NC_old1177: Agricultural and Rural Finance Markets in Transition

(Multistate Research Project)

Status: Active

Project Menu

SAES-422 Reports

Annual/Termination Reports:

[01/14/2020] [09/23/2021] [11/08/2021] [08/22/2022] [11/06/2022] [12/22/2023]

Date of Annual Report: 01/14/2020

Report Information

Annual Meeting Dates: 10/08/2019 - 10/09/2019
Period the Report Covers: 01/01/2019 - 12/31/2019

Participants

Participants Attachment:

NC1177_Participants_2019.pdf

Brief Summary of Minutes

Minutes Attachment:

NC1177_Report and Minutes_2019.pdf

Accomplishments

Publications

Impact Statements

Date of Annual Report: 09/23/2021

Report Information

Annual Meeting Dates: 10/22/2020 - 10/22/2020
Period the Report Covers: 10/01/2019 - 09/30/2020

Participants

NC-1177 Day 1 Attendees:
Calum Turvey, Cornell University
Brady Brewer--Purdue University
Ana Claudia Sant'Anna - West Virginia University
Ani Katchova, The Ohio State University
Cortney Cowley, Federal Reserve Bank of Kansas City
Margaret Jodlowski, The Ohio State University
Rod Rejesus, NC State University
Gianna Short, USDA FPAC-BC
Tia McDonald, USDA ERS
Youwei Yang, Cornell University
Carrie Litkowski, USDA-ERS
Eric Belasco, Montana State University
Jenny Ifft, Kansas State University
Serkan Aglasan, NC State University
Valentina Hartarska
Harun Bulut, National Crop Insurance Services NCIS
Ann Johanns, Iowa State University
Kevin Kim, Ohio State University
Nate Kauffman, KC Fed
Dipak Subedi USDA-ERS
Bruce Ahrendsen, University of Arkansas
Anil Giri, ERS USDA
Wendong Zhang, Iowa State University
Ryan Drollette, Iowa State University
Kexin Ding, Ohio State University
Amanda Smith, The University of Georgia
Jeff Hopkins, Economic Research Service USDA - thanks putting this on!
Lawson Connor - Louisiana State University
Chris Boyd - University of Minnesota
Youan Qian, Texas A&M University
Juo-Han Tsay - University of Illinois
Nate Payton - AgriBank
Stephen McMorries - Federal Reserve Bank of St. Louis
Chen-Ti Chen - Iowa State
Xudong Rao, North Dakota State University
Steele West
Dave Harper
Marc Bellemare, University of Minnesota
Joe Janzen, University of Illinois
Iuliia Tetteh, Illinois State University
David Oppedahl, Chicago Fed

Participants Attachment:

NC1177_Attendees_10212020.docx

Brief Summary of Minutes

Minutes (see file attached below for the meeting schedule)

Called to order: 1:32 pm Central time

Informational items
1. Status of NC-1177 Multi-state project (renewed effective October 1, 2019)
  1. Please be prepared to share your work for NC-1177 reporting when Wendong reaches out closer to the deadline(s)
  2. It will be several years before we need to renew the project; thank you to previous years’ leaders for handling the most recent renewal!
2. AAEA AFM Section update
  1. Please let us (AFM leaders) know if you have any ideas for track sessions or other activities at the 2021 AAEA Annual Meeting
  2. AAEA has a Nov. 8 deadline for suggestions

AFM leadership spoke with AAEA Board Member Tim Beatty
1. New AAEA journal will be open-access, similar to Q-open

Ongoing discussions about plans for what to do with AFM’s increasing funds
1. Awards for graduate student travel to AAEA, NC-1177?
2. Lower membership costs?
3. Attach financial components to section awards?

Plans for future NC-1177 meetings (dates, locations, etc.)
1. If possible, hopes to host the 2021 meeting at the Atlanta Fed
2. A lot of uncertainty, especially on the Fed’s side of things

No firm announcements at this time, might have to wait until June, 2021 for any more concrete information

If university travel is permitted but Fed locations are not an option, we may consider hosting at a university site… however, we “greatly appreciate the KC Fed hosting NC-1177 and NACC in-person as well as virtually” (Bruce Ahrendsen)

