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What Do Multiple Objectives Really Mean for Performance? Empirical Evidence from the French Manufacturing Sector
No full textWe explore the performance consequences of the simultaneous pursuit of multiple objectives in organizations. Taking advantage of a unique dataset covering both the objectives pursued and performance outcomes, we test the hypothesis that is the cornerstone of multiple objective theory: performance on a given metric increases when it is pursued as an objective but decreases with the number of other objectives pursued simultaneously. We find overall support to this hypothesis, which holds for most, but not all, objectives. We further unpack the link between multiplicity of objectives and performance, investigating the moderating effects of organization design choices. This study suggests that multiple objectives impose a cost on organizations, but also provide a benefit of alleviating tradeoffs in achieving higher performance in multiple dimensions
Gilbert Saporta : un parcours éclectique, Statistique et Société, volume 8, n°1
No full textvol. 8, n° 1Gilbert Saporta is an emeritus professor at CNAM (Conservatoire National des Arts et Métiers). His main researchthemes were around data analysis. In this interview, he first recalls the French statistical community in the late1960s and early 1970s. His best-selling textbook “Probabilités, analyse des données et statistique” (Probabilitytheory, data analysis and statistics, published in 1980) is then an opportunity to study the semantic evolution ofthe concept of data analysis to data science via data mining. Finally, we discuss the learned societies of statistics inFrance in the last 1990s and early 2000s… and we realize that he achieved the grand slam of being the presidentof each of them!Gilbert Saporta est professeur émérite du Conservatoire national des arts et métiers (CNAM), spécialiste del’analyse des données. Dans cet entretien, il nous dresse d’abord un portrait du monde de la statistique appliquéeen France, au tournant des années 1970. L’évocation de son manuel Probabilités, analyse des données et statistique(Éditions Technip, 1980), un vrai succès de librairie encore de nos jours, est l’occasion ensuite de discuter del’évolution sémantique des termes d’analyse, de fouille et de science des données. Enfin, nous revenons avec luisur l’évolution des sociétés savantes de statistique en France au tournant des années 2000… et constatons qu’ila réalisé un grand chelem de présidence de ces sociétés
Dynamic consistency and ambiguity: A reappraisal
No full textInternational audienceThe famous conflict between dynamic consistency and ambiguity purportedly undermines these models' normative credibility, and challenges their use in economic applications. Dynamic consistency concerns preferences over contingent plans: so what counts are the contingencies the decision maker envisages-and plans for-rather than independently fixed contingencies , as implicitly assumed in standard formalisations. An appropriate formulation of dynamic consistency resolves the aforementioned conflict, hence undermining the criticisms of ambiguity models based on it. Moreover, it provides a principled justification for the restriction to certain families of beliefs in applications of these models in dynamic choice problems. Finally, it supports a new analysis of the value of information under ambiguity, showing that decision makers may only turn down information if it has an opportunity cost, in terms of the compromising of information they had otherwise expected to receive
Polarized worlds and contextual creativity in creative industries: the case of creation processes in the perfume industry
No full textInternational audienceCo-existing within the creative industries, there are opposite worlds with different organizations, creators and approaches to the product development process. Nevertheless, surprising collaborations occur between these worlds. This paper joins the emerging literature that analyses the specificities of the creative industries from both the management and organization viewpoints. From the viewpoint of the product development process, it seeks to analyze how and why designers are able to create differently in two worlds that are based on different creative approaches. In an in-depth exploratory study, we detail two product development processes in the perfume industry and show how the same designers operate in two different contexts. This article proposes a new explanation for these collaborations and the way that creators cross from one world to another. In addition to the social and conventional dimensions that are traditionally used to explain these collaborations in creative industries, we show that these opposite worlds are structured by differences in industry organization, distribution systems and creation processes. We show that the creativity of creators is embedded in a specific context and propose the notion of contextual creativity. We then identify a specific kind of collaboration between opposite worlds: creative symbiosis is observed when a creator develops a creative project in the opposite world
Sujet sur la teorie de jeux et conception de mécanisme a appliquée à Finance et la réglementation bancaire
