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Ajouter le résultat dans votre panierCEO ability, pay, and firm performance / Yuk Ying Chang in Management science, Vol. 56 N° 10 (Octobre 2010)
in Management science > Vol. 56 N° 10 (Octobre 2010) . - pp. 1633-1652
Titre : CEO ability, pay, and firm performance Type de document : texte imprimé Auteurs : Yuk Ying Chang, Auteur ; Sudipto Dasgupta, Auteur ; Gilles Hilary, Auteur Année de publication : 2010 Article en page(s) : pp. 1633-1652 Note générale : Management Langues : Anglais (eng) Mots-clés : CEO ability CEO pay Managerial labor market Firm performance Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : Do chief executive officers (CEOs) really matter? Do cross-sectional differences in firm performance and CEO pay reflect differences in CEO ability? Examining CEO departures over 1992–2002, we first find that the stock price reaction upon departure is negatively related to the firm's prior performance and to the CEO's prior pay. Second, the CEO's subsequent labor market success is greater if the firm's predeparture performance is better, the prior pay is higher, and the stock market's reaction is more negative. Finally, better prior performance, higher prior pay, and a more negative stock market reaction are associated with worse postdeparture firm performance. Collectively, these results reject the view that differences in firm performance stem entirely from non-CEO factors such as the firms' assets, other employees, or "luck," and that CEO pay is unrelated to the CEO's contribution to firm value. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/cgi/content/abstract/56/10/1633 [article] CEO ability, pay, and firm performance [texte imprimé] / Yuk Ying Chang, Auteur ; Sudipto Dasgupta, Auteur ; Gilles Hilary, Auteur . - 2010 . - pp. 1633-1652.
Management
Langues : Anglais (eng)
in Management science > Vol. 56 N° 10 (Octobre 2010) . - pp. 1633-1652
Mots-clés : CEO ability CEO pay Managerial labor market Firm performance Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : Do chief executive officers (CEOs) really matter? Do cross-sectional differences in firm performance and CEO pay reflect differences in CEO ability? Examining CEO departures over 1992–2002, we first find that the stock price reaction upon departure is negatively related to the firm's prior performance and to the CEO's prior pay. Second, the CEO's subsequent labor market success is greater if the firm's predeparture performance is better, the prior pay is higher, and the stock market's reaction is more negative. Finally, better prior performance, higher prior pay, and a more negative stock market reaction are associated with worse postdeparture firm performance. Collectively, these results reject the view that differences in firm performance stem entirely from non-CEO factors such as the firms' assets, other employees, or "luck," and that CEO pay is unrelated to the CEO's contribution to firm value. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/cgi/content/abstract/56/10/1633
in Management science > Vol. 56 N° 10 (Octobre 2010) . - pp. 1653-1667
Titre : Predicting the next big thing : Success as a signal of poor judgment Type de document : texte imprimé Auteurs : Jerker Denrell, Auteur ; Christina Fang, Auteur Année de publication : 2010 Article en page(s) : pp. 1653-1667 Note générale : Management Langues : Anglais (eng) Mots-clés : Managerial foresight Forecasting Resource based view of the firm Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : Successfully predicting that something will become a big hit seems impressive. Managers and entrepreneurs who have made successful predictions and have invested money on this basis are promoted, become rich, and may end up on the cover of business magazines. In this paper, we show that an accurate prediction about such an extreme event, e.g., a big hit, may in fact be an indication of poor rather than good forecasting ability. We first demonstrate how this conclusion can be derived from a formal model of forecasting. We then illustrate that the basic result is consistent with data from two lab experiments as well as field data on professional forecasts from the Wall Street Journal Survey of Economic Forecasts. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/cgi/content/abstract/56/10/1653 [article] Predicting the next big thing : Success as a signal of poor judgment [texte imprimé] / Jerker Denrell, Auteur ; Christina Fang, Auteur . - 2010 . - pp. 1653-1667.
