Séminaires de Recherche

Personal Initiative Training: Theory, Empirical Evidence, and Where to Go

Management et Ressources Humaines

Intervenant : Michael FRESE
National University of Singapore, Business School and Leuphana University of Lueneburg, Germany

12 octobre 2018 - T201 - De 13h30 à 15h00

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Accounting, Simultaneity and Relative Completeness: The Sales and Operations Planning Forecast and the Enactment of the "Flow of the Product".

Comptabilité et Contrôle de Gestion

Intervenant : Reaven YU
University of Sydney

12 octobre 2018 - HEC Paris - Salle T004 - De 14h00 à 16h00


This is a study of the dynamic relations between accounting and an object it enacts. It analyses the construction of a Sales and Operations Planning (S&OP) forecast which is involved in attempts to coordinate laterally interdependent production and sales processes (a ‘flow of the product’) which ‘strike back’ and challenge accounting’s inscriptions hereof. This is important because much literature on accounting’s precariousness focuses primarily on how managers read, talk and make sense of accounting when realities it re-presents are absent. This paper analyses accounting when its development and role is an effect of a dynamic interaction with the ‘flow of the product’ which continually reveals new subsistence to be taken into account by accounting. The analysis finds that not only accounting but also the subsistence of the ’flow of the product’ have histories which meet and develop new accountings at so-called crossing points. The study makes two contributions. Firstly, it shows that when realities are ontologically multiple, such as the ‘flow of the product,’ accounting proliferates but neither substitutes a previous one nor competes with other ones; accounting accumulates and become multiple. Therefore, many accountings co-exist in a temporality of simultaneity rather than in one of succession. Here, accountings inscribe the many different time-spaces that proliferate because of the requirement of adaptation to many others with different time-space horizons due to the principle of lateral coordination. Secondly, the study proposes relative completeness as a complementary mechanism to that of incompleteness and instability. Relative completeness here refers to a situation where accounting co-exists with the subsistence of reality that it develops into a decision opportunity. Accounting exists side by side of the subsistence that it makes visible in planning terms. Absences are performative under relative completeness because they have been discovered, inscribed, delegated and topologised along with accounting. Accounting and subsistence are both part of the realities enacted as the ‘flow of the product.’

THE CAPM HOLDS

Finance

Intervenant : Michael Hasler

11 octobre 2018 - T104 - De 14h00 à 15h15

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Under some realistic condition, the conditional risk premium of an asset is equal to its conditional market beta times the conditional risk premium of the market (Merton, 1972). We empirically test this CAPM relationship using beta-sorted portfolios, size-and-book-to-market sorted portfolios, and industry portfolios. We show that regressing an asset excess return onto the product of its conditional beta and the market excess return yields an R2 of about 80%, an intercept of zero, and a slope of one. These results provide strong evidence that a single factor explains both the level and the variation in the cross-section of returns.

The Visual Judgment of Performance

Management et Ressources Humaines

Intervenant : Chia-Jung TSAY
UCL School of Management

5 octobre 2018 - Bernard Ramanantsoa room - De 10h00 à 11h30


Social judgments and impressions are often made on the basis of minimal information. In the domain of music, people consistently report that the most important source of information in evaluating performance is sound; nonetheless, a first set of experiments demonstrated that people actually rely on visual information when making judgments about music performance. These findings were extended through additional sets of studies elaborating on the generalizability and persistence of these effects, such as in the judgment of entrepreneurial pitch competitions, analyst forecasts of firm performance, and in service operations in the food industry. Works in progress discuss the role of expertise in decision making and implications for organizational performance.

