Matches in SemOpenAlex for { <https://semopenalex.org/work/W341765191> ?p ?o ?g. }
Showing items 1 to 57 of
57
with 100 items per page.
- W341765191 abstract "This paper values an input co-operative (co-op) that procures a single commodity from farmers and then processes and markets the output, and an otherwise identical firm structured as an Investor-Owned Finn (IOF) using the Capital Asset Pricing Model (CAPM) and the Black-Scholes option pricing model. The paper focuses on the right to residual claims aspect of ownership, ignoring the formal right to control, and uses a single-period model. Four conclusions emerge when co-op members are assumed not to make pre-emptive payoffs to themselves. First, the risk-adjusted discount rate (RADR) of equity of an unlevered IOF will always be higher than the RADR of the 'owner' claims of an unlevered co-op. Second, for a given absolute level of debt the co-op will have lower effective financial leverage than an otherwise identical IOF. Third, for a given financial leverage the co-op owner claims will have a lower RADR than IOF equity. Finally and importantly, the cost of debt for an IOF will be higher than that of a co-op for the same leverage and/or absolute debt levels.While an IOF can alter risk through both operating and financial leverage; a co-op has in addition a third dimension of risk - pre-emptive payoffs to members. Such pre-emptive payoffs increase risk to lenders." @default.
- W341765191 created "2016-06-24" @default.
- W341765191 creator A5027750236 @default.
- W341765191 date "2008-01-01" @default.
- W341765191 modified "2023-10-16" @default.
- W341765191 title "The Cost of Debt and the Risk-Adjusted Discount Rate for Owner Cash-Flows: Co-Operatives vs. Investor-Owned Firms" @default.
- W341765191 cites W1525517234 @default.
- W341765191 cites W1540380416 @default.
- W341765191 cites W2050955131 @default.
- W341765191 cites W2077791698 @default.
- W341765191 cites W2091258459 @default.
- W341765191 cites W2115676867 @default.
- W341765191 cites W2124597406 @default.
- W341765191 cites W2134807435 @default.
- W341765191 cites W2149777910 @default.
- W341765191 cites W2152560833 @default.
- W341765191 cites W2167953453 @default.
- W341765191 cites W3123675395 @default.
- W341765191 cites W601034261 @default.
- W341765191 doi "https://doi.org/10.2139/ssrn.2142399" @default.
- W341765191 hasPublicationYear "2008" @default.
- W341765191 type Work @default.
- W341765191 sameAs 341765191 @default.
- W341765191 citedByCount "0" @default.
- W341765191 crossrefType "journal-article" @default.
- W341765191 hasAuthorship W341765191A5027750236 @default.
- W341765191 hasConcept C10138342 @default.
- W341765191 hasConcept C120527767 @default.
- W341765191 hasConcept C144133560 @default.
- W341765191 hasConcept C162324750 @default.
- W341765191 hasConcept C163428354 @default.
- W341765191 hasConcept C556758197 @default.
- W341765191 hasConcept C73283319 @default.
- W341765191 hasConceptScore W341765191C10138342 @default.
- W341765191 hasConceptScore W341765191C120527767 @default.
- W341765191 hasConceptScore W341765191C144133560 @default.
- W341765191 hasConceptScore W341765191C162324750 @default.
- W341765191 hasConceptScore W341765191C163428354 @default.
- W341765191 hasConceptScore W341765191C556758197 @default.
- W341765191 hasConceptScore W341765191C73283319 @default.
- W341765191 hasLocation W3417651911 @default.
- W341765191 hasOpenAccess W341765191 @default.
- W341765191 hasPrimaryLocation W3417651911 @default.
- W341765191 hasRelatedWork W1976388880 @default.
- W341765191 hasRelatedWork W1991668648 @default.
- W341765191 hasRelatedWork W2100307741 @default.
- W341765191 hasRelatedWork W3121632130 @default.
- W341765191 hasRelatedWork W3121986622 @default.
- W341765191 hasRelatedWork W3122573770 @default.
- W341765191 hasRelatedWork W3123234645 @default.
- W341765191 hasRelatedWork W3123942639 @default.
- W341765191 hasRelatedWork W3125395820 @default.
- W341765191 hasRelatedWork W3154611616 @default.
- W341765191 isParatext "false" @default.
- W341765191 isRetracted "false" @default.
- W341765191 magId "341765191" @default.
- W341765191 workType "article" @default.