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RESOLVING THE COMMITMENT-FLEXIBILITY DILEMMA IN NEW TECHNOLOGY VENTURES
No full textInternational audienc
The Paradox of Pledgeability
No full textWe develop a model in which collateral serves to protect creditors from the claims of competing creditors. We find that borrowers rely most on collateral when cash flow pledgeability is high, because this is when it is easy to take on new debt, diluting existing creditors. Creditors thus require collateral for protection against being diluted. This causes a collateral rat race that results in all borrowing being collateralized. But collateralized borrowing has a cost: it encumbers assets, constraining future borrowing and investment, i.e. there is a collateral overhang. Our results suggest that the absolute priority rule, by which secured creditors are senior to unsecured creditors, may have an adverse effect — it may trigger the collateral rat race
NGOs and the Creation of Value in Supply Chains
No full textFirms and NGOs often collaborate to establish new supply chains. With a formal model, we analyze how NGOs can alleviate market failures and improve supplier economic inclusion while strategically interacting with firms. We account for the specific goals of the NGO and the need to induce collaboration between firms and their suppliers. The analysis reveals a "valley of disappointment", when NGO efforts benefit all actors but only marginally the firm. We also show that more powerful firms might prefer to internalize NGO functions, while firms with lower bargaining power and higher investment requirements are better off collaborating with NGOs. Finally, we study NGOs-firms matching patterns and find that firms with higher bargaining power match with NGOs holding stronger capabilities
Subjective Contingencies and Limited Bayesian Updating
No full textWe depart from Savage’s (1954) common state space assumption and introduce a model that allows for a subjective understanding of uncertainty. Within the revealed preference paradigm, we uniquely identify the agent’s subjective state space via her preferences conditional on incoming information. According to our representation, the agent’s subjective contingencies are coarser than the analyst’s states; she uses an additively separable utility with respect to her set of contingencies; and she adopts an updating rule that follows the Bayesian spirit but is limited by her perception of uncertainty. We illustrate our theory with an application to the Confirmatory Bias
Towards EU Legislation on Human Rights Due Diligence: Case Study of the Garment and Textile Sector
No full textThis study assesses the legal feasibility of a EU instrument that would impose mandatory human rights due diligence (“HRDD”) requirements on companies in the garment and textile sector. The proposal serves as an example of a sector-specific approach to HRDD requirements, and could be modified to develop similar proposals in other sectors. The study also illustrates the differences between a sector-specific and a cross-sectoral approach by highlighting the implications of each in the following areas: legal bases, personal scope, and requirements and enforcement
Une affaire de goût : Etude de la sélection des idées créatives
No full textThe objective of the present dissertation is to gain a better understanding of how people assess creativity, and of the antecedents and outcomes of this creativity assessment process. In the first essay, I address the question of how people in different cultures assess creativity. In an inductive study of the French and US versions of Top Chef, a professional chefs’ competition, striking cultural differences emerge both in the moves used at each step of the assessment process and in the frequency and valence of the criteria. In the second part of this dissertation, I focus on the cues upon which evaluators rely to assess creativity. In particular, I disentangle the mechanism underlying the relationship between the creator’s status and the evaluation of his or her creativity. I develop the role of a specialist identity and argue for a complementary effect with the creator’s status. I hypothesize and find evidence that the creator’s status is only beneficial for his creativity evaluation when he has a specialist identity. Finally, in the third part of the dissertation, I focus on team creativity and develop a theoretical model where the assessment process provides an explanation as for why teams are not always the breeding ground for creativity. I propose to conceptually distinguish between different team assessment processes and to explore their respective impact on team’s ability to select its most creative idea for further implementation.Cette thèse étudie la phase d’évaluation de la créativité, ses antécédents et ses effets. Dans le premier article, j’étudie l’impact de la culture sur le processus d’évaluation de la créativité, posant la question de la manière dont la créativité est évaluée dans différentes cultures. L’étude inductive des versions française et américaine de Top Chef, un concours destiné aux cuisiniers professionnels, révèle des différences culturelles frappantes à la fois dans les processus d'évaluation et dans la fréquence et la valence des critères. Dans le deuxième chapitre de cette thèse, je tente d'expliquer le mécanisme derrière l'un des prismes majeurs par lequel les évaluateurs forment leur jugement concernant la créativité, à savoir le statut du créateur. Je soutiens que l’effet du statut du créateur sur l’évaluation de sa créativité diffère en fonction de son identité de spécialiste ou de généraliste. J’émets l'hypothèse et obtiens confirmation par une étude empirique longitudinale du contexte de la haute cuisine américaine que le statut du créateur n'est bénéfique à son évaluation de la créativité que lorsque le créateur a une identité de spécialiste. Enfin, dans la troisième partie de cette thèse, je me focalise sur la créativité en équipe et développe un modèle théorique où le processus d'évaluation explique pourquoi les équipes ne sont pas toujours un terrain propice à la créativité. Je propose de distinguer conceptuellement les différents processus d'évaluation et d'étudier leur impact respectif sur la capacité de l'équipe à sélectionner son idée la plus créative en vue de son application
Hiring Expert Talent in a Recession: Targeted Labor Pool Sourcing and Firm Performance
No full textExtant research suggests that hiring experts during economic downturns can improve firm financial performance. However, recessionary labor markets deepen the challenges facing hiring firms, calling to question both the firm-level benefits and the tactics of acquiring talent when demand for a firm’s business is declining. We theorize and find that hiring expert talent during a recession actually weakens firm performance in the context of knowledge-based services. Notably though, we find firms can effectively attenuate the negative hiring effect by targeting particular labor pools, underlining the significance of gaining human capital advantages through focused sourcing. We test our hypotheses using a longitudinal sample of large U.S. corporate law firms between 2002 and 2010
Does the Crowd Support Innovation? Innovation Claims and Success on Kickstarter
No full textOnline crowdfunding is a popular new tool for raising capital to commercialize product innovation. Product innovation must be both novel and useful (1-4). Therefore, we study the role of novelty and usefulness claims on Kickstarter. Startlingly, we find that a single claim of novelty increases project funding by about 200%, a single claim of usefulness increases project funding by about 1200%, and the co-occurrence of novelty and usefulness claims lowers funding by about 26%. Our findings are encouraging because they suggest the crowd strongly supports novelty and usefulness. However, our findings are disappointing because the premise of crowdfunding is to support projects that are innovative, i.e. that are both novel and useful, rather than projects that are only novel or only useful
Political Contributions and the Price of Credit Risk: Evidence from Credit Default Swaps
No full textFirm political contributions are associated with lower credit default swap spreads for contributing firms. To address endogeneity, we employ novel instruments and use a set of exogenous events on campaign contribution restrictions: (a) the passage of the Bipartisan Campaign Reform Act (BCRA) that banned soft money contributions, (b) the Federal Election Commission decision to interpret the BCRA less strictly, (c) the partial reversal of the BCRA and, (d) the McConnell v. FEC Supreme Court decision, which upheld the BCRA. Overall, the evidence suggests that political contributions are valued by credit market participants
Developing knowledge from entrepreneurial actions – toward a taxonomy
No full textInternational audienc