Asset pricing in created markets


Newell, R. G., Papps, K. L. and Sanchirico, J. N., 2007. Asset pricing in created markets. American Journal of Agricultural Economics, 89 (2), pp. 259-272.

Related documents:

This repository does not currently have the full-text of this item.
You may be able to access a copy if URLs are provided below.

Official URL:


We investigate the applicability of the present-value asset pricing model to fishing quota markets by applying instrumental variable panel data estimation techniques to 15 years of market transactions from New Zealand's individual transferable quota (ITQ) market. In addition to the influence of current fishing rents, we explore the effect of market interest rates, risk, and expected changes in future rents on quota asset prices. The results indicate that quota asset prices are positively related to declines in interest rates, lower levels of risk, expected increases in future fish prices, and expected cost reductions from rationalization under the quota system.


Item Type Articles
CreatorsNewell, R. G., Papps, K. L. and Sanchirico, J. N.
DepartmentsFaculty of Humanities & Social Sciences > Economics
ID Code26075


Actions (login required)

View Item