Evolution of Cooperative Thought, Theory, and Purpose

The evolution of agricultural cooperative thought, theory, and purpose in the United States is reviewed from the standpoint of the reemergence of interest in how cooperatives can provide some of the security and benefits that might be lost with gradual phasing out of federal government farm support programs. By accomplishing group action for self-help, the early development of cooperatives drew considerable attention from economists, social theorists, and politicians. Alternative schools of cooperative thought developed, but most proponents of cooperatives regarded them as having enormous potential to provide a public service role in building a more economically stable and democratic society This paper also surveys how cooperative theory was developed more rigorously in the post-WWII period. It has provided better analytical tools for understanding how and why cooperatives have changed in response to technological and economic developments, as well as to social trends, like individualism. Given the new perspectives on cooperative theory and the scope of changes in how cooperatives operate and are structured, cooperatives have even greater potential for coordinating self-help actions, but this potential needs the support of cooperative education services.Agribusiness,

Does Private Equity Create Wealth? The Effects of Private Equity and Derivatives on Corporate Governance

Private equity has reaped large rewards in recent years. We claim that one major reason for this success is due to the corporate governance advantages of private equity over the public corporation. We argue that the development of substantial derivative contracts and trading has significantly weakened the governance of public corporations and has created a need for financially sophisticated directors and much closer supervision of management. The private equity model delivers these benefits and allows corporations to be better governed, creating wealth gains for investors

Neonatal growth of Steller sea lion (Eumetopias jubatus) pups in Alaska

The growth rate of Steller sea lion (Eumetopias jubatus) pups was studied in southeast Alaska, the Gulf of Alaska, and the Aleutian Islands during the first six weeks after birth. The Steller sea lion population is currently stable in southeast Alaska but is declining in the Aleutian Islands and parts of the Gulf of Alaska. Male pups (22.6 kg [±2.21 SD]) were significantly heavier than female pups (19.6 kg [±1.80 SD]) at 1−5 days of age, but there were no significant differences among rookeries. Male and female pups grew (in mass, standard length, and axillary girth) at the same rate. Body mass and standard length increased at a faster rate for pups in the Aleutian Islands and the western Gulf of Alaska (0.45−0.48 kg/day and 0.47−0.53 cm/day, respectively) than in southeast Alaska (0.23 kg/day and 0.20 cm/day). Additionally, axillary girth increased at a faster rate for pups in the Aleutian Islands (0.59 cm/ day) than for pups in southeast Alaska v(0.25 cm/day). Our results indicate a greater maternal investment in male pups during gestation, but not during early lactation. Although differences in pup growth rate occurred among rookeries, there was no evidence that female sea lions and their pups were nutritionally stressed in the area of population declin

Foreword--Comparative Corporate Law & Governance

Despite the challenges posed by Covid-19, especially for the student editors of the Journal, this special issue has been published on time and has been superbly edited. On behalf of the authors, NUS Law, and the Law & Business Program of Vanderbilt Law School, we would like to express our sincere appreciation to the editor in chief, Joshua D. Minchin, and the entire editorial team of the Vanderbilt Journal of Transnational Law for their remarkable skill, effort, and dedication in these challenging times. Your performance gives us great hope that the future is extremely bright

Shareholder Litigation in Mergers and Acquisitions

Using hand-collected data, we examine the targeting of shareholder class action lawsuits in merger & acquisition (M & A) transactions, and the associations of these lawsuits with offer completion rates and takeover premia. We find that M & A offers subject to shareholder lawsuits are completed at a significantly lower rate than offers not subject to litigation, after controlling for selection bias, different judicial standards, major offer characteristics, M & A financial and legal advisor reputations as well as industry and year fixed effects. M & A offers subject to shareholder lawsuits have significantly higher takeover premia in completed deals, after controlling for the same factors. Economically, the expected rise in takeover premia more than offsets the fall in the probability of deal completion, resulting in a positive expected gain to target shareholders. However, in general, target stock price reactions to bid announcements do not appear to fully anticipate the positive expected gain from potential litigation. We find that during a merger wave characterized by friendly single-bidder offers, shareholder litigation substitutes for the presence of a rival bidder by policing low-ball bids and forcing offer price improvement by the bidder