Management
Langues : Anglais (eng)
in Management science > Vol. 56 N° 10 (Octobre 2010) . - pp. 1653-1667
Mots-clés : Managerial foresight Forecasting Resource based view of the firm Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : Successfully predicting that something will become a big hit seems impressive. Managers and entrepreneurs who have made successful predictions and have invested money on this basis are promoted, become rich, and may end up on the cover of business magazines. In this paper, we show that an accurate prediction about such an extreme event, e.g., a big hit, may in fact be an indication of poor rather than good forecasting ability. We first demonstrate how this conclusion can be derived from a formal model of forecasting. We then illustrate that the basic result is consistent with data from two lab experiments as well as field data on professional forecasts from the Wall Street Journal Survey of Economic Forecasts. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/cgi/content/abstract/56/10/1653
in Management science > Vol. 56 N° 10 (Octobre 2010) . - pp. 1668-1686
Titre : Capacity sizing under parameter uncertainty : Safety staffing principles revisited Type de document : texte imprimé Auteurs : Achal Bassamboo, Auteur ; Ramandeep S. Randhawa, Auteur ; Assaf Zeevi, Auteur Année de publication : 2010 Article en page(s) : pp. 1668-1686 Note générale : Management Langues : Anglais (eng) Mots-clés : Service systems Capacity sizing Parameter uncertainty Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : We study a capacity sizing problem in a service system that is modeled as a single-class queue with multiple servers and where customers may renege while waiting for service. A salient feature of the model is that the mean arrival rate of work is random (in practice this is a typical consequence of forecasting errors). The paper elucidates the impact of uncertainty on the nature of capacity prescriptions, and relates these to well established rules-of-thumb such as the square-root safety staffing principle. We establish a simple and intuitive relationship between the incoming load (measured in Erlangs) and the extent of uncertainty in arrival rates (measured via the coefficient of variation) that characterizes the extent to which uncertainty dominates stochastic variability or vice versa. In the former case it is shown that traditional square-root safety staffing logic is no longer valid, yet simple capacity prescriptions derived via a suitable newsvendor problem are surprisingly accurate. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/cgi/content/abstract/56/10/1668 [article] Capacity sizing under parameter uncertainty : Safety staffing principles revisited [texte imprimé] / Achal Bassamboo, Auteur ; Ramandeep S. Randhawa, Auteur ; Assaf Zeevi, Auteur . - 2010 . - pp. 1668-1686.
Management
Langues : Anglais (eng)
in Management science > Vol. 56 N° 10 (Octobre 2010) . - pp. 1668-1686
Mots-clés : Service systems Capacity sizing Parameter uncertainty Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : We study a capacity sizing problem in a service system that is modeled as a single-class queue with multiple servers and where customers may renege while waiting for service. A salient feature of the model is that the mean arrival rate of work is random (in practice this is a typical consequence of forecasting errors). The paper elucidates the impact of uncertainty on the nature of capacity prescriptions, and relates these to well established rules-of-thumb such as the square-root safety staffing principle. We establish a simple and intuitive relationship between the incoming load (measured in Erlangs) and the extent of uncertainty in arrival rates (measured via the coefficient of variation) that characterizes the extent to which uncertainty dominates stochastic variability or vice versa. In the former case it is shown that traditional square-root safety staffing logic is no longer valid, yet simple capacity prescriptions derived via a suitable newsvendor problem are surprisingly accurate. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/cgi/content/abstract/56/10/1668
in Management science > Vol. 56 N° 10 (Octobre 2010) . - pp. 1687-1701
Titre : An experimental test of advice and social learning Type de document : texte imprimé Auteurs : Bogaçhan Çelen, Auteur ; Shachar Kariv, Auteur ; Andrew Schotter, Auteur Année de publication : 2010 Article en page(s) : pp. 1687-1701 Note générale : Management Langues : Anglais (eng) Mots-clés : Experiment Naïve advice Social learning Word-of-mouth learning Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : Social learning describes any situation in which individuals learn by observing the behavior of others. In the real world, however, individuals learn not just by observing the actions of others but also from seeking advice. This paper introduces advice giving into the standard social-learning experiment of Çelen and Kariv (Çelen, B., S. Kariv. 2005. An experimental test of observational learning under imperfect information. Econom. Theory 26(3) 677–699). The experiments are designed so that both pieces of information—action and advice—are equally informative (in fact, identical) in equilibrium. Despite the informational equivalence of advice and actions, we find that subjects in a laboratory social-learning situation appear to be more willing to follow the advice given to them by their predecessor than to copy their action, and that the presence of advice increases subjects' welfare. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/cgi/content/abstract/56/10/1687 [article] An experimental test of advice and social learning [texte imprimé] / Bogaçhan Çelen, Auteur ; Shachar Kariv, Auteur ; Andrew Schotter, Auteur . - 2010 . - pp. 1687-1701.
