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Changes in Debt Patterns and Financial Structure of Farm Businesses: A Double Hurdle Approach

James Michael Harris, John Dillard, Kenneth W. Erickson and Charles B. Hallahan

No 49402, 2009 Annual Meeting, July 26-28, 2009, Milwaukee, Wisconsin from Agricultural and Applied Economics Association

Abstract: This paper uses a double hurdle model to help explain one aspect of the changing capital structure of U.S. production agriculture--the increase in the number of debt free farms. Our findings suggest that nonfinancial factors, such as operator age, region, risk aversion, and financial factors such as debt service ability and the cost of capital play significant roles in distinguishing borrowers from non borrowers.

Keywords: Agricultural; Finance (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cfn
Date: 2009-07
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aaea09:49402

DOI: 10.22004/ag.econ.49402

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