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020			_a9290394730
022			_a1607-1972
040			_aCR-TuBCO _cCR-TuBCO _bEs
041			_aspa _aeng
090			_aIICA _bSPC DT-A1/SC 2000-01
100	1		_944136 _aArias Segura, J. _eautor/a
245	1	0	_aFactores críticos para la cobertura de riesgos en transacciones bursátiles de productos agroalimentarios
246	3		_aOptimal hedging under nonlinear borrowing cost, progressive tax rates, and liquidity constraints
260			_aSan José, Costa Rica: _bInstituto Interamericano de Cooperación para la Agricultura (IICA) _c2000
270			_aSan José, C.R.
300			_a44 páginas: _a2 recursos en línea (42 páginas) _bpdf, 10 gráficas, 1 tabla
440			_aSerie de Políticas y Comercio. Documentos Técnicos A1/SC (IICA) _n; no. 2000-01
500			_aSum. (En)
504			_aIncluye referencias bibliográficas en las páginas 41-44
520			_aEmpirical research using optimal hedge ratios usually suggests that producers should hedge much more than they do. In this study, a new theoretical model of hedging is derived. Optimal hedge and leverage ratios and their relationships with yield risk, price variability, basis risk, taxes, and financial risk are determined using alternative assumptions. The motivation to hedge is provided by progressive tax rates and cost of bankruptcy. An empirical example for a wheat and stocker-steer producer is provided. Results show that there are many factors, Often assumed in the literature, that make farmers hedge little or none. Progressive tax rates provide an incentive for farmers to hedge in order to reduce their taxes liabilities and increase their after-tax income. Farmers will hedge when cost of hedging is less than the benefits of hedging Is less than the benefits of hedging which come from reducing tax liabilities, liquidity costs, or bankruptcy costs. When tax loss carry back is allowed, hedging decreases as the amount of tax loss carried back increases.Higher profitability makes benefits from futures trading negligible and hedging unattractive, since farmers move to higher income brackets with near constant marginal tax rates. Increasing basis risk or yield risk also reduces the incentive to hedge.
546			_aObra disponible en idiomas español e inglés. Resumen solamente en inglés.
650	1	4	_9156560 _aOPERACIONES A PLAZO
650	1	4	_9163086 _aRIESGO
650	1	4	_9147988 _aFINANCIAMIENTO
650	1	4	_9167379 _aTRIGO
650	1	4	_9148884 _aGANADO DE CARNE
650	1	4	_9160605 _aPROGRAMACION LINEAL
650	1	4	_9154527 _aMERCADOS
700	1		_951356 _aBrorsen, B.W. _eautor/a
700	1		_976265 _aHarry, A. _eautor/a
710	2		_914 _aIICA, San José (Costa Rica) _eautor/a
856			_uhttps://repositorio.iica.int/handle/11324/20393 _yeng _yspa
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