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Seminari di Dipartimento

I seminari settimanali organizzati dal Dipartimento

Tuesday, 12 December 2017

Chiara Franzoni (Politecnico di Milano)

Entrepreneurial passion and the acquisition of financial resources in Crowdfunding


We investigate the role of entrepreneurial passion displayed through affective passion and preparedness as a persuasive mechanism conducive to support in crowdfunding. We assess the emotion cues contained in the language of the entrepreneurial narratives by means of content analysis. Results of probit model estimates on more then 14,000 Kickstarter campaigns show that affective passion and preparedness increase the likelihood of success of +15.1% and +8.2% respectively. Moreover, the effect of entrepreneurial passion is stronger when the information is provided in a context of low ambiguity and the effect of preparedness is stronger when the language is less complex.


Thursday, 21 September 2017

Håkan Jankensgård (Lund University)

Corporate Hedging and Collateral Constraints: Evidence from a Difference-in-Difference Approach


Financially constrained firms have incentives to hedge in order to protect against declines in their financial status. Conversely, lack of collateral may prevent them from doing so. This paper brings evidence from a difference-in-difference approach to shed light on this central question in corporate hedging theory. Supporting the collateral constraints-theory of Rampini, Sufi, and Viswanathan (2014), I find a significant decrease in the hedge ratios of previously healthy firms that became financially distressed. Further supporting the theory, the evidence suggests that hedging crowded out investment in real assets.



Wednesday, 20 September 2017

Robert Tijssen (Leiden University)

Academic entrepreneurship and use-inspired researchers: from Pasteur's Quadrant to Pasteur's Cube model


Pasteur’s Quadrant model, published by Stokes in 1997, is becoming less suitable for contemporary science and innovation policy debate and analysis, which is increasingly dominated the need for concrete evidence, sophisticated benchmarking and impact measurement. This model’s two-dimensional abstract conceptual framework, based on individual motivations, is inadequate for classifying modern-day researchers, especially those in the large and heterogeneous ‘Pasteur type’ group who are engaged in ‘use-inspired’ basic scientific research.
This presentation introduces Pasteur’s Cube (PC), a model and taxonomy to address these shortcomings. Departing from a three-dimensional framework of research-related activities, the model enables various typologies of individual researchers. The PC model’s conceptual strength, as a heuristic tool, and the analytical robustness of the researcher typology, were tested empirically in two interrelated studies: an exploratory survey among 150 European universities and a follow-up case study of Leiden University in the Netherlands. Both studies applied the same metrics-based taxonomy that classified individual academics according to four performance categories: research publication output, propensity for research collaboration with the business sector, filing for patents, or engaging in entrepreneurial activities.
The collective results of both studies provide more clarity on relevant subgroups of use-inspired researchers. Introducing the ‘Crossover Collaborator’ researcher helps to explain the high-level research output and citation impact that tend to characterize Pasteur type academics. Mixed results are found on the performance profiles and background profiles of the ‘Researcher Only’, ‘Inventor’ and ‘Entrepreneur’ types, and the various hybrids of these PC-based researcher types.


Tuesday, 12 September 2017

Armin Schwienbacher (Skema Business School, Université Côte d’Azur)

The Information Content of Non-Binding Investment Commitments:

Lessons from Equity Crowdfunding


Are non-binding investment commitments informative? Some equity crowdfunding platforms offer an e-vote phase where current members of the platform can provide feedback on proposed projects before entrepreneurs are allowed to launch their campaign. Our large sample evidence shows that only 20% of the money committed during the e-vote is really invested. Our analysis suggests voters are subject to a hypothetical bias. Consistent with theory, we further find that this percentage is affected by differences among investors in wealth, education, and gender. While investment intentions are only partially reliable at the individual level, the aggregate amount of collected investment intentions is however a good predictor of campaign success.


Tuesday, 5 September 2017

Brendan O'Connell (RMIT University of Melbourne)

Formal Research Assessment Exercises: A Critical Historical Perspective


This paper critiques research performance in university accounting departments and formal government research assessment exercises (RAEs). Our analysis of the prior literature has highlighted that while the quality and output of accounting research appears to be rising over time, problems with declining diversity, lack of practical application, stratification of the academy, elitism and gaming of the system are increasing. Evidence from the history of the Australian RAE is then presented informed through the lens of academic elitism and ‘symbolic violence’ as proposed by Bourdieu (1977; 1988). Our findings indicate that far fewer accounting schools in Australia are considered ‘world class’ compared to other business-related disciplines and the rate of increase across time in the number of programs being rated as world class is far below that of these other disciplines. These findings are despite a similar rate of increase in publications and grant success to the other disciplines studied.


Tuesday, 23 May 2017

Ollier Malaterre (Université du Québec à Montréal)





Wednesday, 10 May 2017

Enrico Onali (Aston Business School)

Women on the board and government bailouts


We are the first to examine the impact of gender diversity in bank boards on the probability and size of government bailouts. Our findings suggest that banks with a more gender-diverse board are less likely to receive a government bailout, and receive a lower amount of bailout funds (in the form of credit lines and recapitalizations) as a percentage of total assets. Gender diversity is also negatively related to bank risk as proxied by the ratio of non-performing loans to total loans, and positively related to bank profitability. Consistent with previous literature, we also find that more gender-diverse bank boards have higher payout ratios, consistent with an agency costs hypothesis. Our findings are robust to a variety of econometric techniques, including instrumental-variables estimation.


Tuesday, 9 May 2017

Otto Randl (WU Vienna University of Economics and Business)

Dividend Risk Premia


This paper studies time variation in the expected excess returns of traded claims on dividends, bonds, and stock indices for international markets. We introduce a novel dividend risk factor that complements the well-known bond risk factor of Cochrane and Piazzesi (2005). When the dividend risk factor and the bond risk factor are employed jointly, our model fits well to variations in subsequent one-year excess returns of dividend swaps and stock indices of the U.S., the U.K., the Eurozone and Japan. By aggregating over the factors of these four core regions, we create global dividend and bond risk factors that capture the excess returns of most developed market MSCI country indices, as well as a variety of other assets including high-yield bonds and a volatility-selling strategy. Our findings highlight the value of information contained in dividend and bond forward curves and suggest substantial co-movement in international risk premia.


Tuesday, 2 May 2017

Daniel Cable (London Business School).

Highlighting Newcomers’ Strengths Affects Their Psychological Employment Contracts


We propose that by highlighting and activating newcomers’ strengths, employers can affect the psychological contracts that are developed during the first year of employment. In a longitudinal field experiment we conducted at a global consulting firm, data confirmed that a strengths activation stopped newcomers’ drift toward transactional psychological contracts, reducing quit intentions one year later. Results showed that strengths activation was more effective when it included information from one’s social network rather than only personal reflections. In a follow-up field study, we replicated the relationship between organizations’ strengths activation and newcomers’ psychological contracts across industries and companies, and demonstrated the mediating role of self-expression in the model.


Wednesday, 26 April 2017

Ralitza Nikolaeva (Nazarbayev University).

When Theory Is Not Enough: Imprinting, Inertia, and Non-linear Dynamic Effects


Management sciences suffer from scarce theory regarding temporal effects and limited awareness of methodologies to measure complex relationships. In addition, the predominant hypothetico-deductive approach discourages discoveries. This article addresses such concerns with an example of e-tailers survival study. First, it presents arguments as to why factor effects would change as firms age based on the mechanisms of imprinting and inertia. Second, it employs a flexible method to model dynamics by interacting covariates with fractional polynomials of time. Third, accounting for dynamics is a good example of how methodological rigor can be a vehicle for fine-tuning theories based on an abductive approach. The dynamic model is better fitting and conforms to plausible theoretical extensions. Most of the independent variables’ effects are dynamic illustrating the gravity of assuming constant effects. Specifically, the results indicate that imprinted and contemporaneous effects may change signs over time, which can lead to refinements of existing theories.)


Wednesday, 29 March 2017

Roberto Di Pietra (University of Siena).





Tuesday, 28 March 2017

Daniele Mascia (DiSA, University of Bologna).

