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Articles 31 - 60 of 68

Full-Text Articles in Agribusiness

Wti Crude Oil Option Implied Var And Cvar: An Empirical Application, Giovanni Barone-Adesi, Marinela Adriana Finta, Chiara Legnazzi, Carlo Sala Sep 2019

Wti Crude Oil Option Implied Var And Cvar: An Empirical Application, Giovanni Barone-Adesi, Marinela Adriana Finta, Chiara Legnazzi, Carlo Sala

Research Collection Lee Kong Chian School Of Business

Using option market data we derive naturally forward-looking, non-parametric and model-free risk estimates, three desired characteristics hardly obtainable using historical returns. The option-implied measures are only based on the first derivative of the option price with respect to the strike price, bypassing the difficult task of estimating the tail of the return distribution. We estimate and backtest the 1%, 2.5%, and 5% WTI crude oil futures option-implied value at risk and conditional value at risk for the turbulent years 2011–2016 and for both tails of the distribution. Compared with risk estimations based on the filtered historical simulation methodology, our results …


Crop Planning In Sustainable Agriculture: Dynamic Farmland Allocation In The Presence Of Crop Rotation Benefits, Onur Boyabatli, Javad Nasiry, Yangfang (Helen) Zhou May 2019

Crop Planning In Sustainable Agriculture: Dynamic Farmland Allocation In The Presence Of Crop Rotation Benefits, Onur Boyabatli, Javad Nasiry, Yangfang (Helen) Zhou

Research Collection Lee Kong Chian School Of Business

This paper examines crop planning decision in sustainable agriculture---that is, how to allocate farmland among multiple crops in each growing season when the crops have rotation benefits across growing seasons. We consider a farmer who periodically allocates the farmland between two crops in the presence of revenue uncertainty where revenue is stochastically larger and farming cost is lower when a crop is grown on rotated farmland (where the other crop was grown in the previous season). We characterize the optimal dynamic farmland allocation policy and perform sensitivity analysis to investigate how revenue uncertainty of each crop affects the farmer's optimal …


Building The Green Movement, Singapore Management University Apr 2019

Building The Green Movement, Singapore Management University

Perspectives@SMU

Changing hearts and minds on plastics is key to a green future. Businesses can take the lead


How Does Energy Matter? Rural Electrification, Entrepreneurship, And Community Development In Kenya, Antoine Vernet, Jane N. O. Khayesi, Vivian George, Gerard George, Abubakar S. Bahaj Mar 2019

How Does Energy Matter? Rural Electrification, Entrepreneurship, And Community Development In Kenya, Antoine Vernet, Jane N. O. Khayesi, Vivian George, Gerard George, Abubakar S. Bahaj

Research Collection Lee Kong Chian School Of Business

We examine the impact of rural electrification on individuals and businesses within a community in order to test a resource-based theory of entrepreneurship. We show that access to electricity increases average households’ income and entrepreneurial activities. The impact of electricity on entrepreneurial activity has wide-ranging implications for development policy in countries where access to electricity is sparse. Results show a significant difference in entrepreneurial opportunities with respect to firm formation, with the electrified site reporting more new micro-enterprises than the control site after implementation. Electrification affects both households’ income, individuals’ perceptions of their social position, and opportunities for business development. …


Corn, Soybeans Or Fallow: Dynamic Farmland Allocation Under Uncertainty, Onur Boyabatli, Javad Nasiry, Yangfang (Helen) Zhou Mar 2019

Corn, Soybeans Or Fallow: Dynamic Farmland Allocation Under Uncertainty, Onur Boyabatli, Javad Nasiry, Yangfang (Helen) Zhou

Research Collection Lee Kong Chian School Of Business

This chapter develops a theoretical basis for understanding the trade-offs facing a farmer for allocating his farmland among several crops over multiple growing seasons. Specifically, we focus on the farmland allocation among two cash crops (corn and soybeans) and letting the farmland lay fallow to rejuvenate the soil and increase the revenue for the crop grown on this farmland in the subsequent seasons. In each growing period, the farmer chooses the allocation in the presence of revenue uncertainty for each cash crop, and crop rotation benefits across periods, where revenue is stochastically larger and farming cost is lower when a …


The Impact Of An Electrical Mini-Grid On The Development Of A Rural Community In Kenya, Abubakr Bahaj, Luke Blunden, Christopher Kanani, Patrick James, Issac Kiva, Zoe Matthews, Heather Price, Hildah Essendi, Jane Ealkingham, Gerard George Feb 2019

