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Learning the wealth effects from equity carve-outs
No full textInternational audienceWe investigate how the market can provide early signals about the eventual effects of an equity carve-out on the wealth of parent firm shareholders. Using a sample of equity carve-outs from 1985–2015, we show that most wealth information regarding the IPO valuation of a subsidiary is observable in the share returns of the parent firm during the book-building period. Our study therefore adds timing and process understanding to existing studies showing a wealth impact of equity carve-outs on parent company shareholders
Delivery time quotation and pricing in two-stage supply chains: Centralized decision-making with global and local managerial approaches
No full textInternational audienceThis study investigates the delivery time quotation and pricing in a two-stage make-to-order supply chain facing a time- and price-sensitive demand. We consider different managerial approaches which results in different models. First, we study a global model where a pair of price and delivery time are quoted to customers to maximize the expected overall profit while satisfying a global service level on the whole system. Second, we study a local model where each stage is required to quote a local delivery time while satisfying a local service level, and the delivery time quoted to customers consists of both local delivery times and must satisfy the global service level. The objective is similar to that of the global model. When both stages target the same service level than the one imposed to the whole system, we demonstrate under realistic conditions that satisfying the local service constraints enables to satisfy the global service constraint. This allows to remove the global constraint from the local model and solve it analytically. With comparison to the global model, the local model presents several managerial advantages with a limited profit loss. The mean gap is only 1.68% for a service level of 95%. We perform sensitivity analyses to derive insights into the impact of market characteristics and capacities on the performance of each stage and the overall performance. Finally, we extend the local model by allowing each stage to targeting a different service level. This leads to closing the profit gap with the global model
Tribute to Professor Edgar H. Sibley and his contributions to the IS discipline
No full textInternational audienceProfessor Edgar Henry Sibley (the Founding Editor of Information & Management, in short, I&M) passed away peacefully in Virginia, USA on January 12, 2020. As an eminent scholar in Information Systems (IS) and the Founding Editor of I&M, Professor Sibley has left a remarkable legacy to both the journal and the IS discipline. If the journal (I&M) could talk, it would tell the story of the passion, effort, untold amount of time, and incredible rigor Professor Sibley put into this journal. As the second and the current Editor-in-Chief of the journal, I took the liberty to invite three IS scholars, one from each region of the Association for Information Systems (AIS) community to speak about professor Sibley’s contributions to the IS discipline. They are Professor Prashant Palvia from the University of North Carolina Greensboro, USA Professor Jose Benitez from Rennes School of Business, France and the University of Granada, Spain and Professor T.P. Liang from National Sun-Yat-Sen University, Taiwan. All three scholars had different and positive interactions and experiences with Professor Sibley and I&M that they are eager to share with us. We hope the whole IS community will join us to acknowledge and pay our heart-felt tribute to Professor Sibley´s many contributions to our discipline
Determinants of FDI attractiveness: A MCI model approach
No full textInternational audienceThis study aims to use a Multiplicative Competitive Interaction approach to identify the major factors that influence the decision to engage in foreign direct investment (FDI) by focusing on the ease of doing business index and its subindexes (institutional quality) and GDP (market size). Results are drawn from an annual dataset on 175 countries between 2005 and 2015. Empirical findings suggest institutional effect dominates market size effect, and therefore, to be more competitive in attracting FDI, countries must increase their business environment's efficiency by mainly focusing on judicial system improvement
Which risk factors drive oil futures price curves?
