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Voluntary disclosure in P2P lending: Information or hyperbole?
No full textInternational audienceUsing a robust textual analytic method, we decompose the P2P loan description into common and distinctive contents, which contain general and unique information provided by borrowers. We then investigate the role of the distinctive content in affecting P2P lending decisions and outcomes. Controlling for loan/borrower characteristics, loan applications with more distinctive content are more likely to be funded, and have larger amounts and longer maturity, but these loans carry higher interest rates and default probability. Overall, the evidence suggests that borrowers use self-reported loan descriptions to hype their loan applications rather than provide soft information to reduce information asymmetry
Are Campaigns Getting Uglier, and Who Is to Blame? Negativity, Dramatization and Populism on Facebook in the 2014 and 2019 EP Election Campaigns
No full textInternational audienceRelating to theories of dissonant public spheres and affective publics, we study negativity, dramatization, and populist content in political party Facebook posts across 12 countries during the 2014 and 2019 European Parliament Election campaigns. A quantitative content analysis of 14,293 posts from 111 (2014) and 116 (2019) political parties shows that negative emotion, negative campaigning, dramatization, and populist content has increased over this time. We show that political parties sought to evoke more negative emotions and generate more dramatization, engaged more in negative campaigning, and included more populist content in their Facebook posts in the 2019 EP election than in 2014. Further, we show that posts evoking negative emotions and dramatization and involving negative campaigning yield higher user engagement than other posts, while populist content also led to more user reactions in 2014, but not in 2019. Negative, exaggerated, and sensationalized messaging therefore makes sense from a strategic perspective, because the increased frequencies of likes, shares, and comments make parties' messages travel farther and deeper in social networks, thereby reaching a wider audience. It seems that the rise in affective and dissonant communication has not emerged unintentionally, but is also a result of strategic campaigning
Privacy in hospitality: managing biometric and biographic data with immersive technology
No full textInternational audiencePurpose This study aims to investigate the implications, risks and challenges of data privacy due to the use of immersive technology in the hospitality industry. Design/methodology/approach The authors adopt a mixed-method approach. Study 1 is a focus group. The authors then provide external and ecological validity with a field experiment conducted with 139 hotel clients at a three-star continental European hotel. Findings Collecting biometric data results in unbalanced privacy compared to biographic data, as it diminishes individuals’ control over their data and grants organizations absolute power. This unbalanced privacy directly influences consumers’ willingness to disclose information, affecting their choice of hotels and access to services. Practical implications Hotels should redesign their strategies to accommodate heightened privacy risks with biometric data. This can be obtained by introducing systems that foster customer confidence in data usage and facilitate customers’ willingness to disclose biometrics through immersive technology or biographic data. Originality/value This study introduces unbalanced privacy as a unique state due to sharing biometric data. The authors propose a novel doctrine, the uncontrollable privacy paradox, which is a shift from the privacy paradox. The uncontrollable privacy paradox addresses the unbalanced privacy envisaged through consumer powerlessness in data management. This research addresses the literature gap on the privacy paradox by offering a broader perspective, including business, industry and mixed reality considerations
Institutional investor horizon and stock price synchronicity: Do product market competition and analyst coverage matter?
No full textInternational audienceThis paper provides new insights into the relation between institutional investment horizon and stock price synchronicity and investigates whether this relationship depends on the intensity of product market competition and analyst coverage. Based on a sample of French listed companies, we find that long-term (short-term) institutional investors are associated with lower (higher) stock price synchronicity. The results also show that the negative effect of long-term institutional investors is more accentuated for firms in less competitive markets and with high analyst coverage. An additional analysis shows that the synchronicity reduction effect does not vary during the financial crisis. Overall, these findings suggest that unlike their short-term counterparts, long term investors reduce asymmetric information and help disseminate firm-specific information into stock prices
De nouvelles compétences renforçant la contribution des achats à l'innovation et au développement durable
No full textInternational audienceThis research presents the results of a multiple method study exploring the future competence requirements for purchasing and supply management (PSM) professionals in the face of increasing demand for innovative and sustainable product and service solutions. Data collection consisted of four stages: first, a World Café was held to gather experts' insights into PSM skills, which helped to refine a first survey round of eleven open-ended questions. A second survey round then followed, presenting four scenarios based on the results of the initial round. Finally, interviews were conducted to explore the results in detail. The participants in all stages were senior PSM experts from a variety of sectors, including manufacturing and service organisations, as well as academic institutions, consulting firms and non-governmental organisations. The results show that the expected changes in the future business environment mainly concern the application of digital technologies, increasing supply chain flexibility and transparency, sustainability performance and the need to build soft skills to support interpersonal relationships as well as hard skills to