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| Registros recuperados: 15 | |
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| Hueth, Brent; Marcoul, Philippe; Ginder, Roger G.. |
| Cooperative formation in agriculture sometimes occurs in response to the exit of a private firm and typically requires substantial equity investment by participating farmers. What economic rationale can explain why farmers are willing to contribute capital to an activity that fails to attract non-farm, or "private" investment? We hypothesize that doing so is a costly mechanism for increasing the maximum penalty farmers face in the case of business failure. For a given market environment, exposing farmers to this risk increases the amount of surplus that can be used to repay lenders, thus expanding the set of market environments in which financing is available. We show how equity investment of this sort can be an efficient organizational response to a... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Cooperative; Corporate finance; Moral hazard; Vertical integration; Agribusiness; Marketing. |
| Ano: 2004 |
URL: http://purl.umn.edu/18610 |
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| Junge, Katie A.; Ginder, Roger G.. |
| Scheduled changes in Federal Insurance Contributions Act (FICA) tax rates will affect member net cash flow when a patronage refund is received from a cooperative. Cash patronage refunds at the minimum 20 percent level generally required by law will create negative cash flows for patrons in very low tax brackets. Negative cash flows accumulated over the 10-year period 1980-90 may result in opportunity costs to patrons that exceed the value of the refunds. Boards will need to consider one or more of the following strategies to deal with this problem: (1) increased cash patronage refunds, (2) shorter revolving periods, and (3) use of nonqualified written notices of allocation. |
| Tipo: Journal Article |
Palavras-chave: Agribusiness; Agricultural Finance. |
| Ano: 1986 |
URL: http://purl.umn.edu/46270 |
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| Hueth, Brent; Marcoul, Philippe; Ginder, Roger G.. |
| The West Liberty Foods turkey cooperative formed in 1996 to purchase the assets and assume operations of Louis Rich Foods. Based on field interviews with grower members and company management, we describe changes in the economic relationship between growers and the company that resulted from the purchase. We argue that many of the observed changes are consistent with a financial-contracting view of the cooperative firm where the bundling of input-supply and board activities generates a reduction in agency rents that compensates for the organizational deadweight loss traditionally associated with cooperative governance. |
| Tipo: Journal Article |
Palavras-chave: Agribusiness. |
| Ano: 2009 |
URL: http://purl.umn.edu/56890 |
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| Ginder, Roger G.. |
| Structural changes now occurring in agriculture have led to a bifurcated pork channel. One side of the channel is characterized by "commodity" hogs produced by traditional independent producers, nonintegrated contractors, partially integrated contractors and independent producer networks. The other side is characterized by more industrialized producers with integrated genetics, production and slaughter. Both sides will tend toward greater consistency and higher yielding carcasses. However, the commodity side will concentrate more on providing packer values while the specialty or industrialized side will tend more towards final consumer values. The dual channel is not static. To date, many of the potential consumer market opportunities possible on the... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Livestock Production/Industries. |
| Ano: 1998 |
URL: http://purl.umn.edu/18272 |
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| Paulson, Nicholas D.; Ginder, Roger G.. |
| The biodiesel industry in the United States has realized significant growth over the past decade through large increases in annual production and production capacity and a transition from smaller batch plants to larger-scale continuous producers. The larger, continuous-flow plants provide operating cost advantages over the smaller batch plants through their ability to capture co-products and reuse certain components in the production process. This paper uses a simple capital budgeting model developed by the authors along with production data supplied by industry sources to estimate production costs, return-on-investment levels, and break-even conditions for two common plant sizes (30 and 60 million gallon annual capacities) over a range of biodiesel and... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Biodiesel; Biofuels; Feedstock; Production costs; Return on investment; Resource /Energy Economics and Policy. |
| Ano: 2007 |
URL: http://purl.umn.edu/10006 |
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| Poray, Michael C.; Ginder, Roger G.. |
| We evaluate returns from establishing closed (defined membership) cooperatives owned by grain producers to produce hogs in Iowa. Using a computer simulated production model incorporating biological factors and statistical techniques we model uncertainty of production and market environment. Using a MOTAD model, an efficient Expected Income-Mean Absolute Income Deviation (E-A) frontier is developed for the proposed closed swine production cooperatives. |
| Tipo: Working or Discussion Paper |
Palavras-chave: Livestock Production/Industries. |
| Ano: 1997 |
URL: http://purl.umn.edu/18233 |
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| Ginder, Roger G.; Hueth, Brent; Marcoul, Philippe. |
| The West Liberty Foods turkey cooperative was formed in 1996 to purchase the assets and assume operations of Louis Rich Foods (an investor-owned processing firm), which, at the time, announced the imminent shutdown of its West Liberty, Iowa, processing facility. We study the creation and performance of this "new generation" cooperative using field interviews with grower members and company management. We describe changes, before and after the buyout, in the contractual apparatus used for procuring live turkeys, and in the communication requirements, work expectations, and financial positions of growers. During the private ownership period, most of the inputs (except labor and facilities) were provided by the firm; there was substantial supervision of the... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Cooperatives; Procurement; Financial contracting; Agriculture; Agribusiness. |
| Ano: 2005 |
URL: http://purl.umn.edu/18583 |
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| Hueth, Brent; Marcoul, Philippe; Ginder, Roger G.. |
| We use historical variation in the market share of agricultural cooperatives to examine the nature of the cooperative firm. Our data include the share of sectoral output accounted for by cooperative firms across 15 commodity sectors during the period 1930-2002. We test a simple financial contracting model where the cooperative firm is viewed as a particular implementation of "monitored credit" (or "informed intermediation"). Controlling for sectoral and year effects, we find support for the main prediction of our model with a positive and statistically significant relationship between cooperative market share and real annual lending rates. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Agribusiness. |
| Ano: 2005 |
URL: http://purl.umn.edu/19324 |
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| Poray, Michael C.; Ginder, Roger G.. |
| Returns from establishing closed (defined membership) cooperatives owned by grain producers to produce hogs in Iowa are evaluated. Using a computer-simulated production model incorporating biological and price factors and statistical techniques, uncertainty of production and the market environment are modeled. The returns to each farmer-member are analyzed, and the distributions of value added and total payments for each operation are ranked using a stochastic dominance criteria. Additionally, the net present value of each cooperative is computed and these are compared against each other. |
| Tipo: Journal Article |
Palavras-chave: Agribusiness; Livestock Production/Industries. |
| Ano: 1999 |
URL: http://purl.umn.edu/46372 |
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| Hueth, Brent; Marcoul, Philippe; Ginder, Roger G.. |
| Cooperative formation in agriculture sometimes occurs in response to the exit of a private firm and typically requires substantial equity investment by participating farmers. What economic rationale can explain why farmers are willing to contribute capital to an activity that (apparently) fails to attract non-farm or "private" investment? We hypothesize that farm capital is high cost, relative to that provided by private entrepreneurs (or in other words, that there is a degree of asset fixity in farm capital) but that it engenders greater organizational commitment-which is particularly important when expected market returns are low-on the part of producers. This commitment arises from the indirect incentive properties associated with at-risk capital. We... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Cooperative; Corporate financing; Moral hazard; Vertical integration; Agribusiness. |
| Ano: 2003 |
URL: http://purl.umn.edu/18478 |
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| Registros recuperados: 15 | |
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