rdf-syntax-grammar
mods:
  schema location: http://www.loc.gov/mods/v3 http://www.loc.gov/standards/mods/v3/mods-3-2.xsd
  title info:
    title: Portfolio theory and market efficiency
    sub title: an application to marketing strategies of wheat producers
  name:
    name part: Maberly, Edwin Darrell.
    role:
      role term: creator
  name:
    name part: Barry, Peter J.
    role:
      role term: degree supervisor.
  name:
    name part: Texas A & M University
    role:
      role term: degree granting institution.
  type of resource: text
  genre: bibliography
  genre: Academic theses
  origin info:
    place:
      place term: txu
    date issued: 1978
    issuance: monographic
  language:
    language term: eng
  physical description:
    form: print
    extent: xi, 162 leaves : illustrations ; 28 cm
  abstract: In this study portfolio theory is used within the framework of an efficient market to determine the optimal marketing strategy for a representative wheat producer objective is to maximize expected utility. The problem is stated in a control theory framework which is useful for expressing the temporal features of the problem in terms of the need to allow for sequential decisions through a finite time period. The Efficient Market Hypothesis is reviewed including an analysis of the martingale model used to specify the hypothesis, i.e. mathematically quantify. The martingale model is shown to be consistent with the following three attributes. (1) Successive price changes tend to be in the same direction; (2) successive price changes are statistically dependent, and (3) successive price changes generate a non-random series, i.e., serial dependency. It is also pointed out that the Efficient Market Hypothesis is a relative concept and is not independent of the market participant. The expected utility maximizing strategy is developed for a representative wheat producer where the only decision parameter is the optimal level of spot sales over series of decision points. The optimal marketing strategy, assuming market efficiency, results in a sequential allocation of spot sales over the planning horizon with the planning horizon being one year in length and coinciding with the marketing year, i.e., June-June. The relative share of the initial endowment sold at each decision point is indeterminate in general and thus will vary between decision makers. The underlying reasons for this statement are due to differing expectations concerning "net" price changes and the non-homogeneity of preferences. The expected seasonal price change adjusted for holding and storage cost equals the expected net price change. A review of the literature with respect to market efficient in the commodity market is presented to substantiate the assumption that the wheat market is efficient. ...
  note: "Major subject: Agricultural Economics."
  note: Vita.
  note: Texas A & M University
  note: Includes bibliographical references (leaves 133-138).
  subject:
    topic: Wheat trade
  subject:
    topic: Wheat
    topic: Prices
  subject:
    topic: Major agricultural economics
  identifier: http://proxy.library.tamu.edu/login
  identifier: https://hdl.handle.net/1969.1/DISSERTATIONS-319427
  related item:
    location:
      url: http://proxy.library.tamu.edu/login
  related item:
    location:
      url: https://hdl.handle.net/1969.1/DISSERTATIONS-319427
  record info:
    record content source: TXA
    record creation date: 790116
    record change date: 20220103135405.0
    record identifier: in00000304248
    language of cataloging:
      language term: eng