Commodity risk in European dairy firms

IF 3.3 2区经济学 Q2 AGRICULTURAL ECONOMICS & POLICY

European Review of Agricultural Economics Pub Date : 2021-10-20 DOI:10.1093/erae/jbab050

Guillaume Bagnarosa, Mark Cummins, Michael Dowling, Fearghal Kearney

引用次数: 0

Abstract

We apply a multivariate mixed-data sampling (MIDAS) conditional quantile regression technique to understand the dairy commodity exposure of European dairy firms. Leveraging a theoretically sound hedonic dairy pricing framework, we show that our approach is able to identify both market and operational risk. Profit margins for butter and milk price are particularly important for operational performance. Additional tests are provided, including an application of MIDAS quantile on a period of amplified dairy market risk. Our approach thus allows dairy firms to gain new perspectives on the significant risks posed by the current structure of dairy production in Europe.

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欧洲乳制品公司的商品风险

我们应用多元混合数据抽样(MIDAS)条件分位数回归技术来了解欧洲乳制品公司的乳制品暴露。利用理论上健全的享乐主义乳制品定价框架，我们表明我们的方法能够识别市场和运营风险。黄油和牛奶价格的利润率对经营业绩尤为重要。提供了额外的测试，包括MIDAS分位数在乳制品市场风险放大时期的应用。因此，我们的方法使乳制品公司能够获得新的视角，了解当前欧洲乳制品生产结构所带来的重大风险。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

European Review of Agricultural Economics 管理科学-农业经济与政策

CiteScore

6.60

自引率

5.90%

发文量

审稿时长

>24 weeks

期刊介绍： The European Review of Agricultural Economics serves as a forum for innovative theoretical and applied agricultural economics research. The ERAE strives for balanced coverage of economic issues within the broad subject matter of agricultural and food production, consumption and trade, rural development, and resource use and conservation. Topics of specific interest include multiple roles of agriculture; trade and development; industrial organisation of the food sector; institutional dynamics; consumer behaviour; sustainable resource use; bioenergy; agricultural, agri-environmental and rural policy; specific European issues. Methodological articles are welcome. All published papers are at least double peer reviewed and must show originality and innovation. The ERAE also publishes book reviews.