keywords

Article
Publication date: 14 August 2017

Elena Precourt and Henry Oppenheimer

The purpose of this paper is to examine analyst followings of firms starting from one year prior to their filing for Chapter 11 and as the firms progress through bankruptcy…

Abstract

Purpose

The purpose of this paper is to examine analyst followings of firms starting from one year prior to their filing for Chapter 11 and as the firms progress through bankruptcy proceedings with a focus on firms receiving “Hold” or better recommendations. The authors attempt to answer questions such as what the common characteristics of the firms receiving stronger than expected recommendations one year prior to filing for bankruptcy reorganization or while in bankruptcy are, and how the market reacts to the issuance of stronger ratings for those firms.

Design/methodology/approach

The authors design various regressions and apply them to a total of 2,754 sell-side analyst recommendations and 325 firms that are either approaching bankruptcy filing or in the process of reorganizing. In each analysis, the authors control for several firm and performance characteristics.

Findings

The authors find that the probability of securing stronger ratings is higher for small firms and for those followed by a greater number of analysts than for large firms and firms followed by fewer analysts. The market becomes more skeptical of optimistic evaluations closer to the date of bankruptcy filing (perhaps reflecting some anticipation) and reacts more positively to rating upgrades issued during bankruptcy protection than to the upgrades issued before the bankruptcy filing.

Research limitations/implications

The conclusions are based on the analysis of analyst recommendations issued shortly before Chapter 11 filings and during bankruptcy proceedings. The conclusions could be strengthened by further analysis of firms’ post-bankruptcy recovery and performance and examination of analyst recommendations issued for the firms after they emerge from Chapter 11..

Practical implications

Analyst security ratings that are more positive than expected are perhaps the result of superior expertise and access to private information. During bankruptcy proceedings, when information disclosure is limited, investors could greatly benefit from reports issued by security analysts.

Originality/value

This study contributes to the literature in a number of ways. First, the authors contribute to the literature on the analyst ratings of firms in distress by considering the period between bankruptcy filing and emergence, while the existing literature provides analysis of pre-bankruptcy recommendations and forecasts. Second, the authors focus on better than expected ratings rather than all types of ratings as the firms approach bankruptcy filings and proceed through reorganization. Finally, they evaluate how investors react to stronger than expected analyst ratings.

Details

Review of Accounting and Finance, vol. 16 no. 3
Type: Research Article
ISSN: 1475-7702

Keywords

Book part
Publication date: 22 May 2017

Melissa K. Van Dyke

Often overlooked in discussions related to how to ensure accessible and affordable high-quality early childhood education is the heavy burden that has been carried by the early…

Abstract

Often overlooked in discussions related to how to ensure accessible and affordable high-quality early childhood education is the heavy burden that has been carried by the early childhood workforce; the data reveal a level of exploitation of this workforce that must be considered and addressed. This chapter will focus attention on the economic realities of the early childhood workforce as a key element to achieve equitable access to affordable high-quality early childhood services.

Details

African American Children in Early Childhood Education
Type: Book
ISBN: 978-1-78714-258-9

Keywords

Article
Publication date: 20 September 2011

Bradley P. Tolppanen

102

Abstract

Details

Reference Reviews, vol. 25 no. 7
Type: Research Article
ISSN: 0950-4125

Keywords

Abstract

Details

Persistence and Vigilance: A View of Ford Motor Company’s Accounting over its First Fifty Years
Type: Book
ISBN: 978-1-83867-998-9

Book part
Publication date: 13 August 2018

Lorenzo Patelli

Purpose – To show the properties of performance measurement and management systems (PMMS) used dialogically and the association between the dialogic use of PMMS and the

Abstract

Purpose – To show the properties of performance measurement and management systems (PMMS) used dialogically and the association between the dialogic use of PMMS and the characteristics of the organizational relationships between parent companies and foreign subsidiaries.

Design/Methodology/Approach – Data were collected through a questionnaire e-mailed to large foreign subsidiaries of multinational firms operating in various industries. Hypotheses regarding factors associated with the extent to which PMMS are used dialogically between parent companies and foreign subsidiaries were tested based on responses to 136 usable questionnaires (45% response rate).

Findings – PMMS are used more dialogically within relationships between parent companies and subsidiaries characterized by subsidiary strategic role and organizational interdependence. Measurement diversity and perceived comprehensiveness of PMMS are higher if PMMS are used more dialogically. Finally, the dialogic use of PMMS is positively associated with subsidiary size and the emphasis on collaboration in the parent company’s national culture.

Originality/Value – In contrast to prior management accounting research that is focused on the outcomes of different styles of use of PMMS, this study shows organizational characteristics and PMMS properties associated with the dialogic use of PMMS. Moreover, this study advances the traditional view of the international business literature that conceives PMMS as bureaucratic systems employed by parent companies to coercively control foreign subsidiaries.

Details

Advances in Management Accounting
Type: Book
ISBN: 978-1-78756-440-4

Keywords

Open Access
Book part
Publication date: 4 June 2021

Elena Cama

In recent years, the use of dating and hook up apps has become an increasingly socially acceptable and commonly used method of seeking romantic and sexual partners. This has seen…

Abstract

In recent years, the use of dating and hook up apps has become an increasingly socially acceptable and commonly used method of seeking romantic and sexual partners. This has seen a corresponding rise in media and crime reports of sexual harms facilitated through these services, including sexual harassment, unsolicited sexual imagery, and sexual assault. Emerging empirical research shows that experiences of sexual harms in this context are common and predominantly impact women and girls. The aim of this chapter is to examine the sociocultural and sexual norms that underpin online dating and which perpetuate a “rape culture” within which sexual harms become both possible and normalized. This chapter also considers how the discourses that minimize and legitimize sexual harms are encoded within the responses undertaken by dating and hook up apps to sexual harms. It is argued that together these norms and discourses may act to facilitate and/or prevent sexual harms, and may normalize and excuse these harms when they occur.

Details

The Emerald International Handbook of Technology-Facilitated Violence and Abuse
Type: Book
ISBN: 978-1-83982-849-2

Keywords

Abstract

Details

Persistence and Vigilance: A View of Ford Motor Company’s Accounting over its First Fifty Years
Type: Book
ISBN: 978-1-83867-998-9

Book part
Publication date: 8 August 2023

Lucia Trimbur

This chapter analyzes the campaign against race norming in the 2013 National Football League (NFL) concussion settlement that caregivers of retired players designed, and it…

Abstract

This chapter analyzes the campaign against race norming in the 2013 National Football League (NFL) concussion settlement that caregivers of retired players designed, and it considers how their collective action throws new light on activism in sport. While there is a substantial literature on how individual athletes engage in protest, less work has focused on how families – partners, children, siblings, and parents – of athletes organize as a group to answer back to anti-Black racism in professional sport. I argue that a group of spouses used their position as caregivers to shame the NFL, the presiding judge of the settlement, Class Counsel, and even the Department of Justice into acknowledging not only individual suffering from traumatic brain injury but also of the distribution of that suffering across households. Specifically, the wives group expanded definitions of risk and damage to include not only individual illness but also family and group suffering and demanded inclusion of gendered and racialized aspects of social care. Through their campaign, the group recast what is considered protest in the world of sport and who has the ability to access an activist subjectivity.

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