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A structural model for credit risk with switching processes and synchronous jumps
No full textInternational audienceThis paper studies a switching regime version of Merton's structural model for the pricing of default risk. The default event depends on the total value of the firm's asset modeled by a switching Lévy process. The novelty of this approach is to consider that firm's asset jumps synchronously with a change in the regime. After a discussion of dynamics under the risk neutral measure, two models are presented. In the first one, the default happens at bond maturity, when the firm's value falls below a predetermined barrier. In the second version, the firm can enter bankruptcy at multiple predetermined discrete times. The use of a Markov chain to model switches in hidden external factors makes it possible to capture the effects of changes in trends and volatilities exhibited by default probabilities. With synchronous jumps, the firm's asset and state processes are no longer uncorrelated. Finally, some econometric evidence that switching Lévy processes, with synchronous jumps, fit well historical time series is provided
Contributions Of Talented People To Knowledge Management
No full textInternational audienceThis study focuses on major issues of talent management (TM) with respect to knowledge management (KM). Under the effect of the economic paradigm shift toward a knowledge-based economy, multiple human changes occurred and new challenges related to human capital and talent management requires new research in the field. The purpose of the article is to identify what are the contributions of People hold a Job that require a High Level of Talent (PJHLT) to knowledge management in terms of contribution to the value chain, to the creation, to the collective effort, to long distance dynamics, to absorption, transfer and learning, to innovation, and to the relationship with customers. This article develops a hypothetic-deductive study on individuals self-perception regarding talent requirements at their jobs. We used quantitative data collection in the cluster of Grenoble in France specialized in micro-nano technologies and software. 111 organizations and 566 people contributed to the study. We identified three main findings. First, PJHLT are also more likely to be involved in exploration rather than examination. Second, PJHLT are more likely to be able to absorb, transfer, and learn within long-distance and knowledge-rich dynamics. Third, PJHLT are more likely to be involved in the creation of knowledge rather than in the use of knowledge, which may lead to frustration due to a perception of an unfair distribution of wealth. We identified limitations in our study related to the measurement of subjective variables, the lack of generalization, and the focus on the contribution as one aspect of talent. Addressing an original topic related to both talent management and knowledge management; we finally identify paths for further studies
Avoiding alliance myopia: forging learning outcomes for long-term success
No full textInternational audiencePurpose – The purpose of this paper is to develop a framework for understanding the learning outcomes of strategic alliances. Design/methodology/approach – On the basis of two dimensions of any strategic alliance – that is, similarity or dissimilarity of contribution of partners and explorative or exploitative nature of alliance – the author proposes a framework that recognizes four types of learning outcomes. Findings – The distinction of four types of alliance enables the author to identify their distinctive characteristics and learning outcomes. Originality/value – The paper increases the awareness of managers about the learning outcomes of strategic alliances, which helps managers to consider intended learning outcomes not only in planning, managing and evaluating any individual alliance but also in managing the alliance portfolio
An exploration of business model development in the commercialization of technology innovations
No full textInternational audienceResearch on business model development has focused on the relationships between elements of value conceptualization and organization having a linear sequence in which business models are first designed and then implemented. Another stream of research points to business model development with these elements interacting in a cyclical manner. There is a need to improve our understanding of the connective mechanisms and dynamics involved in business model development, particularly from the challenging perspective of commercializing innovations. The aim of this paper was to explore business model development during the commercialization of innovations through a case-based qualitative study. This study found from four case studies that specific elements of business model development, representative of the conceptualization of value and organizing for value creation, integrate in a dynamic and cyclical process in the commercialization of technology innovations. The study provides empirical evidence that adds new insights to literature on sequential and more interactive processes of business model development. It also contributes to literature on business model development and particularly how it relates to the commercialization of innovations
Redesign of global supply chains with integration of transfer pricing: Mathematical modeling and managerial insights