No full textThis thesis develops and utilizes tools in game theory and mechanism design to study multiple applications in economics and finance. The first chapter studies the problem of implementing communication equilibria of strategic games when players communicate with an impartial mediator through a network. I characterize necessary and sufficient conditions on the network structure such that any communication equilibrium of any game can be implemented on that network. The next chapter studies a model of supply chain congestion whereby capacity constraints lead to very inefficient Nash equilibria and I show how the use of correlsted equilibria can substantially resolve those inefficiencies. The final two chapters study related issues in the design of bank capital requirements. In Chapter 3, I characterize optimal bank capital requirements when banks have private information about the value of their existing assets. I show how the implementation of capital requirements can eliminate the bank’s cost of raising capital by revealing their information to the market and conditions under which doing soi s optimal. In Chapter 4, I show how when the bank’s private information is about the riskiness of its assets instead, then any risk sensitive capital requirement will lead banks to optimally misreport their risk whenever investors are sufficiently risk averse, highlighting important robustness concerns.Cette thèse développe de nouveaux outils de théorie des jeux et mechanism design pour de multiples application en économie/finance. Le premier chapitre étudie la possibilité d’implémentation d’équilibres de communication dans le cadre de jeux stratégiques lorsque tous les joueurs de réseau peuvent communiquer par l’intermédiaire d’un médiateur impartial. Je dérive les conditions nécessaires et suffisantes sur la structure du réseau de joueurs telles que, pour tout jeu, tout équilibre de communication puisse être implémenté. Le deuxième chapitre propose un modèle d’encombrement de la chaine de production dans lequel les contraintes de capacité produisent de multiples équilibres de Nash Pareto-inefficients. Ce chapitre montre comment l’utilisation d’équilibres corrélés peut résoudre de manière substantielle ces inefficiences. Les deux dernier chapitres traitent de questions liées à la conception des exigences de fonds propres de banques. Dans le chapitre 3, on caractérise les exigences optimales de fonds propres des banques lorsque celles-ci disposent d’informations privées sur la valeur de leurs actifs existants. On montre comment l’implémentation des exigences de fonds propres peut éliminer le coût de l’augmentation de capital pour la banque en révélant ses informations au marché, et les conditions dans lesquelles ce transfert d’informations est optimal. Dans le chapitre 4, on fait l’hypothèse que les banques possèdent de l’information privée sur le risque de leurs actifs plutôt que sur leur valeur. Dans c ecas, si les investisseurs sont suffisamment averses au risque, on montre que n’importe quelle exigence de fonds subordonée au risque des banques incitent ces derniéres à mentir sur leur niveau de risque effectif. Ce résultat met em lumière d’importants problèmes de robustesse
Deploying Narrative Economics to Understand Financial Market Dynamics: An Analysis of Activist Short Sellers’ Rhetoric
No full textWe investigate how Activist Short Sellers (AShSs) expose publicly listed firms in an increasingly popular form of “research reports” openly denouncing alleged frauds, flawed business models, accounting irregularities, and wrongdoings. We focus on six AShSs that issued research reports that often led to a strong negative market reaction. Our empirical analysis exploits both qualitative and quantitative methods for a comprehensive dataset of 383 research reports targeting 171 unique firms, and three first-hand interviews with AShSs. Drawing on Aristotle’s rhetoric, we first examine how AShSs use narratives in striving to convince other investors that the target firms are overvalued. Specifically, we search the documents produced by AShSs for stylized narratives related to credibility-based (ethos), emotions-based (pathos), and logic-based (logos) rhetorical strategies. To assess the impact of these strategies, we examine the extent to which the AShSs’ rhetorical strategies resonate in 3,665 press articles. As expected, the press often refers to logos-based arguments. Interestingly, the press also brings up frequently pathos-based and ethos-based statements. Considering the importance of the press in shaping investors’ opinions, our study points to AShSs’ narratives playing a major role in policing financial markets. Theoretically, we show that AShSs, as dissenting market participants, produce narratives that go beyond the language of formal rationality – as they strive to reveal new information and frame it persuasively, in order to destabilize the extent of trustworthiness surrounding target firms
Combating Procrastination on MOOCs via Optimal Calls-to-Action
