CAPITAL ASSET PRICING AND AGRICULTURAL ASSETS IN ENGLAND AND WALES
用资本资产定价模型分析英格兰和威尔士农业资产的收益与风险关系，并与股票、债券等非农业资产对比，发现农业资产市场风险低，但租户型农业资产收益远低于同风险的其他资产。
This paper uses Capital Asset Pricing Models to analyse the relationship between returns and risks for agricultural assets in England and Wales. The study also compares this relationship with those of non‐agricultural assets such as ordinary shares, government bonds, and commercial and industrial properties. The results show that the estimated market risks associated with agricultural assets are low and tenant‐type agricultural assets have earned much lower returns than other assets with similar market risks.