Portail HAL Rennes SB
Not a member yet
692 research outputs found
Sort by
Board gender diversity, competitive pressure and investment efficiency in Chinese private firms
No full textInternational audienceThis study investigates the impact of female directors (FDs) on investment efficiency in a competitive environment. Considering Chinese market, where corporate governance practices are weaker than other developed countries and empirical evidence regarding the role of female directors in shaping investment efficiency is absent, this study fills this gap by studying the role of the female directors in investment efficiency in a competitive environment. The results show that FDs improve the investment efficiency in the firms as they play a monitoring role, discipline the management, reduce agency problem, and improve efficient allocation of resources. The results also exhibit that FDs significantly curb the overinvestment problem. However, FDs do not play a significant role in reducing underinvestment problem. The study facilitates to understand the factors that help in efficient allocation of resources in an economy. This study can be helpful for the policymakers while devising corporate policies to promote and encourage gender diversity in higher management
Women on audit committees and the relationship between related party transactions and earnings management
No full textInternational audienceOur results indicate a negative relationship between related‐party transactions (RPT) and earnings management, but a significantly positive relationship between discretionary accruals and the presence of a woman chairing the audit committee. While we observe a positive relationship between RPT volume and earnings quality, we fail to find any relationship between other audit committee characteristics and the latter. One significant result in the article is the positive relation between promoter presence on the audit committee and poor earnings quality. This article documents, for the first time, such a relationship from the perspective of an audit committee, at least in the Indian context
Are the interdependence characteristics of the US and Canadian energy equity sectors nonlinear and asymmetric?
No full textInternational audienceNonlinear, symmetric, and asymmetric dependence characteristics in energy equity sectors matter to portfolio investors and risk managers because of the risks and diversification opportunities they entail. Specifically, nonlinear dependence dynamics between assets are harder to predict, monitor, and manage, and can make investment positions go wrong unexpectedly. In this paper, we investigate whether the dependence dynamics of US and Canadian large-capitalized energy equity portfolios are nonlinear, symmetric, or asymmetric. We draw our results by implementing a robust copula approach based on time-varying parameter copulas and vine copula methods. Both time varying parameter and vine-copula methods indicate that the Canadian energy sector portfolio is driven by nonlinear negative tail asymmetric dependence during the global financial crisis and when the full sample period is employed. On the other hand, it displays nonlinear symmetric dependence during the oil price crisis, implying the need for close monitoring and rebalancing and a more continuous assessment of long investment positions. The US energy sector portfolio is driven by positive tail asymmetric dependence, and by symmetric dependence dynamics during crisis and non-crisis periods
Characteristics of spillovers between the US stock market and precious metals and oil
No full textInternational audienceThis study examines the characteristics of the risk spillover under extreme market scenarios between the US stock market and precious metals (gold, silver, platinum) and oil using a copula approach for tail dependence and conditional value-at-risk (CoVaR) spillover measures. The results indicate asymmetric tail dependence of the US stock market with silver and platinum, profound during market downturns. Gold and oil symmetrically co-move with the US stock market under normal and extreme market scenarios. Silver and platinum most strongly influence US stock market in the downside, while oil does it on the upside. The US stock market most strongly influences oil and silver under both market downturns and upturns. Gold weakly spillover to the US stock market, suggesting that investors can use gold as an equity portfolio diversifier
Greening products in a supply chain under market segmentation and different channel power structures
No full textInternational audienceThis paper investigates product line expansion in which a green version of an existing conventional brown product is launched. We use a game-theoretic approach to study a supply chain consisting of one retailer and one manufacturer, either of which can be the leader of the supply chain. Our model assumes a market segmented based on the consumers’ willingness to pay for the green feature of the product and incorporates a fixed cost related to launching the green product. Through our analysis, we define four pricing and positioning strategies for brown and green products. We explicitly express the conditions under which it is more profitable to expand the conventional product line with a green product and determine the region where each pricing strategy applies in the centralized system as well as in the two decentralized systems with each member as the leader of the supply chain. Our results also show that a manufacturer-led supply chain is better prepared than a retailer-led supply chain to overcome the fixed cost, launch the green product, and grasp benefits from the growth of the green consumer segment at an early stage of its development. We design two coordination mechanisms that allow the decentralized supply chain to achieve its first-best performance
