Master of Science / Department of Agricultural Economics / Kevin C. Dhuyvetter / Structural change within the industry, improved management, and volatility in commodity markets are reasons to evaluate and monitor the dairy industry in the future. The dairy industry has shifted concentration of production between regions over time. The Southern High Plains region, including the states of Colorado, Kansas, Oklahoma, New Mexico, and Texas, has undergone cow inventory growth in the past ten years. Dairies have become more concentrated, management has become more refined, and the commodity markets have become more volatile. Education and tools are readily available to producers with issues on reducing production, animal health, and feed losses. Financial risk is a key area producers have limited knowledge and resources. Mitigating this risk is essential in today‟s marketplace to maximize gains and margins as well as create opportunities for the operation to succeed and be financially sound. There are several resources which approximate returns based on either a point in time reference or complete user input. This study allows users to reflect on 21 years of historical data, 1990-2010, as well as plug in their own data or use default market data to estimate projected returns over the next 12 months. This study also builds a modeling framework that will allow historical dairy returns to be estimated and future returns projected on a regular basis. Over time average herd size has grown to reduce cost per head and producers are more efficient, milk production per cow has increased to over 70 pounds per day. Historically prices have increased over time, but the spread between highs and lows has escalated. This model solidifies that milk price and production are key revenue drivers while feed, replacement costs, and labor are large cost components at 39, 17, and 6 percent, respectively. Additionally, changing market prices can intensify the gain or loss an operation will incur over the short term, the projection model shows 2011 just below breakeven due to strong commodity markets. Dairy operations in the Southern High Plains region have shown positive returns in 108 of 252, 43 percent, months with greatest negative annual returns 2006 and 2009.

Master of Science / Department of Agricultural Economics / Glynn Tonsor / The purpose of our analysis was to examine production strategies in the backgrounder and stocker segments of the beef industry within the Flint Hills region of Kansas. The time period analyzed encompassed 1996-2015. September and November placements of steers in the backgrounding sector of the industry were analyzed with an intended March sale date. Placements considered included 425, 500, and 575 pound steers. April and May placements of steers were analyzed for the industry’s stocking sector with an intended July sale date. Placements considered included 450, 600, and 750 pound steers. Within our analysis historical ex-post net incomes were analyzed, prediction errors were calculated (net income, revenue, and cost of gain), and market incentives/signals were analyzed. While for our historical ex-post net income analysis we did not identify one of the four placement strategies as superior in all 20 years of our analysis, we did find scenarios that were typically superior to others. In terms of backgrounding, November placements were typically superior to September placements, in terms of stocking April placements were typically superior to May placements, and when comparing backgrounding and stocking scenarios stocking scenarios were typically superior. In terms of prediction errors, we found that revenue errors are the main drivers of net income error. In general, within the backgrounding scenarios typical producers who are representative of our model assumptions generally overestimate net incomes which is detrimental to them (make lower profits than they anticipate making), while in stocking scenarios producers underestimate net incomes which is generally beneficial to them (make larger profits than they anticipate making). Market signal/incentive and ex-post net income analysis both indicated that steer weight at time of sale was a large factor influencing backgrounder profitability and decision making, and that pasture rents were a large factor influencing stocker profitability and decision making. In all four scenarios it proved economically beneficial to place lighter steer rather than heavy steers. Further research may include, but is not limited to; adding bulls and heifers to our model, analyzing different placement weights within our model, and allowing for animal performance variability within our model.

This paper examines the efficiency of the Swedish stock market, specifically the Large cap list of the Stockholm stock exchange. This is achieved by implementing the relative strength method of investing during the decade of 2010-2020 and evaluate the results in contrast to the Efficient Market Hypothesis. The relative strength method applied in this paper is the similar strategy that Jagadeesh & Titman (1993) utilized. In short, the strategy is based on buying the historically best performing stocks whilst selling short the previous worst performers. Additionally, the risks associated with the method were examined with the risk measurements of the Jensen Alpha and the Modigliani risk-adjusted performance. The results indicate that the relative strength method is unable to consistently generate above-market returns, so that the study is unable to reject the Efficient Market Hypothesis. In addition, the relative strength method is unable to justify the risks associated.

The aim of this thesis is to compare long term investments, in particular, shares, bonds and bills. Based on the analysis of historical returns in 16 countries in the 20th century. The assets are compared and considered viable for long term investment based on few criteria. The saved amount is calculated by saving one third of current Social Security for 40 years for each asset class based on historical returns. The pension is calculated in two ways. Pension, especially the lowest ones, for each country is compared with the current pension in the Czech Republic.