The fact that mean and median values of return on asset are not significantly different
between groups neither confirm, in the specific circumstances of agricultural sector,
Liang and Weng’s (2007) hypothesis of less efficient decisions under fair valuation, nor
Black and Liu’s (2007) argument that under historic cost bad investment projects would
be pooled with good projects and prevented from liquidation. In a similar way, no
significant differences in standard deviation of return on assets confirms the absence of
greater volatility under fair value and suggests that there is no significant transfers of
gains and loses between periods.