Dépouillements

Quantifying managerial ability / Peter Demerjian in Management science, Vol. 58 N° 7 (Juillet 2012) 

Public ISBD [article]  in Management science > Vol. 58 N° 7 (Juillet 2012) . - pp.1229-1248 Titre : Quantifying managerial ability : A new measure and validity tests Type de document : texte imprimé Auteurs : Peter Demerjian, Auteur ; Baruch Lev, Auteur ; Sarah McVay, Auteur Année de publication : 2012 Article en page(s) : pp.1229-1248 Note générale : Management Langues : Anglais (eng) Mots-clés : Managerial  ability  Managerial  talent  Managerial  efficiency Résumé : We propose a measure of managerial ability, based on managers' efficiency in generating revenues, which is available for a large sample of firms and outperforms existing ability measures. We find that our measure is strongly associated with manager fixed effects and that the stock price reactions to chief executive officer (CEO) turnovers are positive (negative) when we assess the outgoing CEO as low (high) ability. We also find that replacing CEOs with more (less) able CEOs is associated with improvements (declines) in subsequent firm performance. We conclude with a demonstration of the potential of the measure. We find that the negative relation between equity financing and future abnormal returns documented in prior research is mitigated by managerial ability. Specifically, more able managers appear to utilize equity issuance proceeds more effectively, illustrating that our more precise measure of managerial ability will allow researchers to pursue studies that were previously difficult to conduct. ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/early/2012/03/09/mnsc.1110.1487.abstra [...] [article] Quantifying managerial ability : A new measure and validity tests [texte imprimé] / Peter Demerjian, Auteur ; Baruch Lev, Auteur ; Sarah McVay, Auteur . - 2012 . - pp.1229-1248. Management Langues : Anglais (eng) in Management science > Vol. 58 N° 7 (Juillet 2012) . - pp.1229-1248 Mots-clés : Managerial  ability  Managerial  talent  Managerial  efficiency Résumé : We propose a measure of managerial ability, based on managers' efficiency in generating revenues, which is available for a large sample of firms and outperforms existing ability measures. We find that our measure is strongly associated with manager fixed effects and that the stock price reactions to chief executive officer (CEO) turnovers are positive (negative) when we assess the outgoing CEO as low (high) ability. We also find that replacing CEOs with more (less) able CEOs is associated with improvements (declines) in subsequent firm performance. We conclude with a demonstration of the potential of the measure. We find that the negative relation between equity financing and future abnormal returns documented in prior research is mitigated by managerial ability. Specifically, more able managers appear to utilize equity issuance proceeds more effectively, illustrating that our more precise measure of managerial ability will allow researchers to pursue studies that were previously difficult to conduct. ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/early/2012/03/09/mnsc.1110.1487.abstra [...]

Public opinion and executive compensation / Camelia M. Kuhnen in Management science, Vol. 58 N° 7 (Juillet 2012) 

