Based on 7,300 agricultural land sales transactions we estimate the effect of the 2003 reform of the Common Agricultural Policy on land prices. As opposed to the main body of the literature on agricultural land values, we do not start from a demand-oriented net present value approach or hedonic prizing method, but derive our reduced form pricing equation from a spatial land sales market model. Our empirical model accounts for spatial dependence and endogeneity of explanatory variables. A reduction of payments by 50 €/ha would decrease land sales prices by 445 €/ha before and by 984 €/ha after the reform.

The discrepancies between b → s + − data and the corresponding Standard Model predictions constitute the most significant hints for new physics (at the TeV scale or below) currently available. In fact, many scenarios that can account for these anomalies have been proposed in the literature. However, only a single light new physics explanation, i.e. with a mass below the B meson scale, is possible: a light Z boson. In this article, we point out that improved limits on B → K ( * ) νν, including the experimental sensitivities required for a proper treatment of the necessarily sizeable Z width, together with the forthcoming Belle II analyses of e + e − → µ + µ − + invisible, can rule out a Z explanation of b → s + − data with a mass below ≈ 4 GeV. Importantly, such a light Z is the only viable single particle solution to the b → s + − anomalies predicting R(K ( * ) ) > 0 in high q 2 bins, therefore providing an essential consistency test of data.

Nearly 80 per cent of Common Agricultural Policy (CAP) expenditures are spent on three different measures: first pillar payments (FPPs), agri-environmental payments (AEPs) and less favoured area payments (LFAPs). Based on a dynamic panel model and farm accounting data for Bavaria, we find that, on average, 30 per cent of FPPs, 40–50 per cent of LFAPs, but no relevant share of AEPs are capitalised into land rental prices. The capitalisation ratio varies considerably across regions. Above average capitalisation ratios for FPPs are observed in more favourable areas with high yields, a low grassland share and large farms. The same is true for LFAPs for areas with high yields, large farms and a greater share of part-time farmers.

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