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«Volume 23 2009 Page 1-19 The Restructuring of the Saskatchewan Wheat Pool: Overconfidence and Agency Murray E. Fulton∗ Kathy A. Larson† ∗ ...»

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9. See Brown and Sarma (2007). Roll (1986) was one of the first to demonstrate that hubris is responsible for overbidding. Heaton (2002) discusses the interaction of optimism and excess cash on investment decisions. Hayward and Hambrick (1997) conclude that the relationship between CEO hubris and acquisition premium is greater when board vigilance is lacking.

10. The problem is argued to be particularly acute in cooperatives because they lack a publicly traded share that serves as an indicator of financial health (Cook 1995; Vitaliano 1983). A test of the agency problem in agricultural cooperatives using the Jensen (1986) framework is presented in Featherstone and Al-Kheraiji (1995) and Hailu (2005).

References Andrade, G. M., M. Mitchell, and E. Stafford. 2001. New Evidence and Perspectives on Mergers. Journal of Economic Perspectives 15(2):103-120 Briere, K. 1996. Trading opens at Sask Pool. The Western Producer. 4 April 1996.

18 Journal of Cooperatives Brown, R. and N. Sarma. 2007. CEO overconfidence, CEO dominance and corporate acquisitions. Journal of Economics and Business 59(5):358-379 Cook, M.L. 1995. The Future of U.S. Agricultural Cooperatives: A Neo-Institutional Approach. Amer. J. Agricultural Economics. 77(5): 1153-1159.

Canadian Grain Commission. 2007. Grain Elevators in Canada. Tables 2, 3 and 6.

Casey, A. 1997. Little powerhouse on the prairie. Canadian Business. 70(7):92-98.

CFMRC TSE. 2006. Canadian Financial Markets Research Centre (CFMRC) web site.

http://dc1.chass.utoronto.ca/cfmrc/ Earl, P. 2009. Lessons For Cooperatives In Transition: The Case Of Western Canada’s United Grain Growers And Agricore United. Journal of Cooperatives. 23: 20–40.

Eisenhardt, K.M. 1989. Agency Theory: An Assessment and Review. The Academy of Management Review. 14(1): 57-74.

Ernst and Young Corporate Finance Inc. 2002. Canadian Agricultural Co-ops, Capitalization Issues and Challenges: Strategies for the Future. Final Report. 29 November 2002.

Ewins, A. 2007a. Elevators changing stripes. The Western Producer. 17 May 2007.

Ewins, A. 2007b. Takeover may be mixed blessing. The Western Producer. 17 May 2007.

Fairbairn, G.L. 1984. From Prairie Roots: The Remarkable Story of Saskatchewan Wheat Pool. Western Producer Prairie Books: Saskatoon, Saskatchewan. pp. 318.

Fowke, V.C. 1957. The National Policy and the Wheat Economy. Toronto: University of Toronto Press.

Featherstone, A.M. and A.A. Al-Kheraiji. 1995. Debt and Input Misallocation of Agricultural Supply and Marketing Cooperatives. Applied Economics 27: 871-78.

Gervais, S., J. Heaton, and T. Odean. 2006. Overconfidence, Investment Policy, and Manager Welfare. Unpublished working paper. Duke University.

Hailu, G. 2005. Principal-Agent Problems and Capital Constraints in Canadian Agribusiness Supply and Marketing Co-operatives. Unpublished PhD. thesis. Department of Rural Economy, University of Alberta.

Hayward, M.L.A. and D.C. Hambrick. 1997. Explaining the Premiums Paid for Large Acquisitions: Evidence of CEO Hubris. Administrative Science Quarterly 42(1): 103-127.

Heaton, J.B. 2002. Managerial Optimism and Corporate Finance. Financial Management 31: 33-45.

Jensen, M. 1986. Agency Cost Of Free Cash Flow, Corporate Finance, and Takeovers.

American Economic Review 76(2): 323-329 Vol. 23[2009] 19 Herman, R. 2003. Choice of organizational form in farmer-owned enterprises. Unpublished M.A. thesis. University of Saskatchewan, Saskatoon.

Lamprinakis, L. 2008. Cognitive Dissonance, Mental Frames and the Financial Value of Agricultural Co-operatives. Unpublished Ph.D. thesis, University of Saskatchewan, Saskatoon.

Lang, K. and M. Fulton. 2004. Member Commitment and the Market and Financial Performance of the Saskatchewan Wheat Pool. Current Agriculture, Food and Resource Issues. 5: 238-252.

Lovallo, D., and D. Kahneman. 2003. “Delusions of Success: How Optimism Undermines Executives’ Decisions.” Harvard Business Review July: 57–63.

Lovallo, D., P. Viguerie, R. Uhlaner, and J. Horn. 2007. “Deals without Delusions.” Harvard Business Review December: 92–99.

Loyns, R.M.A, R.D. Knutson, and K. Meilke. 1998. “Economic Harmonization in the Canadian/U.S./Mexican Grain-Livestock Subsector.” Paper presented at the Fourth Agricultural and Food Policy Systems Information Workshop, [Lake Louise, Alberta, 22-25 April 1998].

Malmendier, U., and G. Tate. 2005. “CEO Overconfidence and Corporate Investment.” The Journal of Finance LX(6): 2661–2770.

Malmendier, U. and G. Tate. 2008. “Who makes acquisitions? CEO overconfidence and the market’s reaction.” Journal of Financial Economics 89(1): 20–43.

Roll, R. 1986. “The Hubris Hypothesis of Corporate Takeovers.” The Journal of Business 59(April): 197–216.

Saskatchewan Wheat Pool. 1971-2005. Annual Report.

Saskatchewan Wheat Pool. 1995. “Equity Conversion: Questions and Answers For Saskatchewan Wheat Pool Members.” Information Booklet. Regina: Saskatchewan Wheat Pool.

Staatz, J.M. 1987. The Structural Characteristics of Farmer Cooperatives and Their Behavioural Consequences. In J. Royer, ed., Cooperative Theory: New Approaches. Washington DC: U.S. Department of Agriculture, ACS Service Report No. 18, pp. 33–60.

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