摘要:This paper assesses the agricultural equipment industry through the perspective of the three leadingfirms in the United States. It reviews the salient events of the 1990s and relates the businessenvironment to the firms' financial performance. It then assesses the factors likely to impact perfor-mance in the future, drawing on lessons from historical performance and on new environmentalfactors. The firms' capital market valuations appear consistent with the expectation that farm equip-ment firms will resume growth after the farm recession. . 2001 Elsevier Science Inc. All rightsreserved.