Master of Agribusiness / Department of Agricultural Economics / Kevin C. Dhuyvetter / Fluid raw milk has become one of the largest agricultural commodities, as measured by gross sales, produced in the United States. Since the federal government began to loosen its control over dairy prices in the early 1980’s, farm level milk prices have seen dramatic increases in volatility. Further, shrinking profit margins are requiring more and more dairy farmers to carry a significant amount of debt. Because of the greater leverage in the industry and reduced government support, many producers desire to find mechanisms by which to reduce price risk. Class III milk futures began trading in 1996 with an objective to provide dairy industry players with a means to reduce price risk by transferring that risk to other market players or speculators. Numerous strategies have been proposed for dairy producers to use in price risk reduction that industry participants both support and denounce. One of the objectives of this thesis was to list and analyze a select number of these strategies for their risk-reducing features. Many of these systematic strategies result in lower risk, but the mean Class III price that results from their use was significantly different depending on the strategy used. Another objective of this thesis was to develop a model-based hedging strategy for Class III milk. Six models were developed to predict the Class III Milk price six months and three months into the future. The results of these models were then compared to the Class III Futures price being offered on the first trading day of the month, six months and three months prior to the production month to be priced. If the futures price was higher, a hedge was initiated. If the futures price was lower, no hedge was initiated and the cash market was used. The decision models developed and tested in this thesis not only reduced price volatility, they also increased the mean Class III price obtained as compared to a “cash-only” strategy. While the decision models were successful in-sample, their out-of-sample testing proved to be considerably less successful as all of the model-based strategies underperformed the cash market. The final area researched by this thesis was that of milk price basis. Basis, as it concerns milk prices, is extremely difficult to predict since it involves both physical milk characteristics and government controlled pricing components. While the predictive models tested gave insight into basis prediction, a clear predictive basis model was not found.

This paper examines the relation between banks' dividends and their future financial health. Using banks' Nonperforming Loans Ratio, Loan Loss Provision Ratio, and Z-score as proxies for their financial health, I show that there is a strong positive relation between banks' dividends lagged by one quarter and their financial health in the current quarter. This main finding continues to hold following several additional tests, including the application of an instrumental variable approach, the use of change in dividends as the key independent variable, the exclusion of banks that are subject to stress test, the addition of macroeconomic variables, the exclusion of too-big-to-fail banks, and the exclusion of non-depository banks. I also find that the positive relation between banks' dividends and their future financial health is more pronounced for banks with a higher degree of opacity, a lower Tier 1 capital ratio, and during the 2007-2009 financial crisis. This paper contributes to three strands of the finance literature, including the Risk Reduction Hypothesis of dividend signaling in corporate finance, bank dividend policies, and the determinants of banks' financial stability. First, I show that there is a positive relation between banks' dividends lagged by one quarter and their financial health in the current quarter, also meaning that banks' dividends are negatively associated with their future risk conditions. This finding is consistent with the Risk Reduction Hypothesis regarding dividend signaling. Second, Floyd, Li, and Skinner (2015) propose a new idea that banks use dividends to signal financial health, and they rely on this idea to explain why banks have a higher and more stable propensity to pay dividends vis-à-vis industrials during the past several decades. My finding that banks' dividends are positively associated with their future financial health empirically supports this idea proposed by Floyd, Li, and Skinner (2015). Last, to my knowledge, no prior study has attempted to extensively detect a direct relation between banks' dividends and their financial stability. I fill this gap by investigating whether this relation exists. I show that banks' dividends have significantly positive explanatory power on their future financial stability, as proxied by three risk conditions.

Social media platforms create rich social structures, expand users' boundaries of social networks and revolutionize traditional forms of communications, social interactions and social relationships. These platforms not only facilitate the creation and sharing of news and information, but they also drive various kinds of businesses models, processes and operations, knowledge sharing, marketing strategies for brand management and socio-political discourses essential for healthy and democratic functions. As such, social media has greater implications on organizations and society brought about by individuals' social media usage patterns, and therefore, calls for further investigations. The main objective of this dissertation is to explore and offer insights into such social media usage and information sharing behaviors via data driven examination of various theories. This dissertation involves three studies that focus on factors that explain individuals' three different social media usage behaviors. Essay 1 investigates individuals' perceived importance of online affiliation, self-esteem, self-regulation and risk-benefit structure as antecedents of users' geo-tagging behavior on social media. Essay 2 examines the role of online news quality, source credibility, individuals' perception towards online civic engagement, attitude towards news sharing and social influences to understand users' news sharing behavior on social media platforms. Essay 3 seeks to examine the individuals' information verification behavior on social media through the lens of individuals' fake news awareness, perceived cost of information verification, trust in social media and truth-seeking.