Public ISBD [article]  in Management science > Vol. 58 N° 7 (Juillet 2012) . - pp.1249-1272 Titre : Public opinion and executive compensation Type de document : texte imprimé Auteurs : Camelia M. Kuhnen, Auteur ; Alexandra Niessen, Auteur Année de publication : 2012 Article en page(s) : pp.1249-1272 Note générale : Management Langues : Anglais (eng) Mots-clés : Executive  compensation  Public  Opinion Résumé : We investigate whether public opinion influences the level and structure of executive compensation. During 1992–2008, the negativity of press coverage of chief executive officer (CEO) pay varied significantly, with stock options being the most criticized pay component. We find that after more negative press coverage of CEO pay, firms reduce option grants and increase less contentious types of pay such as salary, although overall compensation does not change. The reduction in option pay after increased press negativity is more pronounced when firms, CEOs, and boards have stronger reputation concerns. Our within-firm, within-year identification shows the results cannot be explained by annual changes in accounting rules regarding executive compensation, stock market conditions, or pay mean reversion. ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/early/2012/02/27/mnsc.1110.1490.abstra [...] [article] Public opinion and executive compensation [texte imprimé] / Camelia M. Kuhnen, Auteur ; Alexandra Niessen, Auteur . - 2012 . - pp.1249-1272. Management Langues : Anglais (eng) in Management science > Vol. 58 N° 7 (Juillet 2012) . - pp.1249-1272 Mots-clés : Executive  compensation  Public  Opinion Résumé : We investigate whether public opinion influences the level and structure of executive compensation. During 1992–2008, the negativity of press coverage of chief executive officer (CEO) pay varied significantly, with stock options being the most criticized pay component. We find that after more negative press coverage of CEO pay, firms reduce option grants and increase less contentious types of pay such as salary, although overall compensation does not change. The reduction in option pay after increased press negativity is more pronounced when firms, CEOs, and boards have stronger reputation concerns. Our within-firm, within-year identification shows the results cannot be explained by annual changes in accounting rules regarding executive compensation, stock market conditions, or pay mean reversion. ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/early/2012/02/27/mnsc.1110.1490.abstra [...]

On fair routing from emergency departments to hospital wards / Avishai Mandelbaum in Management science, Vol. 58 N° 7 (Juillet 2012) 

Public ISBD [article]  in Management science > Vol. 58 N° 7 (Juillet 2012) . - pp.1273-1291 Titre : On fair routing from emergency departments to hospital wards : QED queues with heterogeneous servers Type de document : texte imprimé Auteurs : Avishai Mandelbaum, Auteur ; Petar Momcilovic, Auteur ; Yulia Tseytlin, Auteur Année de publication : 2012 Article en page(s) : pp.1273-1291 Note générale : Management Langues : Anglais (eng) Mots-clés : Queueing  systems  Heterogeneous  servers  Healthcare  Hospital  routing  policies  Fairness  Quality-  and  efficiency-driven  regime  Asymptotic  analysis Résumé : The interface between an emergency department and internal wards is often a hospital's bottleneck. Motivated by this interaction in an anonymous hospital, we analyze queueing systems with heterogeneous server pools, where the pools represent the wards, and the servers are beds. Our queueing system, with a single centralized queue and several server pools, forms an inverted-V model. We introduce the randomized most-idle (RMI) routing policy and analyze it in the quality- and efficiency-driven regime, which is natural in our setting. The RMI policy results in the same server fairness (measured by idleness ratios) as the longest-idle-server-first (LISF) policy, which is commonly used in call centers and considered fair. However, the RMI policy utilizes only the information on the number of idle servers in different pools, whereas the LISF policy requires information that is unavailable in hospitals on a real-time basis. ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/early/2012/03/09/mnsc.1110.1491.abstra [...] [article] On fair routing from emergency departments to hospital wards : QED queues with heterogeneous servers [texte imprimé] / Avishai Mandelbaum, Auteur ; Petar Momcilovic, Auteur ; Yulia Tseytlin, Auteur . - 2012 . - pp.1273-1291. Management Langues : Anglais (eng) in Management science > Vol. 58 N° 7 (Juillet 2012) . - pp.1273-1291 Mots-clés : Queueing  systems  Heterogeneous  servers  Healthcare  Hospital  routing  policies  Fairness  Quality-  and  efficiency-driven  regime  Asymptotic  analysis Résumé : The interface between an emergency department and internal wards is often a hospital's bottleneck. Motivated by this interaction in an anonymous hospital, we analyze queueing systems with heterogeneous server pools, where the pools represent the wards, and the servers are beds. Our queueing system, with a single centralized queue and several server pools, forms an inverted-V model. We introduce the randomized most-idle (RMI) routing policy and analyze it in the quality- and efficiency-driven regime, which is natural in our setting. The RMI policy results in the same server fairness (measured by idleness ratios) as the longest-idle-server-first (LISF) policy, which is commonly used in call centers and considered fair. However, the RMI policy utilizes only the information on the number of idle servers in different pools, whereas the LISF policy requires information that is unavailable in hospitals on a real-time basis. ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/early/2012/03/09/mnsc.1110.1491.abstra [...]