Knowledge Diversity and Organizational Change Effectiveness: A Multilevel Retrospective Study


Contemporary organizations are increasingly called to undertake restructuring interventions, many of which often lead to the modification of workforce diversity. This study investigates how individual-level dissimilarity (relational demography) and subunit-level membership heterogeneity (department diversity), as resulted from change, influence organizational change consequences. We focus on knowledge diversity taking into consideration two relevant variables of individual knowledge, namely educational background and organizational tenure. We study change consequences as individual job satisfaction and perceived group collaboration after the change. By adopting a multilevel perspective, we develop hypotheses about the impact of subordinate-supervisor knowledge dissimilarity and subunit knowledge diversity on perceived change consequences. Moreover, we advance the hypothesis that the implementation lag, i.e. the time elapsed from the implementation of restructuring intervention, moderates the positive relationships between subunit knowledge diversity and perceived change effectiveness. Data used in the analysis come from 745 physicians nested in 40 hospital departments, and were collected through mixed methods (surveys and biographic data accessing). Multilevel analyses of our data document that individual job satisfaction after the change is negatively affected by organizational tenure dissimilarity between subordinates and supervisors, and that the positive effect that subunit knowledge diversity has on both organizational change consequences is stronger when the implementation lag is longer. We discuss the theoretical contribution and practice implications of our findings.


Tuesday, 21 March 2017

Paolo Ferri (Department of Management, University of Bologna).





Tuesday, 7 March 2017

Paolo Guenzi (Bocconi University).

Situational Leadership, Motivation-Opportunity-Ability and Price Defence Behavior


We analyze the role of the supervisor / leader in influencing "price defense behavior" of sellers, by developing a model that examines the combined effect of role modeling of the supervisor (the practicing of price defence behavior), leadership style, and other variables from the seller.
We refer to the situational leadership and the Motivation-Opportunity-Ability framework for examining the interpersonal influence of the supervisor on the adoption of price defense behavior by the seller.


Tuesday, 28 February 2017

Galla Salganik-Shoshan (Ben-Gurion University of Negev).

Facilitating Takeovers: The Case of Coordinated Monitoring


We document that coordination among institutional investors affect how firms behave in the takeover market. We use geographic distance between the largest firms’ institutional investors as proxy for the ease of communication, cooperation and coordination among institutional investors. Consistent with the view that geographic proximity allows investors to facilitate more deals, firms with geographically close institutional shareholders are more likely to acquire other companies. We also show that M&As carried out firms for which institutional investors are geographically close, tend to generate higher abnormal returns around their announcement. Overall, these findings indicate that coordination among investors not only increases takeover activity, but also it improves its quality. We provide further support by showing that when corporate governance quality of the acquiring firm is low, or when its information cost is high, geographic closeness between main institutional owners plays a more important role.


Tuesday, 21 February 2017

Amedeo Pugliese (University of Padova).

Information Exchange And Accountability Processes In The Boardroom


Information exchange is a key mechanism with which to ensure accountability creation in corporate governance. The extant literature points to the imbalance between the information insiders have and that which non-executive directors have, and views information exchange in light of discharging duties in order to re-balance information asymmetries. In spite of its intuitive appeal and consensus, this approach does not take into account that boards are information-processing groups that need to exchange and aggregate information before making decisions. This study offers a systematic account of the nature and dynamics of information exchange in a boardroom setting and unveils how board-level information exchanges shape accountability creation for the purpose of decision-making.
We videotaped three board meetings at two organizations and interviewed their directors to uncover some of the mechanisms that underlie boardroom information exchange that are not evident in prior literature because of the difficulty in accessing the boardroom. We document the presence of recurrent board-communication patterns that generate functional boardroom interactions and show that board work requires the reduction of asymmetries (e.g., information acquisition) and the integration of challenges, advice, and ideas into decision-making (information processing). We explain that these board-level mechanisms involve both inside and outside directors across the range of information-acquisition and information-processing behaviours.

Tuesday, 7 February 2017

Zvika Afik (Ben-Gurion University of Negev).

Have credit ratings become more accurate?


Rating agencies play a central role in bond markets. However, the quality of credit ratings is continuously debated. We suggest that the tightening of rating standards observed in prior literature may be partially explained by rating accuracy improvement. We reconfirm that corporate credit ratings have become more stringent over time. Firms with similar accounting profile have a lower rating then they used to have previously.  This paper sheds new light on the evolving quality of credit ratings and their underlying trends. Our analysis shows that ratings are now more correlated with market data than before and less correlated with accounting data than before. Furthermore, we find evidence for improving credit rating quality over time in terms of default prediction. We conclude that rating accuracy has improved over time, and hence, some of prior studies’ critique on rating agencies seems outdated.



Tuesday, 24 January 2017

Marcello Russo (University of Bologna, Department of Management).

Speaking from experience: The impact of stereotype threat on self-presentation and outcomes for non-native speakers


The rising globalization of education and employment increases interactions between native and non-native speakers. Stigma has been documented for non-native speakers because of their accent. However, non-native accents have been virtually ignored by organizational research, even though the number of people who work in a second language continues to grow. In this paper, we present the results of a two-studied research conducted in US, France and Italy on the impact of stereotype threat, which refers to the individual awareness of being negatively judged because of their accent, on non-native speakers’ attitudes and behaviours. In brief, we examine the link between stereotype threat and non-native speakers’ emotions and behaviours, assuming that the the greater the awareness of being negatively stereotyped because of own non-native accent, the more likely the experience of negative emotions (greater anxiety and less enjoyment of the interaction) and the undertaking of defensive impression management strategies for foreign employees. We also consider the moderating role of malleability and positive attitudes toward own accent on the hypothesised relationships. Implications for theory and practice are discussed.


Tuesday, 20 December 2016

Letizia Mortara (Institute for Manufacturing, University of Cambridge).

RFabrication Spaces and their potential impact for entrepreneurs


‘Fab-spaces’ encompass organisations which provide a suite of manufacturing tools and technologies openly accessible by the public. They are growing in number in many countries, taking a variety of forms and providing an assortment of different innovation/production tools. Through Fab-spaces, ordinary people can become involved in the development of innovative solutions or in the direct production of goods. Fab-spaces could be a new institutional context which influences entrepreneurial behaviour. How do Fab-spaces support entrepreneurs? How do they differ in the eyes of entrepreneurs?


Monday, 19 December 2016

Franco Fiordelisi (Università Roma Tre).





Tuesday, 29 November 2016

Bart Clarysse (ETH Zurich, Department of Management, Technology and Economics), with Petra Andries and Sergio Costa.

Disentangling the Technology to Market Problem: How do Organizations Search for New Markets?


Whereas entrepreneurship studies document how founders’ prior knowledge affects the identification of technology-to-market solutions prior to entry, popular work and resource-based literature show that both new and established firms continue their market search long after identifying an initial technology-to-market solution. This study extends insights on organizational search to investigate how technology-driven organizations search for market applications. A longitudinal case-study of five technology-driven ventures shows that, after startup, they continued to search for markets and also engaged in technology search to evaluate those markets. Interestingly, these technology and market search processes were very distinct. Whereas technology search took the form of an algorithmic task, market search was heuristic. In line with this heuristic character, two distinct market search approaches emerged—targeted market search and technology broadcasting—with different capacities for identifying technology-to-market solutions outside a venture’s knowledge base. Targeted market search requires the venture to identify and evaluate a potential market itself, while technology broadcasting entails broadcasting the technology to a variety of potential markets for external assessment. Our finding that technology and market search are intrinsically interwoven, but distinct in nature, has important implications for organizational search literature and entails challenges for organizations searching in both modes simultaneously.


Monday, 28 November 2016

Tao Wang (Grenoble Ecole de Management)

On-again, Off-again: Corporate Political Actions between Political and Corporate Governance in Transition Economies


This paper addresses the loose connection between political and corporate governance and identifies the contingencies under which the connection facilitates or hinders corporate political actions. Specifically, we examine whether and when firms are more likely to engage in proactive and passive political actions simultaneously in the private sector of transition economies. Drawing on resource dependence theory and institutional theory we argue that the nature of firms – being reformed or conventional – will affect their propensity of political actions in transition economies. This relationship is moderated by whether firms adopt modern corporate governance measures and internalize political convictions. We test hypotheses using a unique firm-level survey dataset on nationwide samples of privately owned firms in China in 2006. Results lend substantial support to hypotheses.


Tuesday, 22 November 2016

Marius Tuft Mathisen (Norwegian University of Science and Technology) with Øystein Widding (Norwegian University of Science and Technology)

Trade Sales as a Growth Mode: Research-Based Spin-Off Companies and An Emerging Theory of Firm Value


We have a limited theoretical understanding of how new ventures grow, and lack insight into dynamic growth processes. This paper adopts the growth mode perspective, and addresses two important gaps in the literature: First, trade sales have largely been overlooked in the literature as a distinct mode of growth. Second, firm value has been neglected despite being a fundamental element of the growth construct. We address these gaps by integrating theory of uncertainty and information asymmetry with an inductive case study of nine trade sales. We contribute to the firm growth literature by identifying the three theoretical dimensions of uncertainty reduction, synergy potential and credible alternatives as determinants of firm value in the context of trade sales, outlined in a dynamic model of how these dimensions interact. Second, we contribute to the M&A literature by developing an emerging theory of strategic valuation applicable for acquisitions under conditions of high uncertainty.


