scholarly journals Determinants of downside risk exposure of dairy farms

2018 ◽  
Vol 45 (4) ◽  
pp. 641-674 ◽  
Author(s):  
Robert Finger ◽  
Tobias Dalhaus ◽  
Joseph Allendorf ◽  
Stefan Hirsch
Keyword(s):  
Dairy Farms ◽  
Downside Risk ◽  
Risk Exposure

scholarly journals Are Islamic mutual funds exposed to lower risk compared to their conventional counterparts?

2020 ◽  
Vol 12 (1) ◽  
pp. 69-87 ◽  
Author(s):  
Farrukh Naveed ◽  
Idrees Khawaja ◽  
Lubna Maroof
Keyword(s):  
Risk Analysis ◽  
Mutual Funds ◽  
Value At Risk ◽  
Lower Risk ◽  
Risk Measures ◽  
Risk Preferences ◽  
Downside Risk ◽  
Risk Exposure ◽  
Individual Investors ◽  
Content Type

Purpose This study aims to comparatively analyze the systematic, idiosyncratic and downside risk exposure of both Islamic and conventional funds in Pakistan to see which of the funds has higher risk exposure. Design/methodology/approach The study analyzes different types of risks involved in both Islamic and conventional funds for the period from 2009 to 2016 by using different risk measures. For systematic and idiosyncratic risk single factor CAPM and multifactor models such as Fama French three factors model and Carhart four factors model are used. For downside risk analysis different measures such as downside beta, relative beta, value at risk and expected short fall are used. Findings The study finds that Islamic funds have lower risk exposure (including total, systematic, idiosyncratic and downside risk) compared with their conventional counterparts in most of the sample years, and hence, making them appear more attractive for investment especially for Sharīʿah-compliant investors preferring low risk preferences. Practical implications As this study shows, Islamic mutual funds exhibit lower risk exposure than their conventional counterparts so investors with lower risk preferences can invest in these kinds of funds. In this way, this research provides the input to the individual investors (especially Sharīʿah-compliant investors who want to avoid interest based investment) to help them with their investment decisions as they can make a more diversified portfolio by considering Islamic funds as a mean for reducing the risk exposure. Originality/value To the best of the author’s knowledge, this study is the first attempt at world level in looking at the comparative risk analysis of various types of the risks as follows: systematic, idiosyncratic and downside risk, for both Islamic and conventional funds, and thus, provides significant contribution in the literature of mutual funds.

scholarly journals Does Adoption of Soil and Water Conservation Practice Enhance Productivity and Reduce Risk Exposure? Empirical Evidence from Semi-Arid Tropics (SAT), India

2020 ◽  
Vol 12 (17) ◽  
pp. 6965
Author(s):  
Suresh Kumar ◽  
Dharam Raj Singh ◽  
Alka Singh ◽  
Naveen Prakash Singh ◽  
Girish Kumar Jha
Keyword(s):  
Water Conservation ◽  
Probit Model ◽  
Downside Risk ◽  
Adaptation Strategy ◽  
Soil And Water Conservation ◽  
Risk Exposure ◽  
Crop Failure ◽  
The Impact ◽  
Semiarid Tropics ◽  
Soil And Water

This paper assessed the impact of soil and water conservation practices on farm productivity and risk exposure using data from 1204 plots in the semiarid tropics of India. A probit model was used to assess the determinants of adoption of soil bunds. We employed a moment-based approach for estimating crop revenue, its variability and downside risk exposure, i.e., crop failure. Furthermore, we also used a doubly robust method for assessing the impact of soil bunds on crop revenue, its variability and downside risk. Matching and propensity-based methods were also used to check robustness. The results show that training, access to credit and extension services are key determinants of adoption of soil bunds. Furthermore, the results also suggest that soil bunds not only improve the crop revenue but also reduce its variability. Most interestingly, we show that soil bunds also reduce the chances of downside risk, i.e., crop failure. Therefore, in view of increasing climate change and variability in the semiarid tropics, it can be suggested that soil bunds could be an important adaptation strategy for improving productivity and reducing risk exposure. This paper supports the investment in soil and water conservation technologies for sustaining the livelihood of resource-poor farmers of ecologically fragile regions such as the semiarid tropics.

scholarly journals Economies of diversification and stochastic dominance analysis in French mixed sheep farms

2022 ◽  
pp. 1-22
Author(s):  
Jean Joseph Minviel ◽  
Marc Benoit
Keyword(s):  
Stochastic Dominance ◽  
Risk Mitigation ◽  
Farming Systems ◽  
Downside Risk ◽  
Risk Exposure ◽  
Dominance Analysis ◽  
Farm Diversification ◽  
High Degree ◽  
Risk Reducing ◽  
Economies Of Diversification

Abstract Farm diversification is mainly driven by risk mitigation effects and economic gains related to complementarities between production activities. By combining these two aspects, we investigate diversification economies in a sample of French mixed sheep farming systems and rank these systems using stochastic dominance criteria. Partially diversified systems (Sheep-Grass, Sheep-Crop, Sheep-Landless) and fully diversified systems (Sheep-Grass-Crop-Landless) were evaluated. We find a high degree of diversification diseconomies in the sheep farming systems considered. The results also indicate that the fully diversified system is driven by its risk-reducing effects (including downside risk exposure) and that Sheep-Crop is the dominant system in terms of risk-adjusted returns.