Network progeny? prefounding social ties and the success of new entrants / Peter W. Roberts in Management science, Vol. 58 N° 7 (Juillet 2012) 

Public ISBD [article]  in Management science > Vol. 58 N° 7 (Juillet 2012) . - pp.1292-1304 Titre : Network progeny? prefounding social ties and the success of new entrants Type de document : texte imprimé Auteurs : Peter W. Roberts, Auteur ; Adina D. Sterling, Auteur Année de publication : 2012 Article en page(s) : pp.1292-1304 Note générale : Management Langues : Anglais (eng) Mots-clés : Organizational  studies  Economic  sociology  Entrepreneurship  Networks Résumé : Entrepreneurs that were employed by successful industry incumbents prior to founding tend to confer advantages on their new organizations. We propose and then demonstrate a similar “network progeny” effect rooted in the social relationships that form among entrepreneurs. Our analysis of new entrants into the Ontario wine industry shows that prefounding friendship ties of the founders of one especially prominent entrepreneurial firm led to significantly higher ice wine prices. This attests to the promise of a network progeny extension of the parent–progeny account of new firm success. Follow-on analysis indicates that this effect is not attributable to an entrant's ability to make ice wines of superior quality or to it having access to better distribution knowledge. We therefore conclude that having a social tie to this prominent entrepreneurial firm generated reflected prominence that enhanced the valuations and therefore prices of wines made by connected market entrants. ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/early/2012/02/10/mnsc.1110.1484.abstra [...] [article] Network progeny? prefounding social ties and the success of new entrants [texte imprimé] / Peter W. Roberts, Auteur ; Adina D. Sterling, Auteur . - 2012 . - pp.1292-1304. Management Langues : Anglais (eng) in Management science > Vol. 58 N° 7 (Juillet 2012) . - pp.1292-1304 Mots-clés : Organizational  studies  Economic  sociology  Entrepreneurship  Networks Résumé : Entrepreneurs that were employed by successful industry incumbents prior to founding tend to confer advantages on their new organizations. We propose and then demonstrate a similar “network progeny” effect rooted in the social relationships that form among entrepreneurs. Our analysis of new entrants into the Ontario wine industry shows that prefounding friendship ties of the founders of one especially prominent entrepreneurial firm led to significantly higher ice wine prices. This attests to the promise of a network progeny extension of the parent–progeny account of new firm success. Follow-on analysis indicates that this effect is not attributable to an entrant's ability to make ice wines of superior quality or to it having access to better distribution knowledge. We therefore conclude that having a social tie to this prominent entrepreneurial firm generated reflected prominence that enhanced the valuations and therefore prices of wines made by connected market entrants. ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/early/2012/02/10/mnsc.1110.1484.abstra [...]

Streaks in earnings surprises and the cross - section of stock returns / Roger K. Loh in Management science, Vol. 58 N° 7 (Juillet 2012) 

