HAL - Audencia Group
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Familiarity Bias and Economic Decisions: Evidence from A Survey Experiment
No full textInternational audienceThis paper provides experimental evidence that people in China have strong familiarity bias identified by hometown and education locations when making merger and acquisition decisions. Emotions and genders could affect the role of familiarity bias in merger and acquisition decisions
Fundamental Strength and the 52-Week High Anchoring Effect
No full textInternational audienceWhen stocks are trading near their 52-week high investors tend to have low expectation about their future returns. We contrast such expectations against firms' fundamental strength. For firms with strong fundamentals, we confirm that investors' expectations are too low, which is consistent with the hypothesis that the 52-week high acts as a psychological anchor. We report that a fundamental-strength enhanced 52-week high trading strategy significantly outperform the unconditional strategy by nearly doubling its average return. Moreover, we provide interesting evidence that this anomalous effect is most evident when investor sentiment is high, but absent among more sophisticated institutions and short sellers
Ethnic minorities, income inequalities and the COVID-19 pandemic: evidence from English local councils
No full textInternational audienceThis study examines the effects of ethnic minority populations and income inequalities on COVID-19 excess mortality within English local councils. We demonstrate empirically that councils with large ethnic minority populations and high-income inequalities exhibit higher excess mortality during the first wave of the pandemic. We further show that the association between a large ethnic minority population and high excess mortality is manifested significantly more in councils with larger income inequalities. Our findings call for immediate actions and long-term policies to address social and income inequalities as these inequalities affect population health conditions
Information Management in Times of Crisis: the Role of Mindfulness and Digital Resilience for Individuals and Organisations
No full textInternational audienc
Dissecting the Idiosyncratic Volatility Puzzle: A Fundamental Analysis Approach
No full textInternational audienceThis paper argues fundamental information help resolve information uncertainty that leads to high idiosyncratic volatility premium. The IVOL-return relation is negative for stocks with poor fundamental strength but positive for stocks with strong fundamental strength. The arrival of fundamental news weakens the negative IVOL effect. Our findings are robust for alternative model specifications. Moreover, the negative IVOL effect dominates the positive IVOL effect due to arbitrage asymmetry that buying is easier than short selling stocks. Consistent with arbitrage asymmetry, the negative IVOL effect is stronger for stocks with low institutional ownership and following high investor sentiment. Overall, we provide a simple fundamental-based explanation for idiosyncratic volatility puzzle
Economic preferences for risk-taking and financing costs
No full textInternational audienceWe hypothesize and empirically establish that economic preferences for risk-taking in different subnational regions affect firm financing costs. We study this hypothesis by hand-matching firms' regions worldwide with the corresponding regional economic risk-taking preferences. We first show that higher regional risk-taking is positively associated with several measures of firm risk and investments. Subsequently, our baseline results show that credit and bond pricing increase when risk-taking preferences increase. For the loan of average size and maturity a onestandard-deviation increase in regional risk-taking increases interest expense by $0.54 million USD. We also find that these results are demand (firm)-driven and stronger for firms with more local shareholders
Social media content aesthetic quality and customer engagement: The mediating role of entertainment and impacts on brand love and loyalty
No full textInternational audienceCustomer engagement is a key metric for gauging brands' social media success. Luxury fashion brands increasingly use social media to connect with customers. This paper tests a model of the antecedents and consequences of engagement with luxury fashion brands on social media. Developing a content aesthetic quality scale with a sample of 1166 buyers of luxury fashion brands, we identify two routes for how social media content can augment brand loyalty and foster brand love for luxury fashion brands. We reveal that the effectiveness of social media content in generating customer brand engagement depends on its ability to be entertaining. Specifically, our findings demonstrate that entertainment affects customer engagement and mediates the relationship between content marketing (specifically, content aesthetic quality and celebrity endorsement) and customer engagement with luxury fashion brands. Customer engagement fosters brand loyalty and brand love. Managerial implications for luxury brand managers and social media marketers are discussed
The dialectic of (menopause) zest: Breaking the mold of organizational irrelevance
No full textInternational audienceDrawing from women's testimonials in The Guardian and from contributions of feminist writers, Virginia Woolf, Julia Kristeva, and Margaret Mead, we start a conversation on the positive and energizing aspects of menopause in the workplace. We propose a social interpretation of menopause that challenges a pervasive perspective of medical decline: A theorization of “the dialectic of zest,” as inspired by the writings of Margaret Mead. By problematizing the experiences of women going through this transition in the workplace, we reveal how well‐intentioned awareness campaigns can lead to further stigmatization. We thus encourage organizations to not only favor an approach of “education for all” but also extend their social imaginaries beyond medicalized perspectives and coping views. Organizations can then embrace the potential of “zest,” a positive side of menopause that remains largely unknown. We argue that organizations, inspired by a holistic view of menopause in the workplace, can creatively support the professional progressions and ambitions of not only women but also all employees
Firm-Level Climate Change Risk and CEO Equity Incentives
No full textInternational audienceWe document evidence that CEOs who lead firms that face higher climate change risk (CCR) receive higher equity-based compensation. Our finding is consistent with the compensating wedge differential theory and survives numerous robustness and endogeneity tests. The result is more prominent for firms that are socially responsible, susceptible to higher environmental litigation and part of the non-high-tech industries. Furthermore, we find supportive evidence that firms offering higher equity incentives to their CEOs for managing higher CCR are usually better off in the long run via a lower cost of equity capital and higher firm valuation
Technological Capability Strength/Asymmetry and Supply Chain Process Innovation: The Contingent Roles of Institutional Environments in China
No full textInternational audienceDespite the importance of process innovation in fostering supply chain competitiveness, existing studies primarily emphasize product innovation and overlook institutional environments. This study builds on the dyadic capability-based view and institutional theory to investigate how buyer's and supplier's technological capabilities jointly affect supply chain process innovation in China. We differentiate between two distinct dimensions, technological capability strength and technological capability asymmetry, and propose that technological capability strength negatively influences supply chain process innovation whereas technological capability asymmetry promotes such innovation. We also examine how formal (i.e., government intervention) and informal (i.e., guanxi importance) institutional factors moderate the effects of technological capability strength and asymmetry on supply chain process innovation. Empirical analyses based on 157 buyer-supplier dyads in China offer strong support for our hypotheses, which provide important implications for the supply chain innovation collaboration literature and managerial practice