Neue Publikation in "Journal of Agricultural and Resource Economics"
Neue Publikation: Khanal, R. A., Mishra K. A., Mayorga, J., and Hirsch, S. (2020):Choice of Contract Farming Strategies, Productivity, and Profits: Evidence from High-Value Crop Production
This study examines the impact of the choice of contract farming (CF) conditions on the productivity and profitability of ginger growers. Using farm-level data from Nepal and the selectivity-corrected multinomial endogenous switching regression (MESR) method, we found that ginger growers increased yields by 16%, 19%, and 15% by participating in CF with input conditions (IC), with output conditions (OC), and with input and output conditions (BC), respectively. Ginger growers also increased profits by participating in CF. Price difference in spot and contract markets, distance to market and transportation facilities, and farm location are important factors affecting participation in any form of CF.
Artikel im Agrarpolitik-Blog der ETH Zürich (Sep. 2020)
Lesen Sie hier den aktuellen Blogbeitrag von Prof. Hirsch et al. bei agrarpolitik-blog.com über Wettbewerbsfähigkeit und Gewinne im EU-Lebensmitteleinzelhandel - Ein Vergleich zwischen führenden Ketten und kleinen Einzelhändlern (externer link)
Neue Publikation in "Agribusiness - An International Journal"
Neue Publikation: Hirsch, S., Lanter, D., and Finger, R. (2020): Profitability and profit persistence in EU food retailing: Differences between top competitors and fringe firms
We investigate the drivers and persistence of profits in EU food retailing by focusing on differences between “top competitors” and fringe food retailers using a sample of 12,786 firms from France, Spain, and Sweden between 2006 and 2014. We detect a high degree of profit persistence in food retailing, presumably caused by strong bargaining power towards processors. Moreover, we find that profit persistence is higher for “top competitors” such as members of Top‐5 chains regarding sales and that independent/specialized supermarkets generate lower profitability. The results provide insights regarding power imbalances in food retailing and thus support the development of managerial strategies as well as measures to enhance market efficiency.
Neue Publikation in "Economics Letters"
Neue Publikation: Hirsch, S. and Koppenberg, M. (2020): Power imbalances in French food retailing: Evidence from a production function approach to estimate market power
We analyze whether an association of firms to the dominant oligopoly of food retail groups is related to higher oligopoly market power. We apply a production function approach for the estimation of firm-level markups to a sample of 3,366 French food retailers over the period 2006-2014. The results suggest the presence of power imbalances between firms of the dominant oligopoly and fringe firms. We also detect a positive connection between markups and profitability pointing to a reduction in consumer welfare due to retailers’ oligopoly market power.
Neue Publikation in "Agricultural Economics"
Neue Publikation: Möhring, N., Bozzola, M., Hirsch, S., and Finger, R., (2020): Are pesticides risk decreasing? The relevance of pesticide indicator choice in empirical analysis. Agricultural Economics (in press).
The reduction of adverse health and environmental effects from pesticide use is currently a top priority on the agricultural policy agenda. Efficient pesticide policies must take into account farmers’ application behavior, especially effects of pesticide use on economic risk. However, previous results regarding the direction of risk effects of pesticides are ambiguous. We show that the ambiguity in earlier studies could be due to the pesticide indicator selected. Indicators which fail to account for the heterogeneous properties of pesticides may be inapt for interpreting farmers’ pesticide use decisions. Our analysis, based on a rich panel dataset of Swiss wheat producers with highly detailed information on pesticide use, considers different pesticide indicators and multiple sources of uncertainty. Our key finding is that indicator choice affects the magnitude and sign of estimated risk effects. Estimates of pesticide productivity and risk effects are significantly higher for fungicides, and even reversed for herbicides when we measure pesticide use in simple quantity units (kilogram per hectare) ‐ compared to the quality and intensity corrected Load Index. This means for example, that farmers will ceteris paribus use lower quantities of herbicides, but will increase the overall toxicity of the products applied with increasing risk aversion. We discuss implications of our findings for the design of pesticide policies and agricultural risk management instruments.
Neue Publikation in "Agricultural Economics"
Neue Publikation: D’Souza, A., Mishra, A.K. and Hirsch, S. (2019): Enhancing Food Security through Diet Quality: The Role of Off-Farm Work in Rural India. Agricultural Economics (in press).