Public ISBD [article]  in Management science > Vol. 58 N° 7 (Juillet 2012) . - PP.1305-1321 Titre : Streaks in earnings surprises and the cross - section of stock returns Type de document : texte imprimé Auteurs : Roger K. Loh, Auteur ; Mitch Warachka, Auteur Année de publication : 2012 Article en page(s) : PP.1305-1321 Note générale : Management Langues : Anglais (eng) Mots-clés : Trends  Streaks  Gambler's  fallacy  Post-earnings-announcement  drift Résumé : The gambler's fallacy (Rabin, M. 2002. Inference by believers in the law of small numbers. Quart. J. Econom. 117(3) 775–816) predicts that trends bias investor expectations. Consistent with this prediction, we find that investors underreact to streaks of consecutive earnings surprises with the same sign. When the most recent earnings surprise extends a streak, post-earnings-announcement drift is strong and significant. In contrast, the drift is negligible following the termination of a streak. Indeed, streaks explain about half of the post-earnings-announcement drift in our sample. Our results are robust to more general definitions of trends than streaks and a battery of control variables including the magnitude of earnings surprises and their autocorrelation. Overall, post-earnings-announcement drift has a significant time-series component that is consistent with the gambler's fallacy. ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/early/2012/02/10/mnsc.1110.1485.abstra [...] [article] Streaks in earnings surprises and the cross - section of stock returns [texte imprimé] / Roger K. Loh, Auteur ; Mitch Warachka, Auteur . - 2012 . - PP.1305-1321. Management Langues : Anglais (eng) in Management science > Vol. 58 N° 7 (Juillet 2012) . - PP.1305-1321 Mots-clés : Trends  Streaks  Gambler's  fallacy  Post-earnings-announcement  drift Résumé : The gambler's fallacy (Rabin, M. 2002. Inference by believers in the law of small numbers. Quart. J. Econom. 117(3) 775–816) predicts that trends bias investor expectations. Consistent with this prediction, we find that investors underreact to streaks of consecutive earnings surprises with the same sign. When the most recent earnings surprise extends a streak, post-earnings-announcement drift is strong and significant. In contrast, the drift is negligible following the termination of a streak. Indeed, streaks explain about half of the post-earnings-announcement drift in our sample. Our results are robust to more general definitions of trends than streaks and a battery of control variables including the magnitude of earnings surprises and their autocorrelation. Overall, post-earnings-announcement drift has a significant time-series component that is consistent with the gambler's fallacy. ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/early/2012/02/10/mnsc.1110.1485.abstra [...]

Information environment and equity risk premium volatility around the world / Sie Ting Lau in Management science, Vol. 58 N° 7 (Juillet 2012) 

Public ISBD [article]  in Management science > Vol. 58 N° 7 (Juillet 2012) . - pp.1322-1340 Titre : Information environment and equity risk premium volatility around the world Type de document : texte imprimé Auteurs : Sie Ting Lau, Auteur ; Lilian Ng, Auteur ; Bohui Zhang, Auteur Année de publication : 2012 Article en page(s) : pp.1322-1340 Note générale : Management Langues : Anglais (eng) Mots-clés : Market  risk  premium  volatility  Information  environments  Implied  cost  of  capital  VAR Résumé : This paper examines whether and how differences in investors' information environments (measured by a country's information disclosure, accounting standards, and financial transparency) are related to cross-country differences in the market risk premium volatility. We use the vector-autoregressive and implied cost of capital methods to extract time variation in risk premiums for 41 developed and emerging markets worldwide. Consistent with theoretical predictions, countries with better information environments tend to experience a lower risk premium volatility, even after controlling for various country variables that are potentially associated with variation in risk premiums. Our analysis of two exogenous events, specifically the 1997 Asian financial crisis and 2008 global financial crisis, further corroborates our key finding that information environments play an important role in explaining market risk premium variability. ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/early/2012/02/27/mnsc.1110.1488.abstra [...] [article] Information environment and equity risk premium volatility around the world [texte imprimé] / Sie Ting Lau, Auteur ; Lilian Ng, Auteur ; Bohui Zhang, Auteur . - 2012 . - pp.1322-1340. Management Langues : Anglais (eng) in Management science > Vol. 58 N° 7 (Juillet 2012) . - pp.1322-1340 Mots-clés : Market  risk  premium  volatility  Information  environments  Implied  cost  of  capital  VAR Résumé : This paper examines whether and how differences in investors' information environments (measured by a country's information disclosure, accounting standards, and financial transparency) are related to cross-country differences in the market risk premium volatility. We use the vector-autoregressive and implied cost of capital methods to extract time variation in risk premiums for 41 developed and emerging markets worldwide. Consistent with theoretical predictions, countries with better information environments tend to experience a lower risk premium volatility, even after controlling for various country variables that are potentially associated with variation in risk premiums. Our analysis of two exogenous events, specifically the 1997 Asian financial crisis and 2008 global financial crisis, further corroborates our key finding that information environments play an important role in explaining market risk premium variability. ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/early/2012/02/27/mnsc.1110.1488.abstra [...]

