Frame Score, Grazing and Delayed Feedlot Entry Effect on Performance and Economics of Beef Steers from Small- and Large-Framed Cows in an Integrated Crop-Livestock System

When selling small-framed steers at weaning, profitability is diminished. The hypothesis is that by using a vertically integrated business model that includes retained ownership, extended grazing, abbreviated feedlot finishing, and selling at slaughter, profitability would increase. Crossbred yearling steers (n = 288) from small size Aberdeen Angus (Lowline) × Red Angus × Angus × Angus cows and moderate to large size Red Angus × Angus × Simmental × Gelbvieh cows calved May−June were randomly assigned (complete randomized design), in a 3 y study, to feedlot control (FLT) and extended grazing (GRZ) frame score treatment groups. Mean frame score for FLT were small frame (SF) 3.82 and large frame (LF) 5.63, and for GRZ, SF: 3.77 and LF: 5.53. Least-square means were utilized to identify levels of effects and to control family-wise error adjusted with Tukey test. The FLT control steers were housed in the feedlot and fed growing diets and subsequently high energy corn-based diets for 218 days. The GRZ steers grazed a sequence of forages (native range, field pea-barley mix, and unharvested corn) for 212 days and then were transferred to the feedlot and fed high energy corn-based finishing diets for 82 days. The SF GRZ steers grew more slowly grazing native range and annual forages compared to GRZ LF steers, but SF steer grazing cost per kg of gain was reduced 7.80%. Grazing steers did not grow to their full genetic potential. Slower growth during grazing allowed LF and SF steers to grow structurally before feedlot entry creating a compensatory feedlot finishing growth response. Overall, grazing steer performance exceeded steer performance of the FLT control treatment and LF grazing steers had the highest rate of gain, and lowest feed cost per kg of gain. The GRZ steer feedlot days on feed were reduced 136 days and total feed intake was reduced resulting in LF and SF grazing steer feed cost reductions of 175.9 and 165.3%, respectively. Extended grazing also resulted in LF and SF grazing steer hot carcass weights to be greater than control LF and SF steers and SF grazing steers had greater dressing percent, and marbling score. Carcass quality grade, meat tenderness, and cooking losses were similar. System net returns were highest for LF (USD 911.58), and SF (USD 866.61) grazing steers. Managerial modification combining retained ownership, extended grazing, and delayed feedlot entry increased profitability and eliminated market bias.

Safety Mapping: An Indigenist Approach to Action Research

Aboriginal people in Alice Springs mapped the safe places in their Town Camps. This participatory research led to the implementation of safety features. Safety mapping was developed in response to deficit-based research which pathologized Aboriginal people in Alice Springs. Safety mapping was conducted with Aboriginal people in Town Camps to identify safe places and improve safety. A strengths-based approach showed that problems and their solutions are known, and there are considerable safety assets within Town Camps. The safety mapping centred the voices and experiences of Aboriginal people to produce research that was of benefit to Town Campers, over which Indigenous people retained ownership. This paper highlights that an Indigenist approach to participatory action research is strengthened by Indigenous knowledge in driving social justice.

2016–2020 Alabama Pasture to Rail Program and Data: An Educational Retained Ownership Program for Alabama Cattle Producers

The Alabama Pasture to Rail Program gives cattle producers across the state an opportunity to retain ownership of a portion of their calf crop and receive feedlot performance, health and carcass data. From October 2016 through December 2020, 3,200 calves from 98 Alabama farms and 1 farm in southern Tennessee were commingled at central shipping locations and transported to Hy-Plains Feedyard in Montezuma, KS to be fed until harvest. Of these, 2,188 were harvested and data collected at the time this abstract was written. Overall, these calves averaged 1.55 ± 0.38 kg/d ADG, 94.45 ± 11.70 cm2 Ribeye Area (REA), 1.51 ± 0.51 cm Backfat Thickness (BF), 385.32 ± 45.21 kg Hot Carcass Weight (HCW), and a 473.84 ± 98.17 Marbling Score (MS), with 76.10% grading Choice or Higher and 90.07% Yield Grade 3 or Lower. From a cattle heath perspective, 11.88% of the cattle were treated at some point during the feeding period, with 2.65% of calves dying or being sold as chronically sick calves prior to harvest of their respective groups. Compared to the estimated value of the calves prior to shipping to the feedyard, calves generated an average of $77.17/hd additional profit for consignors for a total of $168,855.69 profit. At the conclusion of the program, each producer received a summary of the performance of the calves on the truckload which their calves shipped, the individual data for all of their calves, payment for the calves based on a grid pricing system, and an individual analysis of the performance of their calves and how they might improve them in the future. Additionally, producers were asked to complete a survey on their satisfaction with the program and how they intend to use the data in the future. On a scale from 1 to 6 (6 being extremely satisfied), producers were asked to rank their satisfaction with the overall program (5.56), shipping protocols (5.67), data and summaries (5.78), and performance of their cattle (4.89).