Management
Langues : Anglais (eng)
in Management science > Vol. 56 N° 10 (Octobre 2010) . - pp. 1687-1701
Mots-clés : Experiment Naïve advice Social learning Word-of-mouth learning Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : Social learning describes any situation in which individuals learn by observing the behavior of others. In the real world, however, individuals learn not just by observing the actions of others but also from seeking advice. This paper introduces advice giving into the standard social-learning experiment of Çelen and Kariv (Çelen, B., S. Kariv. 2005. An experimental test of observational learning under imperfect information. Econom. Theory 26(3) 677–699). The experiments are designed so that both pieces of information—action and advice—are equally informative (in fact, identical) in equilibrium. Despite the informational equivalence of advice and actions, we find that subjects in a laboratory social-learning situation appear to be more willing to follow the advice given to them by their predecessor than to copy their action, and that the presence of advice increases subjects' welfare. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/cgi/content/abstract/56/10/1687
in Management science > Vol. 56 N° 10 (Octobre 2010) . - pp. 1702-1717
Titre : Seller search and market outcomes in online auctions Type de document : texte imprimé Auteurs : Jason Kuruzovich, Auteur ; Siva Viswanathan, Auteur ; Ritu Agarwal, Auteur Année de publication : 2010 Article en page(s) : pp. 1702-1717 Note générale : Management Langues : Anglais (eng) Mots-clés : Seller search Online auctions Sequential auctions Online channels Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : It has become widely accepted that information technology (IT) has had a profound influence on market transactions, with lower search costs for buyers often considered the key to lower prices and higher consumer welfare. However, sellers also use online channels to search for buyers whose product preferences and valuations match the sellers' offerings, and limited research has examined the impact of IT on sellers' search strategies or associated market outcomes. In this study, we investigate how market characteristics, the length of time the seller searches the auction marketplace for a buyer, and seller search in other websites influence the final sale price in online auctions. The online auction market for used vehicles provides a valuable opportunity to observe search processes of sellers, as the unique vehicle identification number associated with each vehicle enables the tracking of an individual item across both subsequent auctions and across other websites. We find that the market characteristics, duration of search, and search in other websites are each associated with a higher final sale price. Our findings highlight the importance of examining both buyer and seller search behaviors to further our understanding of the impacts of IT on market outcomes and efficiency. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/cgi/content/abstract/56/10/1702 [article] Seller search and market outcomes in online auctions [texte imprimé] / Jason Kuruzovich, Auteur ; Siva Viswanathan, Auteur ; Ritu Agarwal, Auteur . - 2010 . - pp. 1702-1717.
Management
Langues : Anglais (eng)
in Management science > Vol. 56 N° 10 (Octobre 2010) . - pp. 1702-1717
Mots-clés : Seller search Online auctions Sequential auctions Online channels Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : It has become widely accepted that information technology (IT) has had a profound influence on market transactions, with lower search costs for buyers often considered the key to lower prices and higher consumer welfare. However, sellers also use online channels to search for buyers whose product preferences and valuations match the sellers' offerings, and limited research has examined the impact of IT on sellers' search strategies or associated market outcomes. In this study, we investigate how market characteristics, the length of time the seller searches the auction marketplace for a buyer, and seller search in other websites influence the final sale price in online auctions. The online auction market for used vehicles provides a valuable opportunity to observe search processes of sellers, as the unique vehicle identification number associated with each vehicle enables the tracking of an individual item across both subsequent auctions and across other websites. We find that the market characteristics, duration of search, and search in other websites are each associated with a higher final sale price. Our findings highlight the importance of examining both buyer and seller search behaviors to further our understanding of the impacts of IT on market outcomes and efficiency. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/cgi/content/abstract/56/10/1702
in Management science > Vol. 56 N° 10 (Octobre 2010) . - pp. 1718-1738
Titre : Culture clash : The costs and benefits of homogeneity Type de document : texte imprimé Auteurs : Eric Van den Steen, Auteur Année de publication : 2010 Article en page(s) : pp. 1718-1738 Note générale : Management Langues : Anglais (eng) Mots-clés : Corporate strategy Culture clash Mergers and acquisitions Corporate culture Performance Differing priors Heterogeneous priors Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : This paper develops an economic theory of the costs and benefits of corporate culture—in the sense of shared beliefs and values—in order to study the effects of "culture clash" in mergers and acquisitions. I first use a simple analytical framework to show that shared beliefs lead to more delegation, less monitoring, higher utility (or satisfaction), higher execution effort (or motivation), faster coordination, less influence activities, and more communication, but also to less experimentation and less information collection. When two firms that are each internally homogeneous but different from each other merge, the above results translate to specific predictions about how the change in homogeneity will affect firm behavior. This paper's predictions can also serve more in general as a test for the theory of culture as shared beliefs. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/cgi/content/abstract/56/10/1718 [article] Culture clash : The costs and benefits of homogeneity [texte imprimé] / Eric Van den Steen, Auteur . - 2010 . - pp. 1718-1738.