No full textMassive Online Open Courses (MOOCs) are a booming phenomenon in the digital era, having attracted millions of users around the world to date. At the same time, educational delivery via MOOCs comes with its own distinct difficulties for students and instructors, as the online nature of MOOCs creates every opportunity for digital distraction and procrastination. In this work, we consider that the digital nature of MOOCs and online learning management systems (LMSs) may also offer unique opportunities to counteract procrastination. Building on the temporal motivation theory, this study examines a number of calls-to-action (CTAs) pertaining to the completion and submission of course assignments, with an eye toward combatting student procrastination on MOOCs. We report on the results of a randomized field experiment on a leading MOOC platform in China. By randomly treating MOOC users with different CTAs related to active course assignments, we seek to examine the impacts of alternative informational interventions on students’ duration to and probability of on-time assignment submission. We consider multiple types of CTAs: a simple call-to-action, a deadline reminder, descriptive norm interventions (communicating peer assignment completion rates), and a simple CTA combined with a financial incentive. We find that descriptive norms lead to higher probabilities of assignment completion and a shorter time to completion. In contrast, we find that the deadline reminder has a surprisingly counter-productive effect. Subsequently, exploring heterogeneity in the response to our different interventions – considering factors such as course load, education level, and user tenure on the MOOC platform – we find evidence that the deadline reminder, in particular, can backfire if students’ active course load is low. This result suggests that students with low course loads may perceive the deadline to be distant, which reduces their sense of urgency and leads to complacency. We discuss the implications of our findings for both research and practice
Novelty and Scope of Innovation in Manufacturing: The Role of Related and Unrelated Production Experience
No full textIn manufacturing, the accumulation of experience that occurs with production is likely to impact an organization's ability to innovate. However, how different types of experience may relate to the characteristics of an organization's innovation output is an open question. In this study we investigate how a firm's accumulated related and unrelated manufacturing experiences are associated with this firm's ability to innovate its production methods. We choose as our context the manufacturing of active pharmaceutical ingredients (APIs) for anti-cancer drugs that have lost product-patent protection. This allows us to examine our research question in a multi-product and multi-firm longitudinal setting. To characterize firms' innovation output we observe their portfolios of patented manufacturing inventions, which we qualitatively evaluate over time (through a unique collaboration with expert patent attorneys) along two critical dimensions: novelty and scope. We find that experience with manufacturing related products is associated with a decrease in the novelty and an increase in the scope of the manufacturing methods that a firm develops and patents for a focal product. Conversely, experience with manufacturing unrelated products is associated with an increase in a focal product's patents' novelty and a decrease in its patents' scope. This simultaneous consideration of both novelty and scope allows us to demonstrate how different types of experience may enhance one dimension of innovation while hurting another, and helps to reconcile conflicting conceptual arguments that have been presented in the literature. Our findings provide practical guidance regarding how managers might want to structure their firms' product portfolios and the longitudinal effect of their choices on their firm's intellectual property
Implications of the Joint Provision of CSR Assurance and Financial Audit for Auditors’ Assessment of Going Concern Risk
No full textWe examine whether the joint provision of corporate social responsibility (CSR) assurance services and financial audit by the same audit firm influences auditors’ assessment of going concern risk. We predict that the provision of CSR assurance and financial audit by the same audit firm creates CSR-related knowledge spillovers from the CSR assurance team to the financial audit engagement team, which help in the auditor’s assessment of going concern risk. Using more than 28,000 firm-year observations from 55 countries, we document that, relative to audit firms that provide only the financial audit, audit firms that provide both CSR assurance and financial audit for the same client (1) issue more frequent going concern opinions and have lower Type-II going concern errors, (2) have clients that book larger environmental and litigation provisions, (3) report earnings that are more persistent and value relevant and are less likely to book income-decreasing earnings restatements, and (4) do not charge higher audit fees or total fees. Our results are important especially because of firms’ increasing exposure to CSR risks and the growing number of countries that require assurance of CSR reports
Evolution of Shares in a Proof-of-Stake Cryptocurrency
No full textDo the rich always get richer by investing in a cryptocurrency for which new coins are issued according to a Proof-of-Stake (PoS) protocol? We answer this question in the negative: Without trading, the investor shares in the cryptocurrency are martingales that converge to a well-defined limiting distribution, hence are stable in the long run. This result is robust to allowing trading when investors are risk-neutral. Then, investors have no incentive to accumulate coins and gamble on the PoS protocol, but weakly prefer not to trade