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Baucells M.,IESE Business School
Theory and Decision | Year: 2010

Are risk preferences stable over time? To address this question we elicit risk preferences from the same pool of subjects at two different moments in time. To interpret the results, we use a Fechner stochastic choice model in which the revealed preference of individuals is governed by some underlying preference, together with a random error. We take cumulative prospect theory as the underlying preference model (Kahneman and Tversky, Econometrica 47:263-292, 1979; Tversky and Kahneman, Journal of Risk and Uncertainty 5:297-323, 1992). We observe that the aggregate pattern of preferences is very similar in both sessions, and it matches the results reported in the literature. Most subjects are risk averse for gains, and risk seeking for losses. However, the subjects that jointly agree with the reflection effect of prospect theory are around 50%. The percentage of individuals that change their responses across sessions is quite high, 63%. Estimating the stochastic choice model we find that 72% of the subjects have an underlying preference which agrees with the reflection effect of prospect theory. The remaining 28% are mainly classified as risk averse for both gains and losses. The results reinforce the empirical validity of the reflection effect. Deviations from the reflection effect can be attributed to noise, as well as to the existence of a fraction of risk averse subjects.


Done A.,IESE Business School | Voss C.,London Business School | Rytter N.G.,University of Aalborg
Journal of Operations Management | Year: 2011

This paper uses empirical field research to examine whether short-term best practice interventions (BPIs) can lead to improvements that are sustained in the long term. In addition, this research investigates the implied conflict between striving for short-term results and achieving long-term development of capabilities. It also examines the tension between the lack of resources of the typical small and medium sized enterprise (SME) users of BPIs and the time required to develop a critical mass of capability. A longitudinal case-based study of eight SME contexts examined BPI outcomes and factors leading to short- and long-term success and sustaining best practices. The research identifies factors related to the intervention context, implementation and change-agent approach. The data indicate that in resource-limited SMEs BPIs are limited in their ability to develop adequate capability for long-term change. © 2010 Elsevier B.V. All rights reserved.


News Article | December 1, 2016
Site: www.prweb.com

The International Women’s Entrepreneurial Challenge (IWEC) celebrated its Ninth Annual Conference in Brussels, Belgium, on Nov. 6-9. Every year, IWEC recognizes the breakthroughs, achievements and thought leadership of women business owners from across the globe, and this year they presented the IWEC award to 42 successful women entrepreneurs from 21 countries. IWEC directors, together with the Brussels Enterprise Commerce & Industry (BECI) welcomed a group of some of the world’s most successful women entrepreneurs, who came from Africa, Asia, Europe, the Middle East, Australia, and North and South America. This year’s awardees represent computer software, manufacturing, agricultural business, waste management, engineering, health services, skin care, travel, shipping and freight forwarding, education and many other industries. The firms that the current and past IWEC Awardees lead account for over US$25 billion dollars in combined revenue, with over 125,000 employees worldwide. During the conference, they engaged other business women, chambers and past awardees for trade, networking and business opportunities. BECI President Thierry Willemarck offered the welcome remarks during a reception at the Center Square. The Conference, whose 2016 theme was “Connecting Women Businesses Globally: Building a Viable Future”, was held over the course of 2 days at the historical Metropole Hotel, featured meetings, presentations and speeches focused on trade, and networking between business women, chambers and past awardees. Throughout the Conference, the awardees shared their best practices and experience overcoming the economic, competitive and sometimes societal and political hurdles that they faced as they launched and grew their businesses – and the progress that remains to be made for women’s entrepreneurship, worldwide. The Conference featured inspiring welcoming remarks by BECI and IWEC’s leadership, and keynote speakers including Cristina Gallach, UN Under-Secretary-General for Communications and Public Information, IWEC Executive Director Nancy Ploeger, Ibukun Awosika, Chairman of the Board of Directors of the First Bank of Nigeria, Yolanda Serra Director of International Open Programs, Nuria Chinchilla, Professor of Managing People in Organizations at the IESE Business School, and Alexader de Croo, Vice Prime Minister of Belgium. The Conference was sponsored by IWEC Partners CaixaBank, IESE Business School, SDI International Corp., Edelman Communication, Tyga-Box, Technoil, Progressive Computing, Brandlove, International Mission of Mercy, Repsol, Dos Toros Restaurant, Hotel Metropole and BECI. During her opening speech, Ambassador Ruth Davis, IWEC co-founder and Chairwoman, captured and set the essence of cross-collaboration that framed the Conference: “I think that Brussels is a great international place where the world convenes for global meetings. Here we are, with 21 awardees from 42 countries. As you network among each other, I encourage you to take off your blinders, and don’t just think about what that person means to you, but to your clients, city and country, as you build relationships and trust.” IWEC is a New York-based non-for-profit initiative of the Barcelona Chamber of Commerce, in partnership with the Chamber of Commerce of Manhattan and the Federation of Indian Chambers of Commerce and Industry Ladies Organization (FICCI/FLO), and at its founding, it was supported by the U.S. Department of State. IWEC has a network of affiliate organizations, among them WEConnect International, the Women Presidents’ Organization, Taiwan Women’s Business Network and UnitedSuccess. Perhaps most importantly, IWEC has a strategic liaison with the International Trade Centre that leads, among many other important priorities, technical cooperation in the realm of trade for its parent organizations, the World Trade Organization (WTO) and the United Nations, providing sustainable trade development solutions and education, and sharing this critical expertise with IWEC’s network. The conference ended with an extended tour of Brussels, Bruges, The Hague and Amsterdam to showcase the many attractions and beauty of Belgium and The Netherlands. IWEC will host its 2017 Conference in Redmond, Washington State. Learn more about IWEC at http://www.iwecawards.com.