support supply chain design.Cette recherche présente les résultats d'une étude à méthodes multiples explorant les exigences futures en matière de compétences pour les professionnels de la gestion des achats et des approvisionnements face à la demande croissante de solutions innovantes et durables en matière de produits et de services. La collecte des données s'est déroulée en quatre étapes : tout d'abord, un World Café a été organisé pour recueillir les points de vue des experts sur les compétences en achats et des approvisionnements, ce qui a permis d'affiner un premier cycle d'enquête composé de onze questions ouvertes. Une deuxième série d'enquêtes a suivi, présentant quatre scénarios basés sur les résultats de la première série. Enfin, des entretiens ont été menés pour explorer les résultats en détail. Les participants à toutes les étapes étaient des experts de haut niveau en matière des achats et des approvisionnements issus de divers secteurs, notamment d'entreprises manufacturières et de services, ainsi que d'établissements universitaires, de cabinets de conseil et d'organisations non gouvernementales. Les résultats montrent que les changements attendus dans le futur environnement commercial concernent principalement l'application des technologies numériques, l'augmentation de la flexibilité et de la transparence de la chaîne d'approvisionnement, la performance en matière de durabilité et la nécessité de développer des compétences non techniques pour soutenir les relations interpersonnelles ainsi que des compétences techniques pour soutenir la conception de la chaîne d'approvisionnement
Sovereign bond and CDS market contagion: A story from the Eurozone crisis
No full textInternational audienceWe examine the asymmetric and nonlinear nature of the cross-and intra-market linkages of eleven EMU sovereign bond and CDS markets during 2006-2018. By adopting the excess correlation concept of Bekaert et al. (2005) and the local Gaussian correlation approach of Tjøstheim and Hufthammer (2013), we find that contagion phenomena occurred during two major phases. The first, extends from late 2009 to mid 2011 and concerns the outright contagion transmission from EMU South bond markets towards all European CDS markets. The second, is during the revived fears of a Greek exit in November 2011 and is characterized by contagion from (i) CDS spreads in the EMU South towards bond yields in the same bloc and Belgium, and (ii) from Italian and Spanish CDS spreads towards all European CDS spreads. Consistent with their "too big to bail out" status, Italy and Spain emerge as pivotal for the evolution of sovereign credit risk across the Eurozone. Our examination of the relevant mechanisms, highlights the importance of credit risk over liquidity risk, and the containment effect of the naked CDS ban
Incremental wind energy development in the Midcontinent Independent System Operator electricity markets of the United States
No full textInternational audienceThis paper projects how much incremental wind energy development (WED) may occur without causing inadequate investment incentives (aka missing money) for wind generation and natural-gas-fired generation in the day-ahead market (DAM) and real-time market (RTM) of the Midcontinent Independent System Operator (MISO) in the US. Using a large sample of hourly data for the 82-month period of 01/01/2014 - 10/31/2020, it documents that the DAM’s hourly investment incentives move with (a) the day-ahead forecast of daily natural gas price; (b) MISO’s day-ahead hourly requirements of ancillary services; (c) MISO’s zonal day-ahead hourly schedules of nuclear generation, wind generation, and must-run generation; and (d) MISO’s zonal day-ahead forecasts of hourly loads. Findings based on the RTM’s hourly data tell a similar story. Further, the negative effect of incremental WED on investment incentives over the forward-looking period of 2023-2042 is offset by the positive effect of rising natural gas price, nuclear plant retirement, declining must-run generation, and growing demand. In the extreme case of nuclear plant retirement and zero must-run generation, incremental WED of up to ~441% of the existing wind generation level may occur as a market-based outcome without missing money in MISO’s DAM
An attitude-behavioral model to understand people’s behavior towards tourism during COVID-19 pandemic
No full textInternational audienceThe impact of pandemics on the tourism industry should be explored from the perspective of those who will travel, go to the tourist places on vacation, and avail services from tourism and hospitality-related organizations. This study has aimed to identify the reasons for the changed human psychology towards tourism during the COVID-19 Pandemic to develop an attitude-behavioral model. This investigation thus conducted an extensive empirical study among tourists to capture their social, emotional, and financial beliefs. The research then examined the measurement model through confirmatory factor analysis (CFA) before investigating the cause-effect relationship through the structural model. Analysis revealed that the negative effect of attitude on behavioral intention toward this new equilibrium is controlled by the emotional aspect of attitude. Furthermore this paper made several contributions to the literature on human psychology, crisis management, human behavior, marketing, and tourism
Platform affordances and political participation: How social media reshape political engagement
No full textInternational audiencePolitical participation opportunities have been expanding for years, most recently through digital tools. Social media platforms have become well integrated into civic and political participation. Using a cross-national sample from the United States, United Kingdom, and France, this paper examines whether acts of participation associated with social media should be classified using a traditional, five-factor solution to the structure of participatory acts. The distinction between online and offline participation is set aside, focusing instead on acts supported and enabled by social media, and in particular on differences between the use of Twitter and Facebook. The analysis shows that acts enabled by social media do not load with traditional factors in the structure of participation. Political acts employing Twitter and Facebook are distinct in the factor structure of participation