Institution
ESSEC Business School
Other•Cergy, France•
About: ESSEC Business School is a other organization based out in Cergy, France. It is known for research contribution in the topics: Context (language use) & Volatility (finance). The organization has 522 authors who have published 2587 publications receiving 79333 citations. The organization is also known as: ESSEC & École supérieure des sciences économiques et commerciales.
Topics: Context (language use), Volatility (finance), Corporate governance, Information system, Quality (business)
Papers published on a yearly basis
Papers
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TL;DR: In this paper, the authors seek to understand which of three different strategic orientations of the firm (customer, competitive, and technological) is more appropriate, when, and why it is so in the context of d...
Abstract: The authors seek to understand which of three different strategic orientations of the firm (customer, competitive, and technological) is more appropriate, when, and why it is so in the context of d...
2,237 citations
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TL;DR: This article showed that correlation is not related to market volatility per se but to the market trend and that correlation increases in bear markets, but not in bull markets, and they also showed that the distribution of extreme correlation for a wide class of return distributions can be derived using extreme value theory.
Abstract: Testing the hypothesis that international equity market correlation increases in volatile times is a difficult exercise and misleading results have often been reported in the past because of a spurious relationship between correlation and volatility. Using “extreme value theory” to model the multivariate distribution tails, we derive the distribution of extreme correlation for a wide class of return distributions. Empirically, we reject the null hypothesis of multivariate normality for the negative tail, but not for the positive tail. We also find that correlation is not related to market volatility per se but to the market trend. Correlation increases in bear markets, but not in bull markets. INTERNATIONAL EQUITY MARKET CORRELATION has been widely studied. Previous studies 1 suggest that correlation is larger when focusing on large absolutevalue returns, and that this seems more important in bear markets. The conclusion that international correlation is much higher in periods of volatile markets ~large absolute returns! has indeed become part of the accepted wisdom among practitioners and the financial press. However, one should exert great care in testing such a proposition. The usual approach is to condition the estimated correlation on the observed ~or ex post! realization of market returns. Unfortunately correlation is a complex function of returns and such tests can lead to wrong conclusions, unless the null hypothesis and
2,204 citations
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TL;DR: In this paper, the authors draw on a variety of cognate literatures to discuss the field-level structural characteristics and organizational attributes that shape institutional complexity and explore the repertoire of strategies and structures that organizations deploy to cope with multiple, competing demands.
Abstract: Organizations face institutional complexity whenever they confront incompatible prescriptions from multiple institutional logics. Our interest is in how plural institutional logics, refracted through field-level structures and processes, are experienced within organizations and how organizations respond to such complexity. We draw on a variety of cognate literatures to discuss the field-level structural characteristics and organizational attributes that shape institutional complexity. We then explore the repertoire of strategies and structures that organizations deploy to cope with multiple, competing demands. The analytical framework developed herein is presented to guide future scholarship in the systematic analysis of institutional complexity. We conclude by suggesting avenues for future research.
2,129 citations
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TL;DR: In this article, the authors studied the correlation of monthly excess returns for seven major countries over the period 1960-90 and found that the international covariance and correlation matrices are unstable over time.
1,998 citations
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TL;DR: A model of IJV learning and performance that segments absorptive capacity into the three components originally proposed by Cohen and Levinthal (1990) is proposed and results suggest that trust and management support from foreign parents are associated with IJV performance but not learning.
Abstract: This paper proposes and tests a model of IJV learning and performance that segments absorptive capacity into the three components originally proposed by Cohen and Levinthal (1990). First, trust between an IJV's parents and the IJV's relative absorptive capacity with its foreign parent are suggested to influence its ability to understand new knowledge held by foreign parents. Second, an IJV's learning structures and processes are proposed to influence its ability to assimilate new knowledge from those parents. Third, the IJV's strategy and training competence are suggested to shape its ability to apply the assimilated knowledge. Revisiting the Hungarian IJVs studied by Lyles and Salk (1996) 3 years later, we find support for the knowledge understanding and application predictions, and partial support for the knowledge assimilation prediction. Unexpectedly, our results suggest that trust and management support from foreign parents are associated with IJV performance but not learning. Our model and results offer a new perspective on IJV learning and performance as well as initial insights into how those relationships change over time. Copyright © 2001 John Wiley & Sons, Ltd.
1,928 citations
Authors
Showing all 573 results
Name | H-index | Papers | Citations |
---|---|---|---|
David Wilson | 69 | 618 | 18780 |
Sascha Kraus | 58 | 317 | 10428 |
Martin J. Conyon | 49 | 131 | 10026 |
Massimo Massa | 44 | 238 | 9214 |
Hélyette Geman | 40 | 124 | 9170 |
Ramkishen S. Rajan | 39 | 279 | 5112 |
Claudia Archetti | 38 | 102 | 4846 |
Pierre Chauvin | 37 | 240 | 5285 |
David E. Avison | 35 | 145 | 7857 |
Pierre Jacob | 35 | 163 | 4181 |
Denis Bouyssou | 35 | 170 | 6148 |
Patrice Perny | 31 | 155 | 3477 |
Jan Pries-Heje | 31 | 169 | 5223 |
Guy Fitzgerald | 30 | 100 | 4415 |
Chung-Hua Shen | 30 | 138 | 3862 |