Articles

À la découverte du lien organisationnel : avez-vous lu A. O. Hirschman ?

A. BLOCH, H. DUMEZ, R. DURAND, A-C. MARTINET

Management International

Winter 2018, vol. 22, n°2, pp.9-12

Departments: Strategy & Business Policy, GREGHEC (CNRS)

Keywords: Théorie des organisations, Hirschman, sortie, voix, loyauté

http://www.managementinternational.ca/catalog/introduction-au-dossier-special-vol-22-n2.html


A Model of Trading in the Art Market

S. LOVO, C. SPAENJERS

American Economic Review

March 2018, vol. 108, n°3, pp.744-774

Departments: Finance, GREGHEC (CNRS)

Keywords: art; auctions; endogenous trading; price indexes; private values; returns

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2404339


We present an infinite-horizon model of endogenous trading in the art auction market. Agents make purchase and sale decisions based on the relative magnitude of their private use value in each period. Our model generates endogenous cross-sectional and time-series patterns in investment outcomes. Average returns and buy-in probabilities are negatively correlated with the time between purchase and resale (attempt). Idiosyncratic risk does not converge to zero as the holding period shrinks. Prices and auction volume increase during expansions. Our model finds empirical support in auction data and has implications for selection biases in observed prices and transaction-based price indexes

A Universe of Stories: Mobilizing Narrative Practices During Transformative Change

E. DALPIAZ, G. DI STEFANO

Strategic Management Journal

March 2018, vol. 39, n°3, pp.664-696

Departments: Strategy & Business Policy, GREGHEC (CNRS)

Keywords: strategic change, narrative, strategyaspractice, storytelling, reflection

https://onlinelibrary.wiley.com/doi/pdf/10.1002/smj.2730


Constructing narratives of transformative change is an important but challenging practice through which strategy makers attempt to influence acceptance of an ongoing transformation. To understand whether and how strategy makers can construct a steady influx of captivating narratives of transformative change, we analyzed how one noted strategy maker assisted the successful transformation of his organization over three decades by orchestrating the production of change narratives. Our analysis reveals that the strategy maker constructed and reconstructed meanings of change over time using three sets of distinct but interconnected narrative practices. We develop a dynamic model linking the simultaneous mobilization of these practices to strategy makers’ ability to harness the persistent tension between novelty and familiarity in a transformative change, and thereby win endorsement from key audiences. This paper was accepted for publication on Strategic Management Journal Special Issue on "Strategy Processes and Practices: Dialogues and Intersections"

An Integrated Revenue Management Framework for a Firm's Greening, Pricing and Inventory Decisions

S. A. RAZA, S. RATHINAM, M. TURIAC, L. KERBACHE

International Journal of Production Economics

January 2018, vol. 195, pp.373-390

Departments: GREGHEC (CNRS)

Keywords: Environment, Newsvendor problem, Pricing, Market segmentation, Distribution-free approach

http://www.sciencedirect.com/science/journal/aip/09255273


There is a growing interest on developing efficient ways of incorporating environmental considerations into business practices in order to meet both consumers' demand for green products/services, and the firms' sustainable profitability. The main contribution of this article is in developing an integrated revenue management framework to address a firm's greening (investment) effort, pricing and inventory decisions. It is assumed that the firm inaugurates a green product along with its existing product. Even though the firm offers both the green and regular product at differentiated prices, the market segmentation as a result of this price differentiation is regarded as imperfect. This imperfect market segmentation causes a demand leakage mainly due to the heterogeneity among the customers' willingness-to-pay. These effects are included in our proposed model and simplified analytical solutions are developed to solve the same. Additional scenarios where a firm experiences a price-dependent stochastic demand with an unknown distribution is also modeled. This scenario is addressed using a distribution-free approach based on Scarf' s rule. The performance of the proposed methods and the significance of the modeling framework are finally corroborated through several simulations. This analysis provides a sustainable environment, production and retailing framework while still augmenting profitability using fundamental tools from revenue management

Belief-free price formation

J. HÖRNER, S. LOVO, T. TOMALA

Journal of Financial Economics

February 2018, vol. 127, n°2, pp.342-365

Departments: Finance, GREGHEC (CNRS), Economics & Decision Sciences

Keywords: Financial market microstructure, Informed dealers, Price volatility, Belief-free equilibria

https://www.sciencedirect.com/science/article/pii/S0304405X17302921


We analyze security price formation in a dynamic setting in which long-lived dealers re- peatedly compete for the opportunity to trade with short-lived retail traders. We charac- terize equilibria in which dealers’ pricing strategies are optimal irrespective of the private information that each dealer may possess. Thus, our model’s predictions are robust to dif- ferent specifications of the dealers’ information structure. These equilibria reconcile, in a unified and parsimonious framework, price dynamics that are reminiscent of well-known stylized facts: excess price volatility, price to trading flow correlation, stochastic volatility and inventory-related trading


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