Asset pricing in created markets
Publication
, Journal Article
Newell, RG; Papps, KL; Sanchirico, JN
Published in: American Journal of Agricultural Economics
May 1, 2007
We investigate the applicability of the present-value asset pricing model to fishing quota markets by applying instrumental variable panel data estimation techniques to 15 years of market transactions from New Zealand's individual transferable quota (ITQ) market. In addition to the influence of current fishing rents, we explore the effect of market interest rates, risk, and expected changes in future rents on quota asset prices. The results indicate that quota asset prices are positively related to declines in interest rates, lower levels of risk, expected increases in future fish prices, and expected cost reductions from rationalization under the quota system. © 2007 American Agricultural Economics Association.
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Published In
American Journal of Agricultural Economics
DOI
EISSN
1467-8276
ISSN
0002-9092
Publication Date
May 1, 2007
Volume
89
Issue
2
Start / End Page
259 / 272
Related Subject Headings
- Agricultural Economics & Policy
- 3801 Applied economics
- 1402 Applied Economics
Citation
APA
Chicago
ICMJE
MLA
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Newell, R. G., Papps, K. L., & Sanchirico, J. N. (2007). Asset pricing in created markets. American Journal of Agricultural Economics, 89(2), 259–272. https://doi.org/10.1111/j.1467-8276.2007.01018.x
Newell, R. G., K. L. Papps, and J. N. Sanchirico. “Asset pricing in created markets.” American Journal of Agricultural Economics 89, no. 2 (May 1, 2007): 259–72. https://doi.org/10.1111/j.1467-8276.2007.01018.x.
Newell RG, Papps KL, Sanchirico JN. Asset pricing in created markets. American Journal of Agricultural Economics. 2007 May 1;89(2):259–72.
Newell, R. G., et al. “Asset pricing in created markets.” American Journal of Agricultural Economics, vol. 89, no. 2, May 2007, pp. 259–72. Scopus, doi:10.1111/j.1467-8276.2007.01018.x.
Newell RG, Papps KL, Sanchirico JN. Asset pricing in created markets. American Journal of Agricultural Economics. 2007 May 1;89(2):259–272.
Published In
American Journal of Agricultural Economics
DOI
EISSN
1467-8276
ISSN
0002-9092
Publication Date
May 1, 2007
Volume
89
Issue
2
Start / End Page
259 / 272
Related Subject Headings
- Agricultural Economics & Policy
- 3801 Applied economics
- 1402 Applied Economics