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Connectedness of entrepreneurial ecosystems : the impact of VC financing mobility on startup valuations
No full textInternational audienceNational venture capitalist (VC) ecosystems are not isolated from each other, and foreign VC species may cross borders when pursuing valuable investment opportunities. The present research demonstrates that VC investments inside or outside VCs’ domestic ecosystems play a significant role in the target ventures’ valuation. VCs trade off familiarity of their domestic ecosystem for valuation. Our results indicate that familiarity with the domestic ecosystem reduces risk, and purely domestic deals consequently carry significantly positive valuation premia. Cross-border deals, on the other hand, have a significantly negative impact on valuation. However, certain comparative ecosystem characteristics, such as institutional shareholder protections and an ecosystem’s comparative competitive advantage, as well as an ecosystem’s relative saturation in terms of money on the market, partially offset the observed cross-border valuation penalty. <br /
Spheres of resonance : How consumers contribute to atmosphere’s dynamics and plurality
No full textInternational audienceConsumer experiences often build on resonant atmospheres that touch, seduce, or thrill consumers. Lack of resonance can diminish an atmosphere, alienate consumers, and render experiences meaningless. However, the way in which consumers contribute to atmospheres’ evolving resonance and plural nature has nonetheless been undertheorized. We address this question by operationalizing the concept of spheres of resonance, which we develop based on a multi-sited ethnography at the iconic holiday resort Club Med. Drawing on theory of resonance, we explain atmospheres are consumed through co-evolving spheres of resonance emerging in bodily encounters that momentarily envelop people and groups. Our findings show how these spheres co-exist but can also overlap, merge, and clash, influencing how atmospheres are felt and mobilized. Overall, we expand prior understandings of consumption atmospheres beyond a “mono-spherical” view and contribute to theory on the dynamics of atmospheres and resonance in consumer research.<br/
A Rejection-Based Model of Partial Service Termination and its Impact on Unprofitable Customers
No full textInternational audienceThis research examines partial service termination (PST) as a strategy that allows companies to deliberately cease providing unprofitable customers with certain services while maintaining relationships with those customers. Through a preliminary qualitative study, a quasi-experiment, and two scenario-based experiments, this research contributes to the intentional service failures literature by demonstrating negative customer reactions to PST. First, the results showed that PST increases the probability of customers terminating their other contracts by 2.14 times while increasing their propensity to spread negative word-of-mouth (nWOM). Second, using belongingness theory, we identify the key underlying psychological process behind PST: customers interpret PST as a threat to their need to belong in relationships with companies, which is reflected in their feelings of rejection and anger. Third, relationship breadth and three recovery tactics (i.e., monetary compensation, explanations, and support in finding alternatives) were identified as contingent variables that buffer the negative consequences of PST. Customers with high relationship breadth are less likely to terminate other contracts and bad-mouth following PST. This is likely because high relationship breadth reduces perceived rejection following PST. Furthermore, a combination of monetary compensation, explanations, and support in finding alternatives represents the most efficient recovery approach to reduce anger.<br /
The political cost of integration: A natural experiment on local governments
No full textThe existing literature identifies a negative relationship between jurisdiction size and voter participation. Previous studies have primarily examined this correlation through local government mergers or amalgamations, which often fail to establish a robust causal link due to limitations in natural experimental settings. To address this gap, we analyze the French experience of intermunicipal cooperation (2001-2018), where municipalities transfer specific responsibilities and fiscal revenues from the local to the intermunicipal level. Leveraging an exogenous population-based rule, our analysis reveals that voter turnout in municipal elections significantly declines in newly integrated communities. This reduction in participation is enduring, persisting even after the introduction of direct elections for intermunicipal governments. Further analysis on the mechanisms behind these effects shows that these municipalities experience a notable decrease in fiscal revenues for approximately two years following their integration decision. Our findings suggest that when less is at stake, in terms of responsibilities and fiscal revenues in highly integrated municipalities, citizens feel less involved and electoral participation decreases
Central bank's communication and stabilization policies under firms'motivated beliefs
No full textInternational audienceUsing a simple microfounded macroeconomic model with price making firms and a central bank maximizing the welfare of a representative household, we show that the presence of firms'motivated beliefs has stark consequences for central banks' optimal communication and stabilization policies. Under pure communication, motivated beliefs overweighting the accuracy of firms'private information may reverse the bang-bang solution of transparency found in the literature under objective beliefs and lead to intermediate levels of communication. Similarly, when communication and stabilization policies are combined, motivated beliefs overweighting firms'ability to process idiosyncratic information in general may reverse the bang-bang solution of opacity applying under objective beliefs, leading again to intermediate levels of communication and stabilization
How people understand voting rules
