The coronavirus disease 2019 pandemic has shocked financial and commodity markets around the world. We are analyzing stock prices and information from financial reports to examine the impact of the pandemic on stock price volatility and profits of companies in the food supply chain. We use a data set of 71 major listed companies in the food value chain from stock indices in the US, Japan, and Europe. We calculate the annualized volatility per sector, screen the contents of the reports for stated effects of the pandemic on profits, and analyze stock price reactions in four different phases of the pandemic. The results show that stock markets have reacted with an increased price volatility. Manufacturers of fertilizers and agrochemicals as well as food distributors show particularly high volatilities in their stock prices. Low price volatility was observed in the stocks of food retailers. This pattern is also reflected in the profits of companies published in financial reports. Our regression analyses indicate that stocks of more profitable companies exhibited higher cumulative returns during the outbreak. In the phases thereafter, riskier stocks received higher discounts on returns. EconLit citations: G01, G12, E44, Q01.

We replicate Bocquého et al. (2014), who used multiple price lists to investigate the risk preferences of 107 French farmers. We collected new data from 1430 participants in 11 European farming systems. In agreement with the original study, farmers' risk preferences are best described by Cumulative Prospect Theory. Structural model estimates show that farmers in the new samples are, on average, less loss averse and more susceptible to probability distortion than in the original study. Explorative analyses indicate differences between estimation approaches, as well as heterogeneity between and within samples. We discuss challenges in replications of economic experiments with farmers across farming contexts.

Corporate social responsibility (CSR) has become a central issue in the dairy industry. While it is well established that each company in a chain contributes to that chain's CSR, the role of co‐operatives as a predominant organizational form has been understudied. Due to specific characteristics of co‐operatives, one may hypothesize that these member‐based dairies put a higher value on sustainability than investor‐owned dairy firms. No previous study deals explicitly with the contents of CSR reports in the dairy industry, differentiating between co‐operative and investor‐owned dairies. We adapt an existing set of criteria to examine CSR reports from 13 German dairies and complete the picture by analyzing their websites. A comparison of formal, quality‐related, and content‐related criteria suggests that co‐operative dairies report in a higher quality and more extensively about sustainability. The results provide first insights into organizational form‐specific differences in sustainability reporting. Our findings highlight areas in which dairy companies can become more sustainable.