Master of Science / Department of Agricultural Economics / Mykel Taylor / Forward contracts are one of the main tools used by producers to manage price risk because forward contracts shift the risk from producers to the grain elevator offering the contract. The elevators protect themselves from this risk by hedging, leaving them susceptible to basis risk, which they offset by adding a risk premium to the forward contracts they offer producers. This risk premium is affected by increased volatility and by differences in elevator-specific characteristics at elevator locations across Kansas. This study replicates the results in Taylor, Tonsor, and Dhuyvetter (2013) and adds a set of elevator-specific characteristics to measure their effect on risk premiums. A random effects generalized least squares model is estimated due to the data gathered being panel data. The contribution of this study is to further examine the drivers of risk premiums in forward contracts for Kansas wheat. The results indicate that all of the elevator-specific characteristics in the data set have a statistically significant impact on the value of risk premiums on forward contracts for Kansas wheat. The results also confirm the findings in Mallory, Etienne, and Irwin (2012) and Taylor, Tonsor, and Dhuyvetter (2013) that increased volatility post 2007 caused increases in risk premiums. The risk premiums after the structural break in 2007 increased by $0.069695/bushel, as the average risk premium prior to 2008 was $0.158682/bushel, while the average risk premium after 2007 was $0.228378/bushel.

Thesis (Ph. D.)--University of Washington, 2006. / Vita. Includes bibliographical references (leaves 99-109).

Thesis (M.M.P.)--University of Delaware, 2006. / Principal faculty advisor: George R. Parsons, Dept. of Marine and Earth Studies. Includes bibliographical references.

This paper examines the impact of the building or renovation of a sports arena on net migration and amenity premiums. Swedish municipal data is collected for 289 municipalities over the period 1999 to 2016. The econometric analysis makes use of fixed effects (FE) and feasible generalised linear squares (FGLS) estimation techniques. This study builds on the growing literature of the intangible benefits of sports arenas and is one of the few Swedish studies of its kind. The results show that a sports arena built in year t, realises a 3.458% increase in net migration in year t + 5, for those sports arenas being used by football and ice hockey teams in the highest and second highest leagues.

This paper examines the minority discount due to lack of control by looking at tender offer premiums on Swedish publicly traded firms from 2007 to 2018. We analyze how ownership structure, the acquired stake and distribution of shares affect the minority discount. Variables focusing on control of shares are tested individually but also included in models addressing additional impacts. Our findings suggest that a bidder’s ownership of the target firm prior to the announcement lowers the bidder’s valuation of the remaining shares. However, the relation between premium and ownership seem to depend on a threshold of having a toehold which justifies the argument of toeholds attaining control and influence of the target firm. Correspondingly, the premium per share increases with the partial interest acquired, suggesting a non pro-rata valuation. We find no evidence of additional premium for minority shareholders in squeeze out events. However, equally powerful blockholders in target firms tend to increase bid premiums, arguably due to increased competition which aligns bid premium valuation to the valuation of control between dual class shares.

Firms invest significant resources to improve the quality of their products but also to communicate to consumers about their efforts. However, information regarding quality of product offerings is now increasingly being generated by short or long term users of products or services. The growing popularity of critical reviews has prompted attention from both academics and practitioners alike. Current academic findings do not seem conclusive with respect to the impact critical reviews have on product performance on the market. The current dissertation aims to clarify the role critical reviews have in relation to economic outcomes such as sales, category market share, price premiums and product success. Using four years of cross-sectional data from the automobile market, the first essay of this dissertation conceptualizes consumer and expert ratings as market-based signals and investigates the impact critical reviews have on product performance of new and used automobiles. Results show that both consumer and expert ratings are positively related to market performance (sales and category market share of new automobiles) but they exhibit a non-synergistic interaction. More specifically, at higher levels of consumer ratings, the impact of expert ratings on product performance is decreased and viceversa. Furthermore, results show that critical ratings are significantly associated with the firm's ability to command higher price premiums. Comparatively, a firm-based driver of product performance, product improvement failed to show a significant association with product market performance but it exhibited a non-linear relationship with price premiums. Moreover, the impact of expert ratings proved to be significantly higher for utilitarian products than hedonic products whereas consumer ratings do not have a differential effect across product types. Finally, the results did not show that the impact of consumer ratings on sales of used automobiles is increasing over time. The second essay focuses on expert reviews (entertainment critics) and provides a more nuanced examination of the role of critics and critical reviews and their impact on probability of product success. Based on qualitative data, two types of expert reviews are distinguished to be influential (opinions and evaluations), however, their role differs in importance over time. The hypotheses are tested using data from the fourth season of American Idol. Results show that on average, opinions are significantly impacting the probability of success whereas evaluations do not. Moreover, the numbers of statements that contain evaluation negatively impact the success in early periods. Overall, the results highlight the facts that critical reviews from both experts and consumers should be monitored, that they are a key driver of product market-success and that select expert reviews may influence product success in early stages of product existence.