India has achieved food security at the macro‐level. However, at the micro‐level, the country still struggles with extensive problems of food nutrition insecurity. In this paper, we assess the impact of non‐farm income and non‐farm work status (casual and full‐time non‐farm work) of operator, spouses, and couples on the diet quality of smallholder households in India. We find that non‐farm income decreases the likelihood of farming household being in the poor‐diet quality group by 31% and the medium‐diet quality group by 3%. Full‐time non‐farm work by operators and spouses decreases the likelihood of farming households being in the poor‐diet quality group by 3% and 9%, respectively. Finally, national programs like public food distribution programs increase the probability of rural farming households in the poor‐diet quality group. Findings from this study underscore the importance of non‐farm income and full‐time non‐farm work in improving diet quality of rural Indian households.
Neue Publikation in "Land Use Policy"
Neue Publikation: Jian Zhang, Ashok K. Mishra, Stefan Hirsch, Xiaoshun Li. (2020): Factors affecting farmland rental in rural China: Evidence of capitalization of grain subsidy payments. Land Use Policy 90 (2020).
This study investigates the factors affecting farmland rental prices in China. Special emphasis is put on the
capitalization of China’s grain subsidy program into land rental rates. Using national representative farm-level data, Heckman sample selection model, and quantile regression (QR) approach, we find that a 10% increase in grain subsidy payments for contracted farmland increases the farmland rental price by about 1%. However, quantile regression results show that the capitalization rate is heterogeneous and varies across the distribution. Findings suggest that family labor input and farm location are important factors driving up farmland rental prices. Moreover, for farm size, rental experience, and natural disaster we detect a negative impact on land rental prices.
Der Artikel kann unter folgendem Link heruntergeladen werden:
Artikel im Agrarpolitik-Blog der ETH Zürich
Finden Sie hier den aktuellen Blogbeitrag von Prof. Hirsch et al. bei agrarpolitik-blog.com über "Produktionsflexibilität als Triebkraft für die Wettbewerbsfähigkeit von Milchverarbeitern".
Neue Publikation in "PLoS ONE"
Neue Publikation: Printezis, I., Grebitus, C. and Hirsch, S. (2019): The price is right!? A meta-regression analysis on willingness to pay for local food. PLoS ONE 14(5): e0215847.
We study the literature on willingness to pay (WTP) for local food by applying meta-regression analysis to a set of 35 eligible research papers that provide 86 estimates on consumers’ WTP for the attribute “local.” An analysis of the distribution of WTP measures suggests the presence of publication selection bias that favors larger and statistically significant results. The analyzed literature provides evidence for statistically significant differences among consumers’ WTP for various types of product. Moreover, we find that the methodological approach (choice experiments vs. other approaches) and the analyzed country can have a significant influence on the generated WTP for local.
Neue Publikation in "Journal of Agricultural Economics"
Neue Publikation: Iyer, P., Bozzola, M., Hirsch, S., Meraner, M., and Finger, R. (2019): Measuring Farmer Risk Preferences in Europe: A Systematic Review. Journal of Agricultural Economics.
We present a systematic review of the extensive body of research on farmer risk preference measurement across Europe. We capture the methodological developments over time and discuss remaining challenges and potential areas for further research. Given the constantly evolving policy environment in Europe, and increasing climate‐change related risks and uncertainties, there is large value to be gained from enhancing our understanding of this fundamental aspect of farmers’ decision‐making processes and consequent actions.
Neue Publikation in "European Review of Agricultural Economics"
Neue Publikation: Hirsch, S., Mishra, A., Möhring, N. and Finger, R. (2019): Revisiting firm flexibility and efficiency: evidence from the EU dairy processing industry. European Review of Agricultural Economics.
We analyse the flexibility of EU dairy processors to adjust production to fluctuating economic conditions. For a set of 2,186 firms, we derive production flexibility measures representing the effect of output variations on costs. The results reveal that flexibility is highest in Poland and Italy and lowest in Spain. Several firm-specific factors, such as size and age of the firm, are found to affect firm flexibility. Moreover, we detect a tradeoff between flexibility and technical efficiency for large firms indicating that a sole focus on firm efficiency can be insufficient. Finally, the results show that during economic crisis flexibility can help to sustain profitability.
Neujahrsempfang WZW am 09. Januar 2019
Im Rahmen des Neujahrsempfangs am Wissenschaftszentrum Weihenstephan wurde Prof. Hirsch als neuberufener Professor vorgestellt.
