Dépouillements

A Market - based measure of credit portfolio quality and banks' performance during the subprime crisis / Martin Knaup in Management science, Vol. 58 N° 8 (Août 2012) 

Public ISBD [article]  in Management science > Vol. 58 N° 8 (Août 2012) . - pp.1423-1437 Titre : A Market - based measure of credit portfolio quality and banks' performance during the subprime crisis Type de document : texte imprimé Auteurs : Martin Knaup, Auteur ; Wolf Wagner, Auteur Année de publication : 2012 Article en page(s) : pp.1423-1437 Note générale : Management Langues : Anglais (eng) Mots-clés : Credit  portfolio  risk  Asset  quality  Banks  Subprime  crisis Résumé : We propose a new method for measuring the quality of banks' credit portfolios. This method makes use of information embedded in bank share prices by exploiting differences in their sensitivity to credit default swap spreads of borrowers of varying quality. The method allows us to derive a credit risk indicator (CRI). This indicator represents the perceived share of high-risk exposures in a bank's portfolio and can be used as a risk weight for computing regulatory capital requirements. We estimate CRIs for the 150 largest U.S. bank holding companies. We find that their CRIs are able to forecast bank failures and share price performances during the crisis of 2007–2009, even after controlling for a variety of traditional asset quality and general risk proxies. ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/early/2012/05/18/mnsc.1110.1501.abstra [...] [article] A Market - based measure of credit portfolio quality and banks' performance during the subprime crisis [texte imprimé] / Martin Knaup, Auteur ; Wolf Wagner, Auteur . - 2012 . - pp.1423-1437. Management Langues : Anglais (eng) in Management science > Vol. 58 N° 8 (Août 2012) . - pp.1423-1437 Mots-clés : Credit  portfolio  risk  Asset  quality  Banks  Subprime  crisis Résumé : We propose a new method for measuring the quality of banks' credit portfolios. This method makes use of information embedded in bank share prices by exploiting differences in their sensitivity to credit default swap spreads of borrowers of varying quality. The method allows us to derive a credit risk indicator (CRI). This indicator represents the perceived share of high-risk exposures in a bank's portfolio and can be used as a risk weight for computing regulatory capital requirements. We estimate CRIs for the 150 largest U.S. bank holding companies. We find that their CRIs are able to forecast bank failures and share price performances during the crisis of 2007–2009, even after controlling for a variety of traditional asset quality and general risk proxies. ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/early/2012/05/18/mnsc.1110.1501.abstra [...]

Working when no one is watching / Carmit Segal in Management science, Vol. 58 N° 8 (Août 2012) 

Public ISBD [article]  in Management science > Vol. 58 N° 8 (Août 2012) . - pp.1438-1457 Titre : Working when no one is watching : Motivation, test scores, and economic success Type de document : texte imprimé Auteurs : Carmit Segal, Auteur Année de publication : 2012 Article en page(s) : pp.1438-1457 Note générale : Management Langues : Anglais (eng) Mots-clés : Organizational  studies  Motivation–incentives  Behavior  Labor  Economics  Utility  preference  Applications Résumé : This paper provides evidence that scores on simple, low-stakes tests are associated with future economic success because the scores also reflect test takers' personality traits associated with their level of intrinsic motivation. To establish this, I use the coding speed test that was administered without incentives to participants in the National Longitudinal Survey of Youth (NLSY). I show that, controlling for cognitive ability, the coding speed scores are correlated with future earnings of male NLSY participants. I provide evidence that the coding speed scores relate to intrinsic motivation. I show that the scores of the highly motivated, though less educated, group (potential recruits to the U.S. military), are higher than the NLSY participants' scores. I use controlled experiments to show directly that intrinsic motivation is an important component of the unincentivized coding speed scores and that it relates to test takers' personality traits. ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/early/2012/04/13/mnsc.1110.1509.abstra [...] [article] Working when no one is watching : Motivation, test scores, and economic success [texte imprimé] / Carmit Segal, Auteur . - 2012 . - pp.1438-1457. Management Langues : Anglais (eng) in Management science > Vol. 58 N° 8 (Août 2012) . - pp.1438-1457 Mots-clés : Organizational  studies  Motivation–incentives  Behavior  Labor  Economics  Utility  preference  Applications Résumé : This paper provides evidence that scores on simple, low-stakes tests are associated with future economic success because the scores also reflect test takers' personality traits associated with their level of intrinsic motivation. To establish this, I use the coding speed test that was administered without incentives to participants in the National Longitudinal Survey of Youth (NLSY). I show that, controlling for cognitive ability, the coding speed scores are correlated with future earnings of male NLSY participants. I provide evidence that the coding speed scores relate to intrinsic motivation. I show that the scores of the highly motivated, though less educated, group (potential recruits to the U.S. military), are higher than the NLSY participants' scores. I use controlled experiments to show directly that intrinsic motivation is an important component of the unincentivized coding speed scores and that it relates to test takers' personality traits. ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/early/2012/04/13/mnsc.1110.1509.abstra [...]

