Template-Type: ReDIF-Article 1.0 Author-Name: Slawomir JUSZCZYK Author-Workplace-Name: Department of Economics and Organization of Enterprises, Faculty of Economic Sciences, Warsaw University of Life Sciences, Warsaw, Poland Author-Name: Rafal BALINA Author-Workplace-Name: Department of Economics and Organization of Enterprises, Faculty of Economic Sciences, Warsaw University of Life Sciences, Warsaw, Poland Title: The creative ways of improving the enterprise's financial outcome Abstract: The aim of the paper is to propose a discussion about five ways of improving the effectiveness in an enterprise as a result of singular decisions in the light of the rational managing principle as it has been understood so far as well as in a proposed extended version. The results of authors' researches indicate that the rational managing principle, also in the meaning ex ante, does not exhaust the complexity of this issue. The authors suggest an extension of the content of this principle. The improvement of the enterprise's financial outcome may be achieved in five ways. There are 25 variants of the change of the production value with respect to the change of the total or individual costs. Keywords: rational activity, rational managing principle, ways of improving the financial outcome Journal: Agricultural Economics Pages: 147-158 Volume: 60 Issue: 4 Year: 2014 DOI: 10.17221/36/2013-AGRICECON File-URL: http://agricecon.agriculturejournals.cz/doi/10.17221/36/2013-AGRICECON.html File-Format: text/html X-File-Ref: http://agriculturejournals.cz/RePEc/caa/references/age-201404-0001.txt Handle: RePEc:caa:jnlage:v:60:y:2014:i:4:id:36-2013-AGRICECON Template-Type: ReDIF-Article 1.0 Author-Name: Karel JANDA Author-Workplace-Name: Faculty of Finance and Accounting, University of Economics, Prague, Czech Republic Author-Workplace-Name: Institute of Economic Studies, Faculty of Social Sciences, Charles University, Prague, Czech Republic Author-Name: Pavel ZETEK Author-Workplace-Name: Faculty of Finance and Accounting, University of Economics, Prague, Czech Republic Title: Macroeconomic factors influencing interest rates of microfinance institutions in the Latin America and the Caribbean Abstract: Agricultural output in developing countries still represents a substantial part of the GDP. This ratio has actually increased in some areas such as the Latin America. As such, there is an increasing importance of microfinance institutions (MFIs) focusing on the activities associated with agriculture and encouraging entrepreneurship in agriculture and in the rural communities in general. The contribution of microfinance institutions consists mainly in providing special-purpose loans, usually without collateral. However, questions exist as to the magnitude and the adequate level of risk of providing micro-credit loans in relation to the interest rates being charged. We review two main approaches to setting interest rates in the MFIs. One approach takes the view that interest rates should be set at a high level due to the excessive risk that these institutions undertake. The second approach is to convince the public of the possibility of reducing these rates through cost savings, increased efficiency, and sharing best practice, etc. Subsequently we econometrically analyse the impact of macroeconomic factors on the microfinance interest rates in Latin America and the Caribbean. We show that these results depend on the chosen indicator of interest rate. Keywords: microfinance, interest rate, macroeconomic factors, agriculture Journal: Agricultural Economics Pages: 159-173 Volume: 60 Issue: 4 Year: 2014 DOI: 10.17221/62/2013-AGRICECON File-URL: http://agricecon.agriculturejournals.cz/doi/10.17221/62/2013-AGRICECON.html File-Format: text/html X-File-Ref: http://agriculturejournals.cz/RePEc/caa/references/age-201404-0002.txt Handle: RePEc:caa:jnlage:v:60:y:2014:i:4:id:62-2013-AGRICECON Template-Type: ReDIF-Article 1.0 Author-Name: Josef TAUŠER Author-Workplace-Name: Faculty of International Relations, University of Economics, Prague Author-Name: Radek ČAJKA Author-Workplace-Name: Faculty of International Relations, University of Economics, Prague Title: Hedging techniques in commodity risk management Abstract: The article focuses on selected aspects of risk management in agricultural business with the aim to discuss and compare different hedging methods which are relevant for managing the commodity risks associated with agricultural production. The article provides a broader context for understanding the risks and possible responses to it and analyses four basic hedging strategies - commodity futures, forward contracts, options and option strategies. The substance, advantages and disadvantages of each hedging technique are pointed out and