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How do capital structure and economic regime affect fair prices of bank's equity and liabilities?
No full textInternational audienceThis paper considers the capital structure of a bank in a continuous-time regime-switching economy. The modeling framework takes into account various categories of instruments, including equity, contingent convertible debts, straight debts, deposits and deposits insurance. Whereas previous researches concentrate on the determination of the capital structure that maximizes shareholders' equity, this work focuses on the fair pricing of liabilities that ensures no cross-subsidization among stakeholders. This is discussed in a case study where the bank's EBIT is modeled by a four-regime process and is fitted to real market data. A numerical analysis reveals that convertible debts can significantly reduce the cost of deposits insurance and straight debts as well as probabilities of bankruptcy. Although it is found that the risk of dilution for shareholders is important, paradoxically, a high conversion rate for the contingent convertible debt, compensated by a low interest cost before conversion, can delay this dilution. Finally, we find that in case of change of economic regime, there exists an optimal capital structure from the shareholder's perspective
Oil market modelling: A comparative analysis of fundamental and latent factor approaches
No full textInternational audienceWe formally compare fundamental factor and latent factor approaches to oil price modelling. Fundamental modelling has a long history in seeking to understand oil price movements, while latent factor modelling has a more recent and limited history, but has gained popularity in other financial markets. The two approaches, though competing, have not formally been compared as to effectiveness. For a range of short-medium-and long-dated WTI oil futures we test a recently proposed five-factor fundamental model and a Principal Component Analysis latent factor model. Our findings demonstrate that there is no discernible difference between the two techniques in a dynamic setting. We conclude that this infers some advantages in adopting the latent factor approach due to the difficulty in determining a well specified fundamental model
Channel design to enrich customers’ shopping experiences: synchronizing clicks with bricks in an omni-channel perspective - the Direct Optic case
No full textInternational audiencePurposeThe purpose of this research is two-fold: (1) to investigate the challenges e-tailers are confronted with when synchronizing clicks with bricks into an omni-channel perspective and (2) to shed light on the possible ways to overcome these challenges in order to successfully implement an omni-channel strategy.Design/methodology/approachTo answer our research questions, we draw on an in-depth longitudinal case study conducted within the French on-line eyewear retailer Direct Optic from January 2013 to March 2015. From an ethnographic perspective, we document the evolution of the retailing company’s decisions and processes as they moved towards defining and implementing an omni-channel strategy. Research was carried out using primary (1500+ hours of participant observation and 118 interviews) and secondary data sources. A conceptualizing content analysis was conducted both manually and with NVivo software.FindingsFirst, our results show that the challenges faced in shifting to omni-channel strategy are so numerous and so engaging that, de facto, it is impossible to evolve directly from a multi-channel, siloed strategy to an omni-channel strategy without any transition. Second, throughout this transformative process, our result show that the challenges faced by the company evolved gradually in terms of scope and priority, and can be categorized into two main categories: the strategy-related challenges (organizational, cultural, managerial, marketing and resources) which were the highest priority in the first stage and the development-related challenges (retailing mix, information systems and CRM) which became the highest priority during the second stage.Research limitations/implicationsWe emphasize the importance of carefully orchestrating how strategy-related and development-related challenges are addressed as, for retailers engaged in going omni-channel, this involves a complete transformation of their configuration.Originality/valueOur study contributes to channel management and retailing research by (1) deepening the conceptualization of multi-, cross- and omni-channel retailing, (2) exploring the nature, importance and sequence of the strategy-related challenges and development-related challenges when shifting to an omni-channel strategy, and (3) providing insights into how successfully navigating the transformative process to be omni-channel requires investigating different possible solutions, and further testing and re-testing them, before deploying the appropriate ones. Up to our knowledge, it is one of the first studies to empirically investigate the challenges of an e-tailer when moving towards an omni-channel strategy
The cash is in the medium, not in the machine: Toward the golden moments of 3D printing