29 Demonstrating the Effects of Deworming and Implanting Weaned Calves for Retained Ownership on Pasture in Eastern Oklahoma

The majority of cow-calf producers in Oklahoma sell their calves at weaning. Preconditioning and retained ownership through the stocker phase provides economic benefits to these operations. The objectives of this demonstration were to illustrate the benefits of growth promoting technologies for calves post-weaning. Calves (n = 39 heifers and 24 steers; BW = 229 ± 23.9 kg) from the OSU Eastern Research Station cowherd were weaned on day – 20 (April 15) and preconditioned. On day 0 (May 6), calves (n = 20 heifers and 12 steers) were treated for internal parasites (Dectomax, Zoetis Animal Health) and evenly allocated to 2 Bermudagrass/tall fescue pastures (9.5 ± 1.42 ha) for 143 days. The remaining calves (n = 19 heifers and 12 steers) were not treated for parasites and allocated to 2 pastures (9.1 ± 1.42 ha). In each pasture, ½ of the calves of each sex were implanted (Synovex-S or Synovex-H, Zoetis). Calves dewormed on day 0 and were dewormed again on day 70 (July 16). Data were analyzed as a split plot experimental design with dewormer treatment as the main plot and calf sex and implant treatment were the split plots. There were no interactions among calf sex, deworming, and implants (P ≥ 0.42). Steers were heavier (P < 0.01) than heifers throughout the summer, but did not have an advantage in gain performance (P ≥ 0.22). Deworming did not impact (P = 0.44) overall growth performance of calves, but did numerically (P = 0.18) increase ADG from day 71 to 143 by 0.15 kg/d. Growth promoting implants increased (P = 0.03) daily gains by 0.09 kg/day in the early summer and over the entire summer by 0.07 kg/day (P < 0.01). The combination of deworming and implants increased (P = 0.01) season long ADG by 0.11 kg/day over unimplanted controls. This demonstration was used to illustrate the potential that growth promoting implants and deworming provides for economically beneficial performance enhancement for retained stocker calves on mixed grass pasture.

Effect of Composition of Board and Promoter Group Retained Ownership on Underpricing of Indian IPO firms: An Empirical Study

The present empirical investigation is an addition to the existing extant literature available on the issue of initial public offering (IPO) which sees its inherent anomaly of underpricing by linking it to some of under-researched dimensions of corporate governance in the emerging economy of India. This study incorporates about 443 Indian IPO firms with their board composition and ownership retained by promoter group post IPO being primary variables of focus which are obtained from respective prospectuses of such firms. Like many previous studies, this study also keeps signalling theory as base, and findings show that only interlocking of directors among all the board variables has a significant and negative relation with underpricing. Significant relation of ownership concentration in hands of promoter group with underpricing shows that it is considered as a signal by investors assisting them in gauging safety of their minority interests. Findings show that too high insiders’ ownership alignment of interest between promoters and minority holders turn into risk of entrenchment by initial investors, that is, promoters as perceived by investors.

Conflicting interests: Going public in deteriorating market conditions

The purpose of this paper is to analyze whether the conflicting interest between issuing firms and CEOs (venture capitalists) affect the going-public decision. Going public in deteriorating market conditions is costly for issuing firms in terms of low offering price and high probability of withdrawal. If agency costs exist, agents pursuing their own interests may bring firms public even in poor market conditions, which has been largely ignored in the previous literature. To examine our hypotheses, we collect 1246 Japanese firms going public from 2001 to 2016 and conduct logit regressions, propensity score matching (PSM) as well as a probit model with sample selection. Consistent with our conjecture, we find a positive relation between the going-public decision and secondary shares offered by CEOs. Additionally, we also find an inverse U-shaped relationship between CEOs’ retained ownership and the going-public decision, indicating that in addition to liquidity needs, private benefits of control is another potential source of conflicting interests. Furthermore, secondary shares offered by VCs are also positively associated with the going-public decision, suggesting that when VCs attempt to exit as rapidly as possible, they are more likely to bring firms public even in deteriorating markets. These findings suggest that conflicting interests among parties affect the timing and costs of IPOs.

Son of a Saintly Slave Owner

This chapter examines Gilbert’s views about Africa and Africans in the context of his background as the son of an Antiguan slave plantation owner. Gilbert expressed publicly his opposition to the slave trade in 1790, but in The Hurricane this opposition is less evident: the evils of the slave trade are just one symptom of a universal cosmic imbalance. Gilbert’s Methodist father, Nathaniel Gilbert, had avowed the evils of slavery and praised the Africans’ higher spiritual capacity, but he nevertheless retained ownership. As John Wesley’s abolitionist views only became public around the time of Nathaniel’s death in 1774, it was possible for Nathaniel, as a benevolent slave-owner, to be considered a good Methodist. Gilbert came of age at a time when these moral values shifted.

BEEF CATTLE RETAINED OWNERSHIP AND PROFITABILITY IN TENNESSEE

The effect of animal characteristics and placement decisions on retained ownership profitability of Tennessee cattle from 2005 to 2015 was determined using a mixed model regression. Ex post simulation analysis examined retained ownership profitability by placement season under different animal characteristic and corn price scenarios. Regression results indicate that placement weight, placement season, days on feed, animal health, and animal sex affect retained ownership profitability. Simulation results indicate that winter placement of cattle in feedlots had the highest expected retained ownership profits. Results provide risk-averse producers information regarding the profitability of retained ownership.