Efficient cost allocation / Korok Ray in Management science, Vol. 58 N° 7 (Juillet 2012) 

Public ISBD [article]  in Management science > Vol. 58 N° 7 (Juillet 2012) . - pp.1341-1356 Titre : Efficient cost allocation Type de document : texte imprimé Auteurs : Korok Ray, Auteur ; Maris Goldmanis, Auteur Année de publication : 2012 Article en page(s) : pp.1341-1356 Note générale : Management Langues : Anglais (eng) Mots-clés : Cost  allocation  Cost  sharing  Mechanism  design  Teams  Efficiency Résumé : Firms routinely allocate the costs of common corporate resources down to divisions. The main insight of this paper is that any efficient allocation rule must reflect the firm's underlying cost structure. We propose a new allocation rule (the polynomial rule), which achieves efficiency and approximate budget balance. Welfare losses due to linear allocation rules increase with firm size, so polynomial allocation rules dominate linear rules for larger firms. ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/early/2012/05/18/mnsc.1110.1486.abstra [...] [article] Efficient cost allocation [texte imprimé] / Korok Ray, Auteur ; Maris Goldmanis, Auteur . - 2012 . - pp.1341-1356. Management Langues : Anglais (eng) in Management science > Vol. 58 N° 7 (Juillet 2012) . - pp.1341-1356 Mots-clés : Cost  allocation  Cost  sharing  Mechanism  design  Teams  Efficiency Résumé : Firms routinely allocate the costs of common corporate resources down to divisions. The main insight of this paper is that any efficient allocation rule must reflect the firm's underlying cost structure. We propose a new allocation rule (the polynomial rule), which achieves efficiency and approximate budget balance. Welfare losses due to linear allocation rules increase with firm size, so polynomial allocation rules dominate linear rules for larger firms. ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/early/2012/05/18/mnsc.1110.1486.abstra [...]

Product and price competition with satiation effects / Felipe Caro in Management science, Vol. 58 N° 7 (Juillet 2012) 

