Collection HAL Kedge Business School
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Did French stock markets support firms of the second industrial revolution?
No full textInternational audienceInvesting in the Second-Industrial-Revolution firms at the beginning of the 20 th century exposed investors to strong information asymmetries due to the novelty of these industries and the lack of legal rules on transparency and public accounting. We analysed the firms listed in Paris at the start of the 2IR. Despite the strong informational asymmetries, the Paris financial markets did provide high valuation to firms involved in emerging activities as revealed by higher Tobin's Q. This result holds when controlling for risk, liquidity, governance and nationality. Results on the dividend yield, nevertheless, do not confirm the support
MILP model for fleet and charging infrastructure decisions for fast-charging city electric bus services
No full textInternational audienceThe reduction of greenhouse gas emissions is one of required conditions for the transition to the sustainable cities. The creation of sustainable public transportation system is seen as an efcient long-term solution to achieve it. This paper develops a framework for designing a sustainable infrastructure for fast-charging electric buses. This framework helps the decision makers and in particular public authorities to determine a heterogeneous fleet of electric buses, to design the network of required charging facilities and to maximize the flow of passengers utilizing sustainable public transportation to minimize the amount of greenhouse gas emissions. An efcient Mixed Integer Linear Programming model is developed for the particular case where all chargers are interchangeable among the electrical buses. The decision-making process is illustrated through a case study for the public bus transportation in the city of Minsk. Extensive computer experiments show that the developed model provides efcient solutions in acceptable computational time and outperforms state-of-the-art methods on every tested problem instance
Retail channel integration: how do the metaverse impact the omnichannel strategy?
No full textInternational audienceFor the past two decades, computer-sciences have enabled brands and customers to evolve towards hybrid realities where entities interact with each other without necessarily being in presence of each other. Hyperrealities, hybrid realities, virtual worlds, augmented and virtual reality, extended reality and now metaverses represent the new reality of marketing (Azuma, 1997; Biocca, 1992; Bourlakis et al., 2009). In this new digital era, the so-called ‘brick-and-mortar’ and ‘pure player’ models have given the way to more interconnected marketplaces: the traditional store integrates technologies allowing the customer to search for information online while being in-store and vice-versa. From a marketing point of view, the customer journey has moved from a multichannel management towards an omnichannel perspective (Lemon & Verhoef, 2016). In less than 10 years, numerous papers have been published on these topics enabling to deepen our knowledge on how to integrate the metaverses into marketing strategy and practices (Dwivedi et al. 2023). More recently, a journal dedicated to the understanding of ‘metaverse’ has been developed (Journal of Metaverses) showing the a priori importance for the future of our world. From a retailing perspective, we need to anticipate how to “implement reality-enhancing technologies to achieve omnichannel strategies” (Hilken et al., 2022). Therefore, we posit the following research questions: how does the metaverses adds-up to the current retailing industry and can potentially modify the retailers’ practices? How can the metaverse be efficiently integrated in an omnichannel retailing strategy
Gold and tail risks
No full textInternational audienceIn this study, we consider as a predictor of gold return predictability, an alternative measure of systematic risk using the tail risk obtained from the four variants (Adaptive, Symmetric absolute value, Asymmetric slope and Indirect GARCH) of the Conditional Autoregressive Value at Risk (CAViaR) of Engle and Manganelli (2004). We conduct distinct analyses for the gold-tail risk nexus for both 1% and 5% VaRs across the in-sample and out-of-sample forecasts. The results of the in-sample predictability indicate contrasting effects of own tail risk and oil tail risk (a proxy for global risk factor) with negative and positive effects, respectively on gold returns reinforcing the safe haven property of the gold market against global risk. Evidence of the out-of-sample predictability supports the inclusion of both own tail risk and oil tail risk over the benchmark model and single-predictor (own tail risk) model for improved out-of-sample forecasts of gold returns. The results leading to these conclusions are robust to alternative proxies for oil price and magnitudes of VaR
Practicing secrecy in open innovation – The case of a military firm
No full textInternational audienceIn order to keep up with the pace of innovation, military firms have recently launched a series of open innovation (OI) initiatives to search for and integrate external knowledge into their internal development process. Adopting OI in such a secretive environment unlocks new possibilities to analyze how firms can pursue openness and secrecy. This article builds on a qualitative research conducted inside a large military firm that has implemented an inbound OI strategy. Relying on multiple case studies and interviews with individual players involved in the firm's OI initiatives, we analyzed how these players deploy secrecy practices when participating to OI projects. They actually combine cognitive practices (aiming at modulating the contextual depth of the knowledge revealed through reframing) with relational practices (aiming at controlling the visibility and exposure of this knowledge). We highlight how these combinations evolve during the lifecycle of OI partnerships. By emphasizing different modes by which individual actors practice secrecy in OI, we contribute to previous research addressing how organizations navigate the paradox of openness. Besides, this study proposes new theoretical insights on the role and features of secrecy practices in innovation activities, and thus contributes to the emerging research field of managerial secrecy
Asset Management and Sustainability. Industries and Regulatory Issues
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Sustainability is Dead, Long Live Sustainability! Paving the Way to Include ‘The People’ in Sustainability
No full textInternational audienceIn today’s world, organisations face an ongoing paradox: relying on (near) slave labour in South-East Asia to satisfy clients’ desire for cheap clothing, or producing locally and thus charging a premium price? Sometimes these paradoxes have no ‘better alternative’ (making a choice between the plague or cholera); continuing to rely on fossil fuels such as oil and gas to keep our cars running or relying on children in sub-Saharan Africa to mine the necessary cobalt minerals to create our electric cars? Debate on such topics is present in the sustainability literature. Sustainability refers to a paradigm involving strategic long-term thinking on environmental, social and economic dimensions in order to meet the companies’ current needs ‘without compromising the ability of future generations to meet their own needs’ (World Commission on Environment and Development, 1987, p. 43). In other words, sustainability is traditionally defined as integrating reasonable economic, environmental and social growth opportunities into business strategies (following the same logic as the famous triple-p bottom line that refers to planet, profit and people and which is widely used in CSR; Gallagher et al., 2018). Once just a passing fad, ‘sustainability’ can now be found everywhere and has arguably become a major focal point driving changes in business across markets. Several Western organisational gurus have claimed that corporate greed and monetary incentives have been replaced by climate and sustainability achievements as the key drivers of decision-making among stake- and shareholders (Nidumolu et al., 2009; Whelan & Fink, 2016). We are led to believe that sustainability is all around us. Is this reality or have we just hollowed out its meaning