David Leatham

About Dr. Leatham:
Dr. Leatham received his B.S. and M.S. in Agricultural Economics from Brigham Young University. His Ph.D. is in Agricultural Economics from Purdue University.Dr. Leatham’s primary research focus is on improving financial decision making for agricultural businesses including farms and ranches. The optimal portfolio of assets (investment decisions), and the optimal portfolio of short-term credit, long-term credit and owner’s equity to finance assets (capital structure decisions) are important business decisions. The outcome of investment and capital structure decisions is dependent on future events; thus, time and uncertainty must be considered. Much of this research is done in a risk/return framework where optimal decisions depend on an individual’s risk/return preference.Dr. Leatham’s secondary focus is on improving the ability of financial intermediaries to provide credit TO agricultural businesses (agricultural credit). Specifically, this work centers on 1) designing and evaluating financial derivatives that can be used by agricultural lenders to manage interest rate risk, 2) improving credit assessment models, and 3) assessing the impact of deregulation and structural changes on agricultural lender’s ability and willingness to provide credit to agricultural firms. Funding support has been received from the Texas Agricultural Experiment Station, College of Agriculture and Life Science Organized Research Development funds, American Bankers Association, University Minigrant Program, Farm Credit Banks of Texas, Farm Credit Council, and National Crop Insurance Services.

Research Interests:
Agricultural Finance, Financial Management
Selected Publications:

Zhang, Jin, David A. Bessler, and David J. Leatham.  “Aggregate Business Failures and Macroeconomic Conditions:  A VAR Look at U.S. between 1980 and 2004.”  Journal of Applied Economics, XVI(No. 1, May 2013): 179-202. Paper

Yang, Juan, Huawei Liu and David J. Leatham.  “The Multi-Market Analysis of a Housing Price Transmission Model.”  Applied Economics, 45(no. 27, 2013): 3810-19. Paper

Li, Yarui, Joshua D. Woodard and David J. Leatham.  “Causality among Foreign Direct Investment and Economic Growth: A Directed Acyclic Graph Approach.”  Journal of Agricultural and Applied Economics, 45(No. 4, 2013):617-37. Paper

Dang, Trang, David J. Leatham, Bruce McCarl and Ximing Wu.  “Measuring the efficiency of the Farm Credit System.”  Agricultural Finance Review, 74(No. 1, 2014):38-54. Paper

Sukcharoen, Kunlapath, Tatevik Zohrabyan, David J. Leatham, and Ximing Wu.  “Interdependence of oil prices and stock market indices: A copula approach,”  Energy Economics, 44(2014):331:39. Paper

Choi, Hankyeung, David J. Leatham, and Kunlapath Sukcharoen.  “Oil Price Forecasting Using Crack Spread Futures and Oil-Related Exchange Traded Funds.” Contemporary Economics, 9 (March 2015): 29-44. Paper

Larsen, Ryan, Kunlapath Sukacharoen, and David J. Leatham.  “Geographical Diversification in Wheat Farming: A Copula-based CVaR Framework.”  Agricultural Finance Review 75(No. 3, 2015):368-384. Paper

Sukcharoen, Kunlapath, Hankyeung Choi, and David J. Leatham.  “Optimal Gasoline Hedging Strategies using Futures Contracts and Exchange-Traded Funds.” Applied Economics, 47(No. 32, July 2015):3482-3498. Paper

Sukcharoen, Kunlapath, and David J. Leatham.  “Dependence and Extreme Correlation among US Industry Sectors.”  Studies in Economics and Finance, 33(No. 1, 2016):26-49. (Highly Commended Paper in the 2017 Emerald Literati Network Awards for Excellence) Paper

Sukcharoen, Kunlapath and David J. Leatham “Mean-Variance versus Mean-Expected Shortfall Models: An Application to Wheat Variety Selection.” Journal of Agricultural and Applied Economics, 48(No.2, May 2016):148:172. (Outstanding JAAE Article Awards for Excellence) Paper

Sukcharoen, Kunlapath, and David J. Leatham.  “Hedging Downside Risk of Oil Refineries: A Vine Copula Approach.” Energy Economics, 66(August 2017): 493-507. Paper


PhD (Agricultural Economics), Purdue University
MS (Agricultural Economics), Brigham Young University
BS (Agricultural Economics), Brigham Young University

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