Management
Langues : Anglais (eng)
in Management science > Vol. 56 N° 10 (Octobre 2010) . - pp. 1718-1738
Mots-clés : Corporate strategy Culture clash Mergers and acquisitions Corporate culture Performance Differing priors Heterogeneous priors Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : This paper develops an economic theory of the costs and benefits of corporate culture—in the sense of shared beliefs and values—in order to study the effects of "culture clash" in mergers and acquisitions. I first use a simple analytical framework to show that shared beliefs lead to more delegation, less monitoring, higher utility (or satisfaction), higher execution effort (or motivation), faster coordination, less influence activities, and more communication, but also to less experimentation and less information collection. When two firms that are each internally homogeneous but different from each other merge, the above results translate to specific predictions about how the change in homogeneity will affect firm behavior. This paper's predictions can also serve more in general as a test for the theory of culture as shared beliefs. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/cgi/content/abstract/56/10/1718
in Management science > Vol. 56 N° 10 (Octobre 2010) . - pp. 1739-1765
Titre : Competitive consequences of using a category captain Type de document : texte imprimé Auteurs : Upender Subramanian, Auteur ; Jagmohan S. Raju, Auteur ; Sanjay K. Dhar, Auteur Année de publication : 2010 Article en page(s) : pp. 1739-1765 Note générale : Management Langues : Anglais (eng) Mots-clés : Category management Delegation Distribution channels Retailing Suppy chain collaboration Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : Many retailers designate one national brand manufacturer in each product category as a "category captain" to help manage the entire category. A category captain may perform demand-enhancing services such as better shelf arrangements, shelf-space management, and design and management of in-store displays. In this paper, we examine when and why a retailer may engage one manufacturer exclusively as a category captain to provide such service and the implications. We find that demand substitutability of competing brands gives rise to a service efficiency effect—service that expands the category is more effective in increasing a manufacturer's sales and margin than service that shifts demand from a rival's brand. We show that the service efficiency effect may motivate a category captain to provide a service that benefits all brands in the category even though doing so is more costly. We further show that, in categories that are less price competitive, there is higher competition between manufacturers to become the category captain. Consequently, a retailer may obtain better service by using a category captain than by engaging both manufacturers simultaneously. Our findings may help explain why a retailer may rely on a category captain despite concerns regarding opportunism and why there is limited empirical evidence of harm to rival manufacturers. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/cgi/content/abstract/56/10/1739 [article] Competitive consequences of using a category captain [texte imprimé] / Upender Subramanian, Auteur ; Jagmohan S. Raju, Auteur ; Sanjay K. Dhar, Auteur . - 2010 . - pp. 1739-1765.