Combinatorial auctions for procurement / Marcelo Olivares in Management science, Vol. 58 N° 8 (Août 2012) 

Public ISBD [article]  in Management science > Vol. 58 N° 8 (Août 2012) . - pp.1458-1481 Titre : Combinatorial auctions for procurement : An empirical study of the chilean school meals auction Type de document : texte imprimé Auteurs : Marcelo Olivares, Auteur ; Gabriel Y. Weintraub, Auteur ; Rafael Epstein, Auteur Année de publication : 2012 Article en page(s) : pp.1458-1481 Note générale : Management Langues : Anglais (eng) Mots-clés : Combinatorial  auctions  Procurement  Auction  design  Empirical  Public  sector  applications Résumé : In this paper we conduct an empirical investigation of a large-scale combinatorial auction (CA)—the Chilean auction for school meals in which the government procures half a billion dollars worth of meal services every year. Our empirical study is motivated by two fundamental aspects in the design of CAs: (1) which packages should bidders be allowed to bid on and (2) diversifying the supplier base to promote competition. We use bidding data to uncover important aspects of the firms' cost structure and their strategic behavior, both of which are not directly observed by the auctioneer; these estimates inform the auction design. Our results indicate that package bidding that allows firms to express their cost synergies due to economies of scale and density seems appropriate. However, we also found evidence that firms can take advantage of this flexibility by discounting package bids for strategic reasons and not driven by cost synergies. Because this behavior can lead to inefficiencies, it may be worth evaluating whether to prohibit certain specific combinations in the bidding process. Our results also suggest that market share restrictions and running sequential auctions seem to promote competition in the long run, without significantly increasing the short-run cost for the government due to unrealized cost synergies. Our results highlight that the simultaneous consideration of the firms' operational cost structure and their strategic behavior is key to the successful design of a CA. More broadly, our paper is the first to provide an econometric study of a large-scale CA, providing novel and substantive insights regarding bidding behavior in this type of auction. ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/early/2012/04/13/mnsc.1110.1496.abstra [...] [article] Combinatorial auctions for procurement : An empirical study of the chilean school meals auction [texte imprimé] / Marcelo Olivares, Auteur ; Gabriel Y. Weintraub, Auteur ; Rafael Epstein, Auteur . - 2012 . - pp.1458-1481. Management Langues : Anglais (eng) in Management science > Vol. 58 N° 8 (Août 2012) . - pp.1458-1481 Mots-clés : Combinatorial  auctions  Procurement  Auction  design  Empirical  Public  sector  applications Résumé : In this paper we conduct an empirical investigation of a large-scale combinatorial auction (CA)—the Chilean auction for school meals in which the government procures half a billion dollars worth of meal services every year. Our empirical study is motivated by two fundamental aspects in the design of CAs: (1) which packages should bidders be allowed to bid on and (2) diversifying the supplier base to promote competition. We use bidding data to uncover important aspects of the firms' cost structure and their strategic behavior, both of which are not directly observed by the auctioneer; these estimates inform the auction design. Our results indicate that package bidding that allows firms to express their cost synergies due to economies of scale and density seems appropriate. However, we also found evidence that firms can take advantage of this flexibility by discounting package bids for strategic reasons and not driven by cost synergies. Because this behavior can lead to inefficiencies, it may be worth evaluating whether to prohibit certain specific combinations in the bidding process. Our results also suggest that market share restrictions and running sequential auctions seem to promote competition in the long run, without significantly increasing the short-run cost for the government due to unrealized cost synergies. Our results highlight that the simultaneous consideration of the firms' operational cost structure and their strategic behavior is key to the successful design of a CA. More broadly, our paper is the first to provide an econometric study of a large-scale CA, providing novel and substantive insights regarding bidding behavior in this type of auction. ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/early/2012/04/13/mnsc.1110.1496.abstra [...]

