Capital Market Segmentation and U.S. Farm Real Estate Pricing

Amr N. Shiha and Jean-Paul Chavas ()

American Journal of Agricultural Economics, 1995, vol. 77, issue 2, 397-407

Abstract: In this paper we present and test a segmented capital market equilibrium. We extend the traditional CAPM by explicitly considering barriers to the flow of external equity capital into farm real estate markets. The empirical results provide a plausible explanation as to why the traditional arbitrage-based pricing models fail to explain equity pricing in farmland markets.

Date: 1995
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Persistent link: https://EconPapers.repec.org/RePEc:oup:ajagec:v:77:y:1995:i:2:p:397-407.

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