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Shall the winning last? A study of recent bubbles and persistence
No full textInternational audienceIn this study, we analyze stock market performance of 43 firms that show very large price rises in COVID-19 times for the period 21/11/2019 – 20/1/2021. These cover 6 industries - work-from-home companies, stay-at-home companies, Cryptocurrency companies, Bitcoin companies, Coronavirus Vaccine companies and Coronavirus therapeutics companies. Our results demonstrate the presence of bubbles and persistence patterns
The illusion of oil return predictability: The choice of data matters!
No full textInternational audiencePrevious studies document statistically significant evidence of crude oil return predictability by several forecasting variables. We suggest that this evidence is misleading and follows from the common use of within-month averages of daily oil prices in calculating returns used in predictive regressions. Averaging introduces a bias in the estimates of the first-order autocorrelation coefficient and variance of returns. Consequently, estimates of regression coefficients are inefficient and associated t-statistics are overstated, leading to false inference about the true extent of in-sample and out-of-sample return predictability. On the contrary, using end-of-month data, we do not find convincing evidence for the predictability of oil returns. Our results highlight and provide a cautionary tale on how the choice of data could influence hypothesis testing for return predictability
On the interplay between local lead times, overall lead time, prices, and profits in decentralized supply chains
No full textInternational audienceA two-stage decentralized supply chain operates in make-to-order under a stochastic environment. Each stage represents an independent firm that quotes a price and a delivery time to its downstream while satisfying a minimum service level. The mean demand depends on the final price and the overall delivery time quoted to the customers by the whole supply chain. We study three settings. First, the downstream, as a Stackelberg leader, decides its price and controls both delivery times, and the upstream, as a follower, reacts by deciding its own price. Second, the downstream decides its delivery time and controls prices, and the upstream reacts by quoting its own delivery time. Third, the upstream, as a leader, decides its price and controls both delivery times, and the downstream, as a follower, decides its own price. This is the first study to investigate the delivery time quotation and pricing in decentralized supply chains where each firm performs operations and has a delivery time, and the demand is function of both upstream and downstream delivery times in addition to final price. We characterize analytically the optimal strategy under each setting and derive insights into the interplay between local delivery times, overall delivery time, prices, demand, and profits. We investigate how delivery times can be used to coordinate the supply chain and the impact of firms’ capacities
Business school students’ motivations and intentions to pursue a project management career
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Modelling the impact of audit/remuneration committee overlap on debtholders' perceptions of accounting information quality: The role of CEO power
No full textInternational audienceThis study examines how debtholders perceive accounting information qualityof firms with audit committee members who are also on the remunerationcommittee, and whether strong CEO power enhances or undermines the gov-ernance role of overlapping committees. Using 841 observations of Malaysianfirms over the period 2013–2015, we find that firms with overlapping audit andremuneration committees are perceived by debtholders to be transparent andof lower operating risk and, consequently, be associated with lower cost ofdebt. We also find that the beneficial effect of the presence of overlapping com-mittees is weakened by the level of CEO power. Our results are robust to con-cerns of endogeneity and alternative measurers of the key variables. This studyis timely in light of recently increasing call for the broadening of audit commit-tee members' understanding of business strategies, risks and incentives pro-vided by firms' executive compensation structures. Our study also contributesto the ongoing debate surrounding CEO power by suggesting that debtholdersperceive potent CEO power as detrimental to their investments and thuscharge higher interest rates from firms with powerful CEOs and overlappingdirectors
Stochastic medical tourism problem with variable residence time considering gravity function
No full textInternational audienceMedical tourism is a recent term in healthcare logistics referring to travel of patients to receive health services and spending leisure time in a destination country. This transferring of patients leads to access high-quality health services which are cheaper than the original country of patients. During this travel, passengers who are the patients from another country, have this opportunity for complimentary entertainment packages ( e.g. , pleasure tours) in the aftercare period. As far as we know, the term of medical tourism is rarely studied in healthcare logistics and such services are highly important for developing countries. Such facts motivate us to develop a practical optimization model for the Medical Tour Centers (MTCs) for allocation of patients to hospitals in proper time and creation of memorable aftercare time for them. In this regard, the main aim of the proposed model is to maximize the total profit of MTCs through optimal allocation of patients to hospitals while considering an aftercare tour for the passengers. To make the proposed model more realistic, the optimal residence time in attractive places is simulated by a time-dependent gravity function. To address the uncertainty of medical tourism problem, a scenario-based two-stage stochastic optimization approach is extended to encounter different sources of uncertainty existing in surgical success, medical time, restoration restrictions, and the attraction of tourist places. Another novelty of this work is to propose an innovative hybrid meta-heuristic for large-scale instances, which is a combination of Progressive Hedging Algorithm (PHA) and Genetic Algorithm (GA). The model is analyzed by different test problems for small, medium, and large-scale instances where the hybrid meta-heuristic algorithm could solve them with an average gap of 3.4% in comparison with the commercial solver. The results revealed the importance of tourist opinion and public preferences in medical and pleasure tours, respectively, to improve the economic growth in this sector in developing countries
One tie to capture advice and friendship: Leader multiplex centrality effects on team performance change.
