2014),"The capital structure of Chinese listed firms: is manufacturing industry special?", Managerial Finance, Vol. 40 Iss 5 pp. 469-486 http://dx.(2014),"Investment opportunity set, board independence, and firm performance: The impact of the Sarbanes-Oxley Act", Managerial Finance, Vol. 40 Iss 5 pp. 454-468 http://dx.Access to this document was granted through an Emerald subscription provided by emerald-srm:368933 [] For AuthorsIf you would like to write for this, or any other Emerald publication, then please use our Emerald for Authors service information about how to choose which publication to write for and submission guidelines are available for all. Please visit www.emeraldinsight.com/authors for more information. About Emerald www.emeraldinsight.comEmerald is a global publisher linking research and practice to the benefit of society. The company manages a portfolio of more than 290 journals and over 2,350 books and book series volumes, as well as providing an extensive range of online products and additional customer resources and services.Emerald is both COUNTER 4 and TRANSFER compliant. The organization is a partner of the Committee on Publication Ethics (COPE) and also works with Portico and the LOCKSS initiative for digital archive preservation. AbstractPurpose -The purpose of this paper is to explore the existence of disposition effect among Canadian wheat farmers when marketing their grain. This study examines the question of whether farmers wait too long to price their grain or whether they price it too soon. Design/methodology/approach -The disposition effect is a common behavior documented in financial markets, and reflects the notion that investors tend to hold losing positions too long and close winning positions too fast. This idea can also be applied to grain marketing, exploring whether farmers sell their grain more readily when prices are "high" and wait longer when prices are "low." Based on the approach by Odean (1998), marketing strategies of 15,564 farmers between 2003/2004 and 2008/2009 are examined.Findings -Results support the existence of disposition effect in marketing decisions. Farmers seem to be eager to sell when prices offered by contracts are above their reference price and wait longer to sell when prices offered by contracts are below their reference price. There is no clear evidence that farmers might consistently benefit from this behavior. On the other hand, it is not clear whether this behavior can be costly to farmers. Originality/value -Exploring the existence of disposition effect is relevant because this behavior can affect performance. If grain is sold too early, farmers can miss opportunities to sell at higher prices later. If grain is held too long, prices can go down and farmers will end up selling at lower prices. This study uses unique data to perform the first analysis of the disposition effect in the agricultural industry, and its findings can provide new insights and move us toward a more complete understanding of decision making in this industry.

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Economic evaluations were carried out on stochastically simulated production systems using data from a grazing systems' trial, which evaluated the impact of resting (i.e., grazing cessation) alfalfa (Medicago sativa L.) -bromegrass (Bromus riparius Rehm. 'Fleet') and grass-only (G) pastures during the critical prefrost period on beef cattle (Bos taurus) productivity. Grazing systems were compared on the basis of calculated net present value of returns analysis. Lower production costs through reduced fertilization requirements resulted in alfalfa-grass (AG) preference over G pastures, while returns from increased calf sale weights resulted in nonrested systems being preferred over rested systems. However, low presence of alfalfa in the AG pastures likely limited the potential for resting pastures to improve production through increased alfalfa persistence. This evaluation found nonrested grazing of AG pastures to be preferred over other treatments on the basis of increased returns and reduced risk.Key words: alfalfa, bromegrass, cow-calf production, net present value of return, rested vs. nonrested grazing, risk.Résumé : Des évaluations économiques ont été effectuées sur des systèmes de production simulés de façon stochastique en utilisant les données d'une étude sur les systèmes de pâturage, qui avait pour but d'évaluer l'impact du repos (cessation de broutage) dans les pâturages de luzerne (Medicago sativa L.) -brome (Bromus riparius Rehm. 'Fleet') et de foin seulement pendant la période importante avant le gel sur la productivité des bovins de boucherie (Bos taurus). Les systèmes de pâturages ont été comparés sur la base d'analyse de la valeur calculée actuelle nette des retours. Des coûts réduits de production par réduction des besoins en produits fertilisants se soldaient par une préférence pour les pâturages luzerne-foin par rapport aux pâturages de foin seulement, tandis que les retours imputables aux poids accrus à la vente des veaux se soldaient par une préférence des systèmes non mis au repos par rapport aux systèmes ayant été mis au repos. Par contre, une présence faible de la luzerne dans les pâturages de luzerne-foin a possiblement limité le potentiel des pâturages au repos d'augmenter la production par augmentation de la persistance de la luzerne. Cette évaluation a trouvé que le pâturage non mis au repos de luzerne-foin était préféré par rapport aux autres traitements selon l'augmentation des retours et la réduction des risques. [Traduit par la Rédaction] Mots-clés : luzerne, brome, production vache-veau, valeur calculée actuelle nette des retours, pâturage au repos contre non mis au repos, risque.

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