Public ISBD [article]  in Management science > Vol. 58 N° 7 (Juillet 2012) . - pp.1357-1373 Titre : Product and price competition with satiation effects Type de document : texte imprimé Auteurs : Felipe Caro, Auteur ; Victor Martínez-de-Albéniz, Auteur Année de publication : 2012 Article en page(s) : pp.1357-1373 Note générale : Management Langues : Anglais (eng) Mots-clés : Utility  preference  Dynamic  programming  Deterministic  Discrete  time  Marketing  Product  policy Résumé : Consumers become satiated with a product when purchasing too much too quickly. How much is too much and how quickly is too quickly depends on the characteristics of the product relative to the time interval between consumption periods. Knowing that, consumers allocate their budget to products that generate less satiation effects. Retailers should then choose to sell products that induce minimal satiation, but usually this is operationally more costly. To study this trade-off, we provide an analytical model based on utility theory that relates customer consumption to price and satiation, in the context of multiple competing retailers. We determine the purchasing pattern over time and provide an explicit expression to determine the consumption level in steady state. We derive market shares and show that they take the form of an attraction model in which the attractiveness depends on price and product satiation. We use this to analyze the competition between firms that maximize long-term average profit. We characterize the equilibrium under three scenarios: (i) price-only competition, (ii) product-only competition, and (iii) price and product competition. The results reveal the interplay between a key marketing lever (price) and the firm's ability to offer products that generate less satiation. In particular, we show that when a firm becomes more efficient at reducing satiation, its competitor may benefit if competition is on product only, but not if it is on price and product. We also find that when satiation effects are not managed, a firm's profit may be significantly reduced while a strategic competitor can largely benefit. ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/58/7/1357.abstract [article] Product and price competition with satiation effects [texte imprimé] / Felipe Caro, Auteur ; Victor Martínez-de-Albéniz, Auteur . - 2012 . - pp.1357-1373. Management Langues : Anglais (eng) in Management science > Vol. 58 N° 7 (Juillet 2012) . - pp.1357-1373 Mots-clés : Utility  preference  Dynamic  programming  Deterministic  Discrete  time  Marketing  Product  policy Résumé : Consumers become satiated with a product when purchasing too much too quickly. How much is too much and how quickly is too quickly depends on the characteristics of the product relative to the time interval between consumption periods. Knowing that, consumers allocate their budget to products that generate less satiation effects. Retailers should then choose to sell products that induce minimal satiation, but usually this is operationally more costly. To study this trade-off, we provide an analytical model based on utility theory that relates customer consumption to price and satiation, in the context of multiple competing retailers. We determine the purchasing pattern over time and provide an explicit expression to determine the consumption level in steady state. We derive market shares and show that they take the form of an attraction model in which the attractiveness depends on price and product satiation. We use this to analyze the competition between firms that maximize long-term average profit. We characterize the equilibrium under three scenarios: (i) price-only competition, (ii) product-only competition, and (iii) price and product competition. The results reveal the interplay between a key marketing lever (price) and the firm's ability to offer products that generate less satiation. In particular, we show that when a firm becomes more efficient at reducing satiation, its competitor may benefit if competition is on product only, but not if it is on price and product. We also find that when satiation effects are not managed, a firm's profit may be significantly reduced while a strategic competitor can largely benefit. ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/58/7/1357.abstract

Measuring the informative and persuasive roles of detailing on prescribing decisions / Andrew T. Ching in Management science, Vol. 58 N° 7 (Juillet 2012) 

