Does acquisition of a cooperative generate profits for the buyer? The Dairyworld case
Why this work is in the frame
A frame that forgets how it found something cannot be audited. These are the routes that admitted this work.
Bibliographic record
Abstract
Abstract This article examines the takeover of a cooperative (Dairyworld) by an investor‐owned firm (Saputo) that was not previously present in the industry, determines if this takeover generates greater returns for the investor‐owned firms (IOF), and on the basis of this evidence makes some inferences about the behavior and performance of cooperatives and IOFs. The empirical evidence strongly supports the conclusion that Saputo's stock price rose with its takeover announcement. This outcome is consistent with a number of explanations, including that Saputo was unaffected by hubris, a factor often suggested as the reason that many firms overbid when they undertake acquisitions. Dairyworld's poor liquidity and capital shortage problems, as well as a limited number of suitors, may have weakened its bargaining position in its dealings with Saputo. The observed increase in Saputo's stock price is also consistent with the possibility that, by taking over a cooperative, Saputo was able to decrease competition and thus increase its profits. A fruitful area for future research would be a rigorous theoretical and empirical determination of the impact that these various factors have on acquisition profitability. Such analysis is required before inferences about the behavior and performance of cooperatives and IOFs can be fully answered.
Fetched live from OpenAlex and de-inverted. Abstracts are not stored in this database: the inverted indexes are 8.6 GB of the frame’s 9.3 GB of text, and the host has 13 GB free.
Full frame distilled prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.000 | 0.000 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.000 | 0.000 |
| Science and technology studies | 0.000 | 0.000 |
| Scholarly communication | 0.000 | 0.001 |
| Open science | 0.000 | 0.000 |
| Research integrity | 0.000 | 0.000 |
| Insufficient payload (model declined to judge) | 0.000 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from it