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Experimental evidence on the value of time and structure in market negotiations
No full textThis paper reports the results from a multi-attribute market negotiation experiment to study how the structure of the negotiation process influences its efficiency. We found that, conditional on the success of the negotiation, the total value created increased with the time spent negotiating; by working one more minute, negotiators created on average 37 additional value units (1% of the maximal value). However, most of the gains were obtained in the early moments of the negotiation. Using a between-subject design, we analyzed the consequences of (1) guiding negotiations towards early wins, and (2) inviting negotiators to share information about their priority goals. In both treatments, the total value created exceeded the control value by approximately 9% of the maximal value. However, it was essentially the buyer who captured the additional value. Negotiator gender had an impact on the negotiation outcome, with women underperforming compared to men
Why do investors buy shares of actively managed equity mutual funds? Considering the Correct Reference Portfolio from an Uninformed Investor's Perspective
No full textInternational audienceWe use the Grossman & Stiglitz (1980) framework to build a reference portfolio for uninformed investors and employ this portfolio to assess the performance of actively managed equity mutual funds. We propose an empirical methodology to construct this reference portfolio using the information on prices and supply. We show that mutual funds provide, on average, an insignificant alpha of 23 basis points per year when considering this portfolio as a reference. With the stock market index as a proxy for the market portfolio, the average fund alpha is negative and highly significant, −128 basis points per year. The results are robust when considering various subsets of funds based on their characteristics and their degree of selectivity. In line with rational expectations equilibrium models considering asymmetrically informed investors and partially revealing equilibrium prices, our study supports that active management adds value for uniformed investors
The journey of conceptual modeling: Paths from the past to present with trajectories for the future
No full textInternational audienc
Le plafonnement de l'impôt sur la fortune
No full textPrésentationDepuis la création de l’impôt sur les grandes fortunes (IGF) en 1982, l’imposition du patrimoine a toujours été assortie d’un mécanisme de plafonnement. Celui-ci visait à limiter le montant d’impôt payé lorsque la somme des impositions sur le revenu et le patrimoine dont les ménages étaient redevables dépassait une certaine part de leur revenu. Ce rapport vise à mieux comprendre qui étaient les ménages plafonnés, quels étaient leur niveau et leur composition de patrimoine et de revenus. Il propose une description approfondie de ces ménages, et étudie leurs réactions à deux réformes du plafonnement : son annulation ponctuelle en 2012, et la forte variation de son application avec la transformation de l’ISF en IFI
Integrating structural ambidexterity, radical innovation, and business model innovation in the context of large organisations
No full textInternational audienceAt present, global and social factors are pushing firms towards radical innovation. Because of their important resource endowments, large firms are expected to provide major solutions to such global problems. However, such organisations are normally proficient at providing significant improvements rather than putting forward radical developments (McDermott and O’Connor, 2002; Blindenbach-Driessen and van den Ende, 2014). The literature on ambidexterity tackles the issue on how to achieve incremental and radical innovations through the implementation of twodifferent types of learning: exploitation and exploration. The first being more useful for incremental innovations refers to the use and development of existing knowledge. The latter being more connected to radical innovations seeks to generate alternative new knowledgequestioning actual standards, procedures and technologies (March, 1991; Jansen et al., 2006)Combining these two distinct types of learning has been found to be of paramount importance for firms’ performance in the long term (Raisch and Birkinshaw, 2008). However, when it comes to implementing ambidexterity, large firms struggle when combining exploitation andexploration. These two types of learning are very different in nature and require divergent processes and capabilities (Lubatkin et al., 2006). Previous studies on ambidexterity propose three main ways of achieving it: contextual ambidexterity, sequential ambidexterity and structuralambidexterity (Gibson and Birkinshaw, 2004). Contextual ambidexterity refers to achieving exploration and exploitation at the same time and in the same place; this is a complex process and seems to suit only very creative organisations. Sequential ambidexterity consists offocusing on exploitation during a period and on exploration on a subsequent period and seems to be more adequate for small firms with a limited resource endowment. Structural ambidexterity is mostly implemented by large firms that can afford undertaking exploitative andexplorative learning processes in different places and under different organisational conditions at the same time. Structural ambidexterity has been found to be an excellent solution for large firms because exploration activities do not normally fit well within large and bureaucraticorganisations (Kelley et al., 2009). However, the implementation of structural ambidexterity remains a problematic issue (Donada et al.,2021). In this paper, we examine a thorough case study on how Crédit Agricole, a large commercial bank, set up in 2018 a startup studio named LaFabrique to encourage and give support to exploration projects out of their massive organisational structure. During the last five years La Fabrique has put forward nine startups; eight of them still exist. These startups are consistently based on the search of new business modelsbased on radical fintech innovations that