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Price transmission in European fish markets
No full textInternational audienceWe investigate price transmission in European fisheries markets. To start, we identify clusters of fish species both cross-regionally and within countries. A major issue in the clustering exercise is missing data due to reporting issues and seasonality in landed fish catches. To handle this we implement k-POD clustering which unlike traditional k-means clustering is able to account for missing data in clustering. Next, we move on to our primary goal of investigating price transmission through modelling price volatility spillovers. A missing value VAR framework is applied to identify directional spillovers among fish prices within clusters. We show that the directional volatility spillover effect is more prominent within each country for different species clusters than that for species cross-regionally. This suggests price transmission within localized markets for fish, rather than cross-regional markets for individual species. Although there are some neighbour country effects and some species that appear to be priced cross-regionally. Our study is the first to explore these multiple fish pricing dynamics, particularly taking account of the important issue of missing data which is a notable feature of fish pricing data
The COVID-19 black swan crisis: Reaction and recovery of various financial markets
No full textInternational audienceThis paper examines and compares financial market reaction and recovery of four broad classes of financial assets – equity indexes, precious metals, 10-year benchmark bonds and cryptocurrencies, to the COVID-19 pandemic. The data set comprises daily observations of close prices in the selected markets from 17-04-2018 to 20-06-2021. Using the Yang and Zhao (2020) and Koenker and Xiao (2004) quantile unit-root tests for return persistence, we find heterogeneity in reactions and recovery patterns not only across asset classes, but also within them. Specifically, we find strong potential for mean reversion in equity markets even at high levels of shocks. While gold offers limited mean reversion, platinum shows very strong resistance to the COVID. Government bonds show small declines in value to the COVID in addition to high persistence. Cryptocurrencies, as a group, turn out to be the riskiest in the long-term, with more than a 50% decline in value coupled with high degrees of persistence. Our results raise questions as to the safe haven characteristics of the newly-popular Bitcoin. Our findings are useful for policy makers and investors through a better understanding of differences in the potential for mean reversion provided by different asset classes
A comparative study of progressive carbon taxation strategies: impact on firms’ economic and environmental performances
No full textInternational audienceGovernments all over the world adopted different forms of progressive carbon taxation strategies (for example concave, convex and linear for respectively Swedish, French, and Canadian government). These progressive strategies provide companies with different degrees of flexibility to adapt their decisions to the new environmental regulations and reduce their carbon emissions without compromising their profit. However, no existing work has compared the impact of each progressive legislation on the optimal decisions of the supply chain, its profit, and its environmental performances. In this paper, we contribute to the literature by developing four multi-period technology selection models under different forms of progressive carbon taxes. We analytically determine the optimal strategic investment timing decision under each taxation strategy. We then develop a carbon tax assessment method using multi-criteria analysis techniques to compare the efficiency of each carbon taxation form in reducing carbon emission and maximising the Supply Chain (SC) profit. We prove that the earliest green investment decision and the decision of not investing in green depend on the target carbon tax rather than the taxation form. We show that government decision about the suitable taxation form should be based on the performance of the available green technologies
Research centres and universities' intellectual capital: a quantitative empirical study of PhD holders' contributions
No full textInternational audienceThis study investigates the mechanisms of intellectual capital (IC) in knowledge‐intensive research centres and universities in the Minalogic cluster of Grenoble, France. We use structural equation modelling to analyse responses from 248 PhD holders. Our results show a positive relationship among human, relational, structural, and intellectual capital outcomes. We first contribute to the early understanding of IC mechanisms in research centres and universities by conducting a quantitative empirical study, which is novel to IC. We support the relation between knowledge‐based human capital and relational alliances capital and highlight the importance of employing PhD. holders. Second, unlike past studies, we offer empirical support that (a) relational alliances capital relates to structural innovation capital and (b) knowledge‐based human capital relates to structural innovation capital. We suggest that research centres and universities should develop an alliance portfolio for innovations. Third, we uncover that structural innovation capital relates to IC outcomes, contributing to the assessment of the economic and social role of public research centres and universities. This study presents managerial implications for policymakers and practitioners engaged in research centres and universities by highlighting the importance of key components of IC
Sustainable supply chain finance through digital platforms: a pathway to green entrepreneurship
No full textInternational audienceThis paper studies the green new product development (GNPD) problem of a risk-averse capital constrained supply chain (SC). The SC is managed by an SME entrepreneur, seeking financial support from a multi-sided FinTech platform (MSP) to develop a portfolio of green and non-green products. The MSP offers the SC a combination of equity financing (EF) and debt financing (DF) facilities and must decide on the interest rate of its DF facility. Using a benchmark model, we first characterize the SC’s production and the MSP’s financing decisions under a deregulated scenario. Focusing on an alternative case with government intervention (i.e., hybrid environmental-green entrepreneurship policy), we next develop a three-level game theoretical model and sequentially characterize the decision-making behavior of government, MSP, and SC. The model outcomes are analyzed by considering the policy approach (i.e., economic influence vs. social welfare) and the platform’s risk attitude. The results reveal that, when coupled with an appropriate government intervention policy, a regulated scenario leads to a better outcome, particularly when the MSP is risk-neutral and strikes a right balance between the EF and DF. The win–win situation may not be realized when the MSP is risk-averse and the host government is merely focused on its economic influence. To successfully promote sustainable supply chain finance (SSCF) through digital platforms, policy makers are urged to leverage their legislative power and prioritize green entrepreneurship and social welfare over their financial maximization agenda
Greenfluencers as agents of social change: the effectiveness of sponsored messages in driving sustainable consumption
