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Formulation and solution of an optimal control problem for industrial project control
No full textInternational audienceIn this paper, we consider the monitoring and control of industrial projects that are performed by executing different activities within a given time duration. Hereby, it is desired to apply project control to each activity in order to avoid unexpected deviations in the project cost, respecting that the amount and cost of project control needs to be limited. We model the general setting of industrial project control as an optimal control problem with the goal of maximizing the cost reduction (savings) when applying control, while meeting constraints on the control effort. We then prove that it is optimal to apply a constant control effort to each activity during a given time duration. Consequently, we show that the exact optimal control solution can be obtained by nonlinear programming. We illustrate our results by an application example from the construction industry
Luxury fashion and sustainability: looking good together
No full textInternational audienceThe purpose of this paper is to highlight critical sustainability challenges facing luxury fashion firms and to describe examples of best practice in responding to these challenges
Corporate entrepreneurship initiatives: Antagonizing cognitive biases in business model design
No full textInternational audienceEntrepreneurs designing novel business model configurations face cognitive biases that derive from limited mental capacity to deal with complex and uncertain decision contexts. Building on the notion of the business model as an idiosyncratic mental representation that organizes managerial understanding of value creating and value capture, we investigate how entrepreneurs cope with cognitive biases inherent in business model design. We conducted a total of 35 in‐depth interviews with entrepreneurs situated in 15 corporate entrepreneurship initiatives in Germany. Our study results suggest that entrepreneurs counter cognitive biases by combining intuitive and deliberate reasoning approaches. Specifically, we identify five cognitive mechanisms and two higher level cognitive processes undergirding entrepreneurial reasoning in the design of new business models. Our findings provide empirically grounded insights into the cognitive perspective in business model research and help to theorize managerial reasoning during the process of business model design
Legitimacy, Particularism and Employee Commitment and Justice
No full textInternational audienceResearch on the effects of particularistic human resource practices (i.e., favoritism and nepotism) on organizationaloutcomes has concentrated on direct negative attitudinal and behavioral responses. By integrating legitimacy and social exchange theories, this paper proposes and tests the idea that legitimacy of particularistic practices might moderate their negative effects on employee attitudes at work. Through a survey of 415 employees across multiple organizational types, we show that the legitimacy of particularism mitigates its negative effects on affective commitment and perceived distributive and procedural justice in non-family-owned businesses only. We discuss implications for theory and practice
Centralized and decentralized bitcoin markets: Euro vs USD vs GBP
No full textInternational audienceIn this study, I compared the euro, U.S. dollar, and British pound sterling (GBP) centralized and decentralized bitcoin cryptocurrency markets in terms of return volatility and interdependency. This comparison showed the decentralized bitcoin market has higher volatility and the centralized markets have higher tail dependence regarding returns. The volatility analysis results are contrary to the established leverage reasons that market drops cause volatility. The results demonstrate a higher left tail dependence is in line with the general pattern in “traditional” financial markets which more extreme dependent in downturns. It was also shown trade volume increases as prices decrease, demonstrating participants’ lack of confidence and consensus in a price-jump period
Forecasting of dependence, market, and investment risks of a global index portfolio
No full textInternational audienceThis paper undertakes an in‐sample and rolling‐window comparative analysis of dependence, market, and portfolio investment risks on a 10‐year global index portfolio of developed, emerging, and commodity markets. We draw our empirical results by fitting vine copulas (e.g., r‐vines, c‐vines, d‐vines), IGARCH(1,1) RiskMetrics value‐at‐risk (VaR), and portfolio optimization methods based on risk measures such as the variance, conditional value‐at‐risk, conditional drawdown‐at‐risk, minimizing regret (Minimax), and mean absolute deviation. The empirical results indicate that all international indices tend to correlate strongly in the negative tail of the return distribution; however, emerging markets, relative to developed and commodity markets, exhibit greater dependence, market, and portfolio investment risks. The portfolio optimization shows a clear preference towards the gold commodity for investment, while Japan and Canada are found to have the highest and lowest market risk, respectively. The vine copula analysis identifies symmetry in the dependence dynamics of the global index portfolio modeled. Large VaR diversification benefits are produced at the 95% and 99% confidence levels by the modeled international index portfolio. The empirical results may appeal to international portfolio investors and risk managers for advanced portfolio management, hedging, and risk forecasting
Consumer anticipation: antecedents, processes and outcomes
No full textInternational audienceMarketing managers use anticipation as a marketing tool, particularly for new or improved products, services or experiences. Academic interest in consumer anticipation has focused on its outcomes, especially effects on the forthcoming substantive consumption. However, inadequate attention has been given to consumer anticipation as a complex process per se. A systematic review of the literature arrives at a conceptual definition which sees consumer anticipation as a mental process by which consumers consider the physical, experiential, social, emotional or behavioural consumption outcomes that are expected to accrue to the self from a yet to be realised consumption decision or experience. Antecedents of consumer anticipation, its underlying mental processes and consequences are identified and discussed. Frameworks for operationalising consumer anticipation in practical contexts are discussed
Advertising efficiency and profitability: Evidence from the pharmaceutical industry
No full textInternational audienceB2B firms spend considerable sums of money on promotional activities to promote their products and to build brand equity. An increasing proportion of this spending is being devoted to direct to end-user (DTE) advertising in an effort to pull end-users towards their products as a complement to their push promotional activities. This is particularly true for US-based pharmaceutical firms following the deregulation of DTE advertising. This trend suggests the necessity to investigate how efficiently DTE advertising expenditure is being managed, and to ascertain whether the level of efficiency has any impact on profitability. This study examined the level of DTE advertising efficiency for a sample of US-based pharmaceutical firms and went on to investigate the impact of the efficiency level on firm profitability. The findings of the study demonstrate that DTE advertising efficiency does vary between firms and, furthermore, that the higher the level of efficiency, the better is firm profitability. These results are robust to alternative measures of firm profitability, specifically, return on assets (ROA), return on equity (ROE), gross profit margin (GPM) and net profit margin (NPM)
Manufacturing SMEs, network governance and global supply chains
No full textInternational audienceThe purpose of this paper is to investigate how small manufacturing firms develop and manage relationships with global suppliers and distributors. In so doing the authors aim to contribute to knowledge about SMEs and supply chain management (SCM)
Tail dependence risk exposure and diversification potential of Islamic and conventional banks
No full textInternational audienceThis paper undertakes a rolling window comparative analysis of risks for portfolios consisting of GCC Islamic and conventional bank indices. We draw our empirical results by employing canonical, drawable and regular vine copula models, as well as by implementing a portfolio optimization method with a conditional Value-at-Risk constraint. We find evidence of higher riskiness in the group of Islamic banks relative to the group of conventional banks across each of the financial rolling window scenarios under consideration. Specifically, a greater negative (nonlinear) tail asymmetric dependence is observed in the pairs of Islamic banks’ relationships. The results also show that the optimal portfolio model supports a clear preference towards the group of conventional banks in regard to risk minimization and diversification benefits