NEW YORK--(BUSINESS WIRE)--Citi today announced a global expansion of the Pathways to Progress initiative led by a Citi Foundation investment of $100 million to connect 500,000 young people, ages 16-24, to training and jobs over the next three years. This is the largest philanthropic commitment in the Citi Foundation’s history. Pathways launched in 2014 with a $50 million effort that helped more than 100,000 young people across 10 U.S. cities become career-ready through first jobs, internships, and leadership and entrepreneurship training. The expansion also includes a commitment to have 10,000 Citi employees volunteer to serve as mentors, coaches and role models to young people and support their career progress. Pathways to Progress aims to help reduce youth unemployment in key cities around the world and improve the quality of the youth workforce. Globally, the youth unemployment rate is three times higher than the adult unemployment rate1, which reflects a gap in the skills and networks many young people currently possess and what is required by many employers or needed to successfully launch an income-generating business. “The playing field isn’t level for all young people and Citi wants to help change that,” said Citi CEO Michael Corbat. “Mentors, internships and exposure to a variety of career opportunities help young people get a foot in the door and provide the foundation they need to thrive in their careers – those are the things Pathways to Progress helps provide to those who might not have access to them otherwise. Young people consistently say they want to pursue careers that allow them to contribute to important societal issues, and I firmly believe that matching that ambition with the skills provided through Pathways will benefit all of us when they enter the workforce.” Through the expansion of Pathways to Progress, Citi and the Citi Foundation continue to work with municipal and community leaders to help young people secure jobs, begin to engage in the formal economy, and contribute positively to their cities. $50 million will be invested in the U.S. in cities including Chicago, Dallas, Jacksonville, Los Angeles, Miami, New York City, Newark, San Francisco, St. Louis, Tampa, and Washington DC and $50 million will be invested internationally in cities including Beijing, Casablanca, Johannesburg, London, Madrid, Mexico City, Mumbai, São Paulo, Seoul, Singapore, Sydney, Taipei and Warsaw, with a target to reach 500,000 young people globally. Select programming includes: “The constant urban demographic pressure at the level of the Grand Casablanca presents many challenges for all city dwellers, especially youth,” said Casablanca Mayor Abdelaziz El Omari. “To tackle this the city of Casablanca, has opted for smart urbanization based on an innovative strategy that links economic, political and social development and allows for the integration of technologies. To achieve this ambition, Casablanca boasts an original, participatory modus operandi in which youth, citizens, companies and local actors are invited to contribute to nurture the future of the city. We strongly believe that the Pathways to Progress program launched by the Citi Foundation aligns perfectly with our vision.” "The City of Madrid is delighted to collaborate with Citi Foundation and IESE Business School, within Citi’s Pathways to Progress program, to support entrepreneurship in the city of Madrid,” said Roberto Sanchez, General Manager of Innovation and City Promotion, Madrid. “Thanks to the projects which encompass four years of collaboration, we have helped many entrepreneurship projects to internationalize, innovate, grow and thus create economic wealth for our community." “With the rising youth unemployment rates globally, it’s imperative to help the youth build up their confidence and cultivate their leadership skills and competitiveness,” said Dr. Tien-Mu Huang, Vice Chairman, Financial Supervisory Commission, Republic of China (Taiwan). “The Citi Foundation's Pathways to Progress initiative not only helps disadvantaged youth get access to education and employment opportunities, but also utilizes Citi’s expertise and its people to mentor young people to discover their talents and realize their full potential for greater social impact. This has set a great example of social responsibility for corporates.” “This new commitment by the Citi Foundation will help organizations like Junior Achievement test and scale programming that helps more young people globally build a platform for their future success,” said Asheesh Advani, President and CEO, JA Worldwide. “We engage over 2,000 Citi volunteers