Neue Publikation in "PLoS ONE"
Neue Publikation: Printezis, I., Grebitus, C. and Hirsch, S. (2019): The price is right!? A meta-regression analysis on willingness to pay for local food. PLoS ONE 14(5): e0215847.
We study the literature on willingness to pay (WTP) for local food by applying meta-regression analysis to a set of 35 eligible research papers that provide 86 estimates on consumers’ WTP for the attribute “local.” An analysis of the distribution of WTP measures suggests the presence of publication selection bias that favors larger and statistically significant results. The analyzed literature provides evidence for statistically significant differences among consumers’ WTP for various types of product. Moreover, we find that the methodological approach (choice experiments vs. other approaches) and the analyzed country can have a significant influence on the generated WTP for local.
Neue Publikation in "Journal of Agricultural Economics"
Neue Publikation: Iyer, P., Bozzola, M., Hirsch, S., Meraner, M., and Finger, R. (2019): Measuring Farmer Risk Preferences in Europe: A Systematic Review. Journal of Agricultural Economics.
We present a systematic review of the extensive body of research on farmer risk preference measurement across Europe. We capture the methodological developments over time and discuss remaining challenges and potential areas for further research. Given the constantly evolving policy environment in Europe, and increasing climate‐change related risks and uncertainties, there is large value to be gained from enhancing our understanding of this fundamental aspect of farmers’ decision‐making processes and consequent actions.
Neue Publikation in "European Review of Agricultural Economics"
Neue Publikation: Hirsch, S., Mishra, A., Möhring, N. and Finger, R. (2019): Revisiting firm flexibility and efficiency: evidence from the EU dairy processing industry. European Review of Agricultural Economics.
We analyse the flexibility of EU dairy processors to adjust production to fluctuating economic conditions. For a set of 2,186 firms, we derive production flexibility measures representing the effect of output variations on costs. The results reveal that flexibility is highest in Poland and Italy and lowest in Spain. Several firm-specific factors, such as size and age of the firm, are found to affect firm flexibility. Moreover, we detect a tradeoff between flexibility and technical efficiency for large firms indicating that a sole focus on firm efficiency can be insufficient. Finally, the results show that during economic crisis flexibility can help to sustain profitability.
Neujahrsempfang WZW am 09. Januar 2019
Im Rahmen des Neujahrsempfangs am Wissenschaftszentrum Weihenstephan wurde Prof. Hirsch als neuberufener Professor vorgestellt.
Hier ein Artikel dazu aus der Süddeutschen Zeitung:
Neue Publikation in "Data in Brief"
Neue Publikation: Fernau, E. and Hirsch, S. (2019): Meta-analysis data for the literature on dividend smoothing. Data in Brief (in press).
Neue Publikation in "International Review of Financial Analysis"
Neue Publikation: Fernau, E. and Hirsch, S. (2018): What drives dividend smoothing? A meta regression analysis of the Lintner model. International Review of Financial Analysis (in press).
We revisit the view of dividend smoothing as one of the most robust findings in the empirical corporate finance literature by employing meta-regression analysis (MRA). Using 99 empirical studies that employ Lintner's dividend payout model we investigate the heterogeneity in reported dividend smoothing effects. We find evidence for (i) a mediocre degree of dividend smoothing across the analyzed literature, (ii) bi-directional publication bias -i.e. a tendency to preferably report positive and statistically significant smoothing as well as dividend smoothing coefficients close to zero (i.e. high speed of adjustment coefficients), and (iii) several drivers for the heterogeneity in reported smoothing coefficients such as the set of control variables or estimation technique. Our MRA can provide guidance for investors' expectations and future research on dividend smoothing.
Neue Publikation in “Applied Economics”:
Neue Publikation in “Applied Economics”: Hirsch, S., Tiboldo, G. Lopez, R.A. (2018): A tale of two Italian cities: brand-level milk demand and price competition, Applied Economics, DOI: 10.1080/00036846.2018.1486016.
We apply the BLP random coefficient logit model demand model to fluid milk sales data from two north-south Italian cities: Turin and Naples. By virtue of their location and socioeconomic differences, these cities provide a natural experiment for contrasting consumer choices and retail market power related to milk physical and marketing characteristics. Results reveal that, regardless of location, consumers negatively value price increases, fat content and ultra-high temperature (UHT) treatment. However, location matters with respect to brand and type of milk purchased. While in Turin (the higher-income region) demand for the leading manufacturers’ brands is the most price inelastic, in Naples consumers have the lowest price elasticities in case of cheaper milk, often small manufacturer or private label brands. Unlike previous studies, we do not find price elasticities for private labels to be consistently lower (or markups to be higher) compared to manufacturer brands, indicating that private labels have reached maturity in these markets. Further, while demand for fresh milk is more price inelastic in Turin, it is more inelastic for UHT milk in Naples. Likewise, markups and Lerner indexes are higher for fresh milk in Turin and for UHT in Naples corresponding to the more inelastic demands under Bertrand price competition.
Neuer Blogbeitrag im Agrarpolitik Blog der Agrarökonomie und Politik Gruppe der ETH Zürich zu den Determinanten des Risikos von Milchviehbetrieben
Neuer Blogbeitrag im Agrarpolitik Blog der Agrarökonomie und Politik Gruppe der ETH Zürich zu den Determinanten des Risikos von Milchviehbetrieben.
Bitte hier klicken zur Veröffentlichung in Agrarpolitik-blog.com.
Neue Publikation im „European Review of Agricultural Economics“
Neue Publikation im „European Review of Agricultural Economics“: Finger, R., Dalhaus, T., Allendorf, J. und Hirsch, S. “Determinants of downside risk exposure of dairy farms".
We investigate determinants of dairy producers’ risk exposure using a unique combination of foci on (i) downside risks, (ii) a holistic representation of revenues from milk and animal sales, (iii) climatic extremes and (iv) the role of animal health. A sample of German dairy farms reveals that animal health and heat stress indicators influence mean and semi-variance of revenues. For instance, heat stress exposure reduces expected milk revenues significantly. In the case of animal health-related indicators, our results show trade-offs between expected revenues and downside risks. Furthermore, variabilities in revenues from milk and animal sales are significantly interrelated.
Neu berufener Tenure Track Professor für Agrar- u. Ernährungswirtschaft
Am 1. April 2018 tritt Dr. Stefan Hirsch die Tenure Track Professur für Agrar- und Ernährungswirtschaft an der TU München, Fakultät für Wirtschaftswissenschaften am Campus Weihenstephan an.
Der Forschungsschwerpunkt der Professur Agrar- u. Ernährungswirtschaft liegt auf der Analyse der Wettbewerbsfähigkeit und des strategischen Handelns von Firmen des Agrar- und Ernährungssektors.