Friday, 11 November 2016

Stoyan Sgourev (with Elisa Operti and Shemuel Y. Lampronti) Essec Business School, Paris

Rivalry Flips the Lens: Gender-Specific Effects in Network Recall


It is well-established that women perform better than men on relational cognitive tasks. However, research has paid little attention to how female and male cognitive differences are affected by high  competition. Recent studies attest that rivalry, as the most intense form of competition, affects a range of behavioral outcomes. We connect these literatures by designing a study where 149 participants are given the task of recalling a network to which they were exposed. Contrary to expectations that rivalry interferes with cognitive abilities, we do not find a main effect on accuracy of recall. The results show that women perform better than men overall and that they are also superior at capturing unbalanced triads. However, upon a rivalry treatment (recounting a situation involving rivalry), the dependency   is reversed – men improve their recall accuracy, while female performance declines. Rivalry flips the lens through which networks are perceived, reinforcing the ability to focus for men and the tendency to forget for women.  These results are not driven by anxiety, stress or the use of cognitive heuristics. We discuss the implications for female performance in the workplace and our next research steps - examining relational cognitive abilities in contexts where rivalry is salient, such as in the city of Siena.


Thursday, 3 November 2016

Marco Pellitteri, Foreign Research Fellow, Università di Kobe, Graduate School of Humanities, Faculty of Letters, Department of Sociology.

Dirty, ugly, and bad: Japanese animation and its Italian success. The curious entrepreneurial case of “Goldrake” from Japan to Italy, passing through France


In most contributions on the history of Japanese animation (anime) overseas, the main focus is frequently on the success of the series or movies; on fans and their subcultural practices; on piracy; etc. At times, however, researchers ought to use different frameworks. It is here that the analysis of global creative industries can step in. Such strategy frames the international flows of cultural products, such as anime, not as immaterial objects but as actual commodities, which need human intermediaries. To illustrate this, a concrete case will be reconstructed. In 1978, the robot-themed anime series Ufo Robo Grendizer (1975-77, Tōei) was broadcast in Italy (here renamed Atlas Ufo Robot – Goldrake) and France (Goldorak) with high share ratings. Its success led to a great amount of merchandising, media coverage, and a public debate. Its impact, moreover, paved the way to hundreds of more anime series. The chapter discusses the role of the human traders involved in the transactions between Tōei and the European businessmen and producers who took part in the negotiations. It will be demonstrated how a few intuitional individuals took their chances in the, back then, growing and competitive television market, and placed at a cheap price a show that ignited a cultural and commercial boom for the years to come.

Thursday, 20 October 2016

Sascha Albers, Professor of International Management at the University of Antwerp

Inter-organizational Capabilities and Network Member Dynamics


This paper provides a process model that shows how inter-organizational networks (IONs) assemble and maintain their member base to ensure collective rent generation. Based on an in-depth case analysis of a large retail network, we find that the ION relies specifically on three inter-organizational capabilities - sensing, bonding and deployment - to effectively detect potential threats and opportunities both internal and external to the network, to create cohesion among its members, and to approach and integrate new members. We show how these capabilities consist of a complex system of co-specialized routines that necessarily require both, network members and the network-administration-organization, to consistently maintain extant and acquire new members for the network.

Tuesday, 18 October 2016

Elio Shijaku (Postdoctoral Researcher at University of Barcelona)

Beauty or Beast: Organizational Aspirations and Dynamic Embeddedness in Strategic Alliance Formation


This study is motivated by a limited research in understanding performance-based aspiration mechanisms of firm strategic behavior in a dynamic network context. We propose an integrated framework bridging such concepts as performance feedback, and dynamic social networks to test our hypotheses in the global pharmaceutical industry for the period 1991-2012. In this sense, we integrate the concept of dynamic embeddedness in performance-based aspiration models, and show that organizational behavior in the form of strategic alliance formation is more visible the closer the distance between firm performance and its aspirations’ level, but less visible the further firm performance departs from its aspirations both above and below; these results being in line with current literature on the topic. In this sense, both the ‘beauty’ and the ‘beast’ firms seem to encounter a similar pattern of rigidity behavior, and reduced network dynamism albeit for different reasons. Additionally, we confirm that dynamically embedded firms moderate the relationship between strategic alliance formation and performance related aspirations. The findings provide important insights on the role of dynamic network measures in the traditional performance-based aspiration models and their continuous development.


Tuesday, 11 October 2016

Rouxelle De Villiers (Waikato Management School, NZ)

Flipping the classroom with trade talk tales: creative nonfiction writing ad theatre productio of customer-marketers interactions


This study describes creative nonfiction storytelling and in-class theatre productions of the tales as learning modules for advancing students’ knowledge, skills, and insights of marketing-buying theory and practice. This study presents the learning theory, procedures, tactics, and learning outcomes from a wide-ranging (involving students and their instructors in seven universities across four continents), five-month long student creative writing and theatre “showings” projects. The projects focus on learning-by-doing in the processes of nonfiction storytelling creations and drama enactments by trainees as ways of individualizing learning and developing high-order thinking-doing skills. By creating dialogues among participants in these reports, many of these trade tales are convertible into short theatrical plays which are suitable for in-class productions. The creations of marketer-buyer dialogues-in-context and productions achieve dramatic impacts on engaging students in learning marketing principles and how marketing-buying encounters end well, and sometimes badly, and the long-run effects of both outcomes.


Tuesday, 6 September 2016

Gabriele Pizzi (University of Bologna, Department of Management).

Qualtrics Software


Qualtrics special session, detailing the access and migration procedure, the common use and more advanced features of the Qualtrics software.


Monday, 4 July 2016

Angelito Calma (University of Melbourne).

The ‘celebrities’ in finance: a citation analysis of finance journals


This paper examines ten highly ranked journals in finance and identifies the most published authors, most cited articles, top publishing countries, top publishing universities, top publication years, and the most discussed topics using keywords. Using Web of Science™, all available data about each journal’s published articles were extracted. A total of 6,029 articles containing 23,521 keywords and 208,905 cited references were analysed. It is the first large-scale citation analysis study of its kind, representing data from 178 years of combined publication history. The study uses Gephi, a powerful data visualisation tool for large data. Results indicate that Viscusi, Chemmanur and Statman are the most published authors. The most cited article is Fama and French’s 1993 article Common risk factors in the returns on stocks and bonds with 522 citations. The most cited author is Eugene Fama with 2,848 citations followed by Michael Jensen with 1,367 citations. USA and England contributed more articles than any other country where University of California System ranked 1st. ‘Information’, ‘risk’ and ‘market’ were the most discussed topics. Findings from this study reveal not only the popular authors, articles and topics in the scholarly finance literature but also the lesser known areas of research which may need attention.


Tuesday, 21 June 2016

Steven O. Kimbrough (Wharton School, University of Pennsylvania) and Christine Chou (Dept. of International Business, National Dong Hwa University, Taiwan).

Text analytics and business intelligence


Tuesday, 7 June 2016

David Stark (Columbia University).

Attention Networks in Financial Markets


Who pays attention to what, when, and with how much intensity? And how do the resulting patterns affect how actors process new information and update beliefs? This paper contributes to the sociology of cognition by studying how the social structure of attention shapes valuation in financial markets. We define the social structure of attention as an evolving observation network created by multiple agents allocating their attention across multiple situations at different points in time and with different intensity. We argue that evaluation of the focal situation is structured by the temporality and criticality of prior situations. Situations more proximate in time and situations more prominent in attention (because of prior errors) will be more cognitively available for associative thinking. We develop and test propositions about how actors update beliefs by studying securities analysts. Our findings indicate that differential timing of exposure to prior situations and differential distribution of errors in predicting such prior events make a difference in how analysts will update their assessments of the same focal event.

Tuesday, 31 May 2016

Robert Tijssen (Leiden University).

University and Scientific Productivity

Tuesday, 24 May 2016

Massimo Magni (Associate Professor of Organization & Information Systems Management and Technology Department, Bocconi University).


Tuesday, 17 May 2016

Alexandra Polyakova (DISA Research Assistant, University of Bologna), with Ordanini A. and Estes Z.