No full textInternational audienceUnlike the supply chain (SC) design problem which deals with the configuration of a new SC, the redesign problem assumes that a SC already exists and focuses on its reconfiguration in order to take profit of the changing logistics, financial, and fiscal advantages offered by each country. First, this requires considering specific decisions and cost factors such as those associated with facility closing and capacity relocation. These aspects are often ignored by SC design models. Second, to better capitalize on the tax advantages in each country, the redesign of SC requires the consideration of taxation rates and, mainly, transfer pricing. Indeed, companies can use transfer pricing to shift profits to lower-tax countries which may impact on the SC redesign decisions (e.g., on the relocation of operations and manufacturing facilities).This paper contributes to the literature by (1) developing a large scale optimization model that is specific to the problem of SC redesign while addressing decisions, costs, and complexity factors that are often ignored by the model-based SC design literature, (2) integrating transfer pricing in the model by using two methods, one of them is the profit split method that is dictated by the OECD transfer pricing guidelines (1995, 2010), which could be considered as a novelty in large scale SC optimization models, and (3) using the model to derive a series of insights that may be helpful for companies and governments, most of these insights are difficult to obtain without the support of models like the one developed here
Integration of the profit-split transfer pricing method in the design of global supply chains with a focus on offshoring context
No full textInternational audienc
Asymmetric and nonlinear pass-through of crude oil prices to gasoline and natural gas prices
No full textInternational audienceIn this article,we use the recently developed nonlinear autoregressive distributedlags (NARDL) model to examine the pass-through of crude oil prices into gasoline and natural gas prices. Our approach allowsus to simultaneously test the short-and long-run nonlinearities through positive and negative partial sum decompositions of the predetermined explanatory variables. It also offers the possibility to quantify the respective responses of gasoline and natural gas prices to positive and negative oil price shocks from the asymmetric dynamic multipliers. The obtained results indicate that oil prices affect gasoline prices and natural gas prices in an asymmetric and nonlinear manner, but the price transmission mechanism is not the same. Important policy implications can be learned from the empirical findings
A Threshold Vector Autoregression Model of Exchange Rate Pass-Through in Mexico
No full textInternational audienceConsidering nonlinearities in the exchange rate pass-through to domesticprices, this paper estimates exchange rate pass-through in Mexico. We examine responses of domestic prices to a positive one unit exchange rate shock by estimating a threshold vector autoregression (TVAR) model. A monthly rate of inflation of 0.79% acts as a threshold. The exchange rate pass-through to domestic prices is statistically significant above the threshold level of the inflation rate and statistically insignificant below it
Perception Of Television Advertising From Chinas Young Generation
No full textInternational audienceThis paper aims to examine the elements employed in television advertising, which affect consumer attitudes toward advertised products and brands. 384 young Chinese responded to a survey questionnaire. This paper finds that celebrity endorsement positively affects creativity in television advertising. The credibility of television advertisement positively affects the recall of products and brands. Celebrities in television advertising or people who have professional knowledge as endorsers decrease the credibility of television advertisements contrary to the results of previous research. Creativity in television advertising has a negative effect on the recalls of products and brands. This paper offers insight about the young generations perception of television advertising in China. It provides a debated perspective that creativity in television advertising negatively affects product and brand recalls
Corporate patriotism as a source of corporate reputation: a comparative multi-stakeholder approach
No full textInternational audienceThis paper aims to define the concept of corporate patriotism and clarify its relationship with corporate reputation in the context of multi-stakeholder engagements. It develops a scale to measure corporate patriotism. It then determines the relative importance of corporate patriotism to the perceptions of corporate reputation in four key stakeholder relationships – consumer, purchasing, employment, individual share investment and community relationships. Our research evidence shows that the stakeholder relationship context moderates the role of corporate patriotism as a dimension of corporate reputation. The results further show significant differences in the role of national identity in organisation–stakeholder relationships. Specifically, corporate patriotism is more important for the reputation of a company as an employer and local citizen than as a provider of products and services. Marketing managers should consider the reputational advantage stemming from corporate patriotism in the design of multi-stakeholder corporate communication strategies