have been proved to be valuable either for Crédit Agricole internal systems or for third firms. Data was collected from June 2018 to early 2023 in the form of non-participant observation and semi-structured interviews. Our presencewas concentrated on the first year and a half (one day per week) during which we had many formal and informal discussions and participated in meetings. We kept a diary to report our observations. In the second period, we updated data through interviews. A total of 23 peopleparticipated in the semi-structured interviews from the beginning, 5 of them several times.In this paper, we put forward three important theoretical contributions. First, we develop further the concept of structural ambidexterity by proposing a startup studio structural ambidexterity model that explains in detail how to implement exploitation and exploration in distinctstructures. The exploration structure would consist of a startup studio that creates a portfolio of startups on a continuous basis, each startup representing a distinctive new business model based on a radical fintech innovation. These radical fintech innovations should therefore beclearly valuable for the mainstream organisation or for a third organisation willing to pay a price for it in the fintech market. Second, we propose a business model innovation portfolio approach to sense, seize and reconfigure (Teece, 2007) structural ambidexterity in largeorganisations. Third, we extend our understanding on radical innovation and business models by integrating both concepts and proposing that radical innovations that create, deliver and capture value could be considered as radical business model innovation. This distinctionemphasises the role of value (creation, delivery and capture) when examining a radical innovation by distinguishing between radical invention (novelty), radical innovation (use) and radical business model innovation (value creation, delivery and capture)
Une avancée conceptuelle sur les co-clients en tant qu’acteurs de l’écosystème de services multi-acteurs
No full textInternational audienceThis research is an overview that links the most relevant studies regarding multi-actor service ecosystem. Given the complex nature of the service environment, the evolution of the service encounter resulting in the emergence of multi-actor service ecosystem will be discussed. Then, an emphasis will be given to the actors, the relevant aspects and the interactions that occur within this service ecosystem. Hence, an attention is given to customer-to-customer interactions, one of the most essential aspects of the multi-actor service ecosystem. As it is worth to know how previous studies investigated co-clients' influence on service experience. In addition, the role of co-clients in multi-actor interactions compared to ordinary interactions will be brought to light. This research work aims to organize and synthesize the literature to identify limitations and recommend new research perspectives.Cette étude présente une vue d'ensemble qui relie les recherches les plus pertinentes portantes sur l’écosystème de services multi-acteurs. Afin de montrer la dynamique et la complexité de l’environnement des services, l’évolution de la rencontre de services vers un écosystème de services multi-acteurs sera discutée. Ainsi les acteurs de cet écosystème, ses aspects les plus importants et les interactions qui s’y produisent seront exposés. À partir de là, une attention est portée sur les principaux travaux ayant étudié les interactions client-client, aspect essentiel de cet écosystème. Ceci a conduit à une remise en question sur le rôle des co-clients dans le cadre des interactions ordinaires par opposition aux interactions multi-acteurs et sur la manière dont ils influencent l’expérience de service. Ce travail de recherche a pour objectif d’organiser et de synthétiser la littérature afin d’identifier les limites et recommander de nouvelles réflexions de recherche
SMUGGLING OF FORCED MIGRANTS TO EUROPE: A MATCHING MODEL
No full textThis paper develops a matching model à la Pissarides (2000) to analyze the smugglingmarket for forced migrants, building on the empirical evidence related to the smugglingof migrants from the Horn of Africa and the Middle East to the European region in thelast decade. Comparative statics for the equilibrium solution reveals that coercion-basedmeasures targeting the smugglers achieve a reduction in the number of irregular migrantsand smugglers at the expense of migrants’ overall welfare. Slightly increasing legal migrationopportunities has the interesting feature of reducing irregular flows, without deterioratingmigrants’ welfare nor increasing the total number of migrants. An extremely restrictiveasylum policy has similar effects in terms of the flows of irregular migrants as a quite looseone, with the largest flows of irregular migrants reached for a "middle-range" policy
On clique numbers of colored mixed graphs
No full textInternational audienceAn -colored mixed graph, or simply, an -graph is a graph having different types of arcs and different types of edges. A homomorphism of an -graph to another -graph is a vertex mapping that preserves adjacency; and the type and direction of the adjacency. An -relative clique of is a vertex subset whose images are always distinct under any homomorphism of to any . The maximum cardinality of an -relative clique of a graph is called the -relative clique number of the graph. In this article, we explore the -relative clique numbers for three different families of graphs, namely, graphs having bounded maximum degree , subcubic graphs, partial -trees and planar graphs and provide tight or close bounds in most cases
Aircraft Conflict Resolution
No full textThis work was partly funded by the European Union’s Horizon 2020 Research and Innovation Program under the Marie Sklodowska-Curie Grant Agreement No. 764759 ETN “MINOA.”This publication was supported by the Chair “Integrated Urban Mobility,” backed by L’X – École Polytechnique and La Fondation de l’École Polytechnique. The partners of the Chair shall not under any circumstances accept any liability for the content of this publication, for which the author shall be solely liable