Management
Langues : Anglais (eng)
in Management science > Vol. 56 N° 10 (Octobre 2010) . - pp. 1739-1765
Mots-clés : Category management Delegation Distribution channels Retailing Suppy chain collaboration Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : Many retailers designate one national brand manufacturer in each product category as a "category captain" to help manage the entire category. A category captain may perform demand-enhancing services such as better shelf arrangements, shelf-space management, and design and management of in-store displays. In this paper, we examine when and why a retailer may engage one manufacturer exclusively as a category captain to provide such service and the implications. We find that demand substitutability of competing brands gives rise to a service efficiency effect—service that expands the category is more effective in increasing a manufacturer's sales and margin than service that shifts demand from a rival's brand. We show that the service efficiency effect may motivate a category captain to provide a service that benefits all brands in the category even though doing so is more costly. We further show that, in categories that are less price competitive, there is higher competition between manufacturers to become the category captain. Consequently, a retailer may obtain better service by using a category captain than by engaging both manufacturers simultaneously. Our findings may help explain why a retailer may rely on a category captain despite concerns regarding opportunism and why there is limited empirical evidence of harm to rival manufacturers. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/cgi/content/abstract/56/10/1739
in Management science > Vol. 56 N° 10 (Octobre 2010) . - pp. 1766-1780
Titre : Mechanism design for "free" but "no free disposal" services : The economics of personalization under privacy concerns Type de document : texte imprimé Auteurs : Ramnath K. Chellappa, Auteur ; Shivendu Shivendu, Auteur Année de publication : 2010 Article en page(s) : pp. 1766-1780 Note générale : Management Langues : Anglais (eng) Mots-clés : Incentives Mechanism design Personalization Privacy No free disposal Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : Online personalization services belong to a class of economic goods with a "no free disposal" (NFD) property where consumers do not always prefer more services to less because of the privacy concerns. These concerns arise from the revelation of information necessary for the provision of personalization services. We examine vendor strategies in a market where consumers have heterogeneous concerns about privacy. In successive generalizations, we allow the vendor to offer a fixed level of personalization, variable levels of personalization, and monetary transfers (coupons) to the consumers that depend on the level of personalization chosen. We show that a vendor offering a fixed level of personalization does not offer a coupon unless his marginal value of information (MVI) is sufficiently high, and even when personalization is costless, the vendor does not cover the market. Under a fixed services offering, the vendor serves the same market with or without couponing. Next, we demonstrate that in the absence of couponing, the vendor's optimal variable personalization services contract maximizes surplus for all heterogeneous consumers, which is in contrast to standard results from monopolistic screening. When the vendor can offer coupons that vary according to personalization levels, the optimal contract is not fully revealing unless his MVI is high and he will not offer coupons when this MVI is low. However, a vendor with a moderate MVI (between certain thresholds) offers a bunched contract, wherein consumers with low privacy concerns receive a variable services-coupon contract, those with moderate privacy concerns receive a fixed services-coupon contract, and those with high privacy concerns do not participate in the market. The coupon value is decreasing in privacy sensitivity of consumers. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/cgi/content/abstract/56/10/1766 [article] Mechanism design for "free" but "no free disposal" services : The economics of personalization under privacy concerns [texte imprimé] / Ramnath K. Chellappa, Auteur ; Shivendu Shivendu, Auteur . - 2010 . - pp. 1766-1780.
