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Managerial Risk Aversion and Accounting Conservatism
No full textThis paper investigates the link between one managerial characteristic, the degree of risk aversion, and accounting conservatism. Two models are analyzed, one where the degree of conservatism is chosen by the principal (Board) and accounting information is used for stewardship, and a second where the principal delegates the choice of the degree of conservatism to the manager and accounting information is primarily used for investment efficiency. We show in the first model that higher risk aversion reduces the demand for conservatism from a stewardship point of view. In the second model, we show that delegation is an optimal way for the principal of committing to conservative reporting. Hiring a more risk-averse manager lowers the cost of implementing this conservative reporting. The two models provide opposite predictions for the association between managerial risk aversion and the degree of conservatism. Empirical evidence favors the second model’s prediction. The paper suggests that managers with specific characteristics and incentive contracts might be endogenously chosen by the firm to implement an ex-ante optimal degree of conservatism
Are attitudes toward peace and war the two sides of the same coin? Evidence to the contrary from a French validation of the Attitudes Toward Peace and War Scale
No full textInternational audienc
Skill-induced Mobilization at Work: a Study of an Activist Group
No full textInternational audienceThis article explores the way in which skills may mobilize individuals within an organization. To that end, it considers skills rather as mobilizing resources for individuals than strategic resources for the firm. This suggests other ways through which skills can contribute to the firm and HR policies. The theoretical framework of resource mobilization, coming from the sociology of social movements, provides explanations in this regard. The empiric part is based upon a twelve-month ethnographic work among the feminist activist group “La Barbe”. This part explores how an organization with few resources can mobilize and retain its members by providing skills that are coherent with their individual paths (especially the search for personal emancipation). Recommendations and the limits for human resources management are discussed to conclude, in particular, on the mobilization of talents
Market Positioning Using Cross-Reward Effects in a Coalition Loyalty Program
No full textWhile single-brand reward programs encourage customers to remain loyal to that one brand, coalition programs encourage customers to be “promiscuous” by offering points redeemable across partner stores. Despite the benefits of this “open relationship” with customers, store managers face uncertainty as to how rewards offered by partners influence transactions at their own stores. We use a model of multi-store purchase incidence to show how the value of points shared among partner stores can explain patterns in customer-level purchases across them. The model is used to empirically test hypotheses on how reward spillovers among partners are driven by: (1) differences in policies on reward redemption, (2) the overlap in product categories between stores, and (3) geographic distance between stores within a city. In addition, we leverage variation generated by a natural experiment, i.e., a devaluation of the program's points, to demonstrate how the value of points influences the positioning of partner stores within the coalition and the purchasing patterns across them. We conclude by delineating some managerial implications for the design of a coalition's reward policies, including a simulation showing that customer-centric targeted rewards can be an effective strategy to compensate for the devaluation
Eye-Tracking Experiments in Social and Environmental Accounting Research
No full textInternational audienc
Near-degeneracy effects on the frequencies of rotationally-split mixed modes in red giants
No full textInternational audienceContext. The Kepler space mission has made it possible to measure the rotational splittings of mixed modes in red giants, thereby providing an unprecedented opportunity to probe the internal rotation of these stars.Aims. Asymmetries have been detected in the rotational multiplets of several red giants. This is unexpected since all the red giants whose rotation profiles have been measured thus far are found to rotate slowly, and low rotation, in principle, produces symmetrical multiplets. Our aim here is to explain these asymmetries and find a way of exploiting them to probe the internal rotation of red giants.Methods. We show that in the cases where asymmetrical multiplets were detected, near-degeneracy effects are expected to occur, because of the combined effects of rotation and mode mixing. Such effects have not been taken into account so far. By using both perturbative and non-perturbative approaches, we show that near-degeneracy effects produce multiplet asymmetries that are very similar to the observations. We then propose and