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- Procurement With An Endogenous Type Distribution
- This paper studies a procurement problem where the distribution of types is determined by a productive, yet unobservable, prior effort of the agent. Productivity enhancing investments and learning are analyzed as canonical examples. The analysis explains unusually high levels of production for the most efficient firms that is premia at...
- White papers 2003-01-27
- Developer's Expertise and Dynamics of Financial Innovation: Theory and Evidence
- This paper studies product innovation and imitation in the market of corporate underwriting with a dynamic model where client switching costs and the banker's expertise in deal structuring characterizes the life cycle of a security. While the clientele loyalty allows positive rent extraction, the superior expertise can account for the...
- White papers 2004-10-01
- Understanding the Economic Value of Legal Covenants in Investment Contracts: A Real-Options Approach to Venture Equity Contracts
- This paper investigates four common features covenants of venture capital investment contracts from a real option perspective, using both analytical solutions and numerical analysis to draw inferences for a better understanding of contract features. The impacts of the concept for pricing issues, valuation negotiation and for contract design are considered....
- White papers 2002-10-01
- Introducing Capital Structure in a Production Economy: Implications for Investment, Debt and Dividends
- The model presented in the paper adds to the standard neoclassical model of business fluctuations by introducing a more realistic capital structure problem, where firms have to balance the tax benefits of debt with the costs of potential financial distress. Therefore, firms solve a dynamic problem with both an investment...
- White papers 2003-02-01
- A Model for a Better Understanding of the Digital Distribution of Music in a Peer-to-Peer Environment
- Emergence of P2P systems had an unquestionable impact on data and media interchange over the internet, to the point of seriously challenging traditional actors of the music business field. Technical issues concerning the deployment of P2P networks are more or less well described, and they rely on well-known transmission protocols...
- White papers 2002-11-04
- Hedge Funds Investing: A Quantitative Look Inside the Black Box
- There is an increasing amount of evidence that shows the benefits of considering hedge funds as an asset class at the strategic asset allocation level. The investors' greatest challenge remains the identification of desirable investment vehicles, since very little formal quantitative analysis of hedge funds has been done in the...
- White papers 2001-08-01
- Selection and Incentive Effects in Health Insurance
- This paper presents empirical results on moral hazard and adverse selection in the demand for medical care. Two characteristics of the system are interesting: individual choice creates room for self selection, and variability in deductible levels implying different marginal prices of care may be used to estimate the importance of...
- White papers 2003-04-01
- Hedge Funds Returns and Their Drivers
- This paper discusses drivers of hedge fund returns. The paper develops a general framework relating hedge fund returns to trading strategies and fundamental risk measures. Focus is made on long/short equity and equity market-neutral hedge fund strategies. The paper proposes a general model and tests it empirically. Static and stability...
- White papers 2001-12-20
- The Loanable Value of Hedge Funds
- Hedge funds can be used as collateral for bank loans. The banking industry should respond to the new trend as quickly as possible. Those who come up with sound procedures and models for using hedge funds as collateral will have a competitive advantage. This paper answers a question, namely, what...
- White papers 2003-02-04
- Profitable Innovation Without Patent Protection: The Case of Derivatives
- Investment banks develop their own innovative derivatives to underwrite corporate issues but they cannot preclude other banks from imitating them. However, during the process of underwriting an innovator can learn more than its imitators about the potential clients. Moving first puts him ahead in the learning process. Thus, he develops...
- White papers 2004-09-01
- Business Models for Music Distribution After the P2P Revolution
- The goal of this paper is to sketch the value chain and the business models of the online distribution of music. The perspective of the online digital music market is rather deceiving but the opportunities seem to remain high. Considering the rise of the P2P networks of free music digital...
- White papers 2004-03-18
- The Risks Underlying Hedge Funds Strategies
- This paper establishes a theoretical risk matrix based on 23 different hedge funds strategies and their underlying risk factors. It studies in parallel the impact of some of the major market crises of the last decade on ten of the largest hedge funds strategies. Dominant risks are identified for each...
- White papers 2003-12-01
- The Impact of Perceived Corporate Brand Values on Brand Preference: An Exploratory Empirical Study
- In this paper, the authors' build on consumer-company identification and identity consumption theory to investigate the impact of perceived corporate values on brand preference. The authors' model proposes that brand value attractiveness defined in terms of perceived corporate values and value importance positively affects brand preference and that this main...
- White papers 2004-01-01
- Coupling Mobile Payments and CRM in the Retail Industry
- The growing prevalence of electronic commerce and the widespread use of mobile devices have made mobile payments an interesting alternative method of payment for customers and merchants. One major issue to resolve is the integration of a real-time wireless means of payment within their current payment system. In this paper,...
- White papers 2004-10-05
- Flexibility Through the Lens of Theory
- Although flexibility is recognized as a key dimension of manufacturing strategy, and although much progress has been made in defining, deconstructing, and developing theory concerning manufacturing flexibility, implementation of flexibility in manufacturing plants remains difficult and prone to failure. In this paper, one present a case study of a flexibility...
- White papers 2003-02-26
- From Customer Relationship Management (CRM) to Supplier Relationship Management (SRM)
- In today's extremely competitive environment, companies are investigating new means of increasing profit by implementing so called Customer Relationship Management Systems CRMs. But the needs to continually cut costs and focus on core competencies has led companies to focus on how to improve the supply chain and leverage their supply...
- White papers 2005-12-06
- Corporate Leverage and Product Differentiation Strategy
- This paper puts forward a theory of the interplay between corporate leverage and product dierentiation strategy. While existing studies elaborate on the impact of a firm's product characteristics on its financial structure, the novelty of our analysis stems from the observation that product design and dierentiation choices are equally important...
- White papers 2002-05-01
- From Customer Relationship Management (CRM) to Supplier Relationonship Mananage Agement (SRM)
- In today's extremely competitive environment, companies are investigating new means of increasing profit by implementing so called Customer Relationship Management Systems CRMs. But the needs to continually cut costs and focus on core competencies has led companies to focus on how to improve the supply chain and leverage their supply...
- White papers 2005-12-06
- " ERP a Savior or Slayer of Enterprise Competitiveness"
- This paper will define the concept of the Extended Enterprise and explain its relevance to IT services firms. The report will concentrate on one of the hottest segments in the extended enterprise, Enterprise Resource Planning ERP, to demonstrate how the functionality of corporate IT systems is being extended beyond the...
- White papers 2005-03-05
- An Ontology for e-Business Models
- Business models have become more complex with the emergence of new and affordable Information and Communication Technologies ICTs. Companies increasingly act in networks and offer complex value proposition through a multitude of distribution channels. For managers it is ever harder to keep track of how their companies really work and...
- White papers 2004-02-16
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