The Impact Of An Electrical Mini-Grid On The Development Of A Rural Community In Kenya, Abubakr Bahaj, Luke Blunden, Christopher Kanani, Patrick James, Issac Kiva, Zoe Matthews, Heather Price, Hildah Essendi, Jane Ealkingham, Gerard George

Research Collection Lee Kong Chian School Of Business

Electrical mini-grids can provide electrification to rural communities far from the national network. However the benefits of such schemes are disputed. We observed changes in two matched trading-centres in Makueni County, Kenya, neither of which were initially electrified. During the study a solar photovoltaic mini-grid scheme (13.5 kWp) was constructed in one of the trading-centres. After electrification there were relative increases in the number of businesses and business income. Comparing the households in the areas around the trading centres, perceived wealth increased more around the electrified trading centre. Qualitative interviews indicated improvements in service provision by the local school and …


Volatility Spillovers Among Oil And Stock Markets In The Us And Saudi Arabia, Marinela Adriana Finta, Bart Frijns, Alireza Tourani-Rad Jan 2019

Volatility Spillovers Among Oil And Stock Markets In The Us And Saudi Arabia, Marinela Adriana Finta, Bart Frijns, Alireza Tourani-Rad

Research Collection Lee Kong Chian School Of Business

In this article, we use high frequency data and an identification via changes in volatility approach to assess the volatility spillovers among oil and the US and Saudi Arabian stock markets. We document the existence of asymmetry in contemporaneous spillover effects. Particularly, during the times when oil’s trading hours overlap with the US and Saudi Arabian stock markets, the volatility spillover from oil to the stock markets is higher than the other way around. We highlight the importance of taking into consideration the information present during continuous trading hours of oil, especially during simultaneous trading hours with the stock markets. …


Commodity Return Predictability: Evidence From Implied Variance, Skewness And Their Risk Premia, Marinela Adriana Finta, Jose Renato Haas Ornelas Dec 2018

Commodity Return Predictability: Evidence From Implied Variance, Skewness And Their Risk Premia, Marinela Adriana Finta, Jose Renato Haas Ornelas

Research Collection Lee Kong Chian School Of Business

This paper investigates the role of realized and implied and their risk premia (variance and skewness) for commodities’ future returns. We estimate these moments from high frequency and commodity futures option data that results in forward-looking measures. Risk premia are computed as the difference between implied and realized moments. We highlight, from a cross-sectional and time series perspective, the strong positive relation between commodity returns and implied skewness. Moreover, we emphasize the high performance of skewness risk premium. Additionally, we show that their portfolios exhibit the best risk-return tradeoff. Most of our results are robust to other factors such as …


Capacity Management In Agricultural Commodity Processing And Application In The Palm Industry, Onur Boyabatli, Jason Quang Dang Nguyen, Tong Wang Dec 2017

Capacity Management In Agricultural Commodity Processing And Application In The Palm Industry, Onur Boyabatli, Jason Quang Dang Nguyen, Tong Wang

Research Collection Lee Kong Chian School Of Business

This paper examines the capacity investment decisions of a processor that uses a commodity input to produce both a commodity output and a byproduct in the context of agricultural industries. We employ a multi-period model to study the optimal one-time processing and (output) storage capacity investment decisions---in addition to the periodic processing and inventory decisions---when both input and output spot prices as well as production yield are uncertain. We characterize the optimal decisions and perform sensitivity analysis to investigate how spot price uncertainty affects the processor's optimal capacity and profitability. Using a calibration based on the palm industry, we study …


Farmers' Cooperatives In China: A Typology Of Fraud And Failure, Zhanping Hu, Qian Forrest Zhang, John A. Donaldson Jul 2017

Farmers' Cooperatives In China: A Typology Of Fraud And Failure, Zhanping Hu, Qian Forrest Zhang, John A. Donaldson

Research Collection School of Social Sciences

Since the 1990s, agricultural cooperatives—particularly what China calls Farmers’ Specialized Cooperatives—have experienced rapid expansion in China. After more than two decades of growth and policy support, what is the overall performance of the ever-increasing numbers of these cooperatives? We visited 50 cooperatives across the country, most of which had officially been lauded as successful, to make a first-hand evaluation of their overall status and performance. We argue that, judging by either international or Chinese standards, the vast majority of these agricultural cooperatives are not authentic and fail to deliver expected benefits to smallholders. We categorize them into five types: genuine …


