Agricultural Economics, 2023 (vol. 69), issue 3
Assessment of the impact of agricultural support on crop diversityOriginal Paper
Zdeňka Žáková Kroupová, Lukáš Čechura, Matěj Opatrný, Zuzana Hloušková, Iveta Mlezivová
Agric. Econ. - Czech, 2023, 69(3):89-100 | DOI: 10.17221/387/2022-AGRICECON 
This study examines the impact of agricultural support on crop diversity measured by a diversity index. Our results indicate that agricultural subsidies have a limited effect on agricultural biodiversity. By using unique farm-level data, we show that subsidies support the income of farmers rather than the agricultural biodiversity. The results are robust regarding the size, practice management and altitude of the agricultural holdings' operations and various measures of agricultural biodiversity. However, when interpreting the results, the limitations of biodiversity indices should be considered.
Agricultural commodity markets and the Turn of the month effectOriginal Paper
Peter Árendáš, Jana Kotlebová
Agric. Econ. - Czech, 2023, 69(3):101-108 | DOI: 10.17221/17/2023-AGRICECON
The Turn of the month (ToM) effect is a calendar anomaly when the majority of returns of an asset are concentrated into several days around the end of the old month and the start of the new one. Until now, the investigation of the ToM effect has mainly been focused on the stock markets. However, this paper investigates the presence of the ToM effect in eight key agricultural commodity markets (cocoa, coffee, corn, cotton, rice, soybean, sugar, wheat), using three different alternatives of the ToM window, during the 2001–2021 time period. The results show a statistically significant ToM effect in the rice, coffee, and sugar markets. Further...
How to reduce the extreme risk of losses in corn and soybean markets? Construction of a portfolio with European stock indicesOriginal Paper
Dejan Živkov, Biljana Stankov, Nataša Papić-Blagojević, Jelena Damnjanović, Željko Račić
Agric. Econ. - Czech, 2023, 69(3):109-118 | DOI: 10.17221/371/2022-AGRICECON
Because of the COVID-19 pandemic and the war in Ukraine, agricultural commodities had significant price increases, which inevitably implies high risk. In this article, we try to mitigate the extreme risk of corn and soybeans by constructing multivariate portfolios with developed and emerging European stock indices. We measured extreme risk via conditional value at risk. To address different goals that investors might prefer, we produced portfolios with the lowest risk and highest return-to-risk ratio. According to the results, corn and soybeans had relatively high portfolio shares. However, they are the riskiest assets because they have a very...
Towards diverging land prices in agricultural districts? Evidence from Italy before and after the great crisisOriginal Paper
Emma Bruno, Rosalia Castellano, Gennaro Punzo, Luca Salvati
Agric. Econ. - Czech, 2023, 69(3):119-127 | DOI: 10.17221/395/2022-AGRICECON
In recent decades, farmland markets have risen sharply due to their attractiveness as safe investment and savings allocation instruments. This growth has occurred globally at different rates due to the uneven expected returns, and potential land uses in different regions. This paper provides evidence of the convergence of Italian farmland markets between 1990 and 2019 by using data on average land prices with a geographically detailed resolution that considers both administrative and altitude aspects of territories. The analysis combines traditional economic convergence approaches with spatial data exploration techniques. The results are consistent...