An examination of the efficiency, foreclosure, and collusion rationales for vertical takeovers / Jaideep Shenoy in Management science, Vol. 58 N° 8 (Août 2012) 

Public ISBD [article]  in Management science > Vol. 58 N° 8 (Août 2012) . - pp.1482-1501 Titre : An examination of the efficiency, foreclosure, and collusion rationales for vertical takeovers Type de document : texte imprimé Auteurs : Jaideep Shenoy, Auteur Année de publication : 2012 Article en page(s) : pp.1482-1501 Note générale : Management Langues : Anglais (eng) Mots-clés : Finance  Corporate  finance  Vertical  integration  Antitrust  Efficiency  Market  power  Mergers  Acquisitions  Product  markets  Firm  boundaries  Corporate  restructuring  Foreclosure  Collusion Résumé : We investigate the efficiency, foreclosure, and collusion rationales for vertical integration in a large sample of vertically related takeovers. The efficiency rationale, as discussed under the transaction cost economics and property rights theories, posits that vertical integration mitigates contractual inefficiencies between suppliers and customers (termed as holdup) and provides incentives to undertake relationship-specific investments. In contrast, the foreclosure and collusion rationales suggest that vertical integration is anticompetitive in nature. Specifically, the foreclosure argument suggests that vertical integration is used to raise costs of rival firms, and the collusion argument suggests that vertical integration facilitates coordination between the integrated firm and its rivals. To distinguish between the three hypotheses, we examine (1) the announcement period wealth effects to the merging firms, rival firms, and customer firms; and (2) the operating performance changes to the merging firms in vertical takeovers. We find that firms expand their vertical boundaries consistent with an efficiency enhancing rationale. ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/early/2012/03/09/mnsc.1110.1498.abstra [...] [article] An examination of the efficiency, foreclosure, and collusion rationales for vertical takeovers [texte imprimé] / Jaideep Shenoy, Auteur . - 2012 . - pp.1482-1501. Management Langues : Anglais (eng) in Management science > Vol. 58 N° 8 (Août 2012) . - pp.1482-1501 Mots-clés : Finance  Corporate  finance  Vertical  integration  Antitrust  Efficiency  Market  power  Mergers  Acquisitions  Product  markets  Firm  boundaries  Corporate  restructuring  Foreclosure  Collusion Résumé : We investigate the efficiency, foreclosure, and collusion rationales for vertical integration in a large sample of vertically related takeovers. The efficiency rationale, as discussed under the transaction cost economics and property rights theories, posits that vertical integration mitigates contractual inefficiencies between suppliers and customers (termed as holdup) and provides incentives to undertake relationship-specific investments. In contrast, the foreclosure and collusion rationales suggest that vertical integration is anticompetitive in nature. Specifically, the foreclosure argument suggests that vertical integration is used to raise costs of rival firms, and the collusion argument suggests that vertical integration facilitates coordination between the integrated firm and its rivals. To distinguish between the three hypotheses, we examine (1) the announcement period wealth effects to the merging firms, rival firms, and customer firms; and (2) the operating performance changes to the merging firms in vertical takeovers. We find that firms expand their vertical boundaries consistent with an efficiency enhancing rationale. ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/early/2012/03/09/mnsc.1110.1498.abstra [...]

