Articles

Strategic Selection of Risk Models and Bank Capital Regulation

J. E. COLLIARD

Management Science

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Départements : Finance, GREGHEC (CNRS)


Supervising Projects You Don’t (Fully) Understand: Lessons for Effective Project Governance by Steering Committees

C. LOCH, M. MÄHRING, S. SOMMER

California Management Review

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The Dynamics of Financially Constrained Arbitrage

D. GROMB, D. VAYANOS

The Journal of Finance

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Départements : Finance, GREGHEC (CNRS)

Mots clés : Arbitrage, financial constraints, market segmentation, liquidity, contagion


We develop a model in which financially constrained arbitrageurs exploit price discrepancies across segmented markets. We show that the dynamics of arbitrage capital are self-correcting: following a shock that depletes capital, returns increase, and this allows capital to be gradually replenished. Spreads increase more for trades with volatile fundamentals or more time to convergence. Arbitrageurs cut their positions more in those trades, except when volatility concerns the hedgeable component. Financial constraints yield a positive cross-sectional relationship between spreads/returns and betas with respect to arbitrage capital. Diversification of arbitrageurs across markets induces contagion, but generally lowers arbitrageurs’ risk and price volatility

The effects of investment bank rankings: Evidence from M&A league tables

F. DERRIEN, O. DESSAINT

Review of Finance

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Départements : Finance, GREGHEC (CNRS)


The Impact of the French Doctrine of ‘Significant Imbalance’ on International Business Transactions

D. RESTREPO AMARILES, E. M. BASSILANA, M. M. WINKLER

Journal of Business Law

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Départements : Droit et fiscalité, GREGHEC (CNRS)


The Petrilli cases - A new approach of the EU courts in damages claims ?

A. VAN WAEYENBERGE

European Public Law

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Départements : Droit et fiscalité, GREGHEC (CNRS)


The Price of Admission: Organizational Deference as Strategic Behavior

J. JOURDAN, R. DURAND, P. THORNTON

American Journal of Sociology

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

Mots clés : deference, symbolic boundaries, strategic management, organizations

http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2845785


Why would market organizations engage in symbolic and material acts conveying appreciation and respect to other organizations that confirm their inferior position in an established hierarchy? Deference, we argue, is the price outsider organizations pay to pass categorical and symbolic boundaries, and gain acceptance in contexts where insiders regard them as impure. Because not all organizations can or are willing to pay the price, deference varies according to positional, dispositional, and interactional characteristics. We examine and find support for the view of organizational deference as strategic behavior using empirical evidence on market finance organizations investing in film production in France over two decades. Our analysis expands research on non-conflictual interactions and symbolic boundaries in market setting

The Real Effects of Lending Relationships on Innovative Firms and Inventor Mobility

J. HOMBERT, A. MATRAY

Review of Financial Studies

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Départements : Finance, GREGHEC (CNRS)

Mots clés : Lending relationships, Soft information, Innovation, Inventors

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2082403


We study whether relationship lending is conducive to the financing of innovation. Exploiting a negative shock to relationships, we show that it reduces the number of innovative firms, especially those that depend more on relationship lending such as small, young, and opaque firms. This credit supply shock leads to reallocation of inventors whereby young and promising inventors leave small firms and move out of geographical areas where lending relationships are hurt. Overall, our results suggest that credit markets affect both the level of innovation activity and the distribution of innovative human capital across the econom

The Relationship between Lack of Controllability and Proactive Work Behaviour: An Empirical Analysis of Competing Theoretical Explanations

M. BURKERT, F. M. FISCHER, F. HOOS, K. SCHUHMACHER

Accounting and Business Research

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

Mots clés : controllability principle, management control systems, role theory, role conflict, flexible role orientation, proactive work behaviour

http://www.tandfonline.com/doi/full/10.1080/00014788.2016.1222262


The controllability principle suggests evaluating managers solely based on performance measures they can control. In practice, however, companies often disregard this principle. Therefore, our study addresses organisational benefits linked to the lack of controllability in measures used for managers’ performance evaluations. We draw on important case-based findings to establish a positive ‘base relationship’ between lack of controllability and proactive work behaviour. We test this base relationship with a large-scale sample and find that companies encourage higher levels of proactive work behaviour when they rely on less controllable performance measures. Drawing on recent developments in role theory, we advance previous research and extend the base model by including the theoretical construct of flexible role orientation. We examine different mechanisms through which flexible role orientation potentially impacts the base model. Using survey responses from 432 managers, we find evidence for a mediation model as opposed to an interaction model. Specifically, we find that lack of controllability enhances role conflict, which in turn induces more flexible role orientations ultimately resulting in higher levels of proactive work behaviour

The Role of Cultural Communication Norms in Social Exclusion Effects

J. LEE, L.-J. SHRUM, Y. YI

Journal of Consumer Psychology

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Départements : Marketing, GREGHEC (CNRS)



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