Articles

A Legal Analysis of Packaging Standardisation Requirements Under EU Law - The Case of ‘Plain Packaging’ in the United Kingdom

A. ALEMANNO

Journal of Business Law

A paraître

Départements : Droit et fiscalité, GREGHEC (CNRS)


A Mathematical Turn in Business Regulation: The Rise of Legal Indicators

D. RESTREPO AMARILES

International Journal of Law in Context

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Départements : Droit et fiscalité


Alliance Formation and Firm Value

G. PACHECO DE ALMEIDA, L. CABRAL

Management Science

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Départements : Stratégie et Politique d’Entreprise, GREGHEC (CNRS)

Mots clés : firm alliances, matching, competitive advantage


We consider the formation of alliances that potentially create complementarities, that is, when the value function is super-modular in firm resources. We show that, in a frictionless world where information is perfect and managers optimize, firm alliances disproportionately increase the value of high-resource-level firms, resulting in higher variance and higher skewness of the distribution of firm value; moreover, higher-value alliances are subject to regression to the mean at a faster rate. These effects are magnified if the degree of complementarities is endogenously determined by each firm’s investment. We also consider alliances where matching and/or information about firm resources are imperfect, and show that complementarities are a necessary but not sufficient condition for alliances to cause an increase in firm value; and that complementarities are neither a necessary nor a sufficient condition for alliances to be correlated with higher firm value

Ambiguity and the Bayesian Approach

I. GILBOA, M. MARINACCI

Advances in Economics and Econometrics: Theory and Applications

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Départements : Economie et Sciences de la décision, GREGHEC (CNRS)


An analytic calculus for the intuitionistic logic of proofs

B. HILL, F. POGGIOLESI

Notre Dame Journal of Formal Logic

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Départements : Economie et Sciences de la décision, GREGHEC (CNRS)


An Integrative Model of the Influence of Parental and Peer Support on Consumer Ethical Beliefs: The Mediating Role of Self-Esteem, Power and Materialism

E. GENTINA, L. SHRUM, T. LOWREY, S. VITELL, G. ROSE

Journal of Business Ethics

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Départements : Marketing, GREGHEC (CNRS)

Mots clés : Ethics, Adolescent consumers, Materialism, Self-esteem, Power, Peer support, Parental support


What causes adolescents to develop consumer’ ethical beliefs? Prior research has largely focused on the negative influence of peers and negative patterns of parent–child interactions to explain risky and unethical consumer behaviors. We take a different perspective by focusing on the positive support of parents and peers in adolescent social development. An integrative model is developed that links parental and peer support with adolescents’ self-worth motives, their materialistic tendencies, and their consumer ethical beliefs. In a study of 984 adolescents, we demonstrate support for a sequential mediation model in which peer and parental support is positively related to adolescents’ self-esteem and feelings of power, which are each associated with decreased materialism as a means of compensating for low self-worth. This reduced materialism is, in turn, associated with more ethical consumer beliefs

Attention, Information Processing and Choice in Incentive-Aligned Choice Experiments

L. C. YANG, O. TOUBIA, M. G. DE JONG

Journal of Marketing Research

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Départements : Marketing

Mots clés : incentive alignment, choice experiments, preference measurement, eye tracking

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2675167


In incentive-alignment choice experiments, each decision is realized with some prob- ability prob < 1. Incentive alignment induces truth telling, i.e., respondents do not consciously lie, given the information they have processed. However, based on the psychological distance literature and the bounded rationality literature, we predict that prob < 1 is not necessarily enough to induce consumers to process information and choose as they would if choices were realized with certainty (prob = 1). In three eye tracking experiments, we vary the probability prob that choices will be realized, from 0 to 1, and study the impact on attention, information processing, and choice. Consistent with our hypotheses, we find that as prob is increased from 0 to 1, consumers: process the choice-relevant information more carefully and in a way that is more consistent with a compensatory decision process; become less novelty seeking; become more price sensitive. These findings have implications for the ecological validity of incentive-aligned preference measurement surveys. While it is not feasible to systematically use questions with high prob in the eld, we further predict and find that placing a higher-probability question (such as an external validity task) at the beginning rather than the end of a questionnaire has a desirable carryover effect on attention, information processing and choice throughout the questionnaire

Bank Interest Rate Risk Management

G. VUILLEMEY

Management Science

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Départements : Finance, GREGHEC (CNRS)

Mots clés : Interest rate risk; Derivatives; Bank capital structure; Hedging


Empirically, bank equity value is decreasing in the interest rate. Yet (i) manybanks do not hedge interest rate risk and (ii) above 50% of hedging banks usederivatives to increase exposure. I model a bank’s capital structure, and showthat these facts are consistent with optimal hedging under financial frictions.Novel predictions on the characteristics of banks taking long or short interest ratederivative positions are tested, and supported by the data. Therefore, banks’derivatives exposures are not necessarily evidence of excessive risk-taking, andcan be explained by hedging in the presence of frictions. More broadly, theresults challenge the view that “hedging” and “speculative” positions can beidentified using the comovement between derivatives payoffs and equity value

Banking Deregulation and The Rise in House Price Comovement

A. LANDIER, D. SRAER, D. THESMAR

Journal of Financial Economics

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Départements : Finance, GREGHEC (CNRS)

Mots clés : Financial Integration, Comovement, House Prices

http://faculty.haas.berkeley.edu/dsraer/correlation_final.pdf


The correlation across US states in house price growth increased steadily between 1976 and 2000. This paper shows that the contemporaneous geographic integration of the US banking market, via the emergence of large banks, was a primary driver of this phenomenon. To this end, we first theoretically derive an appropriate measure of banking integration across state pairs and document that house price growth correlation is strongly related to this measure of financial integration. Our IV estimates suggest that banking integration can explain up to one fourth of the rise in house price correlation over this period

Bouncing Back: Building Resilience Through Social and Environmental Practices in the Context of the 2008 Global Financial Crisis

M. DESJARDINE, P. BANSAL, Y. YANG

Journal of Management

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Départements : Stratégie et Politique d’Entreprise, GREGHEC (CNRS)

Mots clés : organizational resilience; social and environmental practices; strategic and tactical practices; global financial crisis; survival analysis

http://journals.sagepub.com/doi/abs/10.1177/0149206317708854


Even though organizational researchers have acknowledged the role of social and environmental business practices in contributing to organizational resilience, this work remains scarce, possibly because of the difficulties in measuring organizational resilience. In this paper, we aim to partly remedy this issue by measuring two ways in which organizational resilience manifests through organizational outcomes in a generalized environmental disturbance—namely, severity of loss, which captures the stability dimension of resilience, and time to recovery, which captures the flexibility dimension. By isolating these two variables, we can then theorize the types of social and environmental practices that contribute to resilience. Specifically, we argue that strategic social and environmental practices contribute more to organizational resilience than do tactical social and environmental practices. We test our theory by analyzing the responses of 963 U.S.-based firms to the global financial crisis and find evidence that support our hypotheses


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