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SUMMARY:Farmland as an Asset Class: Investors\, Returns and Real Effects -
  Pedro Gete (IE University)
DTSTART:20250508T120000Z
DTEND:20250508T130000Z
UID:TALK218389@talks.cam.ac.uk
CONTACT:Cerf Admin
DESCRIPTION:Farmland as an asset class is increasingly popular. We show th
 at U.S. agricultural real estate prices have grown significantly faster th
 an residential real estate prices over the last 130 years\, but their grow
 th exhibits less cross-sectional dispersion than residential real estate p
 rice growth. These results hold in multiple datasets and time sub-periods.
  Then\, we study the California boom in tree nuts that began during the mi
 d-2010s drought. We show that over-investment depleted groundwater. Large 
 investors with little ex-ante exposure to nuts drive the boom. These new n
 ut investors account for one-fifth of all agricultural well drilling in Ca
 lifornia over 2013-2023\, and nut farms overall account for half of agricu
 ltural well drilling. The market as a whole overestimates the persistence 
 of the boom\, and large new nut investors are more prone to overreact to t
 his optimism because they can expand nut supply more elastically. Overall\
 , these findings point to significant environmental impacts of investment 
 booms\, amplified by large\, optimistic newcomers.
LOCATION:W2.01\, CJBS
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