Capital Market Segmentation and U.S. Farm Real Estate Pricing
提出并检验了分割资本市场均衡模型，通过考虑外部股权资本流入农场不动产市场的障碍，解释了传统套利定价模型为何无法解释农田市场的股权定价。
Abstract In this paper we present and test a segmented capital market equilibrium. We extend the traditional CAPM by explicitly considering barriers to the flow of external equity capital into farm real estate markets. The empirical results provide a plausible explanation as to why the traditional arbitrage‐based pricing models fail to explain equity pricing in farmland markets.