Betting On The Big: State-Brokered Land Transfers, Large-Scale Agricultural Producers, And Rural Policy Implementation, Weigang Gong, Qian Forrest Zhang Jan 2017

Betting On The Big: State-Brokered Land Transfers, Large-Scale Agricultural Producers, And Rural Policy Implementation, Weigang Gong, Qian Forrest Zhang

Research Collection School of Social Sciences

As rural governments have become hollowed out and detached from rural society, can they still effectively implement policies that lack popular support? This article examines a county in Hunan Province, where local governments had strong incentives to implement a national policy of increasing double cropping in rice farming. Small farmers rejected double cropping as unprofitable. Local governments’ limited capacity prevented them from either reshaping small farmers’ economic calculus or coercing compliance. They strategically selected a policy tool acceptable to most small farmers (paid land transfers) and gave new private large-scale producers incentives to double crop by providing subsidies and access …


Product Safety Failure And Restoring Reputation Across Markets: Fonterra's Management Of The 2013 Bacterial Contamination Crisis, Augustine Pang Jan 2017

Product Safety Failure And Restoring Reputation Across Markets: Fonterra's Management Of The 2013 Bacterial Contamination Crisis, Augustine Pang

Research Collection Lee Kong Chian School Of Business

Modern distribution systems often stretch beyond national borders such that a highly-visible product failure in a single country may negatively influence the reputation and market share of all identifiable supply chain members-even those that are blameless-in multiple countries, especially when the product is related to food safety. This study considers how Fonterra's response to its 2013 bacterial contamination crisis influenced its own reputation and that of the New Zealand dairy milk industry. It first traces how the crisis started in March 2013 and how it ended in August when investigations showed that the bacteria found did not cause botulism, a …


Providing Rural Public Services Through Land Commodification: Policy Innovations And Rural-Urban Integration In Chengdu, Qian Forrest Zhang, Jianling Wu Dec 2016

Providing Rural Public Services Through Land Commodification: Policy Innovations And Rural-Urban Integration In Chengdu, Qian Forrest Zhang, Jianling Wu

Research Collection School of Social Sciences

Zhang and Wu offer a detailed account of the innovative local policies in Chengdu, China, where a national land-use policy that has created widespread problems in other trial areas has been turned into a positive, transformative force in rural reconstruction. There are three key innovations in this so-called ‘Chengdu model’: First, leveraging on the most important resource in rural area, land, and through the commodification of land development rights, creating a financial source that can fund rural public services provision; second, transforming traditional rural residential patterns and concentrating the rural population in newly built residential communities; and, finally, using both …


How Agribusiness Can Win In Partnership With Small Farms, John A. Donaldson Sep 2016

How Agribusiness Can Win In Partnership With Small Farms, John A. Donaldson

Research Collection School of Social Sciences

Can large-scale agribusiness reduce costs and obtain less-expensive food while also reducing poverty and inequality by engaging small-scale farmers? Many conclude that such an attractive outcome is unimaginable, but innovative pilot projects hold promise that such a reality is within reach and replicable.


Understanding The Failure Of China’S Specialized Cooperatives In China, Zhanping Hu, Qian Forrest Zhang, John A. Donaldson Apr 2016

Understanding The Failure Of China’S Specialized Cooperatives In China, Zhanping Hu, Qian Forrest Zhang, John A. Donaldson

Research Collection School of Social Sciences

At first blush, contemporary China seems ripe for the rapid development of agricultural cooperatives. After all, cooperatives have not only enjoyed a long history in China, but the country’s recent experience with agricultural communes should make it more amenable to the reestablishment of joint production and spontaneous bottom-up cooperation. Agricultural cooperatives in China date to the 1930s, as Rural Reconstruction Movement advocates promoted cooperatives as a “third road” between capitalism and socialism. Although Mao’s regime disbanded most bottom-up cooperatives, rural cooperatives began to reemerge in rural China by the end of the 20th century, particularly after 1998, when farmer cooperatives …


Achieving Regulatory Excellence In The Agri-Food Biotechnology Sector: Building Policy Capacity, Michael Howlett, Ishani Mukherjee Jan 2016

Achieving Regulatory Excellence In The Agri-Food Biotechnology Sector: Building Policy Capacity, Michael Howlett, Ishani Mukherjee