On the conditional risk and performance of financially distressed stocks / Michael S. O'Doherty in Management science, Vol. 58 N° 8 (Août 2012) 

Public ISBD [article]  in Management science > Vol. 58 N° 8 (Août 2012) . - pp.1502-1520 Titre : On the conditional risk and performance of financially distressed stocks Type de document : texte imprimé Auteurs : Michael S. O'Doherty, Auteur Année de publication : 2012 Article en page(s) : pp.1502-1520 Note générale : Management Langues : Anglais (eng) Mots-clés : Conditional  CAPM  Asset-pricing  anomalies  Distress  risk  Default  risk  Information  risk Résumé : Several recent articles find that stocks with high probabilities of bankruptcy or default earn anomalously low returns and negative unconditional capital asset pricing model (CAPM) alphas in the post-1980 period. I show that the conditional CAPM resolves the performance difference between high- and low-distress stocks. In particular, financially distressed stocks have relatively low exposure to market risk during bad economic times. I help to explain these findings through a theoretical model in which a levered firm's equity beta is negatively related to uncertainty about the unobserved value of its underlying assets. ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/58/8/1502.short [article] On the conditional risk and performance of financially distressed stocks [texte imprimé] / Michael S. O'Doherty, Auteur . - 2012 . - pp.1502-1520. Management Langues : Anglais (eng) in Management science > Vol. 58 N° 8 (Août 2012) . - pp.1502-1520 Mots-clés : Conditional  CAPM  Asset-pricing  anomalies  Distress  risk  Default  risk  Information  risk Résumé : Several recent articles find that stocks with high probabilities of bankruptcy or default earn anomalously low returns and negative unconditional capital asset pricing model (CAPM) alphas in the post-1980 period. I show that the conditional CAPM resolves the performance difference between high- and low-distress stocks. In particular, financially distressed stocks have relatively low exposure to market risk during bad economic times. I help to explain these findings through a theoretical model in which a levered firm's equity beta is negatively related to uncertainty about the unobserved value of its underlying assets. ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/58/8/1502.short

Money - back guarantees / Bruce McWilliams in Management science, Vol. 58 N° 8 (Août 2012) 