Do I deserve it? Origins and consequences of consumer entitlement


The current research examines the role of entitlement, or an illegitimate sense of deservingness, in the marketplace. We focus on the antecedents of entitlement and describe a particular market situation that leads to an elevated sense of entitlement among a certain consumer group. Further to the existing literature, we demonstrate that a sense of entitlement has negative consequences that extend beyond the original circumstances in which it was triggered. More specifically, we argue that when certain customers are afforded preferential treatment, leading to an elevated sense of entitlement, this in turn gives rise to opportunistic behavior. We also explore the effect that a sense of entitlement has on different consumers depending on their prior relationship, if any, with the company or business in question. Across four studies, we show that when preferential treatment is afforded “non-loyal” customers of a company, those customers experience an elevated sense of entitlement and are more likely to behave opportunistically than the same company’s “loyal” customers are.


Wednesday, 11 May 2016

Angelo Tomaselli (PhD candidate – University of Bologna- DiSA)

New venture founding team reputation and the mediating role of new venture idea legitimacy on attracting investment capital: The case of the film industry


This study examines the effects of new venture reputation and legitimacy on attracting investment capital. Many scholars infer legitimacy and reputation from past actions of new venture founding team (VFT) members. This study focuses on the sociopolitical legitimacy of a new venture’s business idea, which is based on the quality evaluation by industry experts on behalf of a government institution. Contrary to most earlier studies, we show that reputation can be an antecedent of legitimacy instead of vice versa. We find that VFT reputation enhances the sociopolitical legitimacy of a new venture’s business idea, which in turn mediates the effect of VFT reputation on attracting investment capital. This mediation is significant only for the VFT member that is predominantly responsible for the technical development of the product(s) that the new venture aims to bring to market (e.g. the Chief Technology Officer), and not for the VFT member in charge of the overall management of the new venture (e.g. the Chief Executive Officer). We study this in the empirical setting of the Italian film industry, in which we focus on the sociopolitical legitimacy assigned to a film script by a government commission of industry professionals and experts, and on the capacity of this type of legitimacy to mediate the relationship between the reputations of the two key VFT members – the film director and film producer – and investments.

Tuesday, 10 May 2016

Gabriele Paolacci (Rotterdam School of Management) with J. Chandler

Inside the Turk: understanding mechanical turk as a participant pool


Mechanical Turk (MTurk), an online labor market created by Amazon, has recently become popular among social scientists as a source of survey and experimental data. The workers who populate this market have been assessed on dimensions that are universally relevant to understanding whether, why, and when they should be recruited as research participants. We discuss the characteristics of MTurk as a participant pool for psychology and other social sciences, highlighting the traits of the MTurk samples, why people become MTurk workers and research participants, and how data quality on MTurk compares to that from other pools and depends on controllable and uncontrollable factors.



Wednesday, 4 May 2016

Giovanni Formilan (Phd Candidate at University of Bologna).

Do you note me? The impact of multidimensional identity on Electronic Dance Music performance


The paper explores identity-related issues in Electronic Dance Music (EDM), an under-investigated setting in organization studies. I test four hypotheses relating EDM releases’ performance to categorical and relational dimensions of identity. Although mainly quantitative, the paper is supported by background interviews with field actors run in New York between October and December 2015. Drawing from categorization theory (Hsu, 2006; Leung, 2014; Merluzzi & Phillips, 2016; Zuckerman, 1999) and alliance portfolio perspective (George et al., 2001; Jiang et al., 2010; Wassmer & Dussauge, 2011), regression models test the following hypotheses: 1) inverted U-shaped relationship between EDM releases’ Grade of Generalism (weighted number of spanned styles) and commercial performance, 2) negative moderation of the cognitive distance between spanned styles on previous specification, 3) inverted U-shaped relationship between releasing artists’ Relational Pluralism (number of partner recording companies) and releases’ performance, and 4) negative effect of the interaction term between Generalism and Pluralism on releases’ performance (identity multidimensionality). All hypotheses are statistically confirmed. First, results support the idea that creative products generally benefit from some deviation from prototypes, till the point in which high novelty and experimentation confuse audience’s perception and cause disregard. Second, regression outcome suggests the presence of redundancy of the resources offered by recording companies, and hints that some degree of specialization and continuous collaboration with a moderate number of partners might be beneficial to releases’ performance. Finally, the significant coefficient of the multidimensional interaction term supports the intuition of considering multiple identity-shaping dimensions as jointly influencing performance. Especially from an inter-temporal perspective, this latter result is promising for scholars. For instance, penalty faced by generalist identities has not been found linearly affecting performance here as in most previous studies (Hsu, 2006; Zuckerman, 1999). Instead, linear and negative impact on performance has been proved attributable to identity multidimensionality – especially for actors with shorter careers on the field. This finding encourages further efforts toward testing more theoretically refined constructs of identity.


Tuesday, 27 April 2016

Marco Cecchini (Phd Candidate at University of Bologna).

Individual Differences in the Disposition Effect


We investigate the role of personality traits in explaining the disposition effect. The experimental analysis combines NEO IP-R five-factor personality measures with individual financial data from a trading simulation. Among our sample of 230 students we find strong heterogeneity in the level of disposition effect recorded. In explaining these differences and controlling for demographic variables, we find that extroversion is positively related with tendency to sell stocks at gain rather than at loss, while subjects with high conscientiousness and openness to experience are less biased.

Tuesday, 19 April 2016 (12.00 - 13.30)

Thomas Åstebro (HEC Paris) with Florian Hoos (HEC Paris)

The Effects of a Training Program to Encourage Social Entrepreneurship


We study the impact of a new nationally advertised six-month intensive training program to encourage social entrepreneurship among youth. Program costs were on the order of 12,000 euros per participant. We conduct a randomized field experiment where 50 applicants were randomly allocated to the program and 50 similar applicants were rejected. We measure social entrepreneurial skills, intentions, aspirations and actions, progress towards launching a venture, and some non-cognitive skills pre and post treatment. Treatment effects were marginal on ventures’ progression six months after program completion. We find no treatment effects on non-cognitive skills, intentions or aspirations. Those that had made more progress on their venture prior to the start of the program were more likely to make progress afterwards, irrespective of whether they joined the program or not. Training people to become entrepreneurs seems to be difficult and costly.


Thursday, 31 March 2016 (13.00 - 14.30)

Johan Wiklund (Syracuse University) with Wei Yu (Syracuse University), Reginald Tucker (University of Alabama) and Louis Marino (University of Alabama)

ADHD, Impulsivity and Entrepreneurship


Recently, entrepreneurship scholars have started to show interest in how “negative” traits associated with mental disorders such as ADHD and dyslexia may have positive implications in entrepreneurship. While this research has the potential of reaching important and counterintuitive results, it is still in its infancy, and the causal mechanisms as to why those individuals would be attracted to entrepreneurship have received very limited attention. Consequently, we draw on the person-environment fit literature, proposing that individuals are attracted to and engage in entrepreneurship because the task environment of entrepreneurship greatly fit the traits of those individuals. We develop and test a model suggesting that ADHD influences entrepreneurship through the multifaceted trait of impulsivity. Our results highlight the importance of sensation seeking, lack of premeditation and urgency for entrepreneurial intention, and of sensation seeking for business startup. ADHD indirectly influences entrepreneurship through impulsivity.


Thursday, 17 March 2016 (13.00 - 14.30)

James Ang (Florida State University)

Social Media and Corporate Governance: Acquisitions Under Negative Reactions from Small Investors


We investigate whether social media serve as an information intermediary thus enabling small shareholders to play a role in corporate governance. Using 303 large acquisition attempts that are accompanied by a negative stock price reaction at their announcements (“value-reducing acquisition attempts”) from 2010 to 2014, we find that the extent to which small shareholders oppose a proposed acquisition via social media (Internet stock message board) could influence the acquirer’s decision to withdraw a value-reducing acquisition attempt. We provide evidence that this impact is driven by social media disseminating the information more broadly, creating new content that helps investors understand the implications of the acquisition announcement, shaming managers into changing their decisions, and increasing the managers’ risk of being investigated and sanctioned for value-destroying acquisitions by government regulators.



Tuesday, 8 March 2016 (13.00 - 14.30)

Riccardo Fini (Università di Bologna) with Markus Perkmann (Imperial College London) and Julien Jourdan (Bocconi University)

Social valuation across multiple audiences


How is the valuation of an actor by a focal audience influenced by the actor’s popularity with an alternate audience? This question is critical to individuals and organizations relying on multiple audiences for key resources. We hypothesize that popularity with an alternate audience provides a signal about unobserved quality but, beyond a certain level, undermines conformity to the identity expected by the focal audience. The resulting inverted U-shape relationship, we further argue, is attenuated when actors have established a strong track record for quality, but strengthened when their track record is irregular and hence the focal audience faces uncertainty. We successfully test our hypotheses using panel data on 9,500 academic scientists at Imperial College London facing a focal audience of academic peers and an alternate audience of firms. Our work contributes to the understanding of valuation and socially endogenous inferences, and has implications for the management of organizations in complex environments....