Research Collection School of Social Sciences

What capacities are needed on the part of policymakers in areas such as the agri-food biotechnology sector in order to attain excellence at the individual, organisational and systemic levels of regulatory operation? To address this question, this paper draws upon work recently carried out on regulatory excellence by the Penn Programme on Regulation and couples it with recent studies on how to build policy capacity. Derived from a multi-jurisdiction, multi-sector review of regulation, the Penn programme identified three core areas or `pillars' of regulatory excellence - namely, stellar competence, empathic engagement and utmost integrity -which reflect the kinds of individual …


On The Social And Political Effects Of Opening In Rural China, Housi Cheng, Qian Forrest Zhang, John A. Donaldson Dec 2015

On The Social And Political Effects Of Opening In Rural China, Housi Cheng, Qian Forrest Zhang, John A. Donaldson

Research Collection School of Social Sciences

What are the economic, social and political effects when previously isolated villages are opened to the outside world? Scholars from different traditions expect different sorts of positive or negative affects to occur. Rural China presents an ideal environment to study this question empirically. Villages within rural China are in the process of being opened to the outside world in different forms, such as through being connected by road, the investment of agribusiness, or urbanization. Moreover this opening is being driven and shaped by different actors, including local residents, government and businesses. The different ways and actors that this opening occurs …


State Political Identity And Meta-Governance: Comparative Analysis Of Governance Modes In Vegetable Retail In Urban China, Qian Forrest Zhang Aug 2015

State Political Identity And Meta-Governance: Comparative Analysis Of Governance Modes In Vegetable Retail In Urban China, Qian Forrest Zhang

Research Collection School of Social Sciences

A government's political identity is a key factor in meta-governance; it powerfully shapes a government's policy aims and implementation preferences at the most abstract level and forms a stable governance mode. Dissonance between a pre-existing governance mode and the government's evolved political identity will lead to governance failures and pose political challenges to the government. In the case of vegetable retail in Shanghai, the neoliberal developmental state transformed the hierarchical governance into market governance; but as it evolves into a corporatist welfare state, market imperfections come to be perceived as governance failures, and the government responds by reintroducing hierarchical measures.


Rural China In Transition: Changes And Transformations In China’S Agriculture And Rural Sector, John A. Donaldson, Forrest Q. Zhang Apr 2015

Rural China In Transition: Changes And Transformations In China’S Agriculture And Rural Sector, John A. Donaldson, Forrest Q. Zhang

Research Collection School of Social Sciences

Agribusiness companies operating in China are transacting in various forms with small agricultural producers, and in doing so, transforming the household-based agriculture in rural China. We argue that the presence of these distinct forms and the diverging relations between agribusiness and producers show the central importance of China’s collective land rights. China’s unique system of land rights – featuring collective ownership but individualized usage rights – has acted as a powerful force in shaping interactions between agribusiness and direct producers. It provides farmers a source of economic income as well as political bargaining power – albeit to various degrees – …


Rugged Regulatory Landscapes, Singapore Management University Oct 2013

Rugged Regulatory Landscapes, Singapore Management University

Perspectives@SMU

Indonesia’s miners are adept at scaling the country’s rugged regulatory landscape. But their legendary resilience may be put to the test in 2014. Written by Dharma Djojonegoro, President Director of Indonesian mining services provider PT Multi Nitrotama Kimia (MNK).


The Principles Of The Dry Bulk Ffa Market, Ron Wilson Oct 2013

The Principles Of The Dry Bulk Ffa Market, Ron Wilson

Research Collection Lee Kong Chian School Of Business

No abstract provided.


The Transformation Of Urban Vegetable Retail In China: Wet Markets, Supermarkets, And Informal Markets In Shanghai, Qian Forrest Zhang, Zi Pan Apr 2013

The Transformation Of Urban Vegetable Retail In China: Wet Markets, Supermarkets, And Informal Markets In Shanghai, Qian Forrest Zhang, Zi Pan

Research Collection School of Social Sciences

The state-monopolised system of vegetable retail in socialist urban China has transformed into a market-based system run by profit-driven actors. Publicly owned wet markets not only declined in number after the state relegated its construction to market forces, but were also thoroughly privatised, becoming venues of capital accumulation for the market operators now controlling these properties. Self-employed migrant families replaced salaried state employees in the labour force. Governments’ increased control over urban public space reduced the room for informal markets, exacerbating the scarcity of vegetable retail space. Fragmentation in the production and wholesale systems restricted modern supermarkets’ ability to establish …