No full textInternational audienceWe develop extensions that introduce regression structure to the multi-factor stochastic models of commodity futures price term structure dynamics. We demonstrate the accuracy with which these models can be calibrated to oil futures data and how they improve on existing models both in model fit and in model interpretation. We found leading observable factors that contribute to explaining the term structure of oil futures, in the presence of long and short term stochastic factors, included the dollar index, inventories, commodity indices and risk aversion associated to financial intermediaries. Furthermore, we determine the time frame on which these factors are explanatory
Manipulating Temporal Cues and Message Concreteness for Deal Communication
No full textInternational audienceOnline merchants often use social media to communicate deal messages to directed consumers, but they face the fundamental challenge of how to effectively communicate deal messages to these consumers using that medium. This research seeks to address this challenge by building on the construal level theory to theorize that consumers' purchase intentions in response to the products promoted via social media communication are affected by the concreteness of promotion messages and its interaction with message promotional time and deal expiration time. A between-subject experiment was conducted, and the findings suggest that concrete messages lead to higher purchase intentions. Through interacting message concreteness, message promotional time and deal expiration time, we show that the congruency of a concrete message with either, but not both, temporal cue lead to higher purchase intention. This study thus provides theoretically grounded insights on how to better communicate deal information on microblogging sites
Protecting Environment or People? Pitfalls and Merits of Informal Labour in the Congolese Recycling Industry
No full textInternational audienceDespite the fact that informal labour is a widespread phenomenon, the business ethics literature tends to describe it as a problem that needs to be overcome, rather than contemplating its merits. Informal labour is linked to poor working conditions, low-income and insufficient protection. However, it is also a survival strategy and upholds essential services, such as waste collection and recycling. Through the lens of postmodern ethics, we analyse 45 interviews with formal and informal waste management workers in Kinshasa. The study explores the functioning and limits of recycling services in a metropolis, focusing on the experience of African workers and entrepreneurs. A complex picture of ethical challenges and individual business and survival strategies emerges from the analysis. Our findings demonstrate that labour decisions of voiceless people cannot be reduced to being rational or desperate choices, but that they reflect a careful elaboration of currently available options and strategies for the future. The study contributes to our understanding of entrepreneurship in a post-conflict context, the role of informal labour in the functioning of formal businesses in Africa and the contribution of postmodern theory to the study of businesses in non-Western societies
Characteristics of spillovers between the US stock market and precious metals and oil
No full textInternational audienceThis study examines the characteristics of the risk spillover under extreme market scenarios between the US stock market and precious metals (gold, silver, platinum) and oil using a copula approach for tail dependence and conditional value-at-risk (CoVaR) spillover measures. The results indicate asymmetric tail dependence of the US stock market with silver and platinum, profound during market downturns. Gold and oil symmetrically co-move with the US stock market under normal and extreme market scenarios. Silver and platinum most strongly influence US stock market in the downside, while oil does it on the upside. The US stock market most strongly influences oil and silver under both market downturns and upturns. Gold weakly spillover to the US stock market, suggesting that investors can use gold as an equity portfolio diversifier
Investor-advisor Big Five personality similarity and stock trading performance
No full textInternational audienceThe purpose of this study is to investigate how investor-advisor similarities (differences) in Big Five personality are related to stock trading performance. We used an online survey questionnaire to collect data from 314 investor-advisor dyads in the Chinese stock market. Personality similarity (difference) between investor and advisor was determined using “difference score analysis”. The results showed that investor-advisor similarity in terms of openness, extraversion, conscientiousness, and agreeableness is positively related to investor stock trading performance. On the other hand, the investor-advisor similarity in neuroticism negatively affects investor trading performance. Further analysis also showed that investor-advisor similarity in demographics such as gender and education is related to stock trading performance. This research posits that retail investors show different trading performances if their personalities and demographics match (mismatch) with their advisors. Therefore, the patterns of investors’ trading performance can be jointly explained by both investors’ endogenous as well as exogenous factors
Connecting IMP and entrepreneurship research: Directions for future research
No full textInternational audienceAs a research field, entrepreneurship emerged from an increasing interest in fostering new business ventures. Over the past decade, interest in entrepreneurial phenomena also triggered several studies in the IMP research stream. We examine connections between these two research streams in terms of the phenomena in focus, key concepts, and approaches to identify research areas fruitful for advancing our understanding of entrepreneurial phenomena. In pursuit of this aim, we analyzed 48 IMP-based entrepreneurship studies and the abstracts of the 227 most cited papers in eight main entrepreneurship journals; among the latter, we conducted an in-depth analysis of 30 articles, in which we found connections with IMP studies. Based on our analysis, we identify four directions for future research, where confronting and bridging the key concepts has the potential to contribute to conceptualizing entrepreneurial phenomena and related theory development. The four areas are: variety in the context of new ventures; multiplicity of networks embedding new ventures; connecting the new venture to its context; and the new venture's learning and management