Séminaires de Recherche

Revenue Management in Face of Choice Heterogeneity

Informations Systems and Operations Management

Intervenant : Ali Aouad
PhD candidate at MIT

16 décembre 2016 - Salle Bernard Ramanantsoa - Bâtiment V - De 10h30 à 12h00


Modern-day applications in e-commerce and brick-and-mortar retailing involve complex customer choice behaviors. Modeling this choice heterogeneity strikes a delicate balance between explaining large-scale data and prescribing efficient operational policies. At the strategic level, for the assortment selection problem, we propose a "consider-then-choose" modeling approach, borne out by the marketing literature. Experiments on a large purchase panel dataset demonstrate the strong predictive power of our models against common benchmarks. We develop a dynamic programming framework and show that many empirically vetted assumptions on how customers consider and then choose lead to tractable optimization models. Our algorithm dominates state-of-the-art commercial solvers in several regimes. Further, at the operational level, we study joint assortment and inventory management where customers show a dynamic substitution behavior. We derive the first provably good policies by revealing hidden submodular-like structure. Our approach is an order of magnitude faster than existing heuristics and increases revenue by 6% to 12% in experiments.
This work is based on several papers jointly with Profs. Vivek Farias, Retsef Levi and Danny Segev.

Finance

Intervenant : Stijn Van Nieuwerburgh
NYU - Leonard N. Stern School of Business

15 décembre 2016 - T022 - De 14h00 à 15h15


Routine Regulation: Balancing Contrasting Goals in Organizational Routines

Management et Ressources Humaines

Intervenant : Claus Rerup
Associate professor , Western University, Ivey Business School

9 décembre 2016 - T025 - De 10h00 à 11h30

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Stratégie et Politique d’Entreprise

Intervenant : Michaël Bikard
LBS

8 décembre 2016 - Salle du Conseil/B.Ramanantsoa - De 10h00 à 11h30


Managerial Role Transitions for Members of HighReliability Occupations

Management et Ressources Humaines

Intervenant : Nishani Siriwardane
Harvard Business School

5 décembre 2016 - T104 - De 09h10 à 10h40

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Internet adoption and knowledge diffusion

Informations Systems and Operations Management

Intervenant : Chris Forman
Professor from Cornell University (the IS department editor of Management Science)

5 décembre 2016 - Salle Bernard Ramanantsoa - Bâtiment V - De 10h30 à 12h00


What is the capacity of ICT to reduce the (geographical and technological) localization of knowledge? In this paper, we analyze the impact of Internet adoption within US firms on knowledge spillovers. More specifically, we investigate the impact of basic Internet access on the likelihood that patents invented at a given R&D establishment cite patents invented elsewhere within the same firm. Our findings suggest that adoption of Internet significantly fosters cross-location citations in a significant way, and that these effects are proportional to the technologically proximity of the establishments. This positive effect holds even when excluding collaborative patents or controlling for earlier collaborations, and suggests that Internet adoption has helped in reducing the spatial localization of knowledge but not in the ability to draw from new knowledge sources (i.e., across different technological areas).

Rich pickings? Risk, Return and Skill in the Portofolio of the Wealthy

Finance

Intervenant : Laurent Bach
Stockholm School of Economics

1 décembre 2016 - T017 - De 14h00 à 15h15


Diversity Investing

Finance

Intervenant : Oliver Spalt
Tilburg University

24 novembre 2016 - T004 - De 14h00 à 15h15


Based on a sample of more than 70,000 top executives in U.S. firms from 2001 to 2014, we show that top management team diversity – a new text–based measure of how diverse managers are in terms of personal characteristics and prior experiences – matters for stock returns. Diversity investing, i.e., going long firms with diverse management teams and short firms with homogenous teams, yields comparable returns, but higher Sharpe ratios, than most leading asset pricing anomalies over our sample period. Returns are driven by large-cap stocks and the long leg of the strategy.

Estimating the Effects of Informational Frictions on Credit Reallocation

Finance

Intervenant : Olivier Darmouni
Columbia Business School

17 novembre 2016 - T032 - De 14h00 à 15h15


This paper introduces a novel empirical approach to study the role of an informational friction limiting the reallocation of credit after a shock to banks. Because lenders use their private information about their borrowers when deciding which relationship to end, borrowers left looking for a new lender are adversely selected. To quantify the effects of this friction on aggregate lending, I develop an econometric model of relationships with three layers of information: (i) all lenders have some information about borrowers, but (ii) each lender has private information about its existing borrowers, and (iii) the econometrician observes neither. I show how to use bank shocks to identify this private information separately from information common to all lenders. I apply this approach to the U.S. corporate loan market during the crisis and find that the probability that a firm finds a new lender after a breakup would be 30% higher if there were no private information. At the aggregate level, $14 billion new loans were not made because of this friction. Moreover, interventions supporting weak lenders exacerbate adverse selection and this equilibrium effect reduces their effectiveness.

Transformation of Corporate Scope in US Bank Holding Companies: Patterns and Performance Implications

Finance

Intervenant : Nicola Cetorelli
Federal Reserve Bank of New York

9 novembre 2016 - S211 - De 14h00 à 15h15


This paper presents the first population‐wide study of the transformation in the business scope of US banks over the last 25 years. Using a novel database containing the time series details of the entire organizational structure of individual bank holding companies, we analyze the evolution of the boundaries of the US banking firm. We document an extremely dynamic industry, where the vast majority of banks pursue a wide array of scope‐transformation strategies, gaining control over diverse business subsidiaries that go well beyond the traditional confines of deposit‐taking and loan‐making, but also exiting from businesses they had entered before. At the industry level, this process of transformation shapes what constitutes the prevailing business model for a banking firm, with scale and scope increasing, and with popularity of particular types of subsidiaries waxing and waning over time, reflecting changes in the underlying technology of financial intermediation. We first duplicate existing research on banks’scope that had relied on listed companies, and confirm that diversification and scope expansion, on the whole, impact performance negatively. We then move beyond existing research by looking at the mode of diversification, considering divestitures, and looking at the specific industries into which banks expand. Due to the breadth of our data, we can track the de facto “modal” business model in terms of subsidiary composition in the sector. We find that firms whose expansion keeps them closer to the “modal bank” are better off compared to those pursuing generic diversification. Likewise, firms that move into “hot” activities, which is where their peers have been investing recently, also benefit. Acknowledging the potential influence of both technological evolution and pressures for conformity with industry trends, we unpack the dynamics of scope expansion over time. We find that early expanders into particular activities actually benefit more—whereas late adopters, rather than benefitting by “fitting the norm,” lose out. Our research thus provides a more nuanced view of the benefits and costs of bank diversification, pointing to the importance of sector‐level transformation and underlining the difference between early and late innovators in terms of changing business scope.


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