Journal updates
1. Ag Finance Review
  1. Todd Kuethe took over the journal from Cal Turvey in July
  2. Truly a global journal with a global reach
  3. The journal is doing well, is basically competitive with other regional Ag Econ journals
  4. The journal is now in its 80^th year
  5. Three requests:
    1. SUBMIT to the AFR
    2. REVIEW for the AFR
    3. CITE papers published in the AFR
  6. AFR is now an “A-level” journal in the European SIR rankings (this is a big deal!)
  7. There is a new special issue planned for nontraditional finance
    1. Guest-edited by Jenny Ifft, Brady Brewer, and a to-be-determined ERS guest editor
    2. Partnership with ERS
    3. $5000 incentive for completed articles
    4. Interested in a wide range of papers
    5. Thinking about setting up a related organized symposium for the AAEA Annual Meeting
  8. AAEA Journals
    1. See discussion above
  9. Old business
    1. What is the best way to solicit, accept, and schedule presentations at NC-1177 meetings?
      1. Historically, presentations ended up on AgEcon Search, is that the plan this year? (Wendong will ask for presenters’ permission)
      2. Please share suggestions/comments/concerns with NC-1177 leadership
    2. Feedback on the format of this year’s sessions
  10. New business
    1. Members announced upcoming job openings at their institutions
  11. Election of new officers
    1. Current officers are Brady Brewer (Past President), Wendong Zhang (President) and Lawson Conner (President-elect/Secretary)
    2. Todd Kuethe nominated and it was seconded that Ana Cláudia Sant’Anna be NC-1177 president elect
      1. Elected without objection.
    3. At the end of this meeting, NC-1177 leadership will be: Wendong Zhang (Past President), Lawson Conner (President), and Ana Cláudia Sant’Anna (President-elect/Secretary)

Minutes Attachment:

Minutes_2020.docx

Accomplishments

Publications

All presentation files have been posted online at <a href="https://ageconsearch.umn.edu/search?ln=en&cc=2389">https://ageconsearch.umn.edu/search?ln=en&cc=2389</a>

Impact Statements

Date of Annual Report: 11/08/2021

Report Information

Annual Meeting Dates: 10/06/2021 - 10/07/2021
Period the Report Covers: 10/01/2020 - 09/30/2021

Participants

Attendees:
Bruce Ahrendsen, University of Arkansas
Cortney Bir, Oklahoma State University
Lawson Connor, Louisiana State University
Jeffrey W. Hopkins, USDA-ERS
Todd Kuethe, Purdue University
Ana Claudia Sant’Anna, West Virginia University
Francisco Scott, Federal Reserve Bank of Kansas City
Wendong Zhang, Iowa State University
Dave Harper
Jennifer Ifft, Kansas State University
Calum Turvey, Cornell University
Ani Katchova, The Ohio State University
Margaret Jodlowski, The Ohio State University
Andrew Stevens, University of Wisconsin
Will Secor, University of Georgia
Allen Featherstone, Kansas State University
Maria Bampasidou, Louisiana State University
Brandy Gerry, Federal Reserve Bank of Kansas City
Pedro Diaz, Frankfurt School of Finance and Medicine
Nate Kauffman, Federal Reserve Bank of Kansas City
Helene Nguemgaing, West Virginia University
Siddhartha Bora, The Ohio State University
Rabail Chandio, The Ohio State University
Anil K. Giri, USDA-ERS
Hannah E. Shear, Oklahoma State University
Whoi Choi, Oklahoma State University
Roderick Rejesus, North Carolina State University
Kexin Ding, The Ohio State University
Valentina
Ty Kreitman, Federal Reserve Bank of Kansas City
Rotimi Odeh, California State University Stanislaus
Ashok Mishra, Arizona State University
Chad Fiechter, Purdue University
Eugene Nuworsu, Purdue University
Hari Regmi, Purdue University
Dipak Subedi, USDA-ERS
Gianna Short, USDA
Kate Fuller, Montana State University
Mario Ortez, Purdue University
Noah Roznik, Arizona State University
Pete Drost, Purdue University
Pin Lu, Michigan State University
Sam
Sanchez Philocles, Purdue University
Tia McDonald, USDA-ERS
Xiaoyi Fang, Purdue University
Zack Neuhofer, Purdue University
Zhangliang Chen, University of Illinois at Urbana-Champaign

Participants Attachment:

NC-1177 attendees_2021.docx

Brief Summary of Minutes

NC-1177 Multi-state Research Project on Agricultural and Rural Finance Markets in Transition

