Returns to Farm Real Estate Revisited
扩展了Barry关于农场房地产回报率的研究，通过考虑不确定通胀、使用更广泛的市场代理和延长样本期，发现农场房地产仅提供略高于系统性风险的溢价，对分散化组合贡献很小，但面临较大通胀风险。
Abstract Barry's research on farm real estate returns suggests that when farm assets are viewed as a part of the nation's wealth portfolio, returns are not persistently low, as is commonly asserted in policy debates. This paper extends Barry's research by explicitly accounting for the effects of uncertain inflation, using a broader market proxy, and lengthening the sample period. The results suggest farm real estate offers only slight (not substantial) premiums above those for systematic risk, contributes little systematic risk to a well‐diversified portfolio, and exhibits substantial risk due to uncertain inflation.