Management
Langues : Anglais (eng)
in Management science > Vol. 56 N° 10 (Octobre 2010) . - pp. 1766-1780
Mots-clés : Incentives Mechanism design Personalization Privacy No free disposal Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : Online personalization services belong to a class of economic goods with a "no free disposal" (NFD) property where consumers do not always prefer more services to less because of the privacy concerns. These concerns arise from the revelation of information necessary for the provision of personalization services. We examine vendor strategies in a market where consumers have heterogeneous concerns about privacy. In successive generalizations, we allow the vendor to offer a fixed level of personalization, variable levels of personalization, and monetary transfers (coupons) to the consumers that depend on the level of personalization chosen. We show that a vendor offering a fixed level of personalization does not offer a coupon unless his marginal value of information (MVI) is sufficiently high, and even when personalization is costless, the vendor does not cover the market. Under a fixed services offering, the vendor serves the same market with or without couponing. Next, we demonstrate that in the absence of couponing, the vendor's optimal variable personalization services contract maximizes surplus for all heterogeneous consumers, which is in contrast to standard results from monopolistic screening. When the vendor can offer coupons that vary according to personalization levels, the optimal contract is not fully revealing unless his MVI is high and he will not offer coupons when this MVI is low. However, a vendor with a moderate MVI (between certain thresholds) offers a bunched contract, wherein consumers with low privacy concerns receive a variable services-coupon contract, those with moderate privacy concerns receive a fixed services-coupon contract, and those with high privacy concerns do not participate in the market. The coupon value is decreasing in privacy sensitivity of consumers. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/cgi/content/abstract/56/10/1766
in Management science > Vol. 56 N° 10 (Octobre 2010) . - pp. 1781-1793
Titre : Investor inattention and the market reaction to merger announcements Type de document : texte imprimé Auteurs : Henock Louis, Auteur ; Amy Sun, Auteur Année de publication : 2010 Article en page(s) : pp. 1781-1793 Note générale : Management Langues : Anglais (eng) Mots-clés : Investor inattention Merger announcements Market efficiency Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : Prior studies suggest that investors have limited attention. Tests of the inattention hypothesis have been performed in the context of relatively small corporate events, particularly earnings announcements. Presumably, large corporate events would always attract sufficient investor attention. However, we find evidence indicating that inattention affects investors' information processing even in the context of one of the largest and most important corporate events—merger announcements. More specifically, consistent with the notion that investors are less attentive to Friday announcements, we find that the market reaction to Friday stock swap announcements is muted, as evidenced by lower acquirers' merger announcement abnormal trading volumes and less pronounced acquirers' merger announcement abnormal stock returns. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/cgi/content/abstract/56/10/1781 [article] Investor inattention and the market reaction to merger announcements [texte imprimé] / Henock Louis, Auteur ; Amy Sun, Auteur . - 2010 . - pp. 1781-1793.
Management
Langues : Anglais (eng)
in Management science > Vol. 56 N° 10 (Octobre 2010) . - pp. 1781-1793
Mots-clés : Investor inattention Merger announcements Market efficiency Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : Prior studies suggest that investors have limited attention. Tests of the inattention hypothesis have been performed in the context of relatively small corporate events, particularly earnings announcements. Presumably, large corporate events would always attract sufficient investor attention. However, we find evidence indicating that inattention affects investors' information processing even in the context of one of the largest and most important corporate events—merger announcements. More specifically, consistent with the notion that investors are less attentive to Friday announcements, we find that the market reaction to Friday stock swap announcements is muted, as evidenced by lower acquirers' merger announcement abnormal trading volumes and less pronounced acquirers' merger announcement abnormal stock returns. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/cgi/content/abstract/56/10/1781
in Management science > Vol. 56 N° 10 (Octobre 2010) . - pp. 1794-1814
Titre : Expectation and chance-constrained models and algorithms for insuring critical paths Type de document : texte imprimé Auteurs : Siqian Shen, Auteur ; J. Cole Smith, Auteur ; Shabbir Ahmed, Auteur Année de publication : 2010 Article en page(s) : pp. 1794-1814 Note générale : Management Langues : Anglais (eng) Mots-clés : Project management Integer programming Reformulation-linearization technique Chance-constrained programming Sample average approximation Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : In this paper, we consider a class of two-stage stochastic optimization problems arising in the protection of vital arcs in a critical path network. A project is completed after a series of dependent tasks are all finished. We analyze a problem in which task finishing times are uncertain but can be insured a priori to mitigate potential delays. A decision maker must trade off costs incurred in insuring arcs with expected penalties associated with late project completion times, where lateness penalties are assumed to be lower semicontinuous nondecreasing functions of completion time. We provide decomposition strategies to solve this problem with respect to either convex or nonconvex penalty functions. In particular, for the nonconvex penalty case, we employ the reformulation-linearization technique to make the problem amenable to solution via Benders decomposition. We also consider a chance-constrained version of this problem, in which the probability of completing a project on time is sufficiently large. We demonstrate the computational efficacy of our approach by testing a set of size-and-complexity diversified problems, using the sample average approximation method to guide our scenario generation. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/cgi/content/abstract/56/10/1794 [article] Expectation and chance-constrained models and algorithms for insuring critical paths [texte imprimé] / Siqian Shen, Auteur ; J. Cole Smith, Auteur ; Shabbir Ahmed, Auteur . - 2010 . - pp. 1794-1814.