Leveraging human-robot interaction in hospitality services: Incorporating the role of perceived value, empathy, and information sharing into visitors’ intentions to use social robots
No full textInternational audienceSocial robots have become pervasive in the tourism and hospitality service environments. The empirical understanding of the drivers of visitors' intentions to use robots in such services has become an urgent necessity for their sustainable deployment. Certainly, using social androids within hospitality services requires organisations' attentive commitment to value creation and fulfilling service quality expectations. In this paper, via structural equation modelling (SEM) and semi-structured interviews with managers, we conceptualise and empirically test visitors' intentions to use social robots in hospitality services. With data collected in Singapore's hospitality settings, we found visitors' intentions to use social robots stem from the effects of technology acceptance variables, service quality dimensions leading to perceived value, and two further dimensions from human robot interaction (HRI): empathy and information sharing. Analysis of these dimensions' importance provides a deeper understanding of novel opportunities managers may take advantage of to position social robot-delivered services in tourism and hospitality strategies
The Bitcoin options market: A first look at pricing and risk
No full textInternational audienceThis paper offers the first-ever look at Bitcoin options by investigating the wedge between optimum Bitcoin option prices based on classical option valuation models (Black-Scholes-Merton and the Heston-Nandi GARCH (1,1)) and actual premiums at which these options are trading. For this purpose, we use near-the-money call and put options traded on Deribit platform as on 27.01.2020, with the maturities ranging from January 31 to 25 September 2020. In addition, we analyse the risk inherent in Bitcoin options by calculating their Greeks and comparing them to those of traditional commodity options. Pricing results suggest slight overpricing and underpricing for Bitcoin call options with the strike $8,000 maturing on 30.01.2020 and 28.02.2020, respectively. We also find that the Bitcoin options provide much stable deltas over time compared to the other commodity options. This result implies higher insulation from undue price rises with the passage of time for investors in Bitcoin options. Our results are useful to regulators, investors and market managers in better understanding the nuances of the Bitcoin options market in addition to making more informed investment choices
How do agribusinesses thrive through complexity? The pivotal role of e-commerce capability and business agility
No full textInternational audienceThe recent COVID-19 pandemic has clearly shown how agricultural foods and e-commerce initiatives are critical for many organizations, regions, and countries worldwide. Despite this vital importance, prior IS research on the business value of IT has not paid enough attention to the potential specificities of the agribusinesses. This study examines the impact of e-commerce capability on business agility in agribusinesses. Using a sample of Chinese agriculture firms, we find that: 1) The e-commerce capability of agribusinesses enables two types of business agility: market capitalizing agility and operational adjustment agility, and 2) while environmental complexity positively moderates the effects of e-commerce capability on the market capitalizing agility and operational adjustment agility, environmental dynamism does not. This study contributes to the IS research on the business value of IT by providing an eloquent theoretical explanation and empirical evidence on how e-commerce capability help agricultural firms to thrive through complexity by enabling market capitalizing agility (strategic focus) and operational adjustment agility (operational focus)
Are ethanol markets globalized or regionalized?
No full textInternational audienceThis study investigates whether the US and Brazilian ethanol markets are globalized or regionalized (i.e., whether they are interdependent or independent) using weekly frequency data from July 2006 to December 2017. The empirical results indicate that the US ethanol market is unlinked to the Brazilian one in the short-run, however in the long-run they are globalized (interdependent) and co-influence each other. Asymmetric effects are identified between both ethanol markets and the Brazilian ethanol market Granger causes the US ethanol market. The findings help us understand the asymmetric dependence of the US ethanol market
Which risk factors drive oil futures price curves?
No full textInternational audienceWe develop extensions that introduce regression structure to the multi-factor stochastic models of commodity futures price term structure dynamics. We demonstrate the accuracy with which these models can be calibrated to oil futures data and how they improve on existing models both in model fit and in model interpretation. We found leading observable factors that contribute to explaining the term structure of oil futures, in the presence of long and short term stochastic factors, included the dollar index, inventories, commodity indices and risk aversion associated to financial intermediaries. Furthermore, we determine the time frame on which these factors are explanatory