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Sustainability and differentiation: Understanding materiality from the context of Indian firms
No full textInternational audienceManagers do not see all environmental sustainability practices as equally important. Thus, this study seeks to integrate the natural resource based view (NRBV) and materiality perspective to explore environmental sustainability practices that firms in India deem material. The findings resulting from text mining using centering resonance analysis (CRA) reveal that Indian firms see prevailing industry practices such as reverse logistics, product recycling, and/or improving supplier environmental performance as immaterial. Instead, these firms focus on water, energy, resource efficiency, supplier integration, and, to some extent, improving work conditions at supplier sites. Thus, the focus of Indian firms regarding these issues is different from their global counterparts
Grenoble–GIANT Territorial Innovation Models: Are investments in research infrastructures worthwhile?
No full textInternational audienceOver the past decades, the EU heavily invested in Research Infrastructures (RI). What are the expected returns of such investments? In the present article we address the question of returns on public funds/public infrastructures.We consider the role of RI and universities from an economic, social, and entrepreneurial perspective from various Territorial Innovation Models (TIMs): Italian industrial districts, innovative milieus, regional innovation systems, new industrial spaces, and regional clusters.We conducted our empirical study on Grenoble Isère Alpes Nanotechnologies (GIANT), which is composed of large scientific instruments, universities, and engineering and management schools.Our microeconomic methodology measured the socioeconomic and entrepreneurial effects of GIANT with respect to budget, employment, and spin-off generation. We contribute to the existing body of knowledge on TIMs by comparing the long-term investments to the generation of wealth, the creation of employment, and the development of start-ups; adding new insights to the debate opposing positive and negative impacts empirical studies; and offering recommendations for the use of public resources. In our discussion, we compare the GIANT model as a very localized RI-university club to the Grenoble model as localized cluster
Bank Acquisitiveness and Financial Crisis Vulnerability
No full textInternational audienceWe investigate the relation between European bank acquisitiveness during the period 1990-2006 and the vulnerability of banks to the financial crisis. Our main tests use distance to default and Z-score ratios to estimate banks impact from the financial crisis in terms of bankruptcy risk and solvency. The findings shed new light on whether bank acquisitions really did contribute towards weakness; and suggest that only acquisitions of investment banking assets increased risk, while acquisition of retail banking assets actually lowered solvency risk
Towards a measure of the value of an omni-channel shopping experience
No full textInternational audienc
Arbitrary temporal heterogeneity in time of European countries panel model
No full textInternational audienceIt considers a panel data model for 24 European countries with unobservable multiple interactive effects, which are correlated with the regressors. Grounded on properties of the traditional micro-economic theory of production, the arbitrary temporal heterogeneity in time with a factor structure is fit to the Cobb-Douglas stochastic distance frontier with multiple inputs/multiple outputs model and a semi-parametric approach is applied to parameters estimation. The results show that heterogeneity over time and across the European countries matters. The model distinguished 5 unobserved factors that influence the European industry production. The unobserved common factors have a cyclical behavior with the approximate length of 2 years
A bivariate Hawkes process based model, for interest rates
No full textInternational audienceThis paper proposes a continuous time model for interest rates, based on a bi-variate self exciting point process. The two components of this process represent the global supply and demand for fixed income instruments. In this framework, closed form expressions are obtained for the first moments of the short term rate and for bonds, under an equivalent affine risk neutral measure. European derivatives are priced under a forward measure and a numerical algorithm is proposed to evaluate caplets and floorlets. The model is fitted to the time series of one year swap rates, from 2004 to 2014. From observation of yield curves over the same period, we filter the evolution of risk premiums of supply and demand processes. Finally, we analyze the sensitivity of implied volatilities of caplets to parameters defining the level of mutual-excitation
Influences from the European Parliament on EU emissions prices
No full textInternational audienceThe decisions of the European Parliament (EP) are shown to influence both EU emission allowance (EUA) prices and volatility. Reductions in price and increases in volatility are observed when EP decisions are (i) not “party-political” in origin, (ii) made during times of low market sentiment, or (iii) made during times of low market attention. Daily EUA prices from 2007 to 2014 are used in the study, with decisions analysed using an event study approach for price impact, and a GARCH specification for volatility impact. Our findings suggest the need for policymakers to improve communication of long-term strategies for the EUA market. This aims to reduce the evident ongoing uncertainty experienced by traders around each decision made by the EP. The finding that sentiment and market attention at the time of an EP decision influences the market's reaction indicates a need to consider market dynamics in terms of decision timing, so that market turbulence is not an unintended by-product of an EP decision. Some form of medium term forward guidance may be called for
The direct and indirect effects of core and peripheral social capital on organizational performance
No full textThe attached pre-print version is slightly different from the published article. The article was previously entitled: "Where and How Much Does Social Capital Matter? Core and Peripheral Relational Stability as Determinants of Organizational Performance".International audienceIn this paper we adopt a core-periphery approach to specify the direct and indirect effects of social capital on organizational performance. We suggest that social capital deriving from stable task relationships between organizational members has a direct positive effect on organizational performance. Said effect depends, in both strength and functional form, on whether actors involved in stable dyads are located at the core or at the periphery of the organization. We also argue that core and peripheral social capital affect performance indirectly by moderating the organization’s ability to leverage its human capital to improve performance. Results from a 48-year study of the National Basketball Association support our arguments and bear important implications for strategic human resource practices and organizational performance in competitive settings
A novel mathematical model for a multi-period, multi-product optimal ordering problem considering expiry dates in a FEFO system
No full textInternational audienceOne of the main challenges of retail units is to determine the order quantities of different types of products, each with a specific expiry date, so that the system cost including shortage cost is minimized. We study a new multi-product multi-period replenishment problem for a First Expired-First Out (FEFO) based warehouse management system. The proposed nonlinear model is first converted to a linear one and then solved by applying two evolutionary algorithms: the Genetic Algorithm (GA) and Particle Swarm Optimization (PSO), in which design parameters are set using Taguchi method. Computational results demonstrate the applicability of the proposed model for perishable items and comparing the results shows the efficiency of the proposed metaheuristics as well