Two-sided matching with interdependent values

A. CITANNA, M. Ostrovskyc, A. Chakrabortya

Journal of Economic Theory

janvier 2010, vol. 145, n°1, pp.85-105

Départements : Economie et Sciences de la décision

We introduce and study two-sided matching with incomplete information and interdependent valuations on one side of the market. An example of such a setting is a matching market between colleges and students in which colleges receive partially informative signals about students. Stability in such markets depends on the amount of information about matchings available to colleges. When colleges observe the entire matching, a stable matching mechanism does not generally exist. When colleges observe only their own matches, a stable mechanism exists if students have identical preferences over colleges, but may not exist if students have different preferences.Keywords: Interdependent values; Stability; Matchingaccepté le 21 juillet 2009

Two-stage flexible supply contract with payback and information update

A. Cheaitou, Z. Jemai, Y. Dallery, C. VAN DELFT

European Journal of Industrial Engineering (EJIE)

2010, vol. 4, n°4, pp.471-492

Départements : Information Systems and Operations Management, GREGHEC (CNRS)

Mots clés : Supply contracts, Forecast updating, Stochastic costs, Payback, Capacity reservations, Flexibility, Information updates, Two-stage contracts, Selling season, Demand forecasts, Decision adjustments, Options, Unit returns, Suppliers, Selling periods, Inventories, Salvage values, Satisfied demand, Unit selling prices, Unsatisfied demand, Order quantities, Optimal demand, Optimisation

In this paper, we consider a two-stage supply contract model for advanced reservation of capacity, with payback option at the beginning of the selling season. Between the two decision stages, external information is collected that serves to update the demand forecast and permits to adjust the decisions of the first stage by exercising options or by returning some units to the supplier. The demand occurs during a single selling period. At the end of the period, the remaining inventory, if any, is sold at a salvage value. During the selling season, any satisfied demand is charged with a unit selling price and any unsatisfied demand is lost. The objective of the model is to determine the quantities to be ordered before the beginning of the selling season which can be interpreted as the amount of capacity to be reserved, in order to satisfy optimally the demand

Variance Risk Premia in Energy Commodities


Journal of Derivatives

2010, vol. 17, n°3, pp.15-32

Départements : Finance

This article investigates variance risk premia in energy commodities, particularly crude oil and natural gas, using a robust model-independent approach. Over a period of 11 years, we find that the average variance risk premia are significantly negative for both energy commodities. However, it is difficult to explain the level and variation in energy variance risk premia with systematic or commodity-specific factors. The return profile of a natural gas variance swap resembles that of a call option, while the return profile of a crude oil variance swap, if anything, resembles the return profile of a put option. The annualized Sharpe ratios from shorting energy variance are sizable; although not nearly as high as the annualized Sharpe ratio of shorting S&P 500 Index variance, they are comparable to those of shorting interest rate volatility or variance on individual stocks

Wall Street 2 vers la fin de la présomption de l'extraterritorialité du droit boursier américain


Constitutions: Revue de droit constitutionnel appliqué

2010, vol. 4, pp.475-504

Départements : Droit et fiscalité

Wer die wahre Macht hat


Harvard Business Manager

2010, n°201008014

Départements : Management et Ressources Humaines, GREGHEC (CNRS)

What is the best way to trade using the January barometer?

M. Cooper, A. V. OVTCHINNIKOV, J J. McConnell

Journal of Investment Management

4e trimestre 2010, pp.58-72

Départements : Finance, GREGHEC (CNRS)

When the Glass is Half Full and Half Empty: CEO's Ambivalent Interpretations of Strategic Issues


Strategic Management Journal

juillet 2010, vol. 31, n°7, pp.689-710

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

Mots clés : Ambivalence, Sensemaking, Strategic issue diagnosis, Organizational mindfulness, Managerial cognition, Organizational context

Organizational scholars have highlighted the importance of interpretive ambivalence for mindfulness, creativity, and strategic change. Ambivalence occurs when an issue is seen simultaneously as positive and negative. We examine organizational factors that influence the propensity of organizational leaders to evaluate a new strategic issue ambivalently. Data come from a survey of 220 German CEOs confronted with the enlargement of the European Union. We find that CEOs of firms with a more ambidextrous strategic orientation and a moderate sense of organizational control over their environment are most likely to be ambivalent about this issue. Our findings affirm the prevalence of interpretive ambivalence at the executive level and suggest ways for organizations to promote or prevent ambivalence in strategic sensemaking

Why Do Older Consumers Buy Older Brands? The Role of Attachment and Declining Innovativeness

G. LAURENT, R. Lambert-Pandraud

Journal of Marketing

septembre 2010, vol. 74, n°5, pp.104-121

Départements : Marketing

conditionally accepté le 10/02/2010The authors compare three mechanisms that may explain why older consumers tend to prefer older brands. Data are from the French perfume market, in which some market leaders are decades old while hundreds of new entrants launch yearly. The authors reveal monotonically increasing differences across age ranges. Younger consumers have a greater propensity to change their preferred brand, a form of innovativeness that benefits relatively recent entrants, whereas older consumers exhibit a propensity to remain attached for a longer duration to the same preferred brand. Nostalgia for options encountered during an early 'formative period' has only a limited impact. Furthermore, strong heterogeneity emerges: At all ages, some consumers frequently change their preferred brand, whereas others remain attached to it for long periods. It is the proportion of these two behaviors that varies across age ranges. The resultant managerial implications indicate that mature consumers are attractive targets because they likely remain attached to a brand longer, that long-established products may still attract new consumers, and that the success of a new brand among young consumers may be ephemeral.ageattachmentheterogeneityinnovativenessnostalgiaolder consumersperfumeproduct choice

Why do you speak English (in your financial statements)


International Journal of Accounting

2010, vol. 45, n°2, pp.200-223

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

The dominance of English as a lingua franca in international business exchanges is so commonly accepted that there has been no investigation into the use of English as an external financial reporting language in non-English speaking countries. In this study we analyze the factors associated with the publication of an English-language annual report in non-English-speaking countries. Using a sample of 3,994 firms from 27 countries in 2003, we find that about 50% of the sample firms issue annual reports in English. Our findings suggest that the decision to publish an English annual report is related to the internationalization process (via foreign sales), language barriers (via language distance and language importance), governance (via ownership structure) and financial concerns (via the need for external financing, capital market size and cross-listing).

Why Mumbai at 1 pm is the Center of the Business World


Harvard Business Review

octobre 2010, pp.38-39

Départements : Management et Ressources Humaines, GREGHEC (CNRS)