Tuesday, 19 January 2016

Raymond Bubliene (Vilnius Gediminas Technical University, Lithuania).

A new challenge for Resilience and Emergency Management. EU Company Law and Employment Regulation


The seminar presents development, educational cooperation and new challenges of the innovative virtual interuniversity network for Resilience and Emergency Management. Three main components have been identified as the main elements of the network: development of the intelligent computer learning systems for resilience management (ICLS-RM); integration of concept of ICLS-RM with illustrative content of augmented reality; development of the virtual teaching environment at VGTU. The application of this network expand international relations and cooperation with the companies, enhance quality assurance, manage teaching and student services and triangulate knowledge creation and dissemination with education, innovation and research. As well introduction to the legal harmonization of law legislative rules and directives concerning regulation of EU Company Law. Acquaint with the rules of law which regulate types of commercial activity and companies in the EU. To acquant with the legal norms of EU and its Member States that regulates the formation, activities and winding up of enterprises as well as the right of establishment in the EU and the concept of the law applicable to enterprises. Will be given a general overview of the Employment Regulation as well as an in dept analysis of particular features of the Employment in EU. Introduction regarding the most recent tendencies in the area of free movement of workers, the right to look for a job, the right to reside, equal treatment.


Tuesday, 12 January 2016

Joshua Onome Imoniana (University of São Paulo, Faculty of Economic, Administration & Accounting).

Resilience and IT Risk Management Assurance - The role of IS Auditing


The aim of this study is to investigate the role of IS auditor in the lens of Resilience test in IT risk Management Assurance. The study has its relevance where the implications of abandonment of ISA 401 or suppression ISA 620 in auditing engagement particularly, when one reflects upon the current complexity from use of digital technologies and the questionings arising from the recent financial scandals. As a result, this phenomenon has challenged the knowledge, expertise and role of independent auditors, which is primarily aimed at ensuring the reliability of accounting information by asserting business transactions or events in terms of integrity, occurrence, accuracy, cutoff, classification and disclosure. The study toes the critical reality theories to in-depth investigate the role of IS audit in financial audit engagement team in this digital environment. Based on our analysis, the independent auditors need to rethink the neglect of ISA 401 and ISA 620 in order to ensure the true rule of quality of financial statement audit.


Friday, 27 November 2015

Joris J. Ebbers and Nachoem M. Wijnberg (University of Amsterdam Business School).

The co-evolution of selection system orientations and friendship networks among film school students


In this paper we study the value that students at a prestigious film school attach to the future opinions of different types of evaluators in the film industry once they graduate. This actor characteristic is called a selection system orientation (Bhansing, Leenders and Wijnberg, 2012) and denotes the relative importance an individual attaches to the evaluations  of  three  different  types  of  selectors:  market,  expert,  and  peer.   In the context  of  the  film  industry  these  are  respectively moviegoers,  independent  film critics, and fellow filmmakers. We collected three annual waves of data from a cohort of students at the Dutch Film Academy, which we analyzed using SIENA. We found that  students  with  a  higher  market  orientation nominate  more fellow students  as friends, while at the same time receive less friendship nominations. In addition, we found that influence effects are stronger than selection effects for all three types of selection system orientations. Finally, we found that influence effects the strongest for market, intermediate for peer, and weakest for expert orientation. Our study has two main contributions.  First,  we  extend  selection  system orientation  theory (Bhansing, Leenders and Wijnberg, 2012) by studying how it is affected by network structure and vice versa. Second, by studying selection system orientations, which is an indicator of future  aspiration  instead  of  current  behavior,  we  extend previous  applications  of SIENA focusing on non-observable actor characteristics (eg. Steglich et al., 2006).




Tuesday, 24 November 2015

Guido Fioretti (Department of Management, University of Bologna), Cristina Boari e Vincenza Odorici.

Model of Innovation and Knowledge Development Among Boundedly Rational Rival Firms


This  model  explores  the  consequences  of  common  theoretical  hypotheses  and  empirical stylized facts regarding innovation, knowledge development and knowledge management by geographically clustered, boundedly rational rival  firms. Its most innovative feature is that it assumes that the market performance of innovations can be predicted by their ability to bridge between existing pieces of knowledge.


Tuesday, 17 November 2015

Meruert Narenova (University of International Business, Almaty, KZ).

Theory and Practice of Resilience Management. State of art for didactical and research perspectives in Central Asia

Resilience Management is a new approach which becomes one of the priorities in the context of high turbulent global economic, natural and cultural environment. Resilience Management has a key importance for sustainable development of any society. Number of different risk factors –catastrophic events- tsunami, floods, earthquakes, snow mudlows (sel’) etc. have a significant impact on socio-economic stability of society, but at modern time humankind faces new challenges caused by cultural and religious in tolerance and as a consequence -intentional destruction of cultural heritage. Kazakhstan located in Central Asia has to tackle all of these challenges and to elaborate Resilience Management strategy to keep the pace of economic development at high rate.


Tuesday, 3 November 2015

Marcello Russo (Department of Management, KEDGE Business School).



Boundary management between work and family is of growing importance given increasing role blurring. However, most research focuses on individuals over couples. This paper explores how (in)congruence in coupled individuals’ boundary management (that is role identity centrality, boundary permeability and boundary control) relates to important worklife outcomes (work engagement, work-life balance and relationship satisfaction). Since coupled individuals may report better outcomes when their boundary management is consistent with national gender role ideology, we situate boundary management within a specific national cultural context and draw on a sample of 104 professional couples in Italy, where gender role ideology is more traditional than egalitarian. . Using polynomial regression and response surface methodology, we found that incongruent boundary management within the couple, when aligned with national gender role ideology, predicted better work and nonwork outcomes for both men and women. Italian men reported better work engagement and relationship satisfaction when they had higher work identity and work-to-family permeability than their partners. Italian women reported better outcomes when they reported higher boundary control, lower work identity and higher family-to-work permeability than their partners. This pattern only differed for family identity: Italian men and women reported better relationship satisfaction when both had high family identity.


Wednesday, 8 September 2015

Nurit Zaidman, Head of Strategy and International Management Program at the Department of Business Administration, Ben-Gurion University of the Negev (Currently visiting our Department).

Title:Interpersonal Relationships and Emotional Labor in Global Teams in the High-tech Industry


In this presentation I will discuss two papers focusing on interpersonal relationship and emotional labor in bicultural (Israeli-Indian) virtual teams. The papers are based on 200 semi-structured interviews collected at 43 organizations based in both India and Israel. The first paper focuses on the analysis of team member’s accounts and metaphors of their relationships with out-group members. Results show that: (a) team members construct their relationships with outgroup members keeping with their managers’ expectations to “produce and cooperate,” and reflecting the high tech culture in which employees are highly ‘objectified’ (b) there are strong evidence of power relations in participants’ metaphors and accounts reflecting the existence of Orientalism, power differences between the companies unites and individual differences. While existing research depicted team structure and leadership, the organizational context and team member’s cultural differences as factors explaining the construction of interpersonal relationships at global teams this study demonstrates that relationships in global tams are constructed by external macro factors such as the industry culture, and more importantly global and corporate power structures. The second paper focuses on team member’s emotional labor (EL), i.e., the effort, planning, and control needed to express organizationally desired emotion during interpersonal transactions. Results show that: (a) the difficulties of global virtual work often generate intense negative feelings. Employees are required to invest efforts in managing their emotion displays due to the need: to adjust their emotion displays to the emotion display norms of a foreign culture; to convey their emotional messages in a foreign language; to overcome the “lean” nature of virtual communication (b) there are two major EL strategies among team members, one of which is based on suppression and avoidance and the other on faking emotions. While the “first choice” among team members is avoidance-based EL, such EL in fact reinforces tendencies within global teams toward mutual avoidance, depersonalization, strong subgrouping, and weak team coherence. Proactive EL is more laborious and less common, but it does serve to reverse these tendencies. This study contributes to current research on global teams by demonstrating the importance of emotional labor processes on team coherence, and consequently also on team performance.


