Seminarios de Negocios 2008
13 de noviembre de 2008. Lorenzo Preve (IAE).
An Empirical Analysis of the Effects of Financial Distress on Trade Credit
This paper studies the use of supplier’s trade credit by firms in financial distress. Trade credit, an expensive source of financing, represents a large portion of the short-term financing of firms and plays an important role in the financial distress process. We find that firms in financial distress use a significantly larger amount of trade credit to substitute alternatives sources of financing. Firms that are smaller, with less market power, and with more unique products tend to use more trade credit financing when in distress. We also find that a firm that significantly increases its trade payables when in financial distress experiences an additional drop of at least 14% in sales and profitability growth over the previously documented 20% average drop for financially troubled firms.
2 de octubre de 2008. Martín Gonzalez Rozada.
The Economic Impact of Smoke-Free Laws on the Sales of Bars and Restaurants in Argentina
We studied the impact of the recent smoke-free laws on sales in bars and restaurants, in the city of
- 4 de septiembre de 2008. Victor Araman (New York University).
"Revenue Managment Models"
In this talk I will primarily discuss models to analyze media broadcasting companies. I will also introduce a stylized model to discuss main issues faced by online advertisement channels.
An important challenge faced by media broadcasting companies is how to allocate limited advertising space between upfront contracts and the spot market (referred to in advertising as the scatter market), in order to maximize profits and meet contractual commitments. We develop stylized optimization models of airtime capacity planning and allocation across multiple clients under audience uncertainty. In a short term profit maximizing setting, our results suggest that broadcasting companies should prioritize upfront clients according to marginal revenue per audience unit, also known as CPM (cost per thousand viewers). For capacity planning purposes, accepted upfront market contracts can be aggregated across clients. The upfront market capacity should then be allocated to clients in proportion to their audience requirement. These results remain valid when considering the opportunity to increase allocation by airing make-goods during the broadcasting season. Our structural results characterize the impact of contracting parameters, time and audience uncertainty on profits and capacity decisions. The results hold under general audience and spot market profit models, as well as under service constrained models. Media broadcasting companies seek to allocate limited advertising space across multiple clients and markets in order to maximize profits. We provide simple models and solutions for upfront market allocation among multiple clients under audience uncertainty. We tested our different models on real data provided by a network and confirmed our results.
14 de agosto de 2008. Pablo Martin de Holan (McGill University).
AND THE WHEELS JUST KEEP ON TURNING: IMPRINTING AND REPEATED EXPLORATION IN VENTURE CAPITAL FIRMS
In this paper, we study organizations' repeated engagement in exploration (March 1991). Using an organizational learning perspective, we link repeated exploration to the existence and usage of exploration rules, and discuss two factors that affect exploration: the momentum of prior exploration(s) and the imprinting effect of early exploration(s). Our empirical work traces the investment decisions of US Venture Capital firms from 1962 to 2004, capturing the exploration of emerging, uncertain industries as they appear. We provide evidence that prior exploration increases the likelihood of future exploration, and that it decreases with the time elapsed since the last exploration. In addition, we find that VC firms that had explored early in their lives are more likely to do so again, and that this imprinting effect weakens as the number of prior explorations increases.
- 7 de agosto de 2008. Aurelia Lefaix – Durand (UTDT).
Towards the Strategic Management of Customer-Supplier Relationships
The strategic management of business relationships can lead to increase value creation (i.e. value generation, capture, and sharing) between buyers and sellers, as well as to improve organizational competitiveness. In the objective of developing such strategic management and marketing practice, I will explain how I propose to: (1) bridge the notions of transaction and relationship marketing by developing the concept of exchange orientation, and (2) examine the impact of exchange orientation on value creation within industrial buyer-seller relationships through the emergent concept of relationship value. To support these propositions, I will present the results of a multiple-case study conducted in the North American supply chain of structural wood products for residential construction. This case study addresses whether a relational or transactional exchange orientation leads to superior relationship value in the context of wood products. The results suggest that relationship value is superior in a relational exchange orientation, characterized by longer-term relationships and higher degrees of interdependence, commitment, trust, communication, cooperation, and coordination between organizations. However, the findings do not support abandoning a transactional exchange orientation altogether. They rather underline the necessity to strategically manage business relationships according to their value (actual and desired) and the appropriate exchange orientation. Finally, I will comment on the research avenues foreseen to further develop ‘strategic relationship management’ practices.