each year who help deliver critical employability skills programming to millions of youth around the globe. Ensuring that young people do not get left behind is crucial to what we do and is what drives our work.” In the U.S., Pathways to Progress supported programming in 10 U.S. cities: Boston, Chicago, Dallas, Los Angeles, Miami, New York City, Newark, San Francisco, St. Louis, and Washington, D.C. Through the Foundation’s initial $50 million initiative, our impact includes: "Young people in Miami deserve the champions that match their optimism, diverse aspirations, and entrepreneurial spirit,” said Miami Mayor Tomás Regalado. “Our work with the Citi Foundation has given us the ability to provide more opportunities, including summer jobs that invest in the economic health of our young people teaching them financial empowerment skills which long-term improve, our city, and our country.” “Through vital partnerships with the private sector, we are helping create more lasting foundational, career building opportunities for young people in St. Louis,” said St. Louis Mayor Francis Slay. “Pathways to Progress was instrumental in helping us expand our STL Youth Jobs summer employment program, and with this new commitment this year, we look forward to helping empower even more of our future leaders.” In conjunction with the expanded Pathways to Progress investment, the Citi Foundation is also releasing the results of a survey of young people that will help inform the focus of its programs and partnerships. The study, conducted by Ipsos, found that despite political, economic, and social upheaval, young people around the world are optimistic about their career prospects, but face the reality of limited skills and opportunities. The global youth survey polled more than 7,000 young people ages 18-24 in 45 cities across 32 countries on all the continents except Antarctica between November 2016 and January 2017. “Youth labor markets are evolving rapidly, so are the aspirations and optimism of young women and men who are entering the labor market every day and are confronted by unemployment and/or low quality jobs”, said Azita Berar Awad, Director of the Employment Policy Department at the International Labour Organization. “Channeling the voices of youth from cities across the world, the Citi Foundation’s Global Youth Survey 2017 offers important insights on youth’s perceptions, calling for improved and coordinated action, because when young people have decent work, everyone benefits and our future is more prosperous.” “The Citi Foundation’s 2017 Global Youth Survey offers a fresh perspective on young people, a group that is often easily overlooked in political and economic discourse,” said Michael Rose AM, Chairman of The Committee for Sydney. “The results convey both optimism and concern: young people in Sydney are aspirational about their ability to succeed, but concerned about their career opportunities. The Committee for Sydney is passionate about promoting opportunities for young people, creating effective future leaders and ensuring that the city is a place for all to live and work. We look forward to taking these insights and working across sectors with partners like the Citi Foundation to ensure we match aspirations of today’s youth with opportunities for success.” “This new research will help us identify where we can best continue to invest our efforts to bridge the gap between the entrepreneurial aspirations of young people and the challenges they face,” said Andrew Devenport, CEO of Youth Business International. “Citi Foundation’s new commitment demonstrates the “all in” mentality we need if we are going to truly tackle youth unemployment and drive sustainable economic development in Europe and around the world.” For more information about Pathways to Progress and the study visit CitiFoundation.com. Follow @Citi on Facebook, Twitter, Instagram and LinkedIn, and use the hashtag #Pathways2Progress to view more insights from the research and join the discussion with those interested in youth empowerment. Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. The Citi Foundation works to promote economic progress and improve the lives of people in low-income communities around the world. We invest in efforts that increase financial inclusion, catalyze job opportunities for youth, and reimagine approaches to building economically vibrant cities. The Citi Foundation's “More than Philanthropy” approach leverages the enormous expertise of Citi and its people to fulfill our mission and drive thought leadership and innovation. For more information, visit www.citifoundation.com.


