Seminarios de Negocios 2015

El propósito del seminario es convertirse en el lugar donde presentar nuevas investigaciones así como también ser un foro para aumentar el conocimiento mutuo entre los miembros del profesorado. Planeamos 1 hora de exposición, seguido por 30 minutos de preguntas y de una discusión más informal.

                  Tel.: 5169 7301

Viernes 4 de diciembre, 11h | Sala 3 Alcorta

Juan José Miranda Bront (Universidad de Buenos Aires)



Los problemas de Optimización Combinatoria consisten en encontrar la solución óptima dentro de un conjunto grande (pero finito) de posibilidades. Estos surgen naturalmente en muchas situaciones reales, incluyendo la industria, marketing, robótica, logística y cualquier área relacionada con la toma de decisiones. En líneas generales, este tipo de problemas suele ser fácil de modelar matemáticamente pero difícil de resolver computacionalmente. El objetivo de este seminario es describir algunas de mis contribuciones realizadas en el desarrollo de métodos para problemas de transporte y logística.

En el área de Revenue Management, en los últimos años se han enriquecido los modelos tradicionales de demanda independiente mediante la incorporación del comportamiento selectivo de los clientes. En primer lugar, presentaré el desarrollo propuesto para la resolución de un modelo determinístico de programación lineal presente en la literatura, considerando un modelo de demanda más general donde los clientes pertenecen a segmentos superpuestos.

Luego, introduciré la investigación realizada en relación con problemas de logística y distribución, en particular sobre una generalización del conocido Travelling Salesman Problem (TSP) llamada Time-Dependent TSP (TDTSP), donde los tiempos de viaje no se asumen constantes. Este tipo de problemas ha recibido gran atención en los últimos años, motivados principalmente por obtener modelos más realistas para problemas de distribución en grandes ciudades. En este contexto, presentaré modelos de Programación Lineal Entera y los lineamientos generales de los algoritmos desarrollados para este problema.

Finalmente, comentaré brevemente algunas de las líneas actuales de investigación relacionadas a problemas tanto de planificación como operativos en la industria ferroviaria.

Lunes 23 de noviembre, 13:00h | Sala principal del Rectorado, 3er piso
Pierre Le Bodic (Université Paris-Sud 11)

An Abstract Model for Branching and its Application to Mixed Integer Programming


The selection of branching variables is a key component of branchand-bound algorithms for solving Mixed-Integer Programming (MIP) problems since the quality of the selection procedure is likely to have a significant effect on the size of the enumeration tree. State-of-the-art procedures base the selection of variables on their “LP gains”, which is the dual bound improvement obtained after branching on a variable. There are various ways of selecting variables depending on their LP gains. However, all methods are evaluated empirically. In this paper we present a theoretical model for the selection of branching variables. It is based upon an abstraction of MIPs to a simpler setting in which it is possible to analytically evaluate the dual bound improvement of choosing a given variable. We then discuss how the analytical results can be used to choose branching variables for MIPs, and we give experimental results that demonstrate the effectiveness of the method on MIPLIB 2010 “tree” instances where we achieve a 5% geometric average time and node improvement, over the default rule of SCIP, a state-of-the-art MIP solver.

Jueves 19 de noviembre, 13:00hs | Lounge 1
Toon Devloo (
Ghent University Belgium)

It’s not about the spark, but the flame: Unlocking the innovative potential of individuals and teams over time.


Organizations that aim to stimulate innovative work performance often come to the conclusion that it is very challenging for their employees to maintain or increase their initial motivation to innovate. This is, in part, due to the fact that most of the attention of so called ‘best practices’ goes to the spark that may initially encourage employees to innovate, but not to the development of motivation during long term innovation processes. In this research seminar, I will provide an overview of my PhD-research that focuses on the motivational underpinnings of creativity and innovation processes. More specifically, several studies will be presented that contribute, among other things, to a better understanding of how optimal forms of motivation are established to carry out innovative activities at the individual and team level. To do so, four fundamental challenges for current innovation research will be addressed.

First, the challenge to capture the dynamic nature of innovation processes across time.

Second, the challenge to develop new theoretical perspectives that deepen our knowledge on the motivational processes that drive creativity and innovation at a team-level.

Third, the challenge to account for the social realm in which creativity and innovation emerges and the identification of boundary conditions that affect the dynamic motivation-innovation relationship.

Finally, the challenge to gain a clearer sense of the unique motivational conditions that may stimulate exploration and exploitation activities which are both crucial for creative and innovative work.

Jueves 1 de octubre, 10:00hs. Sala Principal de Rectorado (Tercer Piso)
Enrico Gorgone (Université Libre de Bruxelles)

Convex optimization for large-scale problems: from Integer Programming to Machine Learning 


The focus of this presentation is to describe my research work that essentially concerns three principal topics: (i) Non-smooth Optimization, (iii) Heuristics and Combinatorial Optimization (ii) Machine Learning. The research in these fields is motivated by the industry's requirement to solve real world problems which are formulated as optimization problems. For this reason, in this presentation I describe the methodologies together with the applications and I present new algorithms designed for solving large-scale optimization problems with complex structure. Most of these problems are defined on networks, they occur in the context of public supply and commercial transportation, emergency response and risk management, industrial planning, etc. I discuss and compare several Lagrangian relaxation approaches that use techniques coming from the non-differentiable optimization like (incremental, deflected, projected) subgradient-type methods and (disaggregated, generalized) bundle type methods. In addition, I present an innovative subgradient scheme and a smart version of the bundle scheme suitable for the case of a sum-function. The numerical results of this comparison aim at providing a benchmark that might be used in other applications, pointing out the strengths and weaknesses of the different Lagrangian approaches. Finally, I present a branch and price method for the network design problem based on the Lagrangian relaxation.  I also present other real problems arising in medicine and in finance that I have tackled because of their socio-economic and societal impacts.

