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| Akono, Jean H.C.; Nganje, William E.; Kaitibie, Simeon; Gustafson, Cole R.. |
| New Generation Cooperatives (NGCs) or value-added agricultural cooperatives are undergoing several structural changes with the acceptance of outside (non-farmer) investor equity and demutualization or transformation into investor-oriented ownership firms (e.g., Limited Liabilities Cooperatives (LLCs) to ameliorate perceived financial constraints for high technology investments. These changes introduced added complexity to investors' expectations of equity and to the valuation of NGC and LLC stocks, especially for stock traded among members. Current stock valuation methods do not capture NGC-specific characteristics such as social capital, liquidity constraints, and ongoing demutualization to LLCs. Social capital is the premium paid for non-monetary... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Pure NGC; LLC; Expectations of equity; Social capital; Agribusiness. |
| Ano: 2005 |
URL: http://purl.umn.edu/23633 |
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