Staff Publications

Staff Publications

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    'Staff publications' is the digital repository of Wageningen University & Research

    'Staff publications' contains references to publications authored by Wageningen University staff from 1976 onward.

    Publications authored by the staff of the Research Institutes are available from 1995 onwards.

    Full text documents are added when available. The database is updated daily and currently holds about 240,000 items, of which 72,000 in open access.

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    Do Profit Rates Converge? Evidence on the Persistence of Farm Profit in the Long-run
    Tamirat, Aderajew ; Trujillo Barrera, A.A. ; Pennings, J.M.E. - \ 2018
    - 37 p.
    Profit persistence - System-GMM estimation - quantile regression - dynamic panel model
    Ensuring farm survival and competitiveness requires a better understanding of why some farms consistently perform better (worse) than others. This article investigates the drivers of farm profitability, the degree of abnormal profit persistence, and its determinants based on a unique longitudinal data set collected from a panel of 2000 Dutch farms between 2001 and 2015. We apply a quantile regression approach to examine the drivers of farm profitability, and a dynamic panel System- GMM estimation to estimate the persistence of abnormal farm profit. The results of the quantile regression show that working capital, labor productivity, leverage, capital intensity, and investment are important determinants of profitability. The findings suggest that working capital is important for farms’ flexibility and their capacity of adapting to changing circumstances in environments where they don’t receive regular income from agricultural products. Estimates using the dynamic panel model provide evidence on abnormal profit persistence. Profit persistence is responsive to farm risk exposure, investment, capital intensity, leverage, working capital and diversification. Thus, long-run farm profit can be achieved and sustained by reducing costs through economies of scale, ensuring adequate working capital to cope with the cash flow mismatch, enhancing labor productivity, and minimizing the farm’s capital intensity levels.
    Do Profit Rates Converge? Evidence on the Persistence of Farm Profit in the Long-run
    Pennings, Joost - \ 2018
    Profit persistence - System-GMM estimation - quantile regression - dynamic panel model
    Abstract
    Ensuring farm survival and competitiveness requires a better understanding of why some farms consistently perform better (worse) than others. This article investigates the drivers of farm profitability, the degree of abnormal profit persistence, and its determinants based on a unique longitudinal data set collected from a panel of 2000 Dutch farms between 2001 and 2015. We apply a quantile regression approach to examine the drivers of farm profitability, and a dynamic panel System- GMM estimation to estimate the persistence of abnormal farm profit. The results of the quantile regression show that working capital, labor productivity, leverage, capital intensity, and investment are important determinants of profitability. The findings suggest that working capital is important for farms’ flexibility and their capacity of adapting to changing circumstances in environments where they don’t receive regular income from agricultural products. Estimates using the dynamic panel model provide evidence on abnormal profit persistence. Profit persistence is responsive to farm risk exposure, investment, capital intensity, leverage, working capital and diversification. Thus, long-run farm profit can be achieved and sustained by reducing costs through economies of scale, ensuring adequate working capital to cope with the cash flow mismatch, enhancing labor productivity, and minimizing the farm’s capital intensity levels
    A Mixed Modeling Approach to Predict the Effect of Environmental Modification on Species Distributions
    Cozzoli, F. ; Eelkema, M. ; Bouma, T.J. ; Ysebaert, T. ; Escaravage, V. ; Herman, P.M.J. - \ 2014
    PLoS ONE 9 (2014)2. - ISSN 1932-6203
    cockles cerastoderma-edule - natural animal assemblages - quantile regression - lanice-conchilega - body-size - ecosystem engineers - sediment transport - hydrobia-ulvae - abundance - oosterschelde