Public ISBD [article]  in Management science > Vol. 58 N° 7 (Juillet 2012) . - pp.1374-1387 Titre : Measuring the informative and persuasive roles of detailing on prescribing decisions Type de document : texte imprimé Auteurs : Andrew T. Ching, Auteur ; Masakazu Ishihara, Auteur Année de publication : 2012 Article en page(s) : pp.1374-1387 Note générale : Management Langues : Anglais (eng) Mots-clés : Detailing  Informative  role  Persuasive  role  Prescription  drugs  Decisions  under  uncertainty  Diffusion Résumé : In the pharmaceutical industry, measuring the importance of informative and persuasive roles of detailing is crucial for both drug manufacturers and policy makers. However, little progress has been made in disentangling these two roles of detailing in empirical research. In this paper, we provide a new identification strategy to address this problem. Our key identification assumptions are that the informative component of detailing is chemical specific and the persuasive component is brand specific. Our strategy is to focus on markets where some drug manufacturers engage in a comarketing agreement, under which two or more companies market the same chemical using their own brand names. With our identification assumptions, the variation in the relative market shares of these two brands, together with their brand specific detailing efforts, would allow us to measure the persuasive component of detailing. The variation in the market shares of chemicals, and the detailing efforts summed across brands made of the same chemical, would allow us to measure the informative component of detailing. Using the data for angiotensin-converting enzyme inhibitor with diuretic in Canada, we find evidence that our identification strategy can help disentangle these two effects. Although both effects are statistically significant, we find that the persuasive function of detailing plays a very minor role in determining the demand at the chemical level—the informative role of detailing is mainly responsible for the diffusion patterns of chemicals. In contrast, the persuasive role of detailing plays a crucial role in determining the demand for brands that comarket the same chemical. ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/58/7/1374.short [article] Measuring the informative and persuasive roles of detailing on prescribing decisions [texte imprimé] / Andrew T. Ching, Auteur ; Masakazu Ishihara, Auteur . - 2012 . - pp.1374-1387. Management Langues : Anglais (eng) in Management science > Vol. 58 N° 7 (Juillet 2012) . - pp.1374-1387 Mots-clés : Detailing  Informative  role  Persuasive  role  Prescription  drugs  Decisions  under  uncertainty  Diffusion Résumé : In the pharmaceutical industry, measuring the importance of informative and persuasive roles of detailing is crucial for both drug manufacturers and policy makers. However, little progress has been made in disentangling these two roles of detailing in empirical research. In this paper, we provide a new identification strategy to address this problem. Our key identification assumptions are that the informative component of detailing is chemical specific and the persuasive component is brand specific. Our strategy is to focus on markets where some drug manufacturers engage in a comarketing agreement, under which two or more companies market the same chemical using their own brand names. With our identification assumptions, the variation in the relative market shares of these two brands, together with their brand specific detailing efforts, would allow us to measure the persuasive component of detailing. The variation in the market shares of chemicals, and the detailing efforts summed across brands made of the same chemical, would allow us to measure the informative component of detailing. Using the data for angiotensin-converting enzyme inhibitor with diuretic in Canada, we find evidence that our identification strategy can help disentangle these two effects. Although both effects are statistically significant, we find that the persuasive function of detailing plays a very minor role in determining the demand at the chemical level—the informative role of detailing is mainly responsible for the diffusion patterns of chemicals. In contrast, the persuasive role of detailing plays a crucial role in determining the demand for brands that comarket the same chemical. ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/58/7/1374.short

Contractual flexibility, rent seeking, and renegotiation design / Anjana Susarla in Management science, Vol. 58 N° 7 (Juillet 2012) 

Public ISBD [article]  in Management science > Vol. 58 N° 7 (Juillet 2012) . - pp.1388-1407 Titre : Contractual flexibility, rent seeking, and renegotiation design : An empirical analysis of information technology outsourcing contracts Type de document : texte imprimé Auteurs : Anjana Susarla, Auteur Année de publication : 2012 Article en page(s) : pp.1388-1407 Note générale : Management Langues : Anglais (eng) Mots-clés : Contractual  flexibility  Rent  seeking  IT  outsourcing  Incomplete  contracts  Renegotiation  design Résumé : This paper examines renegotiation design in contracts for outsourced information technology (IT) services. Whereas prior literature in information systems has highlighted the likelihood of ex post rent seeking engendered by renegotiation, we build upon literature on incomplete contracts to posit that renegotiation can be Pareto improving by incorporating contingencies revealed ex post. Research on contract renegotiation has been hampered by two sets of challenges: the lack of appropriate data and empirical challenges in identification. We circumvent this problem both by appropriate data collection and by employing an identification strategy to address alternate causal explanations. We propose a measure, Pareto improving amendments, to assess renegotiation outcomes that enhance the value from outsourcing by hazard equilibration and by incorporating learning. Using a unique sample of 141 IT outsourcing contracts, we examine the role of decision rights delineated ex ante in enabling Pareto improving amendments and in resolving the trade-off between adaptation and rent seeking. We find that flexibility provisions, termination for convenience rights, and contractual rights whereby vendors are granted rights to reuse know-how are associated with Pareto improving amendments. The results are robust to potential endogeneity of contractual provisions when parties have feasible foresight and to the possibility of adverse selection in the sample. We also examine alternate explanations from the literature on contractual breach. Implications for practitioners and researchers are discussed. ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/58/7/1388.short [article] Contractual flexibility, rent seeking, and renegotiation design : An empirical analysis of information technology outsourcing contracts [texte imprimé] / Anjana Susarla, Auteur . - 2012 . - pp.1388-1407. Management Langues : Anglais (eng) in Management science > Vol. 58 N° 7 (Juillet 2012) . - pp.1388-1407 Mots-clés : Contractual  flexibility  Rent  seeking  IT  outsourcing  Incomplete  contracts  Renegotiation  design Résumé : This paper examines renegotiation design in contracts for outsourced information technology (IT) services. Whereas prior literature in information systems has highlighted the likelihood of ex post rent seeking engendered by renegotiation, we build upon literature on incomplete contracts to posit that renegotiation can be Pareto improving by incorporating contingencies revealed ex post. Research on contract renegotiation has been hampered by two sets of challenges: the lack of appropriate data and empirical challenges in identification. We circumvent this problem both by appropriate data collection and by employing an identification strategy to address alternate causal explanations. We propose a measure, Pareto improving amendments, to assess renegotiation outcomes that enhance the value from outsourcing by hazard equilibration and by incorporating learning. Using a unique sample of 141 IT outsourcing contracts, we examine the role of decision rights delineated ex ante in enabling Pareto improving amendments and in resolving the trade-off between adaptation and rent seeking. We find that flexibility provisions, termination for convenience rights, and contractual rights whereby vendors are granted rights to reuse know-how are associated with Pareto improving amendments. The results are robust to potential endogeneity of contractual provisions when parties have feasible foresight and to the possibility of adverse selection in the sample. We also examine alternate explanations from the literature on contractual breach. Implications for practitioners and researchers are discussed. ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/58/7/1388.short