No full textInternational audience3D printing technology has been available as early as in the 19th century. The present article therefore asks why the probably disruptive innovation of 3D printing has been observed as only incremental innovation for so long time. We assume that this incrementalization of the supposed key to the next industrial revolution occurred due to the technologys paradox nature. We hence start form a form-theoretical observation of the inherently paradox nature of observation, subsequent to which we observe 3D printing as both form and medium. In doing so, we will show that suppliers of 3D printing solutions currently try to sell 3D printing as form, whereas demanders observe 3D printing as medium. In focussing the latter side of the distinction, we finally suggest that the key to successful 3D printing business models will be in solutions that relate observations of the technological multifunctionality of 3D printing to a social multifunctionality lens
The character and significance of Nordic purchasing and supply management research: A systematic review of the literature
No full textInternational audienceThis paper evaluates the character and significance of Nordic contributions to purchasing and supply management (PSM) research. The paper is based on a systematic analysis of the literature, focusing on the contributions of authors with a Nordic affiliation to PSM. We seek to identify the themes in focus of Nordic PSM research, the research methods and theories that are typically employed; ultimately we discuss if a Nordic PSM school of thought or approach can be discerned and evaluate if or in which areas Nordic PSM research has made significant impact. We conclude the paper by outlining and discussing important future avenues of research for Nordic research in PSM
Bank Acquisitiveness and Financial Crisis Vulnerability
No full textInternational audienceWe investigate the relation between European bank acquisitiveness during the period 1990-2006 and the vulnerability of banks to the financial crisis. Our main tests use distance to default and Z-score ratios to estimate banks impact from the financial crisis in terms of bankruptcy risk and solvency. The findings shed new light on whether bank acquisitions really did contribute towards weakness; and suggest that only acquisitions of investment banking assets increased risk, while acquisition of retail banking assets actually lowered solvency risk
Towards a measure of the value of an omni-channel shopping experience
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Nostalgia in online brand communities
No full textInternational audienceThe purpose of this paper is to analyze the characteristics of a subculture of consumption organized toward a nostalgic brand on a social media platform. More specifically, the authors examine the role of these nostalgic feelings in the development of a community identity and the benefits they promote in the creation and perpetuation of this group.Design/methodology/approach The authors conducted a netnographic study to examine the case of Caloi 10 on Facebook. The data collection was carried out by following interactions among members of this community for seven months. Besides this, field observations and interviews were also considered in the analysis.Findings Four categories emerged from the analysis: Identity and nostalgia, the subculture’s ethos, consumption habits and hierarchical social structure. Nostalgia was shown to have a collective dimension, connecting the group around the brand, and positively affecting the ties between members and members and the brand.Practical implications On-line brand communities can be promoted to strengthen connections between consumers and a brand, and between consumers with each other. For that, it is important to understand the characteristics and specificities of these groups.Originality/value Few studies have dealt with the characteristics of brand communities in social media, as well as the role of nostalgia in these groups. This research fills these gaps, exploring aspects related to consumption as a way of transmitting symbolic meanings and expressing nostalgic feelings in on-line brand communities
A novel mathematical model for a multi-period, multi-product optimal ordering problem considering expiry dates in a FEFO system
No full textInternational audienceOne of the main challenges of retail units is to determine the order quantities of different types of products, each with a specific expiry date, so that the system cost including shortage cost is minimized. We study a new multi-product multi-period replenishment problem for a First Expired-First Out (FEFO) based warehouse management system. The proposed nonlinear model is first converted to a linear one and then solved by applying two evolutionary algorithms: the Genetic Algorithm (GA) and Particle Swarm Optimization (PSO), in which design parameters are set using Taguchi method. Computational results demonstrate the applicability of the proposed model for perishable items and comparing the results shows the efficiency of the proposed metaheuristics as well
Value Creation and Appropriation following M&A: A Data Envelopment Analysis
No full textInternational audienceMergers and acquisitions (M&A) are typically inspired by a desire for revenue growth and/or cost efficiency leading to an improvement in financial performance. Post-merger performance has received considerable research attention from scholars in finance and accounting, but the marketing dimension has remained largely unexplored. This research focuses on marketing efficiency as a measure of post-merger performance, and this is investigated via an empirical study of 20 M&A deals within the US commercial banking industry. Data Envelopment Analysis (DEA) is used to measure efficiency, employing two input and two output variables. The results demonstrate that M&A transactions do have a positive effect on the marketing efficiency of the combined firms, although the effect size is small