No full textInternational audienceIf individuals are to be empowered in their selection or use of a voting rule, it is necessary that they understand it. This paper analyzes people's understanding of two voting rules: evaluative voting and majority judgment. We first distinguish three components of understanding in this context: how to fill in the ballot; how votes are aggregated; and how to vote strategically. To measure each component, we draw on results from a lab experiment on incentivized voting where participants are exogenously assigned single-peaked preferences and answer comprehension questions on the rules employed. We find that most participants understand how to fill in the ballot with both voting rules. However, participants' understanding of vote aggregation under majority judgment is lower and, crucially, more heterogeneous. While some participants correctly understand its aggregation property, a sizable group fails to grasp it. We also observe no difference in voting behavior between evaluative voting and majority judgment: the data confirm the theoretical prediction that under evaluative voting there will be a high incidence of strategic voting through the use of extreme grades, but contradict the prediction that under majority judgment voters will vote less strategically. Finally, we find that with majority judgment, the better voters understand how votes are aggregated, the more they vote strategically, hence resulting in inequality in voter agency
Cost-utility analysis of a web-based interactive patient education platform: evidence from a randomized clinical trial for end-stage renal disease patients
No full textInternational audienceObjectives: Chronic kidney disease and its most severe complication, end-stage renal disease (ESRD), represents an estimated financial burden of €4.4 billion in 2021 in France. Therapeutic patient education (TPE) improves ESRD management and health outcomes. This study explored whether providing access to an interactive web-based TPE platform with community features was cost-effective.Methods: A within-trial cost-utility analysis was carried out over an 18 months horizon, using data from the PIC-R (Plateforme Interactive Communautaire—dialyse et transplantation Rénale) trial. ESRD or post-transplant patients were randomized 1:1:1 to a control group with no specific TPE program (Control), an intervention group with online TPE (e-TPE) and an intervention group with online TPE coupled with community features such as a patient forum and a chatroom with both patients and health care professionals (e-TPE + chat). The outcome measure was the cost per quality-adjusted life-year (QALY) and per year of full capability (YFC). Both intention-to-treat (ITT) and per protocol (PP) analyses were conducted, and missing data were handled using multiple imputation and selection models. Sensitivity analyses were performed.Results: Among the 815 patients assessed for eligibility across 12 French centres, a total of 549 patients were included in the economic analysis: 186 in the Control group, 189 in the e-TPE group and 174 in the e-TPE + chat group. The e-TPE group demonstrated cost savings and slightly higher QALYs compared to the control group, making e-TPE dominant. Conversely, the e-TPE + chat intervention resulted in higher costs without substantial effectiveness gains, making it not cost-effective.Conclusions: e-TPE was deemed cost-effective for ESRD patients, while e-TPE + chat was not. Web-based platforms improve ESRD management when targeted to likely users
Do Advisors' Status and Identity Shape Adherence to Advice? *
No full textThis study examines whether adherence to advice depends on an advisor's identity and status beyond message content. Using a survey experiment with over 3000 farmers in India, we find that individuals are more likely to follow advice in a social dilemma game when it comes from high-status or in-group advisors, even when the advice diverges from prevailing norms. Admired role models can attenuate the influence of status and identity, though their beneficial effect is not universal. Our experimental findings align with evidence from an agricultural advisory program involving the same participant sample, highlighting the broader real-world relevance of these patterns.</div
How People Understand Voting Rules
No full textIf individuals are to be empowered in their selection or use of a voting rule, it is necessary that they understand it. This paper analyzes people's understanding of two voting rules: evaluative voting and majority judgment. We first distinguish three components of understanding in this context: how to fill in the ballot; how votes are aggregated; and how to vote strategically. To measure each component, we draw on results from a lab experiment on incentivized voting where participants are exogenously assigned single-peaked preferences and answer comprehension questions on the rules employed. We find that most participants understand how to fill in the ballot with both voting rules. However, participants' understanding of vote aggregation under majority judgment is lower and, crucially, more heterogeneous. While some participants correctly understand its aggregation property, a sizable group fails to grasp it. We also observe no difference in voting behavior between evaluative voting and majority judgment: the data confirm the theoretical prediction that under evaluative voting there will be a high incidence of strategic voting through the use of extreme grades, but contradict the prediction that under majority judgment voters will vote less strategically. Finally, we find that with majority judgment, the better voters understand how votes are aggregated, the more they vote strategically, hence resulting in inequality in voter agency
Central Bank Digital Currency and Gresham's Law: An experimental analysis
No full textIn a monetary system where risky and risk-free money coexist, Gresham's law predicts that people will hoard the risk-free money as a store of value and spend the risky money as a medium of exchange. The establishment of a payment system based on risk-free money, such as a retail CBDC, therefore seems doomed to failure. A laboratory experiment confirms this prediction. When the holding of risk-free money is not restricted, people hold and pay with risk-free money extensively. However, when the holding of risk-free money is limited by a ceiling or an unattractive interest rate, people mainly pay with risky money but hoard risk-free money