Strategic Capacity Choice and Supply Chain Asset Prices

Finance

Intervenant : Cecilia Bustamante

4 octobre 2018 - T104 - De 14h00 à 15h15


Escaping the Losses from Trade: The Impact of Heterogeneity on Skill Acquisition

Economie et Sciences de la décision

Intervenant : Axelle Ferrière
Paris School of Economics

4 octobre 2018 - Bâtiment T salle T015 - De 14h00 à 15h00


Trade openness generates aggregate welfare gains, but it also raises distributional concerns. As the wage premium increases, it benefits high-skill relative to low-skill workers. However,there are different margins of adjustment to overcome the initial losses from trade. In this paper we study how trade shocks affect skill acquisition decisions by heterogeneous agents and analyze differences in welfare gains across workers and over time, short vs long-run. First, we exploit variation in exposure to trade shocks across space in the United States and show empirically that greater import penetration (i) deteriorated labor market conditions for low-skill workers (workers without a college education), but (ii) increased overall college enrollment. Then, we build a dynamic heterogeneous-household life-cycle model of international trade with incomplete credit markets. The model incorporates an endogenous costly skill acquisition, which allows unskilled workers to invest in education and escape the short-run losses of trade openness. We calibrate the model to match trends in aggregate trade in the United States between the late 1980s and 2010. A decline in import barriers for manufactured goods generates positive welfare gains for all workers in the long-run. Nevertheless, at first, some workers experience large welfare costs. On impact, a sharp increase in the wage premium is detrimental to low-skill workers. Gradually, college enrollment rates of new cohorts positively responds to the higher wage premium, but enrollment decisions depend on initial wealth and ability. Low-wealth low-income households take the longest to acquire skills, if ever. They are therefore the last to experience positive gains from trade openness, which in some cases may not realize within a life-time.

Innovation under Risk and Ambiguity

Economie et Sciences de la décision

Intervenant : S. Abraham Ravid
Yeshiva University

2 octobre 2018 - Bâtiment T salle T004 - De 14h00 à 15h00


We explore the implications of ambiguity (Knightian uncertainty) and risk for innovation decisions through the lens of real options. Our theoretical model predicts that risk will increase the value of real-options type investments, whereas ambiguity should decrease the value of such options for ambiguity averse decision makers. In our empirical study, we find that innovation investments are significantly affected by both risk and ambiguity, generally confirming the theoretical model. We investigate innovation inputs (R&D investment), as well as intermediate innovation output (patents and citations). We also show that different types of firms are affected in different ways by risk and ambiguity. These results show that ambiguity and risk capture separate dimensions of uncertainty, which may affect investment decisions in general, and innovation in particular, in different ways.

(Why) do central banks care about their profits?

Finance

Intervenant : Martin Schmalz

27 septembre 2018 - T104 - De 14h00 à 15h15

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We document that central banks are significantly more likely to reportslightly positive profitsthan slightly negative profits, especially amid greater political pressure, the public’s receptiveness to more extreme political views, and when governors are reappointable. Profit concerns are absent when no such factors are present. The propensity to report small profits over small losses is correlated with a more lenient monetary policy and greater tolerance for inflation. We conclude that profitability concerns, although absent from standard theory, are present and effective in practice. These findings inform a debate about monetary stability and the effectiveness of non-traditional central banking.

Firms’ Internal Networks and Local Economic Shocks

Finance

Intervenant : Xavier Giroud

21 septembre 2018 - T105 - De 14h00 à 15h15

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This paper shows that firms’ internal networks of establishments constitute an important channel through which local shocks propagate across U.S. regions. Using confidential data at the establishment level from the U.S. Census Bureau, we find that local establishment-level employment responds strongly to shocks in distant regions in which the firm is operating. Consistent with theory, the elasticity with respect to such shocks is increasing in firms’ financial constraints. To account for general equilibrium adjustments, we examine aggregate employment at the county level. We find that county-level employment is highly sensitive to shocks in other counties linked through firms’ internal networks.

Accounting for violence: Heterogeneous interests, the crafting of distinctions, and accounting

Comptabilité et Contrôle de Gestion

Intervenant : Kalle Kraus
Stockholm School of Economics

14 septembre 2018 - HEC Paris - salle T004 - De 14h00 à 16h00


This paper examines how accounting is implicated in the crafting of distinctions with a view to understanding how sporting organisations manage heterogeneous and potentially conflicting interests. We do so in the context of accounting for violence, examining legislation concerning the payment by Swedish elite football clubs of policing costs with respect to public safety and order on match day. The Public Order Act (1993) stated such costs were payable by entities with a “profitable purpose”. However, the meaning of a profitable purpose has been subject to ongoing contestation by football clubs, which are required to manage both the commercial interests of male elite football and the extensive amateur interests embedded in overarching voluntary sport organisations. Callon and Muniesa’s (2005) proposition guides our research; the materialisation of distinctions is central to accounting in a context of conflicting interests. We follow the crafting of distinctions between the responsibility for the payment or non-payment of policing costs in the Swedish premiere league between 1999-2014. Our narrative is informed by documentary and interview data, which focuses on one of the high-risk Stockholm clubs. We highlight the constructed and contested materiality of the distinctions informing accounting calculations. Our research also has practical implications for sports administrators, demonstrating the importance of distinctions and the role of accounting in managing the potentially contradictory and heterogeneous interests associated with sporting clubs.


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