Increased demand for barley has changed the proportion of crops grown in Virginia and the Mid-Atlantic USA. Winter wheat is the predominant small grain crop, but barley can be a direct substitute, although much less of it is grown. Soybean is grown full-season and double-cropped after both small grains. Historically, wheat was the primary small grain in the soybean double-crop rotation because of its greater profitability. The barley-soybean cropping system is not a new concept in the region, but the literature is outdated. New agronomic and economic data that directly compares full-season soybean, barley-soybean, and wheat-soybean systems using modern cultivars and management practices is needed. The objectives of this research were to: i) determine soybean yield and compare cropping system profitability of the three cropping systems; ii) perform a breakeven sensitivity analysis of the three cropping systems; and iii) determine the effect of planting date and previous winter crop on soybean yield and yield components. Soybean grown after barley yielded more than full-season soybean in two of six locations and more than soybean double-cropped after wheat in three of six locations. Net returns for the barley-soybean system were the greatest. These data indicate that soybean double-cropped after barley has the potential to yield equal to or greater than full-season soybean or double-cropped soybean following wheat, but its relative yield is very dependent on growing conditions. The profitability comparison indicated that the barley-soybean cropping system was generally more profitable than the full-season soybean and double-cropped wheat-soybean systems. This conclusion was supported by the breakeven sensitivity analysis, but remains dependent on prices that have been extremely volatile in recent years. In another study, soybean yields declined with planting date at two of four locations in 2009, a year that late-season rainfall enabled later-planted soybean to yield more than expected. In 2010, soybean yield decline was affected by the delay in planting date at both locations. Winter grain did not affect soybean yield in either year. Yield component data reinforced these results and indicated that the lower seed yield in the later planting dates was due primarily to a decrease in the number of pods. / Master of Science

Yes / While research on factors driving corporate investment decisions has blossomed, knowledge related to the Chief Executive Officer’s (CEO’s) market sentiment on investment decision outcomes is lacking. In this study, we extend the existing corporate finance literature by examining the underexplored issue of how CEOs’ market sentiment drives firms’ investment decisions. Capitalising on a large sample of US firms for the period 2004-2014, we uncovered some crucial observations. First, we found empirical support for our theoretical contention that market sentiment drives corporate investment decisions. Second, we established that, while financial flexibility induces managers to overinvest, the expectation of future profitability leads firms to underinvest during high sentiment periods. In addition, we uncovered that the 2007/08 financial crisis significantly impacted firm behaviour and realigned managerial decision-making. Thus, the sentiment-investment relationship is more pronounced during the crisis and the post-crisis periods. Our results are robust after accounting for the possibility of endogeneity and using alternative measures of both CEOs’ market sentiment and firm investment.

One of the most impactful challenges beef cow-calf producers face is the need to optimize reproductive efficiency. The ability of a veterinarian to identify potential sources of reproductive inefficiency is a valuable service they can offer. The breeding soundness evaluation (BSE) is one tool veterinarians use to identify subfertile bulls prior to use. This body of research shows that producers who have a defined breeding season have higher odds of hiring a veterinarian to perform BSEs, and that as breeding season length decreases, the probability of a management strategy that uses BSEs being profitable increases. Furthermore, not all veterinarians use the same standards for BSEs, which may decrease its utility. Lastly, if a positive test result indicates a subfertile bull, the BSE has a higher specificity than sensitivity, a low positive predictive value at typical pre-test probabilities, and a negative predictive value that is not much more informative than prevalence.

Companies have been known to reduce their costs by reducing their spending on employee benefits, but in the last decade there has been an increasing interest on how these decisions affect not just employee productivity and turnover, but also overall shareholder wealth and company profitability. This thesis seeks to answer whether companies that have a greater focus on their employee welfare and satisfaction are more financially stable and profitable than their competitors. The research and analysis consists of 40 companies, 20 highly rated by their employees paired with 20 of the worst companies according to employee opinion and benefits. Each pair must consist of comparable companies based on their industry and size. All companies are also part of Fortune 1000 and must be publicly traded. After conducting multiple tests on the data collected for each company and industry, the results support the hypothesis of a positive correlation between employee spending and shareholder wealth.