No full textInternational audienceThis study aims to examine the role of message appeals (concrete vs abstract) posted by greenfluencers in determining their behavioral intention toward the sponsored sustainable product. This study examined the underlying mechanism of message authenticity and product sustainability image in this relationship. This study also investigated the boundary condition of product type (utilitarian vs hedonic) in the effect of sustainability message appeal on purchase intention. Four studies were carried out. One field experiment on Facebook and three scenario-based online experiments were conducted to test the proposed relationships. Findings This study found that a concrete message appeal results in a higher purchase intention of the promoted product than an abstract message appeal. This effect is a result of message authenticity and product sustainability image. Furthermore, product type moderates the impact of message appeal on behavioral intention via message authenticity and product sustainability image. This study contributes to the literature on influencer marketing, sustainability communication and the persuasion process. Practical implications This study’s findings provide insights for greenfluencers and firms that leverage greenfluencers to promote their sustainable products on social media. Specifically, it lays out how the sustainability message should be framed to be persuasive. This study findings offer novel insights for greenfluencers and firms in developing effective message strategies to promote sustainable products on social media
Online retailers’ platform-based Worry-Free-Shopping: Retailing strategy considering consumer valuation bias
No full textInternational audiencePlatform-based Worry-Free Shopping (WFS) is an emerging retail service system developed by online platforms. Online retailers on such platforms can actively decide whether to provide WFS services for consumers. If WFS service is offered, a WFS logo will be displayed on the product information page by the platform. Although WFS can enhance consumers’ willingness to pay, it incurs cost for online retailers and may cause more product returns due to valuation bias. This paper investigates when an online retailer on a platform should offer customers WFS, and it explores the detailed effects of WFS on the retailer, platform, customers, and society. We find that both the retailer and platform do not necessarily benefit from WFS. Although the platform can take a “hands-off” attitude towards the retailer in most cases, they may have conflicting interests while providing WFS, so we have developed a mechanism to coordinate their benefits. Our results explain why the platform develops such a WFS service system, and when it should incentivize the online retailer to offer WFS to customers. Furthermore, WFS always hurts customers when the valuation bias is small, while it may favor the society when the WFS cost is low. In extensions, we verify the robustness of our results and also get new insights. First, a small product salvage value motivates the platform to encourage the retailer to offer WFS. Second, though a larger proportion of overestimating customers always benefits the platform, it may hurt the retailer when it is less than a threshold. Finally, a larger heterogeneity in valuation increment allows the retailer to charge higher price and benefits the platform
Machine learning in finance: A topic modeling approach
No full textInternational audienceWe identify the core topics of research applying machine learning to finance. We use a probabilistic topic modeling approach to make sense of this diverse body of research spanning across multiple disciplines. Through a latent Dirichlet allocation topic modeling technique, we extract 15 coherent research topics that are the focus of 5942 academic studies from 1990 to 2020. We find that these topics can be grouped into four categories: Price-forecasting techniques, financial markets analysis, risk forecasting and financial perspectives. We first describe and structure these topics and then further show how the topic focus has evolved over the last three decades. A notable trend we find is the emergence of text-based machine learning, for example, for sentiment analysis, in recent years. Our study thus provides a structured topography for finance researchers seeking to integrate machine learning research approaches in their exploration of finance phenomena. We also showcase the benefits to finance researchers of the method of probabilistic modeling of topics for deep comprehension of a body of literature
Surviving disruption: nature inspired solutions
No full textInternational audiencePurpose Decision-makers in companies increasingly face unprecedented natural disasters. When business continuity is at risk, managers need a framework to imminently react. Design/methodology/approach A literature review and analysis of survival responses in nature and business case examples of company responses to the Covid-19 pandemic was the approach used. Findings There are direct parallels between the physiological stress response when a living individual perceives a threat to its survival, and the immediate reactions that occur when companies are faced with a disruptive event. Practical implications This article is meant to be used by decision-makers in companies to better react to disruptive events. Originality/value While nature-inspired methods have inspired inventions and algorithms, Hans Selye's general adaptation theory has not been used in parallel with business scenarios. We correlate fundamental organism survival mechanisms with a risk response framework to improve the probability of business survival during external threats
Fast Fashion, Charities, and the Circular Economy: Challenges for Operations Management
No full textInternational audienceTextile waste is one of the most pollutant items globally, being strongly affected by fast fashion (FF) products. Public pressure has made many FF firms voluntarily collect a small fraction of their preowned items and export them to developing countries for reuse. However, some developing countries are launching import bans on second-hand clothes. In addition, FF firms may soon be forced by extended producer responsibility legislation to collect more preowned items for reuse and recycling. To date, they do not have sufficient capacity to deal with this. Charities have been the key collectors and recyclers of unwanted clothes. Therefore, charities could help FF firms increase their capacity in this reverse supply chain (SC). However, we hardly witness such a collaboration for two main reasons: (i) charities prefer to sell high-quality preowned items in the primary market to generate the highest possible revenue and FF firms may fear cannibalization, (ii) many charities believe that FF firms generate quantities of low-quality items that require collection and sorting while being difficult to sell in the primary market. Charities also face competition from many small for-profit organizations selling FF preowned items. While charities have the support of volunteers, they tend to be less efficient. This work urges Operations Management (OM) researchers to suggest innovative business models to help (i) FF firms and charities collaborate to solve the abovementioned issues, and (ii) charities to improve their traditional practices for competitiveness. This study is primarily a position paper highlighting some challenges and introducing interesting research problems. Although the paper is not a research paper, it follows a qualitative research method to collect and analyze the required supporting documents to justify arguments and statements. We collected primary and secondary data from the textile reverse SC members to familiarize the OM community with this context. The current changes in the textile reverse SC offer many great opportunities for impactful OM research