validate a method based on the perturbative approach to probe the internal rotation of red giants using multiplet asymmetries.Results. We successfully apply our method to the asymmetrical l = 2 multiplets of the Kepler young red giant KIC 7341231 and obtain precise estimates of its mean rotation in the core and the envelope. The observed asymmetries are reproduced with a good statistical agreement, which confirms that near-degeneracy effects are very likely the cause of the detected multiplet asymmetries.Conclusions. We expect near-degeneracy effects to be important for l = 2 mixed modes all along the red giant branch (RGB). For l = 1 modes, these effects can be neglected only at the base of the RGB. They must therefore be taken into account when interpreting rotational splittings and as shown here, they can bring valuable information about the internal rotation of red giants
Rethinking Nudge: Not One But Three Concepts
No full textNudge is a concept of policy intervention that originates in Thaler and Sunstein's (2008) popular eponymous book. Following their own hints, we distinguish three properties of nudge interventions: they redirect individual choices by only slightly altering choice conditions (here nudge 1), they use rationality failures instrumentally (here nudge 2), and they alleviate the unfavourable effects of these failures (here nudge 3). We explore each property in semantic detail and show that no entailment relation holds between them. This calls into question the theoretical unity of nudge, as intended by Thaler and Sunstein and most followers. We eventually recommend pursuing each property separately, both in policy research and at the foundational level. We particularly emphasize the need of reconsidering the respective roles of decision theory and behavioural economics to delineate nudge 2 correctly. The paper differs from most of the literature in focusing on the definitional rather than the normative problems of nudge
Memorandum: On the Ethical and Legal Issues Arising from the Appointment of the Former President of the European Commission Jose Manuel Barroso As Non-Executive Chairman and Director of Goldman Sachs International
No full textThis Memorandum to the European Commission presents our professional opinion on the legal and ethical issues arising from the appointment of the former President of the European Commission Jose Manuel Barroso as non-executive chairman and director of Goldman Sachs. We identify a number of flaws of the Opinion of the Ad Hoc Ethical Committee which considered the issue and offer our own analysis of applicable law and the action the Commission is required to take. In our view, the Opinion represents a case of maladministration, on the ground of which it should have been set aside by the Commission in unequivocal terms. On our own analysis, Mr. Barroso’s acceptance of his new appointment was ethically inappropriate and, therefore, a violation of TFEU. Further we argue that the Commission has powers to take remedial action and is legally obliged to act to enforce the EU law and to protect the interests of the EU and its reputation. We show that, contrary to most comments in the media, the expiry of the eighteen months ‘cooling-off’ period does not put Mr. Barroso on the right side of the law, and does not preclude the obligation of the Commission to take remedial action
Resource Reconfiguration in Human-Capital-Intensive Firms
No full textExtant research has highlighted the importance of resource reconfiguration for firm performance and has identified important drivers of the reconfiguration of macro-level resources, e.g. business units, focusing primarily on supply-side factors. Yet less is known about drivers of the reconfiguration of micro-level resources, e.g. human assets, and about the role which demand-side factors play in resource reconfiguration. We address these gaps and investigate how client-related factors influence the reconfiguration of micro-level resources in human-asset-intensive firms. Using fine-grained data on law firms advising on M&A mandates, we find that law firms are less likely to reconfigure their human assets (lawyers) on mandates for high-status clients, but more likely to reconfigure them when a client has a greater proclivity to switch business between multiple suppliers. Law firms also reconfigure their human assets less for incoming client projects when they have provided prior M&A services to the client, but they are more likely to reconfigure them when the client relationship has a broader scope. Finally, we also show that the size of a firm’s client portfolio lowers reconfiguration. Our paper extends the literature on resource reconfiguration by explicating antecedents of the reconfiguration of micro-level resources and by highlighting the role demand-side factors play in it. We also contribute to the strategic human capital literature by showing how demand-side factors shape human capital deployment. Finally, we also add to the micro-foundations of resource-based theory by studying important micro-foundational processes underlying a firm’s capacity to reconfigure its resources