"Customer Profitability Analysis in the Service Industry" aims to describe the practical application of customer profitability analysis techniques in holding XYZ, which provides ICT services to the hospitality industry. The thesis starts with a theoretical part. It describes several management accounting techniques for measuring customer profitability. The second part of the thesis demonstrates the application of some of these techniques in a real-life environment. Implementing management accounting tools, business processes and changing the accounting data structure are described step by step.

Continuing dental education is a necessity for the dental professional. In dentistry, a profession described as a life-long learning endeavor, dental professionals are challenged with keeping up-to-date with the ever-changing scientific and technological advances of their profession. Continuing dental education plays an important role in providing dental practitioners with the opportunity to keep abreast of the latest advances in the dental industry. University-based continuing dental education programs, that provide the professional development needed by dental professionals to maintain and upgrade their skills and knowledge-base, have grown from their early origins as a primary service to dental school alumni members, to playing a pivotal role in regulating and professionalizing the dental industry as well as contributing to the financial well-being of their dental schools and universities. As educational funding continues to shrink while the cost of educating competent dental practitioners continues to rise, continuing dental education has developed revenue generating opportunities for their dental schools. This study was designed to analyze the current financial and revenue generating practices of continuing dental education units within both public and private dental schools, with a goal of providing a conceptual framework to develop a standardized financial model for determining the profitability of programs. Employing a cross-sectional survey method approach, this study obtained quantitative and qualitative data through the use of an electronic survey that was sent to both private and public dental school members of the Association for Continuing Dental Education (ACDE). The results of the findings of this study summarized data into several categories and compared the data between public versus private dental schools including the CDE unit's size, programs, revenue generation, program and unit expenses, corporate funding, net income, institutional overhead fees, gifts-in-kind, surplus revenue, and other factors considered when calculating profitability of CDE programs. These findings helped to create a framework for the development of a financial model, the Comprehensive Program Budget that may be used to more accurately project program profitability, thereby insuring that CDE units are self-sufficient and positive contributors to the financial well-being of their institutions.

The decline in agricultural productivity in Nigeria is linked to a host of factors ranging from unsustainable growth policies, inadequate funding and infrastructures, low levels of value added through processing, low commodity prices, unstable markets, poor extension services and low rates of literacy. It is now well recognised that there is a need to diversify Nigerian agriculture as well as improving production performances. This study investigates the potential of cassava root tuber (CRT), as a means to promote agricultural growth. It assesses cassava production, profitability, efficiency, marketing structures and channels, constraints in production, the potential to add value by processing cassava into gari (a fermented, roasted, and dried granule) and its marketing at the farm level. These were supplemented by a critical review of policies and programmes, including trend analysis of cultivated area, production, yield and prices of major crops including cassava at the national level covering the period 1970–2009. The study surveyed 315 cassava producers (including 278 gari processors), 105 marketers involved in cassava marketing and 30 stakeholders from three regions in the Delta State, Nigeria. Descriptive statistics are used to analyse the socio-economic characteristics of the sample. In addition, profitability of CRT and gari and their marketing were assessed by benefit-cost analysis. Furthermore, productivity and efficiency of CRT and gari and their determinants were analysed using non-parametric DEA followed by Tobit regressions. Results indicate that cassava production and processing is profitable in all regions and for all farm size categories. The BCR is estimated at 2.83 and 1.22 for CRT and gari, respectively. However, the yield level of CRT and gari is very low, estimated at 7.7 t/ha and 4.7 t/ha, respectively. Also, efficiency levels are very low and vary by farm size as well as regions, with large scale producers relatively more efficient. Marketing of cassava in any form is profitable and efficient (Marketing Efficiency>1 in all cases) and profitability varies widely across regions. Provision of water was identified as the main constraint in processing, followed by shortage of electricity and poor marketing infrastructure. The review of past policies and trend analysis revealed inconsistent policies and fluctuations in agricultural productivity, but also showed increases in total production mainly driven by expansion of the area cultivated during later years, for cassava in particular. The policy implications include: (a) increased provision of modern technologies, use of improved varieties and modern technology; (b) land reform policies to consolidate farm size; (c) investment in elements of marketing infrastructure; and (d) improvements in extension services. Despite inconsistencies in policies, cassava stood out as a robust and resistant crop which provides confidence that targeted investment in the cassava sector will contribute to development of Nigerian agriculture.