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Although suspected to be a widespread phenomenon, workplace favoritism is an under-researched area of study. Scholars have queried the effects of perceived favoritism on employee outcomes through only a handful of studies, and the majority of those studies have been conducted at private firms in Middle Eastern countries where tribalism (i.e., loyalty to one's family or social group) is conventional. Further, differences in conceptual definitions of favoritism and subsequent subdimensions have muddied the understanding of what elements are considered essential to each phenomenon. Finally, favoritism research lacks examinations of conditional indirect effects of favoritism on employee outcomes. Therefore, the purpose of this research is three-fold. The first aim is to develop a comprehensive, multidimensional measure of favoritism that will capture essential elements of the phenomenon that are specific to its subdimensions. Additionally, this study aims to increase our understanding of favoritism by examining the its indirect effects on job satisfaction, organizational commitment, counterproductive work behavior, and turnover intention through organizational justice, as well as explore differences in these effects among the supervisor's ingroup/outgroup members and among employees who vary in their perceptions of permeability to their supervisor's ingroup.

Master of Agribusiness / Department of Agricultural Economics / Arlo Biere / Laundry bar soap has been produced commercially in Venezuela for over a century and is one of the most important products for beauty and personal care throughout the Venezuela. More than 10 Venezuelan companies produce and sell it, but two companies hold almost 85 percent of the market share, with the Las Llaves brand, alone, holding nearly 70 percent. Management for Las Llaves is concerned about how to remain competitive not only with quality and acceptance of its product (effectiveness) but also with how to produce the soap efficiently (at the lowest possible cost) to remain competitive in today's global economic environment. The objective of this thesis is to identify and analyze the sourcing costs of three raw ingredients used to produce laundry bar soap in the Las Llaves facility and to provide a model scenario to support the decision making analysis within the purchasing department.

Notre recherche a pour but de mieux comprendre les comportements de citoyenneté organisationnelle et plus particulièrement ce qui peut les favoriser ou les défavoriser. Nous en avons retenu cinq pour notre recherche: les comportements de vertu civique, d’esprit d’équipe, conformistes, de courtoisie et d’altruisme Nous avons choisi d’étudier l’influence des valeurs au travail sur ces comportements et notre objectif est de vérifier l’influence de 28 valeurs au travail sur nos cinq comportements de citoyenneté organisationnelle. Par ailleurs, nous avons choisi d’inclure à notre modèle de recherche la variable des générations. Nous cherchons à savoir si les valeurs au travail peuvent changer en fonction de l’appartenance d’un individu à l’une des 4 générations présentes sur le marché du travail (Vétérans, Baby Boomers, X et Y) et si le fait d’appartenir à une géné-ration plutôt qu’une autre aura un impact sur les comportements de citoyenneté organisationnelle. Les données ont été collectées au sein de la firme de sondage l’Observateur. Au total, 278 questionnaires sont utilisables dans le cadre de notre recherche. Des analyses de régression hiérarchiques ont permis de vérifier la capacité explicative des valeurs sur les comportements de citoyenneté organisationnelle. Des tests post hoc de Scheffé ont permis de vérifier l’existence de différences de valeurs entre les générations et des analyses de variance nous ont permis de vérifier l’influence des générations sur les comportements de citoyenneté organisationnelle. Les résultats indiquent que des liens significatifs existent entre les valeurs et les comportements de citoyenneté organisationnelle permettant ainsi de confirmer l’influence favorable ou défavorable de certaines valeurs parmi les 28 à l’étude sur nos cinq comportements de citoyenneté organisationnelle. En ce qui a trait aux différences existan-tes entre nos générations à l’étude, les résultats nous révèlent qu’elles sont beaucoup moins importantes que ce que la littérature nous laisse penser. Finalement, nos résultats ne nous permettent pas de confirmer que certaines générations sont plus disposées que d’autres à adopter des comportements de citoyenneté organisationnelle. Mots-clés : valeurs au travail, génération, comportements de citoyenneté organisationnelle. / Our research aims to better understand organizational citizenship behaviors and in particular, which individual values can promote or disadvantage them. We selected five such behaviors for sour research: civic virtue, sportsmanship, conscientiousness, courtesy and altruism. We chose to study influence of 28 individually-hold work-related values on these five organizational citizenship behaviors. We also chose to include generations as an antecedent of work values. Respondents were sorted into four generation still active in the labor market (i.e., Veterans, Baby Boomers, X, Y. We also investigated whether belonging to a generation rather than another has an impact on organizational citizenship behaviors. Data were collected by a survey firm called Observateur. In total, 278 questionnaires were used in the context of our research. Hierarchical regression analysis was used to assess the explanatory power of values on organizational citizenship behaviors. Post hoc Scheffé tests verified the existence of differences in values between generations and an analysis of variance allowed us to check the influence of generations of organizational citizenship behaviors. The results suggest significant associations between values and organizational citizenship behaviors thus confirming the positive or negative influence of certain values on five organizational citizenship behaviors. With respect to the differences in values between generations, the results reveal that they are much smaller than the literature suggests. Finally, our results show that belonging to a generation rather than another has no significant impact on organizational citizenship behaviors. Keywords: work values, generation, organizational citizenship behaviors

