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An analysis of alternative corn impo...

Chen, Nen-Jing.

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An analysis of alternative corn importing strategies for Taiwan.

Record Type:	Electronic resources : Monograph/item
Title/Author:	An analysis of alternative corn importing strategies for Taiwan./
Author:	Chen, Nen-Jing.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 1988,
Description:	259 p.
Notes:	Source: Dissertation Abstracts International, Volume: 49-09, Section: A, page: 2742.
Contained By:	Dissertation Abstracts International49-09A.
Subject:	Agricultural economics. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=8823099

An analysis of alternative corn importing strategies for Taiwan.
Chen, Nen-Jing.

An analysis of alternative corn importing strategies for Taiwan. - Ann Arbor : ProQuest Dissertations & Theses, 1988 - 259 p.

Source: Dissertation Abstracts International, Volume: 49-09, Section: A, page: 2742.

Thesis (Ph.D.)--University of Illinois at Urbana-Champaign, 1988.

Taiwan grain importers have been under the protection of government policies in importing feed grains since the early 1970's. However, the policy for grain importing will be liberalized in the near future. Under the liberalized purchasing environment, importers will be exposed to various risks in the international market, therefore this study designs, analyzes and recommends to Taiwan importers alternative purchasing strategies for corn from the U.S. The international use of futures markets as a risk management tool has become an important research subject in recent years. This study designs alternative importing strategies for Taiwan corn importers using the futures market; determines the timing of hedging through the use of price forecasts; develops an optimal hedging strategy to determine importers' hedging levels; determines the optimal quantity of physical product to buy and hold in each month utilizing the price forecasts and a quadratic programming model; simulates the costs associated with each strategy; compares purchasing strategies within the context of mean-variance criterion and stochastic dominance procedures; and finally provides marketing and pricing recommendations to Taiwan importers of corn.Subjects--Topical Terms:

3172150
Agricultural economics.

An analysis of alternative corn importing strategies for Taiwan.
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035 $a (MiAaPQ)AAI8823099
035 $a AAI8823099
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100 1 $a Chen, Nen-Jing. $3 3341633
245 1 3 $a An analysis of alternative corn importing strategies for Taiwan.
260 1 $a Ann Arbor : $b ProQuest Dissertations & Theses, $c 1988
300 $a 259 p.
500 $a Source: Dissertation Abstracts International, Volume: 49-09, Section: A, page: 2742.
500 $a Adviser: Raymond M. Leuthold.
502 $a Thesis (Ph.D.)--University of Illinois at Urbana-Champaign, 1988.
520 $a Taiwan grain importers have been under the protection of government policies in importing feed grains since the early 1970's. However, the policy for grain importing will be liberalized in the near future. Under the liberalized purchasing environment, importers will be exposed to various risks in the international market, therefore this study designs, analyzes and recommends to Taiwan importers alternative purchasing strategies for corn from the U.S. The international use of futures markets as a risk management tool has become an important research subject in recent years. This study designs alternative importing strategies for Taiwan corn importers using the futures market; determines the timing of hedging through the use of price forecasts; develops an optimal hedging strategy to determine importers' hedging levels; determines the optimal quantity of physical product to buy and hold in each month utilizing the price forecasts and a quadratic programming model; simulates the costs associated with each strategy; compares purchasing strategies within the context of mean-variance criterion and stochastic dominance procedures; and finally provides marketing and pricing recommendations to Taiwan importers of corn.
520 $a It was found over the data set of 1975-1985 that for importers who buy corn monthly and are slightly risk averse, cash marketing is the best strategy. For importers who buy monthly and are more risk averse, a selective hedge strategy is the best alternative. However, for importers who are within the range of absolute risk aversion studied and buy more when the price and variance of price are expected to be low, the selective hedge strategy is always the best strategy. It is suggested by this study that a more sophisticated forecasting model should be developed for future research and that the forward pricing of the exchange rate should be incorporated to manage exchange rate risk.
590 $a School code: 0090.
650 4 $a Agricultural economics. $3 3172150
690 $a 0503
710 2 $a University of Illinois at Urbana-Champaign. $3 626646
773 0 $t Dissertation Abstracts International $g 49-09A.
790 $a 0090
791 $a Ph.D.
792 $a 1988
793 $a English
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=8823099