Public ISBD [article]  in Management science > Vol. 58 N° 8 (Août 2012) . - pp.1521-1524 Titre : Money - back guarantees : Helping the low - quality retailer Type de document : texte imprimé Auteurs : Bruce McWilliams, Auteur Année de publication : 2012 Article en page(s) : pp.1521-1524 Note générale : Management Langues : Anglais (eng) Mots-clés : Marketing  Retailing  and  wholesaling  Competitive  strategy  Product  policy Résumé : Existing literature, based on signaling theory, suggests that money-back guarantees (MBGs) will be utilized by high-quality firms, where high quality is defined as a low likelihood of product return. However, in today's world, MBGs are ubiquitous among major retailers, even when the likelihood of product return varies greatly between them. To understand this phenomenon, we explore a competitive environment between high- and low-quality retailers where consumers are fully informed and risk neutral, and retailers realize a salvage value for returned products. When MBGs are profitable, under continuous demand it is Nash equilibrium for both retailers to offer MBGs, and the low-quality retailer gains while the high-quality retailer loses relative to when MBGs are not offered. In contrast, if demand is lumpy, retailers can act monopolistically over their respective market segments, allowing both retailers to gain from MBGs, although the low-quality retailer still gains more. ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/58/8/1521.short [article] Money - back guarantees : Helping the low - quality retailer [texte imprimé] / Bruce McWilliams, Auteur . - 2012 . - pp.1521-1524. Management Langues : Anglais (eng) in Management science > Vol. 58 N° 8 (Août 2012) . - pp.1521-1524 Mots-clés : Marketing  Retailing  and  wholesaling  Competitive  strategy  Product  policy Résumé : Existing literature, based on signaling theory, suggests that money-back guarantees (MBGs) will be utilized by high-quality firms, where high quality is defined as a low likelihood of product return. However, in today's world, MBGs are ubiquitous among major retailers, even when the likelihood of product return varies greatly between them. To understand this phenomenon, we explore a competitive environment between high- and low-quality retailers where consumers are fully informed and risk neutral, and retailers realize a salvage value for returned products. When MBGs are profitable, under continuous demand it is Nash equilibrium for both retailers to offer MBGs, and the low-quality retailer gains while the high-quality retailer loses relative to when MBGs are not offered. In contrast, if demand is lumpy, retailers can act monopolistically over their respective market segments, allowing both retailers to gain from MBGs, although the low-quality retailer still gains more. ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/58/8/1521.short

Social learning through endogenous information acquisition / Bogaçhan Çelen in Management science, Vol. 58 N° 8 (Août 2012) 

Public ISBD [article]  in Management science > Vol. 58 N° 8 (Août 2012) . - pp.1525-1548 Titre : Social learning through endogenous information acquisition : An experiment Type de document : texte imprimé Auteurs : Bogaçhan Çelen, Auteur ; Kyle Hyndman, Auteur Année de publication : 2012 Article en page(s) : pp.1525-1548 Note générale : Management Langues : Anglais (eng) Mots-clés : Social  learning  Information  acquisition  Link  formation  Herd  behavior Résumé : This paper provides a test of a theory of social learning through endogenous information acquisition. A group of subjects face a decision problem under uncertainty. Subjects are endowed with private information about the fundamentals of the problem and make decisions sequentially. The key feature of the experiment is that subjects can observe the decisions of predecessors by forming links at a cost. The model predicts that the average welfare is enhanced in the presence of a small cost. Our experimental results support this prediction. When the informativeness of signals changes across treatments, behavior changes in accordance with the theory. However, within treatments, there are important deviations from rationality such as a tendency to conform and excessive link formation. Given these biases, our results indicate that subjects would, except when faced with a small cost, have been better off not forming any links. ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/58/8/1525.short [article] Social learning through endogenous information acquisition : An experiment [texte imprimé] / Bogaçhan Çelen, Auteur ; Kyle Hyndman, Auteur . - 2012 . - pp.1525-1548. Management Langues : Anglais (eng) in Management science > Vol. 58 N° 8 (Août 2012) . - pp.1525-1548 Mots-clés : Social  learning  Information  acquisition  Link  formation  Herd  behavior Résumé : This paper provides a test of a theory of social learning through endogenous information acquisition. A group of subjects face a decision problem under uncertainty. Subjects are endowed with private information about the fundamentals of the problem and make decisions sequentially. The key feature of the experiment is that subjects can observe the decisions of predecessors by forming links at a cost. The model predicts that the average welfare is enhanced in the presence of a small cost. Our experimental results support this prediction. When the informativeness of signals changes across treatments, behavior changes in accordance with the theory. However, within treatments, there are important deviations from rationality such as a tendency to conform and excessive link formation. Given these biases, our results indicate that subjects would, except when faced with a small cost, have been better off not forming any links. ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/58/8/1525.short

From wires to partners / Chris Forman in Management science, Vol. 58 N° 8 (Août 2012) 