<p>Many types of services are provided using some equipment or machines, e.g. transportation systems using vehicles. Designs of these systems require capacity decisions, e.g., the number of vehicles. In my dissertation, I use many-server and conventional heavy-traffic limit theory to derive asymptotically optimal capacity decisions, giving the desired level of delay and availability performance with minimum investment. The results provide near-optimal solutions and insights to otherwise analytically intractable problems.</p> <p>The dissertation will comprise two essays. In the first essay, &ldquoAsymptotic Analysis of Delay-based Performance Metrics and Optimal Capacity Decisions for the Machine Repair Problem with Spares,&rdquo I study the M/M/R machine repair problem with spares. This system can be represented by a closed queuing network. Applications include fleet vehicles' repair and backup capacity, warranty services' staffing and spare items investment decisions. For these types of systems, customer satisfaction is essential; thus, the delays until replacements of broken units are even more important than delays until the repair initiations of the units. Moreover, the service contract may include conditions on not only the fill rate but also the probability of acceptable delay (delay being less than a specified threshold value).</p> <p>I address these concerns by expressing delays in terms of the broken-machines process; scaling this process by the number of required operating machines (or the number of customers in the system); and using many-server limit theorems (limits taken as the number of customers goes to infinity) to obtain the limiting expected delay and probability of acceptable delay for both delay until replacement and repair initiation. These results lead to an approximate optimization problem to decide on the repair and backup-capacity investment giving the minimum expected cost rate, subject to a constraint on the acceptable delay probability. Using the characteristics of the scaled broken-machines process, we obtain insights about the relationship between quality of service and capacity decisions. Inspired by the call-center literature, we categorize capacity level choice as efficiency-driven, quality-driven, or quality- and efficiency-driven. Hence, our study extends the conventional call center staffing problem to joint staffing and backup provisioning. Moreover, to our knowledge, the machine-repair problem literature has focused mainly on mean and fill rate measures of performance for steady-state cost analysis. This approach provides complex, nonlinear expressions not possible to solve analytically. The contribution of this essay to the machine-repair literature is the construction of delay-distribution approximations and a near-optimal analytical solution. Among the interesting results, we find that for capacity levels leading to very high utilization of both spares and repair capacity, the limiting distribution of delay until replacement depends on one type of resource only, the repair capacity investment.</p> <p>In the second essay, &ldquoDiffusion Approximations and Near-Optimal Design of a Make-to-Stock Queue with Perishable Goods and Impatient Customers,&rdquo I study a make-to-stock system with perishable inventory and impatient customers as a two-sided queue with abandonment from both sides. This model describes many consumer goods, where not only spoilage but also theft and damage can occur. We will refer to positive jobs as individual products on the shelf and negative jobs as backlogged customers. In this sense, an arriving negative job provides the service to a waiting positive job, and vice versa. Jobs that must wait in queue before potential matching are subject to abandonment. Under certain assumptions on the magnitude of the abandonment rates and the scaled difference between the two arrival rates (products and customers), we suggest approximations to the system dynamics such as average inventory, backorders, and fill rate via conventional heavy traffic limit theory.</p> <p>We find that the approximate limiting queue length distribution is a normalized weighted average of two truncated normal distributions and then extend our results to analyze make-to-stock queues with/without perishability and limiting inventory space by inducing thresholds on the production (positive) side of the queue. Finally, we develop conjectures for the queue-length distribution for a non-Markovian system with general arrival streams. We take production rate as the decision variable and suggest near-optimal solutions.</p> / Dissertation