The Trojan Fish Strategy, Singapore Management University Feb 2013

The Trojan Fish Strategy, Singapore Management University

Perspectives@SMU

How does an ornamental fish exporter grow its bottom line? Simple: By adopting and adapting the business model of the world’s most famous safety razor company. The Gillette Business Model, also known as Freebie Marketing, is much copied because of its simplicity: sell razors at a loss, or even give them away free, but make back your money with the disposable blade replacements. That same strategy has served many industries well


The Political Economy Of Contract Farming In China's Agrarian Transition, Qian Forrest Zhang Oct 2012

The Political Economy Of Contract Farming In China's Agrarian Transition, Qian Forrest Zhang

Research Collection School of Social Sciences

How does rural China’s political economy determine the motivations and constraints that drive small farmers and agribusiness companies into contract farming and shape its practice and impact? This paper identifies three distinctive features of contract farming in China—varied impact on rural inequality, unstable contractual relations, and lack of competitiveness with other alternatives—and proposes tentative explanations with three features in rural China’s political economy: strong collective institutions, active state support for agriculture, and strong domestic markets. The recent turn in China’s agrarian transition toward vertical integration of agriculture with industries is, however, undermining these conditions and may move China toward more …


An Integrated Framework For Rural Electrification: Adopting A User-Centric Approach To Business Model Development, Simon J. D. Schillebeeckx, Priti Parikh, Rahul Bansal, Gerard George Sep 2012

An Integrated Framework For Rural Electrification: Adopting A User-Centric Approach To Business Model Development, Simon J. D. Schillebeeckx, Priti Parikh, Rahul Bansal, Gerard George

Research Collection Lee Kong Chian School Of Business

Rural electrification (RE) has gained prominence over the past two decades as an effective means for improving living conditions. This growth has largely been driven by socio-economic and political imperatives to improve rural livelihood and by technological innovation. Based on a content analysis of 232 scholarly articles, the literature is categorized into four focal lenses: technology, institutional, viability and user-centric. We find that the first two dominate the RE debate. The viability lens has been used less frequently, whilst the user-centric lens began to engage scholars as late as 2007. We provide an overview of the technological, institutional and viability …


Testing Overreaction And Under-Reaction In The Commodity Futures Market, Jingyu Dai Jan 2012

Testing Overreaction And Under-Reaction In The Commodity Futures Market, Jingyu Dai

Dissertations and Theses Collection (Open Access)

Results from previous studies testing for under-reaction and overreaction in the commodity futures market are mixed and inconclusive. Using a data of more than 20 categories of future contacts ranging from agricultural, metal and energy, we have found significant evidence of under-reaction in food and agricultural commodities but not in the energy and metal sector. It is also found that those relatively inactive commodity future contracts tend to have a stronger tendency to under-react than commodity future contracts are very actively traded. The result also agrees with the behavioral hypothesis that under-reaction is caused by gradual incorporation of information among …


The Transformation Of China’S Agriculture System And Its Impact On Southeast Asia, Phoebe Mingxuan Luo, John A. Donaldson, Qian Forrest Zhang Aug 2011

The Transformation Of China’S Agriculture System And Its Impact On Southeast Asia, Phoebe Mingxuan Luo, John A. Donaldson, Qian Forrest Zhang

Research Collection School of Social Sciences

The increased role for agribusiness and larger scale production in China’s agricultural system is limited by China’s severe lack of arable land. The Household Responsibility System provides farmers a measure of power, hampering agribusiness from acquiring land needed for expansion. Some Chinese companies have sought cheaper and often more accessible land in nearby regions, including Southeast Asia. While such investments have the potential to deliver benefits, including increased productivity, structural constraints such as weak land ownership and environmental laws, highly unequal distribution of land and underdevelopment of peasant organizations prevent many poorer farmers from benefiting from these investments.


Research Needs And Outcomes In Agro-Enterprise Development, Peter J. Batt Jul 2011

Research Needs And Outcomes In Agro-Enterprise Development, Peter J. Batt

2011 12th International Conference of the Society for Global Business and Economic Development

No abstract provided.


The Crs Eight Step Plan For Agroenterprise Development, Jesse Catre Jul 2011

The Crs Eight Step Plan For Agroenterprise Development, Jesse Catre

2011 12th International Conference of the Society for Global Business and Economic Development

No abstract provided.


Sustainability And Corporate Social Responsibility, Yong Lee Keng Jul 2011

Sustainability And Corporate Social Responsibility, Yong Lee Keng

2011 12th International Conference of the Society for Global Business and Economic Development

No abstract provided.