Melanistic Tundra Voles, Microtus oeconomus, from Central Yukon

Colour aberrations are not commonly observed in voles (e.g., Microtus and Myodes); thus, individual observations are of interest. We report two observations of melanism in Tundra Voles, Microtus oeconomus, collected from central Yukon. These are the second and third records of melanistic Tundra Voles, and the first reports from non-insular populations

The Effect of Professional Partnership on the Development of a Mutual‐help Organization

The effects of partnership between Schizophrenics Anonymous (SA, a mutual‐help organization) and the Mental Health Association in Michigan (MHAM, a professionally staffed advocacy organization) on SA's growth and development were explored. Following the initiation of a formal partnership, SA groups were more available throughout the state, more likely to be associated with formal mental health settings, and less likely to have leaders who had been participants in other SA groups. Groups with consumer leaders had significantly greater longevity than groups with professional leaders. Changes in the organizational structure and process of SA were also identified. SA leaders reported that SA moved from a collective to a more bureaucratic structure. As a result, there was greater consistency, administrative capacity, and response capacity. This enhanced capacity came with costs reported by SA leaders. The leadership role of SA members became less defined. SA members expressed concerns about the more hierarchical structure of SA's organization, decreased consumer control, increased professional involvement in SA, and an excessive focus on group development as opposed to group maintenance. Mental Health Association in Michigan staff reported that MHAM was also impacted by the partnership, both with regard to internal functioning and external perception. Implications for effective partnerships between mutual‐help and professional organizations are discussed.Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/116999/1/ajcp9193.pd

An Exploration of High-Risk Leisure Consumption Through Skydiving

A sociocultural approach is used to explore voluntary high-risk consumption Specifically, we examine the dynamics of individuals\u27 motives, risk perceptions, and benefit/cost outcomes of participation in increasingly popular high-risk leisure activities such as skydiving, climbing, and BASE jumping (parachuting from fixed objects). An ethnography of a skydiving subculture provides the primary empirical data. We propose an extended dramatic model that explains both macroenvironmental and inter- and intrapersonal influences and motives for high-risk consumption. Key findings indicate (1) an evolution of motives that explains initial and continuing participation in high-risk activities and (2) a coinciding evolution of risk acculturation that leads to the normalization of risk

Comparing CEO Employment Contract Provisions: Differences Between Australia and the United States

This study compares CEO employment contracts across two common law countries: the United States and Australia. Although the regulatory regimes of these jurisdictions enjoy many comparable features, there are also some important institutional differences in terms of capital market, tax, and regulatory structures, which are discussed here. Debate has raged in the United States on the issue of whether executive compensation is efficient and determined at arm\u27s length, or skewed by a power imbalance between managers and shareholders. A comparative analysis of the kind undertaken in our study provides an additional perspective on the optimal contracting and managerial power models of executive pay in U.S. academic literature. Even if one model has greater explanatory power in the U.S. context, this will not necessarily be the case in other jurisdictions, such as Australia. In order to do our comparison, we create pairs of U.S. and Australian firms that are matched on a number of dimensions including firm size and industry. We find that Australian CEOs have significantly greater base salaries than their U.S. counterparts, while U.S. CEOs are more likely to be compensated with restricted stock and stock options than the Australian CEOs. More striking is the fact that U.S. CEO employment contracts tend to last longer than Australian contracts, and they are more likely to have arbitration provisions, change-in-control provisions, tax gross ups, do-not-compete clauses, and supplemental executive retirement plans. We also find that Australian contracts are much more apt to include performance hurdle requirements before CEOs can receive restricted stock and options, and restrictions on CEO hedging of restricted stock and options. A number of the contractual differences we document appear to be consistent with key institutional differences between the two countries