Annual Meeting, via videoconference

Thursday, October 7, 2021

Minutes

Called to order: 12:40 PM Central Time

Informational items
1. Status of NC-1177 Multi-state project (renewed effective October 1, 2019)
  1. Meeting slides, abstracts, and upload on NIMMS for reporting purposes. Publications, book chapters, related work to submit
  2. In the interest of reporting on the work of the multistate, collecting work from members related to the multistate but not otherwise reported. Reporting on impacts through societal measures like industry impacts for example.
  3. U of Missouri requested entering the multistate
  4. Lawson will reach out for needed information and add the years that are missing from the previous years to go to AgEcon Search (Ani’s suggestion)
2. AAEA AFM updates
  1. Deadline for track sessions is Dec. 2^nd 2021. Andrew will send a call and assemble track sessions for the 2022 AAEA meeting. We have 2 sessions allocated
  2. Recap on new journal. JAAEA released early next year. Open access journals and it will be linked to AJAE and AEPP so submissions not a good fit for these journals will be given the option to be forwarded to this new journal

Summarizing plans on using AFM’s increasing funds
1. Awards: Travel grand. Ana Claudia mentioned that the first draft of the proposal was circulated but no feedback was provided. We welcome feedback and if no objections arise, we will have students to apply for the NC1177 meetings and the following year for AAEA.

Plans for future NC-1177 meetings (dates, locations, virtual vs in-person)
1. Virtual meeting for the last 2 years. Uncertainty for the next year.
2. Valuable to continue with NACC and use their facilities and interaction with industry.

Suggestion of having a second in-person meeting not in the Fall. Funds come with these meetings. One in this fiscal year and one for the next fiscal (the usual Fall meeting). Perhaps not with NACC this Spring.
1. Suggestions on holding second meeting: Joining with the SCC-76 meeting in the spring, rotating years they join us and we join them. Joining with the NACC meeting in Washing DC. Meeting on a college campus.
2. Suggestions for spring meeting format: Round table vs presentation style. Discuss potential research and seek opportunities for collaboration on topics of interest. Meet in sub-groups of topics of interest. Potential discussion on AFRI grant proposals.
3. Agree to have meeting in the spring. NC-1177 executive members to meet and work on options for spring meeting with SCC-76.

Journal Update
1. Ag Finance Review
  1. About 20 papers for publication in the next year and 15 are under review. Two special issues are coming.
  2. 135 submissions and have published the 5^th and final issue for current (2021) volume.
  3. Requests:
    1. Review for the journal. Foreign reviewers with interest in finance and land values welcome.
    2. Submit to the journal. Let department heads know the good quality of the journal.
    3. Cite research published in the journal
  4. Previous special issue wrapped up and requests for other special issues related to the topic area of the journal are welcome. Need 6-10 papers for a special issue.
2. AAEA journals
  1. See discussion in AAEA AFM updates
3. Old business
  1. What is the best way to solicit, accept, and schedule presentations at NC-1177 meetings?
    1. Will place presentations on AgEcon Search and back fill (discussed above)
  2. Things we can improve on.
    1. Continue lightning sessions. Think of how to accommodate job market students
  3. New business
    1. Announcements/Changes
      1. Purdue (2 positions), Cornell (1 position), Kansas (1 position), LSU (2 positions)
    2. Other announcements
      1. GSS will start a series of seminars. One series would be on ag finance management topic. Waiting on two more graduate students to sign up. An AFM member, or more, would be searched to provide feedback to the presenters.
    3. Election of new officers
      1. Current officers are Wendong Zhang (Past President), Lawson Connor (President), Ana Cláudia Sant’Anna (President-elect/secretary)
      2. Andrew Stevens nominated and seconded to be NC-1177 president elect
        
        Elected without objection
      3. At the end of the meeting, NC-1177 leadership will be: Lawson Connor (Past President), Cláudia Sant’Anna (President), Andrew Stevens (President-elect/secretary)

Adjourn 1:48 PM Central Time

Minutes Attachment:

NC1177_minutes_2021.pdf

Accomplishments

Member Accomplishments in 2021 Member Name: Ani Katchova Journal articles: Kuethe, T.H., S.S. Bora, and A.L. Katchova. “Improving ERS’s Net Cash Income Forecasts using USDA Baseline Projections.” Journal of Agricultural and Resource Economics (2021). <a href="https://doi.org/10.22004/ag.econ.310528">https://doi.org/10.22004/ag.econ.310528</a>   Bora, S.S., A.L. Katchova, and T.H. Kuethe. “The Rationality of USDA Forecasts under Multivariate Asymmetric Loss.” American Journal of Agricultural Economics (2021) 103, 3:1006-1033. <a href="https://doi.org/10.1111/ajae.12142">https://doi.org/10.1111/ajae.12142</a>   Isengildina-Massa, O., B. Karali, T.H. Kuethe, A.L. Katchova. “Joint Evaluation of the System of USDA’s Farm Income Forecasts.”  Applied Economic Perspectives and Policy (2021). <a href="https://doi.org/10.1002/aepp.13064">https://doi.org/10.1002/aepp.13064</a>   Sant’Anna, A.C., C. Cowley, and A.L. Katchova. “Exploring the Relationship between Land Values and Credit Availability.” Journal of Agricultural and Applied Economics (2021) 53: 209-228. <a href="https://doi.org/10.1017/aae.2020.32">https://doi.org/10.1017/aae.2020.32</a>   Chen, J., A.L. Katchova, and C. Zhou. “Agricultural Loan Delinquency Prediction Using Machine Learning Methods.” International Food and Agribusiness Management Review (2021) 24(5): 797-812. <a href="https://doi.org/10.22434/IFAMR2020.0019">https://doi.org/10.22434/IFAMR2020.0019</a>   Dinterman, R., and A.L. Katchova. “Survival Analysis of Farm Bankruptcy Filings: Evaluating the Time to Completion of Chapter 12 Bankruptcy Cases.” Agribusiness: An International Journal (2021) 37, 2:324-347. <a href="https://doi.org/10.1002/agr.21662">https://doi.org/10.1002/agr.21662</a>   Grants: “Evaluating the USDA Agricultural Baseline Projections.” PI: A.L. Katchova, GRAs: Siddhartha Bora, Rabail Chandio, and Kexin Ding, USDA-ERS Cooperative Agreement, ERS Administrator Office, $90,000, 2021-2023.   Awards: Outstanding Research Award for American Journal of Agricultural Economics article “The Rationality of USDA Forecasts under Multivariate Asymmetric Loss,” by Bora, Katchova, and Kuethe, Agricultural Finance and Management Section, Agricultural and Applied Economics Association, 2021.         Member Name: Ana Claudia Sant’Anna   Journal articles: Nguemgaing, H.* and Sant’Anna, A.C. 2021 “The Impact of Supply Chain Disruptions on Stock Market Returns during Covid-19” Agriculture Finance Review. 2021: Vol. ahead-of-print No. ahead-of-print. (<a href="https://nam02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fdoi.org%2F10.1108%2FAFR-06-2021-0083&data=04%7C01%7CLConnor%40agcenter.lsu.edu%7Cac6622a24092496ab1c508d98e654513%7C804b509899084bdf9c06b3df777563aa%7C0%7C0%7C637697387868383449%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C1000&sdata=9MQxJ5tUANOg3EZrPuX9aP86CrWR8CuGkwsHAdz%2Bb0k%3D&reserved=0">LINK</a>)    Sant’Anna, A.C., Katchova, A. L., Cowley, C. “Exploring the relationship between land values and credit availability” Journal of Agricultural and Applied Economics, 2021:1-20 <a href="https://nam02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.cambridge.org%2Fcore%2Fjournals%2Fjournal-of-agricultural-and-applied-economics%2Farticle%2Fexamining-the-relationship-between-land-values-and-credit-availability%2F6132483B8FC1FD87CEFF09E51450F18F&data=04%7C01%7CLConnor%40agcenter.lsu.edu%7Cac6622a24092496ab1c508d98e654513%7C804b509899084bdf9c06b3df777563aa%7C0%7C0%7C637697387868393410%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C1000&sdata=u2KIhMVLMXuzpqOkxrsuurELzxUYAmaCuDOk2xJv%2Buo%3D&reserved=0">(LINK)</a>    Non-Peer Reviewed: Demko, I; Sant'Anna, A. C., Liang, K. (2021) "An Overview of the Paycheck Protection Program (PPP) Loans and Implications to Agricultural Enterprise Recovery from COVID" Journal of Agriculture, Food Systems, and Community Development (accepted)     Awards: Distinguished <a href="#x__msocom_1">[ACS1]</a> Professional Contribution Award, awarded by the Southern Agricultural Economics Association, 2021. (SAEA Poster)   Grants: Alcorn State University Policy Research Center – Sub-Award ($55,011). “How diverse if FCS Leadership? A report on the ethical and cultural representation of FCS governing boards and leadership staff” Sant’Anna, A.C. (PI). Approved.    Conference Presentations 2021 (* indicates student): AAEA Meetings,  Sant'Anna, A.C.(presenter) and Demko, I. Can FinTech and Non-Traditional lenders increase credit access in Agriculture? Evidence from the Paycheck Protection Program.  2021   34th Annual Virtual Graduate Student Research and Creative Scholarship Conference. Nguemgaing, H. (presentation*) and Sant'Anna, A.C. How Covid-19   Affected   the   Stock   Market   Returns   of   Meat   Processors   in   The   U.S:   An   Event   Study Approach   NAREA Annual Conference. Nguemgaing, H. (presentation*) and Sant'Anna, A.C. How   Covid-19   Affected   the   Stock   Market   Returns   of   Meat   Processors   in   The   U.S:   An   Event   Study Approach   Posters: SAEA Virtual Annual Meeting (poster) Nguemgaing, H. and Sant'Anna, A.C. The Impact of Supply Chain Disruptions on Stock Market Returns During Covid-19. 2021