compared to each other with the conclusion that there is always some kind of trade-off between the advantages and disadvantages of the particular strategies. The farmers shall, therefore, consider both all aspects of the relevant strategies and their expectations, before they make the final decision which instruments to use. Keywords: commodity risks, hedging, commodity derivatives Journal: Agricultural Economics Pages: 174-182 Volume: 60 Issue: 4 Year: 2014 DOI: 10.17221/120/2013-AGRICECON File-URL: http://agricecon.agriculturejournals.cz/doi/10.17221/120/2013-AGRICECON.html File-Format: text/html X-File-Ref: http://agriculturejournals.cz/RePEc/caa/references/age-201404-0003.txt Handle: RePEc:caa:jnlage:v:60:y:2014:i:4:id:120-2013-AGRICECON Template-Type: ReDIF-Article 1.0 Author-Name: Martin ZIEGELBAECK Author-Workplace-Name: University of Natural Resources and Life Sciences - BOKU, Vienna, Austria Author-Name: Guenther BREUER Author-Workplace-Name: University of Natural Resources and Life Sciences - BOKU, Vienna, Austria Title: The role of market makers in the Euronext milling wheat contract Abstract: The knowledge of transaction costs is important for market participants. Profits accrued while dealing in e.g. commodity futures do not just depend on the development of the futures or the underlying commodity, but on the transaction costs as well. In the commodity futures markets, transaction costs - usually addressed as the bid/ask spread - are influenced if not set by the market makers (liquidity providers) and other intermediaries that broker the contracts. This paper tests the assumption that liquidity providers have the ability to shift prices, and this ability is negatively correlated with the degree of competition. Using Roll's measure (1984) to estimate the bid/ask spread, the authors can show that liquidity providers do have an influence on prices. To put this result into context, the margin for market makers is calculated on the basis of transactions in wheat-futures at the Euronext Paris that took place in May 2012, ranges between 0.0047% and 0.0055%. It is within this margin that market-makers could influence market prices of the wheat contract. Keywords: market maker, milling wheat futures, roll's measure, transactions costs Journal: Agricultural Economics Pages: 183-187 Volume: 60 Issue: 4 Year: 2014 DOI: 10.17221/65/2013-AGRICECON File-URL: http://agricecon.agriculturejournals.cz/doi/10.17221/65/2013-AGRICECON.html File-Format: text/html X-File-Ref: http://agriculturejournals.cz/RePEc/caa/references/age-201404-0004.txt Handle: RePEc:caa:jnlage:v:60:y:2014:i:4:id:65-2013-AGRICECON Template-Type: ReDIF-Article 1.0 Author-Name: Li JIANG Author-Workplace-Name: State Key Laboratory of Earth Surface Processes and Resource Ecology, Beijing Normal University, Beijing, China Author-Name: Xuefeng CUI Author-Workplace-Name: State Key Laboratory of Earth Surface Processes and Resource Ecology, Beijing Normal University, Beijing, China Author-Name: XU Xia Author-Workplace-Name: State Key Laboratory of Earth Surface Processes and Resource Ecology, Beijing Normal University, Beijing, China Author-Name: Yuan JIANG Author-Workplace-Name: State Key Laboratory of Earth Surface Processes and Resource Ecology, Beijing Normal University, Beijing, China Author-Name: Mark ROUNSEVELL Author-Workplace-Name: School of GeoSciences, University of Edinburgh, United Kingdom Author-Name: Dave MURRAY-RUST Author-Workplace-Name: School of GeoSciences, University of Edinburgh, United Kingdom Author-Name: Yinghui LIU Author-Workplace-Name: College of Resources Science and Technology, Beijing Normal University, Beijing, China Title: A simple global food system model Abstract: In this study, we develop a simple dimension model to construct the food system in response to the population growth, the land use change and various socio-economic developments. The model simulates the consumption and production of agricultural goods in the individual countries, and maintains the global balance of food through the international trade flows between countries. Although there are some biases in the model results at the country levels, we suggest that such a simple model is feasible for simulating the global food supply system and assessing the uncertainties coming from various environmental and socio-economic factors. Keywords: food model, consumption and production, food trade Journal: Agricultural Economics Pages: 188-197 Volume: 60 Issue: 4 Year: 2014 DOI: 10.17221/40/2013-AGRICECON File-URL: http://agricecon.agriculturejournals.cz/doi/10.17221/40/2013-AGRICECON.html File-Format: text/html X-File-Ref: http://agriculturejournals.cz/RePEc/caa/references/age-201404-0005.txt Handle: RePEc:caa:jnlage:v:60:y:2014:i:4:id:40-2013-AGRICECON