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Asset pricing in created markets
Abstract
We investigate the applicability of the present-value asset pricing model to fishing
quota markets by applying instrumental variable panel data estimation techniques to
15 years of market transactions from New Zealand's individual transferable quota (ITQ)
market. In addition to the influence of current fishing rents, we explore the effect
of market interest rates, risk, and expected changes in future rents on quota asset
prices. The results indicate that quota asset prices are positively related to declines
in interest rates, lower levels of risk, expected increases in future fish prices,
and expected cost reductions from rationalization under the quota system. © 2007 American
Agricultural Economics Association.
Type
Journal articlePermalink
https://hdl.handle.net/10161/6753Published Version (Please cite this version)
10.1111/j.1467-8276.2007.01018.xPublication Info
(2007). Asset pricing in created markets. American Journal of Agricultural Economics, 89(2). pp. 259-272. 10.1111/j.1467-8276.2007.01018.x. Retrieved from https://hdl.handle.net/10161/6753.This is constructed from limited available data and may be imprecise. To cite this
article, please review & use the official citation provided by the journal.
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Richard G. Newell
Adjunct Professor
Dr. Richard G. Newell is the President and CEO of Resources for the Future (RFF),
an independent, nonprofit research institution that improves environmental, energy,
and natural resource decisions through impartial economic research and policy engagement.
From 2009 to 2011, he served as the administrator of the US Energy Information Administration,
the agency responsible for official US government energy statistics and analysis.
Dr. Newell is an adjunct professor at Duke University, where he
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