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Répondre aux attentes de la Génération Z : leçons de la filiale italienne d’une entreprise américaine,
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Facing Gen Z expectations at work is challenging, but we can do it ! HRM best practices on sustainability from Italy, Ivory Coast and Lebanon
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Admission, discharge, and transfer control in patient flow logistics: Overview and future research
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Optimal unemployment insurance in a THANK model
No full textInternational audienceWe characterize optimal unemployment insurance (UI) in a heterogeneous-agent model with unemployment risk and sticky prices. In the long run, the optimal reform calls for a lower replacement rate that raises vacancies and lowers unemployment. In the short run, the optimal reform raises the replacement rate initially to smooth real wage adjustments along the transition and attenuate short-run welfare losses. Once at its optimal level, the replacement rate should vary counter-cyclically in response to demand shocks. Productivity shocks generate quasi-efficient fluctuations and call for a quasi-constant replacement rate. The aggregate welfare gains from an optimal reform are large, around 1% of equivalent consumption. The aggregate welfare gains from an optimal UI policy over the business cycle are smaller, around 0.2%, and essentially vanish with flexible prices because the aggregate demand stabilization motive is muted
Quantifying the short-term asymmetric effects of renewable energy on the electricity merit-order curve
No full textInternational audienceAmidst the growing significance of renewable energy, this paper examines the asymmetric effects of renewable energy on electricity prices and transmission flows in the Nordics using hourly electricity data. Employing a novel panel asymmetric fixed-effects method, we quantify the non-linear impact of renewable generation technologies on the electricity supply curve. Contrary to previous research, our analysis challenges the assumption of wind having symmetric effects in electricity markets. Specifically, we suggest that an increase in renewable energy cannot lead to price reductions of the same magnitude as the price increases caused by a decrease in wind. In addition, we investigate interconnections between regions and explore asymmetries in transmission flows due to wind generation. Our findings reveal the presence of asymmetric effects in the Nordic electricity market, highlighting their significance in achieving a secure electricity system. These results offer valuable insights for governments, policymakers, and market participants for optimizing the electricity generation mix, prioritizing flexible systems, and making informed investment decisions
Does Islamic investing modify portfolio performance? Time-varying optimization strategies for conventional and Shariah energy-ESG-utilities portfolio
No full textInternational audienceThis paper aims to assess the performance of Islamic portfolios vis-à-vis their conventional counterparts across two distinct periods: the pre-COVID-19 era and the COVID-19 era. Departing from prior studies, this study makes a novel contribution by employing an extensive array of 18 portfolio optimization techniques to construct optimal portfolios for conventional stock indices encompassing energy, utilities, and environmental, social, and governance (ESG) dimensions, as well as their Islamic equivalents. Performance comparisons are made utilizing three risk-adjusted performance measures, namely the Sharpe ratio, the Omega ratio, and the Sortino ratio. Our findings reveal that Shariah portfolios outperform conventional portfolios across all performance measures and risk-aversion levels when the most effective optimization methods are employed, both during pre-crisis and crisis periods. Additionally, our analysis highlights certain methods, namely EWMA, GM, DCC, and SHC, which produce portfolios exhibiting superior performance relative to alternative methods, as assessed by risk-adjusted metrics. Furthermore, Islamic portfolios demonstrate higher average returns compared to their conventional counterparts. Notably, incorporating ESG-related stocks into energy and utilities assets significantly enhances average returns, underscoring the potential of ESG investments. Collectively, our findings have noteworthy implications for investors, as they emphasize the role of Islamic stocks as effective diversifiers, yielding favorable resource allocation opportunities during times of crisis as well as stability. However, investors should exercise caution in selecting the optimal portfolio optimization method, as substantial performance disparities exist among different approaches
All that glitters is not gold! Job insecurity and well-being in STEM research fellows: a latent profile analysis
No full textInternational audienceJob insecurity is now one of the major stressors affecting well-being at work. In academia, researchers appear to be in the most precarious position. To explore the relationship between job insecurity and well-being at work, we analyzed a sample of research fellows belonging to STEM disciplines in Italy. Using a latent profile approach, we identified three “hidden” subgroups: “Safe & Sound”; “Safe not so Sound” and “Neither Safe or Sound.” Compared to previous studies, our results show that even within a population of STEM researchers that tends to have good levels of employability and mobility, there are subgroups of people characterized by greater job insecurity and low work commitment, who suffer from emotional exhaustion and cynicism at work level, i.e., more exposed to the risk of burnout
Value Creation Reflecting CVC Strategic Orientations in Internet Platform Business Ecosystems: The Case of Tencent
No full textInternational audienceThrough establishing ecosystems around core technologies or products and fostering growth through investments in startups, internet platform companies make substantial contributions to the global economy. These investments often involve corporate venture capital (CVC) initiatives that support value creation. Firms must, therefore, account for the objectives of these initiatives, which aim to ensure value creation for business ecosystems, particularly in emerging markets such as China. This study presents a product-platform-ecosystem model derived from a case study of Tencent, a leading Chinese internet platform company. It analyzes seven strategic objectives of Tencent's venture capital activities that directly influence value creation in its business ecosystem. The analysis reveals how the strategic objectives underpinning CVC activities contribute to the value creation of platform ecosystems. The proposed value creation paradigm for internet platform ecosystems provides new insights into this rapidly growing market and offers guidelines for business managers and policymakers
Do firms walk the talk when economic uncertainty is high?
No full textInternational audienceThe growing influence of stakeholders and unprecedented emphasis on corporate social responsibility (CSR) have significantly changed the way firms operate. To seek legitimacy from stakeholders, firms might implement CSR measures in true essence while others might turn to CSR decoupling (i.e., higher CSR disclosure than performance), which is detrimental to the firm and stakeholders, specifically when facing high economic uncertainty. Using a large dataset of U.S. firms listed between 2002 and 2019, we examine how economic policy uncertainty (EPU) impacts CSR decoupling. Our findings show that EPU and CSR decoupling are positively and significantly associated, suggesting that firms do not walk the talk when economic uncertainty is high. These results expand legitimacy theory by suggesting that corporations use CSR disclosure as a façade to seek legitimacy from stakeholders when faced with high uncertainty. Interestingly, female directors, who are associated with higher ethicality, acquit themselves well when uncertainty is high: gender-diverse boards play a significant role in moderating policy uncertainty's adverse impacts on CSR decoupling. These findings are robust to different regression models, subsample analysis, and endogeneity issues
Economic epidemiological modelling: A progress report
No full textInternational audiencePrior to the Covid-19 crisis, the integration of epidemiology and economics that is, economic epidemiology modelling (epi-econ), was relatively limited. The emergence of the Covid-19 crisis has prompted an unprecedented surge in this literature. This paper identifies and develops the main conceptual and modelling challenges involved in the expanding epi-econ stream, with a particular attention to the mathematical issues due, in particular, to the non-convex nature of epi-econ models. Recent extensions are also examined and a few future areas of research highlighted