Miércoles 15 de julio, 11:00hs. Lounge 1. 

Érica Salvaj (Universidad del Desarrollo)

6 de julio, 13:00hs. Lounge 1. 
Gerardo Berbeglia (Melbourne Business Shchool)

Jueves 25 de junio - 13:00. Lounge 1.
Fabiana Penas (Tilburg University)

Jueves 4 de junio, 13:00hs. Lounge 1.
Federico Aime (Oklahoma State) 

When much more of a difference makes a difference: Social comparison and tournaments in the CEO´s top team


We integrate the seemingly contradictory theoretical predictions of behavioral and economic perspectives about the relationship between pay disparity and firm performance and show that tournament and social comparison theories are more supplementary than contradictory in nature. Our results show that high levels of firm performance will be found around either meaningfully low or meaningfully high levels of pay disparity.  Additional findings indicate that this curvilinear relationship is weakened in the presence of both an heir apparent and high CEO power, and strengthened when top management team members are more eligible as CEOs. These findings suggest that factors that increase or inhibit social comparison or tournament perceptions among TMT members play a role in the strength of the curvilinear relationship between pay disparity and firm performance.

Miércoles 20 de mayo, 13:00hs. Lounge 1.

Maxim Mironov (Instituto de Empresa)

Tax Enforcement, Corporate Governance, and Income Diversion


Using a direct estimate of income diversion for 156 firms from 1999 through 2004, we show that an increase in tax enforcement after the election of Vladimir Putin in 2000 is associated with a decrease in the appropriation of private rents by firm insiders for the largest non-government controlled companies in Russia. This effect is significant both economic and statistically after controlling for changes in firm-level corporate governance. It cannot be explained either by trends in the general improvement of corporate governance in Russia. We also find that market-based governance improvements, such as trading in a stock exchange and cross-listing in the U.S. as an ADR, are correlated with lower income diversion. Our results shed light on which governance instruments, including tax enforcement, may contribute to curb income diversion in emerging

Jueves 7 de mayo - 15:00. Sala #2 Rectorado. 
Cristian Ruzzier (UDESA)

“Make or Buy” as Competitive Strategy: 
Evidence from the Spanish Local TV Industry


This paper empirically investigates whether changes in product market competition affect firm boundaries. Exploiting regulation-induced shocks to entry barriers and differences in reg-ulation enforcement across cities to obtain exogenous variation in competition, we establish a negative causal effect of competition (through reduced entry barriers and a larger number of rival firms) on vertical integration in the setting of the Spanish local television industry between 1995 and 2002.

Miércoles 18 de marzo - 18:00. Aula SV2. 

Marco Avellaneda (New York University) 

Marco Avellaneda es Profesor de Matemáticas en NYU y creador de su prestigiosa maestría en Matematica Financiera. Obtuvo su licenciatura en la Universidad de Buenos Aires y su PhD en la Universidad de Minnesota. Cuenta con más de 40 papers en finanzas cuantitativas y múltiples experiencias de mercado en USA y Europa como desarrollador e implementador de estrategias de trading cuantitativas. 

Modeling Volatility Risk in Equity Options Market: A Statistical Approach


Using elementary techniques, such as PCA, we study the structure of the correlation matrix of implied volatilities of exchange-traded products. We show that the calculations of the large-scale correlation matrices (approximately 80K by 80K) can be greatly accelerated using “big-data” (less elementary) techniques such as the stochastic accelerated SVD method of Rokhlin, Szlam, Tygert (2009).

Jueves 5 de marzo - 13:00
Gerald A. McDermott (University of South Carolina)

Adaptation, Bridging and Firm Upgrading: How Non-Market Institutions and MNCs Facilitate Knowledge Recombination in Emerging Markets

How do multinational corporation (MNC) subsidiaries and local institutions help or hinder emerging market suppliers to upgrade their capabilities? Drawing on insights from economic sociology and comparative capitalism, we posit that in these contexts of scarce resources and inferior technologies upgrading depends on the ways in which organizational and institutional networks enable firms to integrate imported advanced knowledge with local applied knowledge. Using a combination of field work and unique survey data of Argentine auto parts suppliers, we show that process upgrading improves significantly when suppliers have ties to seemingly resource-weak non-market institutions that improve access to a variety of experiential knowledge. These institutions act as knowledge bridges, helping local firms tap into diverse applied knowledge embedded in isolated industrial districts and adapt frontier advanced practices to their local conditions. Moreover, suppliers appear to benefit from ties to MNC subsidiaries only when they simultaneously collaborate with certain non-market institutions that help them recombine experiential knowledge with the standards gained from the subsidiaries.