Management
Langues : Anglais (eng)
in Management science > Vol. 56 N° 10 (Octobre 2010) . - pp. 1794-1814
Mots-clés : Project management Integer programming Reformulation-linearization technique Chance-constrained programming Sample average approximation Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : In this paper, we consider a class of two-stage stochastic optimization problems arising in the protection of vital arcs in a critical path network. A project is completed after a series of dependent tasks are all finished. We analyze a problem in which task finishing times are uncertain but can be insured a priori to mitigate potential delays. A decision maker must trade off costs incurred in insuring arcs with expected penalties associated with late project completion times, where lateness penalties are assumed to be lower semicontinuous nondecreasing functions of completion time. We provide decomposition strategies to solve this problem with respect to either convex or nonconvex penalty functions. In particular, for the nonconvex penalty case, we employ the reformulation-linearization technique to make the problem amenable to solution via Benders decomposition. We also consider a chance-constrained version of this problem, in which the probability of completing a project on time is sufficiently large. We demonstrate the computational efficacy of our approach by testing a set of size-and-complexity diversified problems, using the sample average approximation method to guide our scenario generation. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/cgi/content/abstract/56/10/1794
in Management science > Vol. 56 N° 10 (Octobre 2010) . - pp. 1815-1832
Titre : Capturing consumption flexibility in assortment choice from scanner panel data Type de document : texte imprimé Auteurs : Liang Guo, Auteur Année de publication : 2010 Article en page(s) : pp. 1815-1832 Note générale : Management Langues : Anglais (eng) Mots-clés : Assortment Choice model Consumption flexibility Marketing Multiple choice State dependence Utility uncertainty Variety seeking Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : This study develops and estimates a model to empirically identify two behavioral effects (namely consumption flexibility and state dependence) that may underlie temporal and horizontal assortment choice, using scanner panel data where consumption information is unavailable. The proposed approach permits a consumer's consumption utility to be dependent on previous consumptions, thus capturing state dependence both across purchase occasions and within horizontal assortments. Moreover, consumers' purchase and consumption decisions are modeled at two distinctive and sequentially related stages, which allows for incorporating the effect of consumption flexibility. The model is estimated on scanner panel data of yogurt purchase. It is found that the two captured effects provide strong empirical support with face validity for the temporal and horizontal assortment choice patterns observed in the data. The behavioral insights derived from estimating the proposed model can also be translated into significant managerial implications. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/cgi/content/abstract/56/10/1815 [article] Capturing consumption flexibility in assortment choice from scanner panel data [texte imprimé] / Liang Guo, Auteur . - 2010 . - pp. 1815-1832.
Management
Langues : Anglais (eng)
in Management science > Vol. 56 N° 10 (Octobre 2010) . - pp. 1815-1832
Mots-clés : Assortment Choice model Consumption flexibility Marketing Multiple choice State dependence Utility uncertainty Variety seeking Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : This study develops and estimates a model to empirically identify two behavioral effects (namely consumption flexibility and state dependence) that may underlie temporal and horizontal assortment choice, using scanner panel data where consumption information is unavailable. The proposed approach permits a consumer's consumption utility to be dependent on previous consumptions, thus capturing state dependence both across purchase occasions and within horizontal assortments. Moreover, consumers' purchase and consumption decisions are modeled at two distinctive and sequentially related stages, which allows for incorporating the effect of consumption flexibility. The model is estimated on scanner panel data of yogurt purchase. It is found that the two captured effects provide strong empirical support with face validity for the temporal and horizontal assortment choice patterns observed in the data. The behavioral insights derived from estimating the proposed model can also be translated into significant managerial implications. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/cgi/content/abstract/56/10/1815
in Management science > Vol. 56 N° 10 (Octobre 2010) . - pp. 1833-1848
Titre : Nested simulation in portfolio risk measurement Type de document : texte imprimé Auteurs : Michael B. Gordy, Auteur ; Sandeep Juneja, Auteur Année de publication : 2010 Article en page(s) : pp. 1833-1848 Note générale : Management Langues : Anglais (eng) Mots-clés : Nested simulation Loss distribution Value-at-risk Expected shortfall Jackknife estimator Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : Risk measurement for derivative portfolios almost invariably calls for nested simulation. In the outer step, one draws realizations of all risk factors up to the horizon, and in the inner step, one reprices each instrument in the portfolio at the horizon conditional on the drawn risk factors. Practitioners may perceive the computational burden of such nested schemes to be unacceptable and adopt a variety of second-best pricing techniques to avoid the inner simulation. In this paper, we question whether such short cuts are necessary. We show that a relatively small number of trials in the inner step can yield accurate estimates, and we analyze how a fixed computational budget may be allocated to the inner and the outer step to minimize the mean square error of the resultant estimator. Finally, we introduce a jackknife procedure for bias reduction. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/cgi/content/abstract/56/10/1833 [article] Nested simulation in portfolio risk measurement [texte imprimé] / Michael B. Gordy, Auteur ; Sandeep Juneja, Auteur . - 2010 . - pp. 1833-1848.