The power of diversity over large solution spaces / Marco LiCalzi in Management science, Vol. 58 N° 7 (Juillet 2012) 

Public ISBD [article]  in Management science > Vol. 58 N° 7 (Juillet 2012) . - pp.1408-1421 Titre : The power of diversity over large solution spaces Type de document : texte imprimé Auteurs : Marco LiCalzi, Auteur ; Oktay Surucu, Auteur Année de publication : 2012 Article en page(s) : pp.1408-1421 Note générale : Management Langues : Anglais (eng) Mots-clés : Problem  solving  Bounded  rationality  Theory  of  teams  Groupthink Résumé : We consider a team of agents with limited problem-solving ability facing a disjunctive task over a large solution space. We provide sufficient conditions for the following four statements. First, two heads are better than one: a team of two agents will solve the problem even if neither agent alone would be able to. Second, teaming up does not guarantee success: if the agents are not sufficiently creative, even a team of arbitrary size may fail to solve the problem. Third, defendit numerus: when the agent's problem-solving ability is adversely affected by the complexity of the solution space, the solution of the problem requires only a mild increase in the size of the team. Fourth, groupthink impairs the power of diversity: if agents' abilities are positively correlated, a larger team is necessary to solve the problem. ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/58/7/1408.short [article] The power of diversity over large solution spaces [texte imprimé] / Marco LiCalzi, Auteur ; Oktay Surucu, Auteur . - 2012 . - pp.1408-1421. Management Langues : Anglais (eng) in Management science > Vol. 58 N° 7 (Juillet 2012) . - pp.1408-1421 Mots-clés : Problem  solving  Bounded  rationality  Theory  of  teams  Groupthink Résumé : We consider a team of agents with limited problem-solving ability facing a disjunctive task over a large solution space. We provide sufficient conditions for the following four statements. First, two heads are better than one: a team of two agents will solve the problem even if neither agent alone would be able to. Second, teaming up does not guarantee success: if the agents are not sufficiently creative, even a team of arbitrary size may fail to solve the problem. Third, defendit numerus: when the agent's problem-solving ability is adversely affected by the complexity of the solution space, the solution of the problem requires only a mild increase in the size of the team. Fourth, groupthink impairs the power of diversity: if agents' abilities are positively correlated, a larger team is necessary to solve the problem. ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/58/7/1408.short

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