Rather than increasing volume of production, AOTM farmers might consider adding value to their output by moving out of commodity production and into direct marketing (quadrant one).
Unfortunately, even if AOTM farms are close enough to a "local" metropolitan market (and most are not), markets in general are not large enough to absorb their large volumes of output.
Quadrant two of figure 1, "the opportunity area," may represent the most likely option for the largest number of AOTM farms.
Helping to shift AOTM farmers to a more survivable quadrant of figure 1 may open up greater possibilities for farmers, their cooperatives and their larger communities.
Another issue we examine is the relative quality in terms of predictive accuracy of rumors published in the HOTS column versus those published in AOTM.
This represents all firms listed on the NYSE and AMEX that are the subject of a takeover rumor as published in the Wall Street Journal's HOTS column or AOTM column during a four year period from 1985 through 1988.
A first or initial rumor is defined as one where no previous takeover rumors concerning the target firm in question have been published in the HOTS and/or AOTM columns in the preceding 365 days.
Assuming that the investor scans either the HOTS column independently or the AOTM column independently in search of initial or original rumors, a total of 388 rumors are found with 146 and 242 appearing in the HOTS and AOTM columns, respectively.
First, we analyze all rumors, then all HOTS versus all AOTM rumors.
While both groups experience significant positive abnormal returns during the twenty day period up to the rumor publication date, Figure 3 clearly shows that the AOTM returns on day 0 are substantially higher.
As Figure 3 shows, the AOTM rumored firms lose nearly half their prepublication gains in the 100 day period following the publication date and, although this trend reverses somewhat after this period, the overall returns in the one year post publication period remain negative (2.
screening only the HOTS or only the AOTM columns) while the second screen considers both columns jointly (i.