No full textInternational audienceBecause leaders' authority is often insufficient to change team performance, formal team leaders seek informal influence through the occupation of central positions in social networks. Prior research focuses on leader centrality involving simplex ties, that is, either friendship or advice, to the neglect of multiplex ties that involve the overlap of friendship and advice. Friendship and advice ties offer different but complementary resources, so leader centrality in one but not the other network limits leader influence. We provide theory and evidence concerning how leader multiplex centrality affects team performance improvement, particularly if leaders are embedded in team social contexts with sparse friendship and numerous adversarial ties. The research context involved 84 ongoing public university service teams headed by formal leaders. Our results show the importance of leader multiplex centrality relative to leader simplex centrality. First, leader multiplex centrality predicted team performance change over a 2-year period more strongly than leader centrality in either the advice or the friendship team network. Second, leader multiplex centrality positively predicted team performance change for teams featuring dense adversarial networks or sparse friendship networks. It is not sufficient, therefore, for leaders to be either liked or regarded as expert. It is the integration of both advice and friendship in one tie between the leader and followers that facilitates performance change
Situated Entrepreneurial Cognition in Corporate Incubators and Accelerators: The Business Model as a Boundary Object
No full textInternational audienceThe cognitive perspective in entrepreneurship research has predominantly evolved around the static conceptions of cognition at the level of individual reasoning. Recently, the emerging stream of situated entrepreneurial cognition asserts that the environment substantially influences the inherent knowledge structures of entrepreneurial reasoning. It claims that the context indoctrinates the perceptions and beliefs underlying decision making, thus authoring entrepreneurial cognition to derive from the recursive interaction between the mind and the respective environment. Drawing on this perspective, this article follows a narrative approach investigating the unfolding dynamics between the entrepreneurial cognition and contextual factors in a business model design. Using textual accounts from 34 episodic interviews with entrepreneurs from corporate entrepreneurship initiatives, we applied a constant comparative method identifying main themes in the data. Our findings show that entrepreneurial cognition is embedded, grounded, and distributed. We provide evidence that the situated entrepreneurial cognition results from the recursive interplay of material objects, bodily interactions, and agents spanning a social system. Our findings suggest that the unilateral consideration of authored cognitive systems falls short in capturing the holistic nature of entrepreneurial cognition. Thus, our findings further empirically ground situated entrepreneurial cognition by placing the entrepreneur at the nexus of individual and context. Finally, this article reveals the business model as a central boundary object connecting and focalizing a variety of influences on the situated entrepreneurial cognition in its social context
Effects of hedonic shopping motivations and gender differences on compulsive online buyers
No full textInternational audienceOnline shopping addiction has become a worsening problem in China for males and females. Based on 904 shoppers, this study examines the relationship between hedonic shopping motivations and compulsive online buying and investigates gender differences using gender theories. This study finds that different hedonic motivations contribute to compulsive online buying. Gratification seeking and idea shopping are key motivations for compulsive online buyers (females are mostly gratification seekers, while males are mostly information seekers). Conversely, value and role-play shopping reduce compulsive online buying, with a stronger effect on females; however, role-play shopping was unrelated to compulsive online buying for males
Speeding up new product development through entrepreneurial orientation in SMEs: The moderating role of ambidexterity
No full textInternational audienceThis paper analyzes the influence of small and medium-sized enterprises' (SMEs) entrepreneurial orientation (EO) on its capacity to quickly introduce new products to the market (namely, speed to market). Specifically, we suggest that firms will exhibit greater speed to market when displaying either low or high levels of EO. We also suggest that the EO – speed to market relationship will be contingent on firms' ambidexterity, or its capacity to simultaneously embrace exploratory and exploitative strategies. To test our hypotheses, we collected survey data from 384 SMEs belonging to four sectors in Spain: biotechnology, ceramic tiles, toys and footwear. Our findings confirm the existence of a U-shaped connection between EO and speed to market, and evidence that this curvilinear relationship is accentuated when SMEs exhibit greater ambidexterity