The Regional Council of Jämtland has a goal to increase the export of renewable energy and with that reduce the total greenhouse gas (GHG) emissions. One of the measures used to reach this goal is to give subsidies and tax reductions for investments in photovoltaics. Photovoltaics are generally perceived as “good for the environment” and give a “good image” to companies. They are marketed as interesting for private persons and farmers from a profitability point of view. Sweden has an electricity mix with average CO2 emissions of 20-30 g/kWh. Compared to other countries in Europe this is very low. The CO2 emissions of photovoltaics during their lifetime are 46 g/kWh according to the International Panel on Climate Change (IPCC). Taking this in consideration it can be concluded that photovoltaics actually increase GHG emissions as they have higher emissions of CO2 than the average in Sweden. When the decision to invest in photovoltaics is made with profitability as a main reason, it is debatable if the subsidies and tax reductions are needed. When the decision to invest in photovoltaics is made with environmental concern as a main reason, the subsidies might be given to other environmental technologies that are better from a climate perspective. Considering this, the push for profitability of photovoltaics can be seen as just another increase in consumption.

New Zealand wood availability forecasts indicate that increases in the future wood availability significantly relies on small-scale forest owners' resources. This "small-scale" resource is poorly understood and comprises a large number of owners. It is questionable how many of these forests are established with consideration of the cost and practicality of harvesting. An improved understanding of the likelihood of this resource ever being harvested is important for understanding future wood supply. The main objective of this study is to answer a fundamental question on how much small scale forest area is economic to harvest. The study aims to estimate the basic stumpage value of the forests at modelled costs and different log price levels, and to analyse the profitability of the small scale forests by looking at the historic rate of return, as well as the net present value (NPV) and internal rate of return on existing and future forest land. The emission trading scheme (ETS) was also taken into account during the analyses and the effects of the ETS on the profitability, optimum age and future wood availability were investigated. The methodology developed for this study uses a forest growth model (Radiata Pine Calculator), Geographic Information Systems, the Visser harvest cost model, and Microsoft Excel. The growth model enables the analysis to be customised to a specific region of interest, while spatial characteristics such as slope and transportation distance of individual forests were taken into account by using GIS. The cost model allows the analysis to be customised to individual forests to some extent although a number of assumptions are made generalising the forests as whole. Developing the overall framework within Excel allows easy analysis of the results and changes to the underlying assumptions. Harvesting and transportation costs are the main drivers in determining the profitability of small scale forests. A significant increase in log prices is required for the existing forests to obtain substantial profit from log production. At current log prices 90% of small-scale forests in the Wanganui District are economically available. The other 10% small blocks on steep sites, have negative stumpage revenues because of high harvesting costs. Additional cashflows from entering the ETS have the potential to generate significant revenue for post-89 forests. However the substantial increases in optimal rotation age are likely to delay the increase in harvest volumes forecast from the small-scale estate.

A number of researcher and practitioners have identified a dramatic increase in competition and market transparency as the driving force behind the decline in customer loyalty in the financial services sector (e.g. Caruana, 2002). However, the costs for selling a product to a new customer are much higher than the costs for selling the same product to an existing customer, particularly when the customer is loyal to the company (Duffy, 2003). Due to these facts, strengthening customer relationships is necessary to achieve higher customer equity. Blodgett (2000) claims that the successful implementation of a customer equity strategy involves an organisation’s customer focus, operations, systems, and culture. Companies can offer value to customers through their services and products (added value and innovations), their personnel (service quality), and their processes (speed and quality). When the customer buys financial products and services, he creates customer equity for the company, which is in this thesis presented as company profit. Company profit is the sum of all customer profits and represents the value of each customer in the form of monetary aspects. This thesis aims at investigating if communication, price, process, product and human resource management influence company profit (customer equity) and, thus, whether they are drivers of customer equity (Chapters 5-10). In total, seven dimensions have been investigated. Recent customer equity models of value-based management are examined from the literature and based upon this, the construction of a new conceptual model for value building in competitive markets is proposed (Chapter 4). The framework identifies value propositions such as brand or product leadership, value sources for determining value creation strategies, and finally customer touch points for value delivery. Touch points are referred to as advertising, use of a logo, presence of sales persons, websites, branch outlets etc i.e. the human and physical interactions with customers over their relationship with an organisation. Together with products such touch points are designed to deliver value to customers with the objective of increasing customer equity.