Wednesday, 1 July 2015

Cary Frydman, University of Southern California

What Drives Peer Effects in Financial Decision-Making? Neural and Behavioral Evidence


I use neural data collected from an experimental asset market to test the underlying mechanisms that generate peer effects. In a sample of randomly assigned subjects who are given identical information, I find strong causal peer effects in individual investment decisions. I then use the neural data to construct novel empirical tests that can distinguish between competing preferencebased explanations of peer effects. The observed neural activity is largely consistent with a preference for social status and relative wealth concerns. More generally, the neural data provide direct evidence that a change in relative wealth generates a utility shock that is distinct from a utility shock generated by a change in absolute wealth.



Tuesday, 30 June 2015

Gao Jian, Visiting Scholar in the Department of Economics of Harvard

Rescaling and restructuring process in China: the role of China Development Bank



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Wednesday, 10 June 2015

Berend Werenga, Professor-Emeritus of Marketing at Rotterdam School of Management

CMO and ROI, a behavioral approach to managerial decision making in marketing


How do you respond when receiving advice from somebody with the argumentation“my gut tells me so”or“this is what my intuition says”? Most likely, you wouldfind this justification insufficient and disregard the advice. Are there also situations where people do appreciate such intuitive advice and change their opinion accordingly?A growing number of authors write about the power of intuition in solving problems, showing that intuitively made decisions can be of higher quality than decisions based on analytical reasoning.
We want to know if decision makers, when receiving advice based on anintuitive cognitive process, also recognize the value of such advice. Is advice justified by intuition necessarily followed to a lesser extent than an advice justified by analysis? Furthermore, what are the important factors influencing the effect of intuitive justification on advice taking? Participants across three studies show that utilization of intuitive advice varies depending on advisor seniority and type of task for which the advice is given. Summarizing, the results suggest that decision makers a priori doubt the value of intuitive advice and only assess it as accurate if other cues in the advice setting corroborate this. Intuitively justified advice is utilized more if it comes from a senior advisor. In decision tasks with experiential products, intuitively justified advice can even have more impact than analytically justified advice. Copyright © 2013
John Wiley & Sons, Ltd.

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Tuesday, 26 May 2015

Alessandra Capezio, Australian National University

How to influence a Machiavellian Leader to advance career interests: The roles of upward influence tactics and perceived leader similarity


Upward influence tactics are goal-directed behaviors aimed at managing the impressions, decisions, and actions of leaders. Little is known about how leaders with dark personality traits impact follower’s use and effectiveness of upward influence behavior to advance their career interests. Integrating social influence theory and the realistic accuracy perspective, this study extends the burgeoning research on destructive leaders by examining the effects of Machiavellian leaders on followers’ use of upward influence tactics (i.e. ingratiation, assertiveness, and rational persuasion) and the moderating role of perceived leader similarity in predicting followers’ career advancement. Results from two independent samples drawing on multi-wave, multi-source data (i.e. over three time periods for Study 1 and two time periods for Study 2) indicate that the effects of a leader’s degree of Machiavellianism on followers’ use of ingratiation, and rational persuasion, are stronger when followers perceive high rather than low levels of leader similarity. Results also indicate that the conditional indirect effects of leader Machiavellianism on both leader and follower ratings of promotability via followers’ use of ingratiation, and rational persuasion, are stronger when perceived leader similarity is high rather than low. However, we did not find significant moderating or conditional indirect effects for followers’ use of assertiveness. These findings highlight that Machiavellian leaders may evoke soft and rational upward influence tactics, as opposed to hard tactics. The use of such tactics on Machiavellian leaders are more effective in impacting career outcomes especially when followers have high as opposed to low perceived leader similarity. Overall these results suggest that when it comes to influencing Machiavellian leaders, ‘it takes one to know one’.


Tuesday, 19 May 2015

R. Fontana (University of Pavia) and L. Zirulia (University of Bologna)

How far from the tree does the (good) apple fall? Spinout generation and the survival of high-tech firms


We develop a model of spinout creation and survival to explain how the initial product market strategies of spinout may differ with respect to their parent and how this impact on their success. We test the model using detailed information on all the entrants in three markets in the Local Area Networking (LAN) industry during the 1990s. Our findings are consistent with the implications of the theoretical model. Concerning spin-out generation, the parent firm technological know-how plays an important role for diversification. In particular, we find that spinouts tend to imitate ‘average’ parents and ‘keep away from the extremes’ (i.e. parents that are too good or too bad with respect to the technological frontier). Concerning spin-out survival, we find that better spinouts survive longer and that there is no direct effect of a parent’s know-how on spin-out’s survival. Finally, too much diversification with respect to the parent firm can be detrimental for spin-out success.


Tuesday, 5 May 2015

Alfonso Gambardella, Bocconi University

Portfolio Entrepreneurs: The Italian Way to Firm Performance?



Monday, 4 May 2015

Francesco Ciabuschi, Uppsala University



The first contention of this paper is that the advantage derived from three classic network structures, in terms of promotion rates, are dependent on whether ego’s advantage originates from ties that vertically cross formal organizational boundaries. The argument is that the more an actor is geared towards other actors at higher levels of the organization, the faster the time to promotion. The second contention is that promotion for actors with advantageous network positions—that is, network stars—is influenced by the degree of visibility to decision makers at higher levels of the organization. To test these contentions the paper draws upon the full social network of all managers of a large American organization. It is found that managers at lower organizational levels (subsidiary managers) that have strong network opportunities with higher levels of the organization (HQ managers) enjoy faster promotion rates. However, when these subsidiary managers are also highly visible to the HQ, they are, in fact, less likely to be promoted as it is in the HQ’s best interest to maintain them in their current positions. This finding highlights a potential attention paradox where actors may benefit more from their networks if they are located in a unit that does not receive high degrees of attention from the parent unit. As a result, we suggest a contingent view of the value generated by intra-organizational network structures.

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Tuesday, 17 March 2015

David Stark, Columbia University

Challenging the Smooth Flow to Calamity: How Ethnic Diversity Deflates Price Bubbles


If there is one thing about which economists and sociologists agree, it is that friction is bad. Think of how often we hear of the importance of the “smooth flow of information.” The pop sociology version is “let’s all get together and iron out our differences.” But my tyre dealer and I know that friction is not always a bad thing. On a snowy, icy road I don’t want things to be smooth. Market bubbles are like that too smooth, icy road. My colleagues and I designed a study to test the role of ethnic diversity in deflating prices bubbles. We did so by creating experimental markets where people versed in finance traded with other people for real money. The markets were identical except that some markets were ethnically homogenous and some were diverse. We found that ethnic homogeneity promotes conformity. Surrounded by people “like ourselves,” we can become overconfident in their judgements. We process information poorly. Ethnic diversity disrupts conformity. It leads to better information processing and less mispricing.


Tuesday, 24 February 2015

Joe Tanega, University of Westminster

A Category Theory of Law and Finance


Tuesday, 20 January 2015

Professor : Alessio Del Re, Bocconi University

Let’s Go Together! The Effects of Shared Consumption on Product Life Cycles and Advertising Effectiveness: The Case of the Motion Picture Market.


Consumers frequently consume hedonic products together and make purchase decisions in the presence of others. This article investigates the impact of shared consumption, a type of social influence that determines the enjoyment of joint experiences, in the context of a typical hedonic product: movies. The authors argue that this type of influence is crucial in understanding the diffusion curves of hedonic goods that are consumed together and the effectiveness of advertising in generating launch and post-launch sales. An empirically validated agent-based model (ABM) simulates the U.S. motion picture market, with new movies launching, competing, and exiting. The ABM serves as a means to demonstrate the essential role of shared consumption for explaining movie life cycles and tests how advertising expenditures accelerate and/or acquire movies’ demand in markets with varying levels of shared consumption. The results provide key theoretical insights for the new product diffusion of hedonic products and help managers predict the financial consequences of their strategic decisions.


Tuesday, 16 December 2014

Jiri Novak, Institute of Economic Studies,Charles University in Prague

The Social Stigma Premium in Executive Compensation in Sin Firms


This paper examines the economic costs of violating social norms, by looking at the compensation of executives of ‘sin’ firms – firms whose products are viewed negatively in light of prevailing social norms. We define sin firms as firms involved in the production of alcohol, gambling, and tobacco products. We find a statistically and economically significant premium in the compensation of these firms’ executives. This premium is consistent across several subcategories of compensation, several broadening samples of ‘sin firms’, and is present in all the three examined industries. We find that the premium is unlikely to be spurious. We also find that the premium cannot be fully explained by firms’ physical characteristics, by increased risk in the form of income risk and pay performance sensitivity, or by managerial ability. We find evidence that the premium is more likely to be the result of a ‘stigma’ connected to the negative public perception of sin firms’ activities than the result of specific executive traits valuable only to sin firms. Our results suggest that sin firms pay their executives more to compensate them for taking on this stigma, and this compensation appears unrelated to the characteristics of the work the executives perform. We also find that sin firm executives are less likely to hold outside directorships, and that this and the compensation premium may be related.

