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• Economic analysis of some agrotechnical factors in maize production - a Hungarian case study

  5-16

  Attila Bai

  Zoltán Gabnai

  Imre Kovách

  Ibolya Czibere

  János Nagy

  Dénes Sulyok

  Donika Maloku

  Péter Balogh

  Views:

  472

  This paper focuses on the economic and statistical evaluation of the production technology findings of the polyfactorial maize production experiments carried out between 2015-2017 at the Látókép Experiment Site of the University of Debrecen, Faculty of Agricultural and Food Sciences and Environmental Management. The examined agrotechnical factors included irrigation, previous crop, tillage, crop density, hybrid and N nutrient supply, while the effect of different crop years was taken into consideration. In addition to descriptive statistical methods, we used multivariate regression analysis during the statistical evaluation. In the course of the evaluation, we examined three models that differed in terms of tillage methods and the consideration of crop year. In our best fit model, the factors were 71% responsible for the change in yield value. We carried out efficiency and comparative analyses in the course of the economic evaluation.
  Averaged over the three examined years, it can be stated that nutrient supply and crop year had an outstanding effect on yield, while irrigation had a minimal effect. However, global warming may justify irrigation in the future, not only from a biological point of view, but also from an economic aspect.
  Ideal tillage is also greatly affected by crop year, too. Altogether, of the examined tillage systems, subsoiling proved to be the best from an economic point of view.
  Our investigations confirm that it is better to perform intensive farming under more favourable market conditions. The optimum of N fertilisation is probably outside of the range we examined, if the extreme changes in maize and fertiliser prices are ignored.

  JEL Classification: Q16, Q12, Q13, O32

• Note on simple and logarithmic return

  127-136

  Panna Miskolczi

  Views:

  728

  In this paper we describe and clarify the definitions and the usage of the simple and logarithmic returns for financial assets like stocks or portfolios. It can be proven that the distributions of the simple and logarithmic returns are really close to each other. Because of this fact we investigate the question whether the calculated financial risk depends on the use of simple or log returns. To show the effect of the return-type on the calculations, we consider and compare the riskiness order of stocks and portfolios. For our purposes, in the empirical study we use seven Hungarian daily stock prices and for the risk calculation we focus on the following risk measures: standard deviation, semivariance, Value at Risk and Expected Shortfall. The results clearly show that the riskiness order can depend on the use of the return type (i.e. log or simple return). Generally, often – due to missing data or the nature of the analysis – one has to use approximations. We also examine the effect of these approximations on the riskiness order of stocks and of portfolios. We found differences in the riskiness order using exact or approximated values. Therefore, we believe, if this is possible, exact values instead of approximated ones should be used for calculations. Additionally, it is important that one uses the same type of return within one study and one has to be aware of the possible instabilities when comparing return results.

  JEL Code: C18