Publications

2021 fall meeting slides can be found online at: <a href="https://ageconsearch.umn.edu/search?cc=2422&ln=en&c=2422">AgEcon Search - 2021 NC-1177 Meeting slides</a>

Impact Statements

Date of Annual Report: 08/22/2022

Report Information

Annual Meeting Dates: 04/07/2022 - 04/09/2022
Period the Report Covers: 10/08/2021 - 04/09/2022

Participants

Bruce Ahrendsen - University of Arkansas
Sarah Atkinson - USDA FPAC Business Center
Lawson Connor - University of Arkansas
Valentina Hartarska - Auburn University
Jennifer Ifft - Kansas State University
Margaret Jodlowski - The Ohio State University
Noah Miller - USDA Economic Research Service
Ana Claudia Sant'Anna - West Virginia University
Thomas Sproul - University of Rhode Island
Andrew Stevens - University of Wisconsin–Madison

Brief Summary of Minutes

Professional opportunities:

Upcoming deadlines for NIFA AFRI grants

Potential theme for a journal special issue: "socially disadvantaged groups" in agricultural lending

Upcoming special issue guest edited by James MacDonald could be a good fit for NC-1177 publications

Areas for potential research collaboration:

Sustainability metrics for farm loans

Research that exploits lien data

Research on lender branch closures including consolication and the effect of increased remote work

Tension between agriculture and renewable energy (solar, wind)

Policy research concerning the Commodity Credit Corporation

Discussion of NC-1177 project objectives

Eventually, it may be appropriate to add "policy" to our objective 1

Discussion of future NC-1177 activities

Agreed to continue our collaboration with the Federal Reserve Bank of Kansas City to co-host a fall meeting with the National Agricultural Credit Committee (NACC)

Provided positive feedback about our current collaboration with the SCC-76 group, but did not commit either way to repeating the collaboration in 2023

Minutes Attachment:

NC-1177_SCC76_2022_WorkshopSchedule.pdf

Accomplishments

Publications

Impact Statements

Date of Annual Report: 11/06/2022

Report Information

Annual Meeting Dates: 10/17/2022 - 10/18/2022
Period the Report Covers: 04/10/2022 - 10/18/2022

Participants

Please see the attached meeting agenda with a list of meeting attendees included on the final page.

Participants Attachment:

Agenda_2022_NC1177.pdf

Brief Summary of Minutes

Please see attachment that includes minutes of the NC1177 Business Meeting.

Minutes Attachment:

Minutes_2022_NC1177.pdf

Accomplishments

Publications

Impact Statements

Date of Annual Report: 12/22/2023

Report Information

Annual Meeting Dates: 10/12/2023 - 10/13/2023
Period the Report Covers: 10/19/2022 - 10/13/2023

Participants

Please see the attached meeting agenda with a list of meeting attendees included on the final page.

Participants Attachment:

NC-1177 Fall 2023.pdf

Brief Summary of Minutes

Minutes Attachment:

NC-1177 Fall 2023.pdf