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Tuesday, 9 December 2014

Bogusław Fiedor, University of Economics, Poland



The paper starts with arguments against forming causative links between crisis phenomena in theeconomy, both in its real and regulatory sphere, and the crisis of the economic science as such, in terms of its cognitive and predictive values. According to the author, it is also true with respect to the current economic financial crisis.The second part of the paper is an attempt of explaining what should be considered a ‘normal’ way ofdevelopment of economic science. The author puts and justifies a thesis that this development is a journey of ideas being brought about by numerous causes, with a significant role played by inspirations related not to observation of the real world but to the ‘world of economists’ (ideas shared by academic communities) and the phenomena appearing in the external environment of economics as a science: new political and social ideologies, cultural and technological trends, as well as geopolitical changes. In the subsequent part of the paper, starting with the recognition of the so-called logical and historical factors in the development of economic science or, following the distinction made by D. Ross (2005), the distinction of philosophical and historical-sociological strategies in this development, the author tries to prove that over the last half-century the development of economic science has been heavily influenced by the broadening acceptance of the criterion of instrumental effectiveness (Laudan–Mongin) in the appraisal of its scientific progress.It is argued in the paper that this has the effect of diminishing the ability of economic science to recognize and explain some major contemporary civilizational and technological trends (a kind of crisis in terms of thecognitive realism criterion). However, with respect to the emergence of new and cognitively valuable  schools and currents (e.g., New Institutional Economy), this should not be considered a common feature of today’s economics. Secondly, the increasing role attributed to the instrumental effectiveness criterion in the evaluation of progress in economic science, has resulted in some crisis phenomena with respect to the predictive strength of economic models and theories.The paper ends with some more general reflections attempting to identify the civilization and technological trends and structural changes in modern economies that are not sufficiently addressed and analyzed in the mainstream economics, thus leading to some crisis phenomena (but not a general crisis) in its development in terms of the cognitive, predictive, and utilitarian value. With regard to the latter (perceived from the point of view of various economic policies), the author postulates the need for a more eclectic approach. It is understood as a postulate to look for the nature, manifestations of and reasons for both growth and crisis processes in contemporary economies, as well as for the instruments of growth state policy, in various (sometimes even competing) theories and schools in today’s economics.


Tuesday, 18 November 2014

Giacomo Calzolari, University of Bologna, Department of Economics

Trust, Competition and Innovation: Theory and Evidence from German Car Manufacturers.


We explore the interaction between competition and trust in buyer-seller relationships where non-contractible buyer speciÖc R&D investment is important. We develop a simple theoretical model of the long term-supply relationships typical of German car manufacturing, where suppliers play a crucial role in terms of design and innovation, and derive predictions on the e§ects of trust and competition on suppliersí investment and buyersí procurement strategies. We then use unique survey data on individual supplier-buyer relationships in the German automotive industry to address these issues empirically. Consistent with the modelís predictions, higher levels of trust are associated with higher investment levels and with more competitive procurement: trust and rents from reduced competition of suppliers in the procurement process emerge as substitutes both in theory and in the data. We also address empirically other predictions of our model related to the frequency and size of direct reimbursement of suppliersíR&D investment costs.

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Tuesday, 30 September 2014

Professor : Linus Dahlander, European School of Management and Technology


Rejections are common in everyday life, yet their consequences for individual behavior remain little studied. We examine a situation in which organizations invite people outside their boundaries to provide suggestions for formal action. Organizations that receive such suggestions can choose to act upon them, ignore them, or even reject them. While rejections carry a cost (i.e., potentially alienating the suggestion-maker), they are also an important source for motivation and learning. We unite these opposing views and argue that rejections can under certain conditions increase effort; moreover, we document how people learn by changing their behavior when trying again.


Monday, 22 September 2014

Professor : Martin Neumann, University of Koblenz, Germany

Concepts for modelling the collapse of a criminal organization (with Ulf Lotzmann).

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Tuesday, 24 June 2014

Professor : Alberto Galasso (Associate Professor of Strategic Management, Department of Management, University of Toronto)

Patents and Cumulative Innovation: Causal Evidence from the Courts


Cumulative innovation is central to economic growth. Do patent rights facilitate or impede such follow-on innovation? This paper studies the causal effect of removing patent protection through court invalidation on subsequent research related to the focal patent, as measured by later citations. We exploit random allocation of judges at the U.S. Court of Appeal for the Federal Circuit to control for the endogeneity of patent invalidation. We find that patent invalidation leads to a 50 percent increase in subsequent citations to the focal patent, on average, but the impact is highly heterogeneous. Patent rights appear to block follow-on innovation only in the technology fields of computers, electronics and medical instruments. The effect is entirely driven by invalidation of patents owned by large patentees that triggers more follow-on innovation by small firms.

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Wednesday, 18 June 2014

Professor : Santi Furnari, Cass Business School (City University of London)

Cultural Brokers and Institutional Change: The Transposition of Frank Gehry as the New Icon of Chicago’s Public Architecture

This paper develops the notion of ‘cultural brokers’ – actors spanning an interstice or gap between organizational fields- examining how these actors can initiate institutional change when the fields that they bridge feature competing institutional logics. Competing logics expose cultural brokers to role tensions, which hinder the process of resource mobilization for institutional change. I investigate the micro-processes through which cultural brokers can overcome these role tensions, successfully mobilizing resources for change. As case of institutional change, I examine the selection of Frank Gehry as the new Millennium’s global icon of Chicago’s public architecture, traditionally oriented towards local Chicago-based architects. I track this iconic change to the actions of a set of cultural brokers located in the interstice between the competing fields of private business philanthropy and public government. Findings show that in the presence of competing institutional logics cultural brokers can successfully mobilize resources silently, avoiding direct confrontation and negotiation with defenders of the institutional status-quo, decoupling their vision from action, and co-opting representatives of the status-quo in their mobilization efforts.

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Tuesday, 17 June 2014

Professor : Ashish Arora, The Fuqua School of Business - Duke University



Tuesday, 10 June 2014

Professor: Esther del Brio (Prof. Economía Financiera, Universidad de Salamanca)



This paper designs a laboratory experiment to study the relation between earnings management and insider trading and their effects on the stock markets. Theexperiment simulates a market where one insider and three outsiders trade on the stocks of a company. We show that if the insider affects the stock price with her earningsannouncements, then she will use this power and increase her capital gains. These earnings management practices not only induce price inefficiencies but also affect theprofits of the other traders. We also show that the managerial stock-based compensation worsens these effects, seriously increasing stock prices and manager’s profitability. We conclude that the lack of transparency in earnings management and the perverse incentives of the managerial compensation policies have an important role in generating price inefficiencies, bubbles and financial crises.

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Thursday, 5 June 2014

Professor: Bronwyn Hall (Emeritus Professor of the Graduate School, Economics Department, University of California at Berkeley)

Patents as Quality Signals? The Implications for Financing Constraints on R&D (with Dirk Czarnitzki and Hanna Hottenrott)


Information about the success of a new technology is usually held asymmetrically between the research and development (R&D)-performing firm and potential lenders and investors. This raises the cost of capital for financing R&D externally, resulting in financing constraints on R&D especially for firms with limited internal resources. Previous literature provided evidence for start-up firms on the role of patents as signals to investors, in particular to Venture Capitalists. This study adds to previous insights by studying the effects of firms’ patenting activity on the degree of financing constraints on R&D for a panel of established firms. The results show that patents do indeed attenuate financing constraints for small firms where information asymmetries may be particularly high and collateral value is low. Larger firms are not only less subject to financing constraints, but also do not seem to benefit from a patent quality signal.

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Tuesday, 20 May 2014

Professor: Francesca Dall'Olmo Riley (Reader in Marketing and Management at Kingston University - UK)

Brand Management - Downscale extensions: Consumer evaluation and feedback effects

This study analyzes consumers' evaluation and feedback effects of vertical downscale line extensions through an experiment with price (−25% v. −50%), brand concept (luxury v. prestige) and product category (cars v. fashion) conditions. ANOVA results indicate a significant interaction effect of the brand concept with the product category for the evaluation of the extensions. Consumers attribute lower value, hold less positive attitudes and express lower purchase intention towards the downscale extensions originating from a luxury car brand than from a luxury fashion brand. At the brand level, the size of the discount does not make much difference in the overall evaluation of the extension. Prestige brands are more sensitive to dilution effects

resulting from the vertical extension than luxury brands. However, the larger discount increases the distance between the prestige brands and the extension, reducing the negative impact on brand image.

