'Paradigms Regained': Humanities Theory and Empirical Research

C. A. RUSSELL, B. Stern

Advances in Consumer Research

2001, vol. 28, n°1, pp.177-181

Départements : Marketing

A Comparison of Standard Multi-Unit Auctions With Synergies

G. Albano, F. Germano, S. LOVO

Economics Letters

2001, n°71, pp.55-60

Départements : Finance, GREGHEC (CNRS)

In an example where some bidders have superadditive values, we characterize the equilibria of a simultaneous ascending auction and compare the revenue and efficiency generated with ones generated by the sequential, the one-shot simultaneous, and the Vickrey-Clarke-Groves auctions.

A Note on Mixture Sets in Decision Theory


Decisions in Economics and Finance

2001, vol. 24, pp.59-69

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

A Time Varying Parameter Model to Test For Predictability and Integration in Stock Markets of Transition Economies


Journal of Business and Economic Statistics

janvier 2001, vol. 19, n°1, pp.73-84

Départements : Finance

Mots clés : Central and Eastern Europe, Kalman filter, Market integration, Stock indexes, Volatility transmission

This article introduces a model, based on the Kalman-filter framework, that allows for time-varying parameters, latent factors, and a general generalized autoregressive conditional heteroscedasticity (GARCH) structure for the residuals. With this extension of the Bekaert and Harvey model, it is possible to test if an emerging stock market becomes more efficient over time and more integrated with other already established markets in situations in which no macroeconomic conditioning variables are available. We apply this model to the Czech, Polish, Hungarian, and Russian stock markets. We use data at daily frequency running from April 7, 1994, to July 10, 1997. A latent factor captures macroeconomic expectations. Concerning predictability, measured with time-varying autocorrelations, Hungary reached efficiency before 1994. Russia shows signs of ongoing convergence toward efficiency. For Poland and the Czech Republic, we find no improvements. With regard to market integration, there is evidence that the importance of Germany has changed over time for all markets. Shocks in the United Kingdom are positively related to the Czech and Polish markets but not to the Russian or the Hungarian markets. Shocks in the United States have no impact on these markets with the exception of Russia. A strong negative correlation between Russia and the United States and Germany tends to disappear over the time span studied. We also show that these markets exhibit significant asymmetric GARCH effects where bad news generates greater volatility. In Hungary, good news, instead, generates greater volatility, which leads us to formulate a liquidity hypothesis

Accounting for Brands in France and Germany Compared with IAS 38 (Intangible Assets): An Illustration of the Difficulty of International Harmonization

H. STOLOWY, A. Haller, V. Klockhaus

International Journal of Accounting

2001, n°36, pp.147-167

Départements : Comptabilité et Contrôle de Gestion, GREGHEC (CNRS)

Age, order of entry, strategic orientation, and organizational performance

R. DURAND, R. Coeurderoy

Journal of Business Venturing

2001, vol. 16, n°5, pp.471-494

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

This paper proposes an empirical test of several hypotheses linking age, order of entry, and strategic orientations to a firm's performance. Three strategies are defined: cost-leadership strategy, innovative differentiation, and marketing differentiation The aim is to show that the impact on performance of both age and each of the three strategic orientations may differ according to a firm's order of entry into an industry. Following Lieberman and Montgomery's (1998) evaluation of their major contribution on first mover advantage, we emphasize three points. First, we develop and lest hypotheses related to early and late followers' strategic orientations, broadening the scope of traditional studies on pioneers. Second, the model combines the dimensions of a firm's age, order of entry, and strategic orientations, as well as industry conditions (stage of the industry, environmental unpredictability, and technology diffusion), to establish a contingent model of performance analysis. Finally, the empirical study deals chiefly with organizational performance and not market share, which is considered a typical advantage accruing to pioneers.In addition, the scope of the study (582 French manufacturing firms) provides the means to fill a void in empirical studies because it is a broad cross-sectional test on non-U.S. data. The firms are mainly private, small to medium-sized, and single or dominant business firms. Therefore, our assumptions must be understood as particularly applicable to this type of firm

Aggregation of Coarse Preferences


Social Choice and Welfare

2001, vol. 3, n°18, pp.507-525

Départements : Finance

We consider weak preference orderings over a set A(n) of n alternatives. An individual preference is of refinement l less than or equal to n if it first partitions A(n) into l subsets of 'tied' alternatives, and then ranks these subsets within a linear ordering. When l < n, preferences are coarse. It is shown that, if the refinement of preferences does not exceed l, a super majority rule (within non-abstaining voters) with rate 1- 1/l is necessary and sufficient to rule out Condorcet cycles of any length. It is argued moreover how the coarser the individual preferences, (1) the smaller the rate of super majority necessary to rule out cycles 'in probability'; (2) the more probable the pairwise comparisons of alternatives, for any given super majority rule.

An operator approach to stochastic games


Israël Journal of Mathematics

2001, n°121, pp.221-246

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

Animal poétique


Mémoire du XXIe siècle

2001, n°3-4

Départements : Comptabilité et Contrôle de Gestion

Assessing Start-up Business Risk


Oxford Analytica


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