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This dissertation examines between-brand price premiums from an information processing perspective. A literature review is conducted in which price premiums are shown to depend on consumer's ability, motivation and opportunity to process information relevant to making between-brand judgments of value. A conceptual model is developed that incorporates these three constraints on brand information processing, but focuses on the antecedents of the motivation construct. An experiment is conducted that tests the effects on information processing of four antecedents to motivation: involvement, brand evaluation motive, economic concern, and need for cognition. Results show that involvement interacts with motive in its effect on information processing amount, but not on processing style. Need for cognition is positively related to both amount and style of processing, but the economic concern results were mixed. Finally, implications of the results are discussed and future research directions suggested. / Ph. D.

Law / LL.D. / The contract of insurance is one of the more frequently concluded commercial contracts. The premium which is undertaken in terms of an insurance contract is one of the essential features of the insurance contract. Notwithstanding the obvious importance of the role of the premium and the legal aspects surrounding it, it has in the past often received but scant treatment in insurance-law materials. In this thesis it is shown that there exist a number of aspects regarding the premium which are unclear and in need of careful scrutiny. In the case of certain other aspects (regarding the premium), although there is certainty as to their contents it is necessary to identify and (re-)define their place in the broader scheme of the insurance law. The study commences with an investigation into the historical development of the concepts of "insurance" and "premium". This is followed by a study of the relevant principles of Roman-Dutch law. A comparative study is made of the law in a number of countries, namely, the Netherlands, Belgium, England and Australia. The position in South African law is also considered. An introductory study is made regarding those concepts in South African indigenous law which are insurance-like. Finally, a number of conclusions are drawn and recommendations are made in respect of a selection of aspects regarding the premium which are unclear. These aspects concern the nature of the premium; the question whether "premiumless" or "free" insurance is legally possible; the question whether the parties may agree to insure at a "reasonable premium"; the protection of the insured in the case of the non­ payment of the premium; the receipt of the premium by the broker; the return of the premium where the insured has acted fraudulently; the legal tenability of the practice of insuring the premium; the possibility that the contribution in terms of some concepts of our indigenous law may resemble the premium; and finally, the analogous method as a source of law to extend and broaden the pool of legal principles applicable to the insurance contract.

Law / LL.D. / The contract of insurance is one of the more frequently concluded commercial contracts. The premium which is undertaken in terms of an insurance contract is one of the essential features of the insurance contract. Notwithstanding the obvious importance of the role of the premium and the legal aspects surrounding it, it has in the past often received but scant treatment in insurance-law materials. In this thesis it is shown that there exist a number of aspects regarding the premium which are unclear and in need of careful scrutiny. In the case of certain other aspects (regarding the premium), although there is certainty as to their contents it is necessary to identify and (re-)define their place in the broader scheme of the insurance law. The study commences with an investigation into the historical development of the concepts of "insurance" and "premium". This is followed by a study of the relevant principles of Roman-Dutch law. A comparative study is made of the law in a number of countries, namely, the Netherlands, Belgium, England and Australia. The position in South African law is also considered. An introductory study is made regarding those concepts in South African indigenous law which are insurance-like. Finally, a number of conclusions are drawn and recommendations are made in respect of a selection of aspects regarding the premium which are unclear. These aspects concern the nature of the premium; the question whether "premiumless" or "free" insurance is legally possible; the question whether the parties may agree to insure at a "reasonable premium"; the protection of the insured in the case of the non­ payment of the premium; the receipt of the premium by the broker; the return of the premium where the insured has acted fraudulently; the legal tenability of the practice of insuring the premium; the possibility that the contribution in terms of some concepts of our indigenous law may resemble the premium; and finally, the analogous method as a source of law to extend and broaden the pool of legal principles applicable to the insurance contract.