Management
Langues : Anglais (eng)
in Management science > Vol. 56 N° 10 (Octobre 2010) . - pp. 1833-1848
Mots-clés : Nested simulation Loss distribution Value-at-risk Expected shortfall Jackknife estimator Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : Risk measurement for derivative portfolios almost invariably calls for nested simulation. In the outer step, one draws realizations of all risk factors up to the horizon, and in the inner step, one reprices each instrument in the portfolio at the horizon conditional on the drawn risk factors. Practitioners may perceive the computational burden of such nested schemes to be unacceptable and adopt a variety of second-best pricing techniques to avoid the inner simulation. In this paper, we question whether such short cuts are necessary. We show that a relatively small number of trials in the inner step can yield accurate estimates, and we analyze how a fixed computational budget may be allocated to the inner and the outer step to minimize the mean square error of the resultant estimator. Finally, we introduce a jackknife procedure for bias reduction. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/cgi/content/abstract/56/10/1833
in Management science > Vol. 56 N° 10 (Octobre 2010) . - pp. 1849-1872
Titre : Open platform strategies and innovation : Granting access vs. devolving control Type de document : texte imprimé Auteurs : Kevin Boudreau, Auteur Année de publication : 2010 Article en page(s) : pp. 1849-1872 Note générale : Management Langues : Anglais (eng) Mots-clés : Technical change Systems Open strategies Platforms Complementors Distributed innovation Information technology Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : This paper studies two fundamentally distinct approaches to opening a technology platform and their different impacts on innovation. One approach is to grant access to a platform and thereby open up markets for complementary components around the platform. Another approach is to give up control over the platform itself. Using data on 21 handheld computing systems (1990–2004), I find that granting greater levels of access to independent hardware developer firms produces up to a fivefold acceleration in the rate of new handheld device development, depending on the precise degree of access and how this policy was implemented. Where operating system platform owners went further to give up control (beyond just granting access to their platforms) the incremental effect on new device development was still positive but an order of magnitude smaller. The evidence from the industry and theoretical arguments both suggest that distinct economic mechanisms were set in motion by these two approaches to opening. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/cgi/content/abstract/56/10/1849 [article] Open platform strategies and innovation : Granting access vs. devolving control [texte imprimé] / Kevin Boudreau, Auteur . - 2010 . - pp. 1849-1872.
Management
Langues : Anglais (eng)
in Management science > Vol. 56 N° 10 (Octobre 2010) . - pp. 1849-1872
Mots-clés : Technical change Systems Open strategies Platforms Complementors Distributed innovation Information technology Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : This paper studies two fundamentally distinct approaches to opening a technology platform and their different impacts on innovation. One approach is to grant access to a platform and thereby open up markets for complementary components around the platform. Another approach is to give up control over the platform itself. Using data on 21 handheld computing systems (1990–2004), I find that granting greater levels of access to independent hardware developer firms produces up to a fivefold acceleration in the rate of new handheld device development, depending on the precise degree of access and how this policy was implemented. Where operating system platform owners went further to give up control (beyond just granting access to their platforms) the incremental effect on new device development was still positive but an order of magnitude smaller. The evidence from the industry and theoretical arguments both suggest that distinct economic mechanisms were set in motion by these two approaches to opening. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/cgi/content/abstract/56/10/1849
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