Portail HAL HEC
Not a member yet
4784 research outputs found
Sort by
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
Quotes, Trades and the Cost of Capital
No full textWe study how market makers set their quotes in relation to trading, liquidity, and expected returns. In our model, market makers in neglected, difficult-to-understand stocks monitor the market more often, thus increasing their quote-to-trade (QT) ratio. They also monitor more often when their clients are more precisely informed, which reduces mispricing and lowers expected returns. Consistent with our model, large QT ratios are empirically associated with low expected returns, a result driven by quotes, not by trades. Moreover, more market makers are associated with smaller QT ratios, but have no effect on the cost of capital
The Problem of Unpaid Internships: Legal Guide to Complaints Under the European Social Charter
No full textYoung people entering the job market are in a precarious economic position. Across Europe, and in Belgium in particular, those who wish to enter into the professional world are faced with the de facto mandate that in order to gain experience and build the connections that will enable them to find paid professional work in the future, they must complete several internships. Yet many of these internships are unpaid or underpaid, forcing some young people to rely on their savings or their parents and shutting others out of the process entirely.The European Committee of Social Rights (the “Committee”) accepts collective complaints lodged by non-governmental organisations alleging violations of the European Social Charter (the “Charter”). The EU Public Interest Clinic prepared this draft Complaint for the non-profit organization European Youth Forum, alleging that unpaid internships in Belgium violate the Charter. Specifically, the provisions in Belgian law that enable unpaid internships, and the lack of enforcement of provisions that aim to curtail them, violate Articles 4, 7, and 10 of the Charter, which provide for fair remuneration, the protection of young people, and financial assistance for vocational training, respectively
Foundations of Weighted Utilitarianism
No full textWe provide a microfoundation for a weighted utilitarian social welfare function that reflects common moral intuitions about interpersonal comparisons of utilities. If utility is only ordinal, interpersonal comparisons are meaningless. Nonetheless, economics often adopts utilitarian welfare functions, assuming that comparable utility functions can be calibrated using information beyond consumer choice data. We show that consumer choice data alone are sufficient. As suggested by Edgeworth (1881), just noticeable differences provide a common unit of measure for interpersonal comparisons of utility differences. We prove that a simple monotonicity axiom implies a weighted utilitarian aggregation of preferences, with weights proportional to individual jnd's
Where the Risks Lie: A Survey on Systemic Risk
No full textInternational audienceWe review the extensive literature on systemic risk and connect it to the current regulatory debate. While we take stock of the achievements of this rapidly growing field, we identify a gap between two main approaches. The first one studies different sources of systemic risk in isolation, uses confidential data, and inspires targeted but complex regulatory tools. The second approach uses market data to produce global measures which are not directly connected to any particular theory, but could support a more efficient regulation. Bridging this gap will require encompassing theoretical models and improved data disclosure
Examining the influence of operational technostress on innovation
No full textInternational audienceTechnostress, or the stress generated in employees because of using everyday operational technologies in organizations can influence their innovation performance. Grounding our research in ‘Transactional Model of Stress and Coping', we examine the linear as well as non-linear relationships between technostress creators and employee innovation and delineate useful implications
Appendix: Invention Quality and Entrepreneurial Earnings: The Role of Prior Employment Variety
No full textThis on-line appendix contains more details on the sampling process, more details on the sample, a comparison to a matched sample of Canadians, more technical details on various measures and procedures, and further robustness analysis
Heterogeneous Social Motives and Interactions: The Three Predictable Paths of Capability Development
No full textLimited attention has been paid to the crucial role of individuals’ motivation and social interactions in capability development. Building on literature in social psychology and behavioral economics that links heterogeneity in individual social motives to social interactions, we explain how the variation, selection, and retention processes underlying a group’s deliberate capability development are affected by the composition of the group in terms of individuals’ social motives in interplay with the organizational-level motivational levers designed by managers. Our multilevel theoretical model suggests that individual-level heterogeneity leads to the development of capabilities along different paths. For practice, this implies that, according to the composition of the group in terms of social motives, capabilities are more or less technically and evolutionary adequate and source of business process performance
Drugs, Showrooms and Financial Products: Competition and Regulation When Sellers Provide Expert Advice
No full textThis paper examines the evolution of drug use in Colombia over the past years. Our analysis, based on surveys from the Dirección Nacional de Estupefacientes, shows that drug consumption grew substantially between 1996 and 2013. The growth occurred for both genders, all ages, socioeconomic strata and types of occupation. The results also suggest that men of high socioeconomic strata who regularly consume alcohol and cigarettes and who are between 18 and 24 years of age are more likely to use drugs. Finally, the paper presents some indirect evidence that contradicts the alleged effects of the judgment of the Constitutional Court (Sentencia C-221 of May 1994) that decriminalized the personal dose on the consumption of drugs in Colombia
La société de cour de l'audit : application d'un cadre théorique Eliasien à l'analyse du up-or-out system dans les cabinets d'audit
No full textInternational audienceCe papier de recherche propose d'étudier le système up-or-out qui régit la gestion des carrières dans les cabinets d'audit Big Four. La littérature s'est intéressée jusqu'à maintenant à la socialisation des auditeurs en soulignant les comportements auxquels ces derniers doivent se conformer et les rôles sociaux qu'ils doivent intérioriser afin de réussir dans ces cabinets élitistes. Plutôt que d'observer l'adaptation de l'individu au système, nous considérons une dimension plus concurrentielle de ce dernier afin de comprendre comment les auditeurs finalement triomphent du up-or-out. Notre recherche basée sur une ethnographie participante et des interviews, montre que les auditeurs doivent se comporter comme des « entrepreneurs de leur réputation » afin de s'assurer des chances de promotion. Nous utilisons le concept de configuration tel que théorisé par Norbert Elias pour montrer que les cabinets d'audit Big Four constituent un espace social où les individus sont dans des relations d'interdépendances en tant qu'alliés et adversaires. De ce point de vue nous montrons que le cabinet d'audit peut être comparé à une société de cour car il fonctionne comme une arène où se font et défont des réputations et où les auditeurs doivent mettre en scène leur compétence pour s'assurer les chances de promotion. Les auditeurs doivent donc en permanence s'investir dans un « travail réputationnel » dont le succès n'est pas garanti car ils ne contrôlent pas entièrement leur réputation, celle-ci obéissant à des logiques sociales (cercles vicieux et vertueux, influence de caractéristiques sociales exogènes, alliances et appartenance à des « écuries » au sein du cabinet) tout autant qu'elle est la résultante de stratégies de maximisation