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    The challenge of agricultural co-operatives internationalisation : case studies of Fonterra and Zespri : a thesis presented in partial fulfilment of the requirements for the degree of Master of Business Studies in Agribusiness at Massey University
    (Massey University, 2003) Donoso, Ignacio
    Internationalisation of agricultural co-operatives is a worldwide trend that has been identified by several studies as one of the key challenges co-operatives are currently facing. The main question that this paper aims to answer is: how can agricultural co-operatives internationalise without generating conflicts with or distancing themselves from their members? Starting with a comprehensive literature review of the internationalisation of agricultural co-operatives globally, the paper introduces a new descriptive model for determining internationalisation of co-operatives. Using the mentioned model, the paper develops in detail the case studies of two New Zealand co-operatives: Fonterra, a pure co-operative in the dairy industry and Zespri, a co-operative hybrid in the kiwifruit industry, and their internationalisation situation. Based on a cross-case comparison the paper finally outlines the risks, potential conflicts and critical factors these two co-operatives face in their internationalisation process. Keywords: agricultural co-operatives, internationalisation, international business, agribusiness, dairy industry, kiwifruit, Fonterra, Zespri.
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    Essays on household finance and individual investor behaviour : a thesis presented in partial fulfilment of the requirements for the degree of Doctor of Philosophy in Finance, Massey University
    (Massey University, 2014) Zhang, Annie Claire
    This dissertation studies factors that influence individual investor behaviour using two unique proprietary datasets which cover the investment fund choices, fund switches and asset allocation decisions for over 600,000 individual investors in New Zealand. The first study looks at return chasing. I investigate whether investors use past returns to choose funds during a period with particularly volatile returns, before and after the 2008 Global Financial Crisis. The findings suggest that investors chase returns and investors are affected by past quarterly, half-yearly and annual returns. Funds with positive past returns see more investors choose their fund, while funds with negative returns see investors leave their fund. The second study explores the role of financial advice on asset allocation. I find that people who receive financial advice invest significantly more in equity. Women, older and wealthier investors are more likely to receive advice than others. However, the differences in returns of people who receive advice and those that do not, are marginal. I investigate the impact of financial advice differently to previous studies which use brokers, dealers, bank-employees and computer generated algorithms. I show that using personal, face-to-face financial advice result in different findings. The third study tests the relative importance of personal characteristics, peer effects and financial advice on asset allocation. Surprisingly, household peer effects rather than personal characteristics dominate investment decisions. In fact, all peer effects combined (household effects, work place effects and neighbourhood effects) are twice as important as personal characteristics.