News Article | February 28, 2017
Site: www.prweb.com

eXplorance, the leading Learning Experience Management (LEM) solutions provider, announces an alliance partnership with Canvas, the Learning Management System (LMS) created by Instructure, to offer eXplorance’s all-in-one evaluation and feedback systems to all Instructure clients within the Canvas platform interface. Using Blue® and Bluepulse® 2 LEM solutions within the Canvas solution will give Instructure’s client base the tools to gather crucial learning experience analytics to improve student retention and engagement. Blue, an all-in-one evaluation platform, measures learners’ needs, skills and competencies through a range of evaluation mechanisms, while Bluepulse 2 is a live formative feedback platform built to gauge student sentiment and progress. Together, the tools provide actionable, data-driven insights to educators, leveraging a variety of applications such as course evaluations, online surveys and 360 degree feedback. This leads to improved effectiveness of teaching and learning and assists meeting stakeholder needs from the level of the student up to that of the institute’s president/chancellor. eXplorance’s solutions focus on automating the evaluation process and providing comprehensive analytics reports, while leveraging deep data integrations. “The integration between the products was designed with the Canvas user in mind,” said Samer Saab, eXplorance’s CEO and Founder. “It is important to ensure that every stakeholder in the learning process can easily view the required analytics for his/her improvement in Canvas.” Through embedded integration with the Canvas LMS, students, faculty and administrators have all their feedback and assessment needs in one place, allowing them to use the same familiar Canvas dashboard, calendar, course listing and notification system for improving the learning and teaching process. “We’re excited to be able to bring eXplorance’s expertise in learning experience management to our clients around the world,” said Melissa Loble, VP of Partners & Programs at Instructure. “The Blue and Bluepulse products are a great asset for educational institutions who want to effectively reach data-driven student success.” For more details about the integration between eXplorance products and the Canvas LMS system or to learn how your organization can reach enhanced student success, download the Canvas - Blue/ Bluepulse integration brochures. eXplorance, a Learning Experience Management (LEM) solutions provider, empowers organizations in making the right decisions with fact-based learning experience analytics. eXplorance’s offerings, Blue® and Bluepulse®, help instill a culture of continuous improvement by assessing (e.g., course evaluations, institutional surveys, 360 degree feedback reviews, advisor assessments), analyzing, and improving stakeholder needs, expectations, skills, knowledge, and competencies. Founded in 2003, eXplorance is a privately held corporation based in Montreal, Canada with offices in APAC, Europe, and Latin America. eXplorance is deemed one of the Best Workplaces by the Great Places to Work Institute®, having been awarded this title for three consecutive years. eXplorance’s clients include academic institutions such as the University of Melbourne, University of Pennsylvania, University of Toronto, Zayed University, Del Mar College, Bowdoin College, IESE Business School, Xi'an Jiaotong-Liverpool University, University of Auckland, and Liverpool John Moores University and organizations including Aramco, National Bank of Canada, and NASA.


