In addition to the lack of fuller information on data compilation by which the exceptions and "erratic" differences may be explained, natural reasons are important. If fixed and share rents are to be compared, they must be expressed in the same dimensions, either both in fixed values or both in percentage values. However, share rents calculated and expressed in terms of fixed (monetary) values (as in table 10) will exhibit lower absolute rents with a bad harvest, and the converse with a good harvest. On the other hand, fixed (crop) rents expressed in percentage values will exhibit higher percentage shares with a bad harvest, and the converse with a good harvest. Only in a normal year, ceteris paribus, can the risk premiums for share rents be accurately revealed. At any rate, the implication of the tax-equivalent approach, that the rental receipt under a share contract is necessarily lower than that under a fixed-rent contract, is refuted by evidence.
It is hoped that the risk premiums of different contractual arrangements will be investigated further.
[1]. See Legislative Yuan, Statistical Monthly 2.5 (1930).
[2]. Department of Internal Affairs, Public Reports of Internal Affairs 2; vols. 1 and 2 (1932). See also Legislative Yuan, Statistical Monthly, 2.5 (1930).
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