Template-Type: ReDIF-Article 1.0 Author-Name: Peter Árendáš Author-Workplace-Name: Department of Banking and International Finance, Faculty of National Economy, University of Economics in Bratislava, Bratislava, Slovakia Author-Name: Jana Kotlebová Author-Workplace-Name: Department of Banking and International Finance, Faculty of National Economy, University of Economics in Bratislava, Bratislava, Slovakia Title: Agricultural commodity markets and the Turn of the month effect Abstract: The Turn of the month (ToM) effect is a calendar anomaly when the majority of returns of an asset are concentrated into several days around the end of the old month and the start of the new one. Until now, the investigation of the ToM effect has mainly been focused on the stock markets. However, this paper investigates the presence of the ToM effect in eight key agricultural commodity markets (cocoa, coffee, corn, cotton, rice, soybean, sugar, wheat), using three different alternatives of the ToM window, during the 2001-2021 time period. The results show a statistically significant ToM effect in the rice, coffee, and sugar markets. Further results show that the ToM pattern changed during the COVID-19 pandemic, and that, in the case of commodities with a statistically significant ToM effect, the ToM effect can be efficiently used to beat the buy & hold investment strategy convincingly. Keywords: abnormal return, calendar anomaly, investment strategy, market efficiency Journal: Agricultural Economics Pages: 101-108 Volume: 69 Issue: 3 Year: 2023 DOI: 10.17221/17/2023-AGRICECON File-URL: http://agricecon.agriculturejournals.cz/doi/10.17221/17/2023-AGRICECON.html File-Format: text/html X-File-Ref: http://agriculturejournals.cz/RePEc/caa/references/age-202303-0001.txt Handle: RePEc:caa:jnlage:v:69:y:2023:i:3:id:17-2023-AGRICECON Template-Type: ReDIF-Article 1.0 Author-Name: Dejan Živkov Author-Workplace-Name: Department of Economics, Novi Sad School of Business, University of Novi Sad, Novi Sad, Serbia Author-Name: Biljana Stankov Author-Workplace-Name: Department of Economics, Novi Sad School of Business, University of Novi Sad, Novi Sad, Serbia Author-Name: Nataša Papić-Blagojević Author-Workplace-Name: Department of Economics, Novi Sad School of Business, University of Novi Sad, Novi Sad, Serbia Author-Name: Jelena Damnjanović Author-Workplace-Name: Department of Economics, Novi Sad School of Business, University of Novi Sad, Novi Sad, Serbia Author-Name: Željko Račić Author-Workplace-Name: Department of Economics, Novi Sad School of Business, University of Novi Sad, Novi Sad, Serbia Title: How to reduce the extreme risk of losses in corn and soybean markets? Construction of a portfolio with European stock indices Abstract: Because of the COVID-19 pandemic and the war in Ukraine, agricultural commodities had significant price increases, which inevitably implies high risk. In this article, we try to mitigate the extreme risk of corn and soybeans by constructing multivariate portfolios with developed and emerging European stock indices. We measured extreme risk via conditional value at risk. To address different goals that investors might prefer, we produced portfolios with the lowest risk and highest return-to-risk ratio. According to the results, corn and soybeans had relatively high portfolio shares. However, they are the riskiest assets because they have a very low pairwise correlation with the stock indices. Portfolios with emerging European indices had better risk-reducing results, considering both agricultural commodities because these indices are less risky than developed indices. In particular, the risk reductions of corn were 38% and 50% in the portfolios with developed and emerging stock indices, respectively, whereas, for soybeans, the results were 28% and 41%, respectively. In optimal portfolios, emerging European stock indices had the upper hand in most cases. Keywords: agricultural commodities, portfolio optimisation, risk-minimising optimal portfolios Journal: Agricultural Economics Pages: 109-118 Volume: 69 Issue: 3 Year: 2023 DOI: 10.17221/371/2022-AGRICECON File-URL: http://agricecon.agriculturejournals.cz/doi/10.17221/371/2022-AGRICECON.html File-Format: text/html X-File-Ref: http://agriculturejournals.cz/RePEc/caa/references/age-202303-0002.txt Handle: RePEc:caa:jnlage:v:69:y:2023:i:3:id:371-2022-AGRICECON Template-Type: ReDIF-Article 1.0 Author-Name: Zdeňka Žáková Kroupová Author-Workplace-Name: Faculty of Economics and Management, Czech University of Life Sciences Prague, Czech Republic Author-Name: Lukáš Čechura Author-Workplace-Name: Faculty of Economics and Management, Czech University of Life Sciences Prague, Czech Republic Author-Name: Matěj Opatrný Author-Workplace-Name: Institute of Economic Studies, Faculty of Social Sciences, Charles University, Prague, Czech Republic Author-Workplace-Name: The Environment Centre, Charles University, Prague, Czech Republic Author-Name: Zuzana Hloušková Author-Workplace-Name: Liaison Agency FADN CZ, Institute of Agricultural Economics and Information, Prague, Czech Republic Author-Name: Iveta Mlezivová Author-Workplace-Name: Liaison Agency FADN CZ, Institute of Agricultural Economics and Information, Prague, Czech Republic Title: Assessment of the impact of agricultural support on crop diversity Abstract: This study examines the impact of agricultural support on crop diversity measured by a diversity index. Our results indicate that agricultural subsidies have a limited effect on agricultural biodiversity. By using unique farm-level data, we show that subsidies support the income of farmers rather than the agricultural biodiversity. The results are robust regarding the size, practice management and altitude of the agricultural holdings' operations and various measures of agricultural biodiversity. However, when interpreting the results, the limitations of biodiversity indices should be considered. Keywords: biodiversity index, Czech Republic, panel data regression, subsidies Journal: Agricultural Economics Pages: 89-100 Volume: 69 Issue: 3 Year: 2023 DOI: 10.17221/387/2022-AGRICECON File-URL: http://agricecon.agriculturejournals.cz/doi/10.17221/387/2022-AGRICECON.html File-Format: text/html X-File-Ref: http://agriculturejournals.cz/RePEc/caa/references/age-202303-0003.txt Handle: RePEc:caa:jnlage:v:69:y:2023:i:3:id:387-2022-AGRICECON Template-Type: ReDIF-Article 1.0 Author-Name: Emma Bruno Author-Workplace-Name: 3 Department of Methods and Models for Economics, Territory and Finance, Faculty of Economics, Sapienza University of Rome, Rome, Italy Author-Name: Rosalia Castellano Author-Name: Gennaro Punzo Author-Workplace-Name: 3 Department of Methods and Models for Economics, Territory and Finance, Faculty of Economics, Sapienza University of Rome, Rome, Italy Author-Name: Luca Salvati Title: Towards diverging land prices in agricultural districts? Evidence from Italy before and after the great crisis Abstract: In recent decades, farmland markets have risen sharply due to their attractiveness as safe investment and savings allocation instruments. This growth has occurred globally at different rates due to the uneven expected returns, and potential land uses in different regions. This paper provides evidence of the convergence of Italian farmland markets between 1990 and 2019 by using data on average land prices with a geographically detailed resolution that considers both administrative and altitude aspects of territories. The analysis combines traditional economic convergence approaches with spatial data exploration techniques. The results are consistent and show that territorial disparities in Italian farmland markets tend to increase over the study period. This proves that divergence patterns reflect the well-established North-South dualism and disparities in socio-economic characteristics. Keywords: convergence analysis, farmland markets, spatial autocorrelation, spatial clusters Journal: Agricultural Economics Pages: 119-127 Volume: 69 Issue: 3 Year: 2023 DOI: 10.17221/395/2022-AGRICECON File-URL: http://agricecon.agriculturejournals.cz/doi/10.17221/395/2022-AGRICECON.html File-Format: text/html X-File-Ref: http://agriculturejournals.cz/RePEc/caa/references/age-202303-0004.txt Handle: RePEc:caa:jnlage:v:69:y:2023:i:3:id:395-2022-AGRICECON