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Tuesday, 13 May 2014

Professor: Janet Bercovitz (Associate Professor of Business Administration at University of Illinois - Urbana-Champaign)

Who I am and how I contract: the effect of contractors'roles on the evolution of contracta structure in university-industry research agreements

In this exploratory study of university-industry sponsored research agreements, we investigate how organizational roles direct relational learning of contracting personnel, which subsequently impacts contract evolution. Integrating theory with comments from field interviews, we posit that as scientists gain contracting experience with an exchange partner their focus of attention on knowledge creation supports the establishment of a relationship based on technical competence, behavioral experience, and operational routines that cause the enforcement terms of subsequent contracts to become less detailed. We also submit that contract administrators, because of their focus on knowledge protection (mitigating opportunism and enforcement), primarily accumulate joint governance experience and establish administrative routines which cause the enforcement terms of subsequent contracts to become more detailed. Rich content analysis of monitoring and intellectual property terms of sponsored research agreements supports our theoretically-grounded hypotheses.

Janet Bercovitz is an Associate Professor of Business Administration at University of Illinois - Urbana-Champaign.  She holds a B.S. degree in chemistry, and MBA, and a Ph.D. from the University of California, Berkeley. Professor Bercovitz’s primary research interest is in the economics of organization with a focus on organizational structure and contractual relationships. Current projects explore the organization of university-industry technology transfer, the relationship-contract link in sponsored research projects and the structure of business-format franchise agreements. Her articles appear in journals such as Organisation Science, Research Policy, Management ScienceStrategic Management Journal, Journal of Industrial Ecology, and the Journal of Technology Transfer.

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Tuesday, 6 May 2014

Professor: Shmuel Baruch, Associate Professor of Finance, University of Utah
David Eccles School of Business

Fleeting Orders (with Lawrence R. Glosten)


We study a dynamic limit order market with a finite number of strategic liquidity suppliers who post limit orders. Their limit orders are hit by either news (i.e. informed) traders or noise traders. We show that repeatedly playing a mixed strategy equilibrium of a certain static game is a subgame perfect equilibrium with fleeting orders and flickering quotes. Furthermore, regardless of the distributions of the liquidation value and noise trade quantity, we always find a sequence of equilibria in mixed strategies such that the resulting random supply schedule converges in mean square, as the number of liquidity suppliers increases to infinity, to the deterministic competitive supply function.

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Tuesday, 8 April 2014

Professor Xavier Molina Morales (Professor at the Universitat Jaume I, Spain)

Cluster networks: interactive effects on individual firm performance


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Tuesday, 18 March 2014

Professor David Stark (Columbia University)

Game Changer: The Topology of Creativity in Video Game Development


Network research suggests that a team topology balancing familiarity (via cohesion) and diversity (via brokerage) is the key to success. We go beyond the duality of brokerage and closure by adopting the concept of structural folding – the generative tension in overlapping cohesive groups. In elaborating the causal mechanisms at work in structural folding, we hypothesize that the effects of structural folding on inventiveness and on creative success are especially strong when overlapping groups are cognitively distant. Teams are most likely to produce game changing creative success when their cognitively heterogeneous communities have points of intersection. We draw on work on topologies of knowledge in the field of semiotics to conceptualize the role of folding in channelling and mobilizing the productive tension of cognitive distance. To test our hypothesis about structural folding and cognitive distance, we study the historical mechanisms of team reassembly in the video game industry. We collected data on 12,094 video games that were produced from the inception of the industry in 1979 to 2009. Because we measure inventiveness independently from critical success, we can test whether teams with structural folds that span cognitively distant communities are able to develop distinctive products that are, at the same time, recognized as successful in the video gaming field.

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Tuesday, 25 February 2014

Professori Edoardo Mollona, Luca Pareschi

Does power push or resist institutional change? The ambivalent role of strategic and structural power in Italian state steel privatization

This article investigates the role of power and politics to understand the forces underpinning institutional change. Grounding on a longitudinal study of Italian steel industry privatization, we elaborate a process-model, that makes three contributions: first, it proposes a distinction between structural and strategic power based on their stock and flow properties. Second, the model explains how strategic and structural power dynamically interact over time. Third, we formulate a number of propositions on how strategic power, structural power and institutional change interact over time to produce equilibriums with different characteristics. We found that, in explaining the dynamics of institutional change, crucial role have the asymmetry in the distribution of symbolic power and the misalignment between the interests of the actors that hold symbolic capital.

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Thursday, 13 February 2014 at 14:00

Professor David Audretsch (School of Public and Environmental Affairs, Indiana University)

Heterogeneous Scientist Entrepreneurship: Empirical Evidence from Six Scientific Fields

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Tuesday, 10 December 2013

Professor Antonio Ghezzi (Department of Management, Economics and Industrial Engineering, Politecnico di Milano, Milan, Italy)

Revisiting business strategy under discontinuity


Purpose – Business strategy and its quest for sustainable competitive advantage and success is challenged by external and internal change, which increasingly takes the form of radical discontinuity. However, emergent strategy models are rising as concepts and constructs, possibly impacting on the advancement of strategic management theory and practices: these tools are the business model (BM), the value network (VN) and resource management (RM). The purpose of this paper is to propose a revisited role for BM design, VN configuration and RM, with specific reference to strategy execution and monitoring under discontinuity.

Design/methodology/approach – The study builds its contribution on a theoretical framework (constituted by a literature review on discontinuity, BM, VN and RM), supplemented by two longitudinal case studies on companies which went through several discontinuities affecting their business strategy.

Findings – BM, VN and RM are the strategic tools through which a company executes its“vector” of inputs to planned strategy. In addition, radical variations in: BM parameters performance; VN configuration and firms relationships; RM consistency with resources core status, resulting from an external or internal discontinuity, constitute a signalling identify the discontinuity and activate a new strategic re-planning process.

Originality/value – By revisiting the role of BM, VN and RM, the study revives the theoretical debate on business strategy under discontinuity, and provides managers with a comprehensive model to concretely employ these three tools for strategy analysis.

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Tuesday, 3 December 2013

Prof. Marianne Steinmo and Prof. Einar Rasmussen (Bodø Graduate School of Business, University of Nordland, Norway)

Social Capital in Open Innovation Projects: How Firms Achieve Persistent Collaboration with Public Research Organizations


Open Innovation, or the use of external knowledge in the innovation process, is seen as a major driver for competiveness. The literature on open innovation often refers to the firm’s absorptive capacity to explain why firms are able to engage with external actors. However, the organizational dynamics underlying successful external relationships remains poorly understood. Based on a longitudinal study of R&D projects in 15 firms, we examine how different dimensions of social capital interplay when firms sustain fruitful collaborations with public research institutions (PROs). We show how different types of social capital are important for sustaining successful collaborations depending on firm characteristics and firm strategies. Firms with weak cognitive social capital compensate by relying on relational social capital and we observe that firms differ in their ability to build persisting collaborations based on organizational rather than individual social capital. Our study contributes to the open innovation and absorptive capacity literatures by examining the social integration mechanisms that influence how firms can realize their absorptive capacity. We conclude by discussing the strengths and weaknesses of relying of different social capital mechanisms and implications for different types of firms.

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Monday, 18 November 2013

Prof. Jean-François Hennart and Prof. Antonio Majocchi

Are family firms more internationally involved than non-family firms? The case of Italy


There is limited research on the international strategies of family firms. Some have argued that because family owners tend to be relatively more risk averse and restrict their management to family members, who may be internationally inexperienced, family firms should be relatively less internationally involved than firms with dispersed ownership. On the other hand, family firms are said to have the longer time horizon needed for the significant investments required to penetrate international markets. Empirical studies tend to find that family firms are less internationalized, but they have mostly focused on SMEs and have used a less-than-optimal measure of internationalization. We look at the foreign sales of a panel of 263 Italian firms listed on the Milan stock exchange. Using a better measure of internationalization, we find that Italian family-managed firms have higher foreign sales than non-family firms, but that this is not true when the family does not participate in management. The positive impact that family management has on foreign sales is higher for regions at greater psychic distance from Italy.

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New venture founding team reputation and the mediating role of new venture idea legitimacy on attracting investment capital: The case of the film industry