337. Occupational Health Services Showing Effect on Finnish Dairy Farms

1999 ◽  
Author(s):  
P. Kalliokoski ◽  
J. Kangas ◽  
M. Kotimaa ◽  
K. Louhelainen
Keyword(s):  
Occupational Health ◽  
Health Services ◽  
Dairy Farms ◽  
Occupational Health Services

Effects of integrated cropping and pasture renewal on the performance and profit of dairy farms

2010 ◽  
pp. 29-34
Author(s):  
J.R. Bryant ◽  
M.G. Lambert ◽  
R. Brazendale ◽  
C.W. Holmes ◽  
T.J. Fraser
Keyword(s):  
Dairy Farms ◽  
Forage Crops

Pasture renewal on the milking platform of dairy farms may or may not involve growing forage crops in the transition from old to new pasture.

Automatic Milking Systems: an option to address the labour shortage on New Zealand dairy farms?

2002 ◽  
pp. 39-43
Author(s):  
J.G. Jago ◽  
M.W. Woolford
Keyword(s):  
New Zealand ◽  
Dairy Industry ◽  
Research Programme ◽  
Working Hours ◽  
Dairy Farms ◽  
Small Scale ◽  
Labour Shortage ◽  
Commercial Farms ◽  
Grazing Systems ◽  
Automatic Milking Systems

There is a growing shortage of labour within the dairy industry. To address this the industry needs to attract more people and/or reduce the labour requirements on dairy farms. Current milk harvesting techniques contribute to both the labour requirements and the current labour shortage within the industry as the process is labour-intensive and necessitates long and unsociable working hours. Automated milking systems (AMS) have been in operation, albeit on a small scale, on commercial farms in Europe for a decade and may have the potential to address labour issues within the New Zealand dairy industry. A research programme has been established (The Greenfield Project) which aims to determine the feasibility of automated milking under New Zealand dairying conditions. A Fullwoods MERLIN AMS has been installed on a protoype farmlet and is successfully milking a small herd of 41 cows. Progress from the prototype Greenfields system offers considerable potential for implementing AMS in extensive grazing systems. Keywords: automated milking systems, dairy cattle, grazing, labour

An evaluation of a strategic de-stocking regime for dairying to improve nitrogen efficiency and reduce nitrate leaching from dairy farms in nitrate-sensitive areas

2000 ◽  
pp. 105-110
Author(s):  
Cecile De Klein ◽  
Jim Paton ◽  
Stewart Ledgard
Keyword(s):  
New Zealand ◽  
Nitrate Leaching ◽  
Management Practice ◽  
Field Measurements ◽  
Dairy Farms ◽  
Nitrogen Efficiency ◽  
Management Tool ◽  
Pasture Production ◽  
Leaching Losses ◽  
Sensitive Areas

Strategic de-stocking in winter is a common management practice on dairy farms in Southland, New Zealand, to protect the soil against pugging damage. This paper examines whether this practice can also be used to reduce nitrate leaching losses. Model analyses and field measurements were used to estimate nitrate leaching losses and pasture production under two strategic de-stocking regimes: 3 months off-farm or 5 months on a feed pad with effluent collected and applied back to the land. The model analyses, based on the results of a long-term farmlet study under conventional grazing and on information for an average New Zealand farm, suggested that the 3- or 5-month de-stocking could reduce nitrate leaching losses by about 20% or 35-50%, respectively compared to a conventional grazing system. Field measurements on the Taieri Plain in Otago support these findings, although the results to date are confounded by drought conditions during the 1998 and 1999 seasons. The average nitrate concentration of the drainage water of a 5-month strategic de-stocking treatment was about 60% lower than under conventional grazing. Pasture production of the 5-month strategic de-stocking regime with effluent return was estimated based on data for apparent N efficiency of excreta patches versus uniformlyspread farm dairy effluent N. The results suggested that a strategic de-stocking regime could increase pasture production by about 2 to 8%. A cost/ benefit analysis of the 5-month de-stocking system using a feed pad, comparing additional capital and operational costs with additional income from a 5% increase in DM production, show a positive return on capital for an average New Zealand dairy farm. This suggests that a strategic destocking system has good potential as a management tool to reduce nitrate leaching losses in nitrate sensitive areas whilst being economically viable, particularly on farms where an effluent application system or a feed pad are already in place. Keywords: dairying, feed pads, nitrate leaching, nitrogen efficiency, productivity, strategic de-stocking

Risk Factors of Collateralized Loan Obligations and Corporate Bonds

2020 ◽  
Vol 32 (6) ◽  
pp. 347-355
Author(s):  
Mark Wahrenburg ◽  
Andreas Barth ◽  
Mohammad Izadi ◽  
Anas Rahhal
Keyword(s):  
Risk Factors ◽  
Risk Factor ◽  
Asset Pricing ◽  
Systemic Risk ◽  
Corporate Bonds ◽  
Risk Exposure ◽  
Expected Returns ◽  
Yield Spreads ◽  
Pricing Factors ◽  
Return Difference

AbstractStructured products like collateralized loan obligations (CLOs) tend to offer significantly higher yield spreads than corporate bonds (CBs) with the same rating. At the same time, empirical evidence does not indicate that this higher yield is reduced by higher default losses of CLOs. The evidence thus suggests that CLOs offer higher expected returns compared to CB with similar credit risk. This study aims to analyze whether this return difference is captured by asset pricing factors. We show that market risk is the predominant risk factor for both CBs and CLOs. CLO investors, however, additionally demand a premium for their risk exposure towards systemic risk. This premium is inversely related to the rating class of the CLO.

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