Public ISBD [article]  in Management science > Vol. 58 N° 8 (Août 2012) . - PP.1549-1568 Titre : From wires to partners : How the internet has fostered R&D collaborations within firms Type de document : texte imprimé Auteurs : Chris Forman, Auteur ; Nicolas Van Zeebroeck, Auteur Année de publication : 2012 Article en page(s) : PP.1549-1568 Note générale : Management Langues : Anglais (eng) Mots-clés : R&D  organization  Geography  of  innovation  Internet  adoption  IT  investments  Collaborative  work Résumé : How did the diffusion of the Internet influence research collaborations within firms? We examine the relationship between business use of basic Internet technology and the size and geographic composition of industrial research teams between 1992 and 1998. We find robust empirical evidence that basic Internet adoption is associated with an increased likelihood of collaborative patents from geographically dispersed teams. On the contrary, we find no evidence of such a link between Internet adoption and within-location collaborative patents, nor do we find any evidence of a relationship between basic Internet and single-inventor patents. We interpret these results as evidence that adoption of basic Internet significantly reduced the coordination costs of research teams, but find little evidence that a drop in the costs of shared resource access significantly improved research productivity. ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/58/8/1549.short [article] From wires to partners : How the internet has fostered R&D collaborations within firms [texte imprimé] / Chris Forman, Auteur ; Nicolas Van Zeebroeck, Auteur . - 2012 . - PP.1549-1568. Management Langues : Anglais (eng) in Management science > Vol. 58 N° 8 (Août 2012) . - PP.1549-1568 Mots-clés : R&D  organization  Geography  of  innovation  Internet  adoption  IT  investments  Collaborative  work Résumé : How did the diffusion of the Internet influence research collaborations within firms? We examine the relationship between business use of basic Internet technology and the size and geographic composition of industrial research teams between 1992 and 1998. We find robust empirical evidence that basic Internet adoption is associated with an increased likelihood of collaborative patents from geographically dispersed teams. On the contrary, we find no evidence of such a link between Internet adoption and within-location collaborative patents, nor do we find any evidence of a relationship between basic Internet and single-inventor patents. We interpret these results as evidence that adoption of basic Internet significantly reduced the coordination costs of research teams, but find little evidence that a drop in the costs of shared resource access significantly improved research productivity. ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/58/8/1549.short

Outsourcing a two - level service process / Hsiao-Hui Lee in Management science, Vol. 58 N° 8 (Août 2012) 

Public ISBD [article]  in Management science > Vol. 58 N° 8 (Août 2012) . - pp.1569-1584 Titre : Outsourcing a two - level service process Type de document : texte imprimé Auteurs : Hsiao-Hui Lee, Auteur ; Edieal J. Pinker, Auteur ; Robert A. Shumsky, Auteur Année de publication : 2012 Article en page(s) : pp.1569-1584 Note générale : Management Langues : Anglais (eng) Mots-clés : Queues  Aplications  Industries  Business  services  Information  systems  IT  policy  and  management  Outsourcing Résumé : This paper studies outsourcing decisions for a two-level service process in which the first level serves as a gatekeeper for a second level of experts. The objective of the system operator (the client) is to minimize the sum of staffing costs, customer waiting costs, and mistreatment costs due to unsuccessful attempts by a gatekeeper to solve the customer's problem. The client may outsource all or part of the process to a vendor, and first-best contracts exist when the client outsources only gatekeepers or experts. When the client outsources the entire system as a two-level process, a client-optimal contract may not exist unless the exogenous system parameters satisfy a particular (and unlikely) coordination condition. In addition, optimal incentive-compatible contracts exist when the vendor's structure choice (one level or two levels) can deviate from the client's preference. Finally, we numerically examine how vendor structure choice and labor cost advantages influence the client's optimal outsourcing option. ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/58/8/1569.short [article] Outsourcing a two - level service process [texte imprimé] / Hsiao-Hui Lee, Auteur ; Edieal J. Pinker, Auteur ; Robert A. Shumsky, Auteur . - 2012 . - pp.1569-1584. Management Langues : Anglais (eng) in Management science > Vol. 58 N° 8 (Août 2012) . - pp.1569-1584 Mots-clés : Queues  Aplications  Industries  Business  services  Information  systems  IT  policy  and  management  Outsourcing Résumé : This paper studies outsourcing decisions for a two-level service process in which the first level serves as a gatekeeper for a second level of experts. The objective of the system operator (the client) is to minimize the sum of staffing costs, customer waiting costs, and mistreatment costs due to unsuccessful attempts by a gatekeeper to solve the customer's problem. The client may outsource all or part of the process to a vendor, and first-best contracts exist when the client outsources only gatekeepers or experts. When the client outsources the entire system as a two-level process, a client-optimal contract may not exist unless the exogenous system parameters satisfy a particular (and unlikely) coordination condition. In addition, optimal incentive-compatible contracts exist when the vendor's structure choice (one level or two levels) can deviate from the client's preference. Finally, we numerically examine how vendor structure choice and labor cost advantages influence the client's optimal outsourcing option. ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/58/8/1569.short