Hier ein Artikel dazu aus der Süddeutschen Zeitung:
Neue Publikation in "Data in Brief"
Neue Publikation: Fernau, E. and Hirsch, S. (2019): Meta-analysis data for the literature on dividend smoothing. Data in Brief (in press).
Neue Publikation in "International Review of Financial Analysis"
Neue Publikation: Fernau, E. and Hirsch, S. (2018): What drives dividend smoothing? A meta regression analysis of the Lintner model. International Review of Financial Analysis (in press).
We revisit the view of dividend smoothing as one of the most robust findings in the empirical corporate finance literature by employing meta-regression analysis (MRA). Using 99 empirical studies that employ Lintner's dividend payout model we investigate the heterogeneity in reported dividend smoothing effects. We find evidence for (i) a mediocre degree of dividend smoothing across the analyzed literature, (ii) bi-directional publication bias -i.e. a tendency to preferably report positive and statistically significant smoothing as well as dividend smoothing coefficients close to zero (i.e. high speed of adjustment coefficients), and (iii) several drivers for the heterogeneity in reported smoothing coefficients such as the set of control variables or estimation technique. Our MRA can provide guidance for investors' expectations and future research on dividend smoothing.
Neue Publikation in “Applied Economics”:
Neue Publikation in “Applied Economics”: Hirsch, S., Tiboldo, G. Lopez, R.A. (2018): A tale of two Italian cities: brand-level milk demand and price competition, Applied Economics, DOI: 10.1080/00036846.2018.1486016.
We apply the BLP random coefficient logit model demand model to fluid milk sales data from two north-south Italian cities: Turin and Naples. By virtue of their location and socioeconomic differences, these cities provide a natural experiment for contrasting consumer choices and retail market power related to milk physical and marketing characteristics. Results reveal that, regardless of location, consumers negatively value price increases, fat content and ultra-high temperature (UHT) treatment. However, location matters with respect to brand and type of milk purchased. While in Turin (the higher-income region) demand for the leading manufacturers’ brands is the most price inelastic, in Naples consumers have the lowest price elasticities in case of cheaper milk, often small manufacturer or private label brands. Unlike previous studies, we do not find price elasticities for private labels to be consistently lower (or markups to be higher) compared to manufacturer brands, indicating that private labels have reached maturity in these markets. Further, while demand for fresh milk is more price inelastic in Turin, it is more inelastic for UHT milk in Naples. Likewise, markups and Lerner indexes are higher for fresh milk in Turin and for UHT in Naples corresponding to the more inelastic demands under Bertrand price competition.
Neuer Blogbeitrag im Agrarpolitik Blog der Agrarökonomie und Politik Gruppe der ETH Zürich zu den Determinanten des Risikos von Milchviehbetrieben
Neuer Blogbeitrag im Agrarpolitik Blog der Agrarökonomie und Politik Gruppe der ETH Zürich zu den Determinanten des Risikos von Milchviehbetrieben.
Bitte hier klicken zur Veröffentlichung in Agrarpolitik-blog.com.
Neue Publikation im „European Review of Agricultural Economics“
Neue Publikation im „European Review of Agricultural Economics“: Finger, R., Dalhaus, T., Allendorf, J. und Hirsch, S. “Determinants of downside risk exposure of dairy farms".
We investigate determinants of dairy producers’ risk exposure using a unique combination of foci on (i) downside risks, (ii) a holistic representation of revenues from milk and animal sales, (iii) climatic extremes and (iv) the role of animal health. A sample of German dairy farms reveals that animal health and heat stress indicators influence mean and semi-variance of revenues. For instance, heat stress exposure reduces expected milk revenues significantly. In the case of animal health-related indicators, our results show trade-offs between expected revenues and downside risks. Furthermore, variabilities in revenues from milk and animal sales are significantly interrelated.
Neu berufener Tenure Track Professor für Agrar- u. Ernährungswirtschaft
Am 1. April 2018 tritt Dr. Stefan Hirsch die Tenure Track Professur für Agrar- und Ernährungswirtschaft an der TU München, Fakultät für Wirtschaftswissenschaften am Campus Weihenstephan an.
Der Forschungsschwerpunkt der Professur Agrar- u. Ernährungswirtschaft liegt auf der Analyse der Wettbewerbsfähigkeit und des strategischen Handelns von Firmen des Agrar- und Ernährungssektors.