    Human infrastructures can modify ecosystems, thereby affecting the occurrence and spatial distribution of organisms, as well as ecosystem functionality. Sustainable development requires the ability to predict responses of species to anthropogenic pressures. We investigated the large scale, long term effect of important human alterations of benthic habitats with an integrated approach combining engineering and ecological modelling. We focused our analysis on the Oosterschelde basin (The Netherlands), which was partially embanked by a storm surge barrier (Oosterscheldekering, 1986). We made use of 1) a prognostic (numerical) environmental (hydrodynamic) model and 2) a novel application of quantile regression to Species Distribution Modeling (SDM) to simulate both the realized and potential (habitat suitability) abundance of four macrozoobenthic species: Scoloplos armiger, Peringia ulvae, Cerastoderma edule and Lanice conchilega. The analysis shows that part of the fluctuations in macrozoobenthic biomass stocks during the last decades is related to the effect of the coastal defense infrastructures on the basin morphology and hydrodynamics. The methodological framework we propose is particularly suitable for the analysis of large abundance datasets combined with high-resolution environmental data. Our analysis provides useful information on future changes in ecosystem functionality induced by human activities.
    Government interventions and default risk: Does one size fit all?
    Klomp, J.G. - \ 2013
    Journal of Financial Stability 9 (2013)4. - ISSN 1572-3089 - p. 641 - 653.
    quantile regression - interest-rates - inference - crisis
    We examine the effectiveness of the financial sector rescue packages provided by the national governments during the 2008 financial crisis. This study questions the implicit assumption that government interventions have an uniform effect on the default risk of individual banks. After testing the results for sensitivity, our main findings suggest that there exists a significant negative relationship between the announcement of the financial sector rescue packages and the daily change of the credit default premium. However, quantile regressions show that the effectiveness of these packages differs across banks: most interventions do not decrease the risk of intermediate to low-risk banks, while they do reduce the risk of high-risk banks. Besides, we find that interventions aimed at specific financial institutions are more effective in restraining banking risk than broad interventions taken to stabilize the financial market as a whole.
    Banking risk and regulation: Does one size fit all?
    Klomp, J.G. ; Haan, J. de - \ 2012
    Journal of Banking and Finance 36 (2012)12. - ISSN 0378-4266 - p. 3197 - 3212.
    basel core principles - quantile regression - crises - soundness - inference - growth - models - system - number
    Using data for more than 200 banks from 21 OECD countries for the period 2002–2008, we examine the impact of bank regulation and supervision on banking risk using quantile regressions. In contrast to most previous research, we find that banking regulation and supervision has an effect on the risks of high-risk banks. However, most measures for bank regulation and supervision do not have a significant effect on low-risk banks. As banking risk and bank regulation and supervision are multi-faceted concepts, our measures for both concepts are constructed using factor analysis
    Determinants of woody cover in African savannas
    Sankaran, M. ; Hanan, N.P. ; Scholes, R.J. ; Ratnam, J. ; Augustine, D.J. ; Cade, B.S. ; Gignoux, J. ; Higgins, S.I. ; Roux, X. Le; Ludwig, F. ; Ardo, J. ; Banyikwa, F. ; Bronn, A. ; Bicini, G. ; Caylor, K.K. ; Coughenour, M.B. ; Diouf, A. ; Ekaya, W. ; Feral, C.J. ; February, E.C. ; Frost, P.G.H. ; Hiernaux, P. ; Hrabar, H. ; Metzger, K.L. ; Prins, H.H.T. ; Ringrose, S. ; Sea, W. ; Tews, J. ; Worden, J. ; Zambatis, N. - \ 2005
    Nature 438 (2005)7069. - ISSN 0028-0836 - p. 846 - 849.
    tree-grass coexistence - quantile regression - fire - vegetation - mechanisms - stability - systems
    Savannas are globally important ecosystems of great significance to human economies. In these biomes, which are characterized by the co-dominance of trees and grasses, woody cover is a chief determinant of ecosystem properties 1-3. The availability of resources (water, nutrients) and disturbance regimes (fire, herbivory) are thought to be important in regulating woody cover1,2,4,5, but perceptions differ on which of these are the primary drivers of savanna structure. Here we show, using data from 854 sites across Africa, that maximum woody cover in savannas receiving a mean annual precipitation (MAP) of less than ~650 mm is constrained by, and increases linearly with, MAP. These arid and semi-arid savannas may be considered 'stable' systems in which water constrains woody cover and permits grasses to coexist, while fire, herbivory and soil properties interact to reduce woody cover below the MAP-controlled upper bound. Above a MAP of ~650 mm, savannas are 'unstable' systems in which MAP is sufficient for woody canopy closure, and disturbances (fire, herbivory) are required for the coexistence of trees and grass. These results provide insights into the nature of African savannas and suggest that future changes in precipitation 6 may considerably affect their distribution and dynamics.
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