Psychological pressure in competitive environments / Martin G. Kocher in Management science, Vol. 58 N° 8 (Août 2012) 

Public ISBD [article]  in Management science > Vol. 58 N° 8 (Août 2012) . - pp.1585-1591 Titre : Psychological pressure in competitive environments : New evidence from randomized natural experiments Type de document : texte imprimé Auteurs : Martin G. Kocher, Auteur ; Marc V. Lenz, Auteur ; Matthias Sutter, Auteur Année de publication : 2012 Article en page(s) : pp.1585-1591 Note générale : Management Langues : Anglais (eng) Mots-clés : Tournament  First-mover  advantage  Psychological  pressure  field  experiment  Soccer  Penalty  shootouts Résumé : Dynamic competitive settings may create psychological pressure when feedback about the performance of competitors is provided before the end of the competition. Such psychological pressure could produce a first-mover advantage, despite a priori equal winning probabilities. Using data from a randomized natural experiment—penalty shootouts in soccer—we reexamine evidence by Apesteguia and Palacios-Huerta [Apesteguia J, Palacios-Huerta I (2010) Psychological pressure in competitive environments: Evidence from a randomized natural experiment. Amer. Econom. Rev. 100(5):2548–2564]. They report a 21-percentage-point advantage for first movers over second movers in terms of winning probabilities. Extending their sample of 129 shootouts to 540, we fail to detect any significant first-mover advantage. Our results are fully consistent with recent evidence from other sports contests. ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/58/8/1585.short [article] Psychological pressure in competitive environments : New evidence from randomized natural experiments [texte imprimé] / Martin G. Kocher, Auteur ; Marc V. Lenz, Auteur ; Matthias Sutter, Auteur . - 2012 . - pp.1585-1591. Management Langues : Anglais (eng) in Management science > Vol. 58 N° 8 (Août 2012) . - pp.1585-1591 Mots-clés : Tournament  First-mover  advantage  Psychological  pressure  field  experiment  Soccer  Penalty  shootouts Résumé : Dynamic competitive settings may create psychological pressure when feedback about the performance of competitors is provided before the end of the competition. Such psychological pressure could produce a first-mover advantage, despite a priori equal winning probabilities. Using data from a randomized natural experiment—penalty shootouts in soccer—we reexamine evidence by Apesteguia and Palacios-Huerta [Apesteguia J, Palacios-Huerta I (2010) Psychological pressure in competitive environments: Evidence from a randomized natural experiment. Amer. Econom. Rev. 100(5):2548–2564]. They report a 21-percentage-point advantage for first movers over second movers in terms of winning probabilities. Extending their sample of 129 shootouts to 540, we fail to detect any significant first-mover advantage. Our results are fully consistent with recent evidence from other sports contests. ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/58/8/1585.short

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