Gregory R.W.,IESE Business School | Beck R.,Goethe University Frankfurt | Keil M.,Georgia State University
MIS Quarterly: Management Information Systems | Year: 2013

While much is known about selecting different types of control that can be exercised in information systems development projects, the control dynamics associated with ISD offshoring projects represent an important gap in our understanding. In this paper, we develop a substantive grounded theory of control balancing that addresses this theoretical gap. Based on a longitudinal case study of an ISD offshoring project in the financial services industry, we introduce a three-dimensional control configuration category that emerged from our data, suggesting that control type is only one dimension on which control configuration decisions need to be made. The other two dimensions that we identified are control degree (tight versus relaxed) and control style (unilateral versus bilateral). Furthermore, we illustrate that control execution during the life cycle of an ISD offshoring project is highly intertwined with the development of client-vendor shared understanding and that each influences the other. Based on these findings, we develop an integrative process model that explains how offshoring project managers make adjustments to the control configuration periodically to allow the ISD offshoring project and relationship to progress, yielding the iterative use of different three-dimensional control configurations that we conceptualize in the paper. Our process model of control balancing may trigger new ways of looking at control phenomena in temporary interfirm organizations such as client-vendor ISD offshoring projects. Implications for research on organizational control and ISD offshoring are discussed. In addition, guidelines for ISD offshoring practitioners are presented.


Masih R.,JP Morgan Asset Management | Peters S.,IESE Business School | De Mello L.,Macquarie University
Energy Economics | Year: 2011

How important are oil price fluctuations and oil price volatility on equity market performance? What are the policy implications if volatility turns out to be significant? We assess this issue in an economics/finance nexus for Korea using a VEC model including interest rates, economic activity, real stock returns, real oil prices and oil price volatility. Our main aim is to capture the effects of crude oil prices on the Korean economy thoroughly covering the period of the Asian Financial Crisis of 1997, which heavily affected the country, and the oil price hikes in the early 1990s after the Gulf War. South Korea was the country most hit by the financial crisis together with Indonesia and Thailand. Results indicate the dominance of oil price volatility on real stock returns and emphasize how this has increased over time. Oil price volatility can have profound effect on the time horizon of investment and firms need adjust their risk management procedures accordingly. This increase in dependency has been found in other net oil importing emerging equity markets. We test the relationship between oil price movements and economic activity by using modern time series techniques in a cointegrating framework. We expand the standard error correction model by examining the dynamics of out of sample causality through the generalized variance decomposition and impulse response function techniques. The evidence from persistence profiles also gives important guidelines based on how fast the entire system adjusts back to equilibrium. In addition, we find the cointegrating relationship to be stable and find that the linear error correction model to be more favorable than an asymmetric 2 period Markov switching model. © 2011 Elsevier B.V.


Baucells M.,IESE Business School | Heukamp F.H.,IESE Business School
Theory and Decision | Year: 2010

We present an experiment in which we add a common delay in a choice between two risky prospects. The results show that delay produces the same change in preferences as in the well-documented common ratio effect in risky lotteries. The added common delay acts as if the probabilities were divided by some common ratio. Moreover, we show that there is a strong magnitude effect, in the sense that the effect of delay depends on the magnitude of the outcome. The results are consistent with the recently introduced probability time trade-off (PTT) model by Baucells and Heukamp. We present a parameterization of the model based on the experimental results, showing that the value function exhibits increasing relative risk aversion, the weighting function is s-shaped, and the intrinsic discount rate is decreasing. © 2009 Springer Science+Business Media, LLC.


Campa J.M.,IESE Business School
Asian Economic Policy Review | Year: 2012

Fiscal challenges in the Euro zone have been at the center of global economic concern in the last 2 years. Despite lower debt burdens, and higher fiscal efforts taken by Euro countries, a perception of high fiscal risk remains. This paper reviews the fiscal challenges facing the Euro area countries and the measures taken at the Euro area level to manage short-term pressures and to enhance long-term functioning of the area, as well as the main lines of national specific reforms. The paper shows the unique characteristics of the Euro area that still raise concerns to foster stability and the challenges to address them. © 2012 The Author. Asian Economic Policy Review © 2012 Japan Center for Economic Research.


Vives X.,IESE Business School
Oxford Review of Economic Policy | Year: 2011

This paper summarizes some of the arguments relating competition and banking instability, draws connections between regulation and competition policy, and surveys and analyses the role of competition policy in the banking sector in a financial crisis. It is argued that a trade-off between competition and stability is bound to persist despite improvements in regulation, that the banking sector specificity should be recognized by competition policy, and that competition policy and regulation need close coordination. © The Author 2012. Published by Oxford University Press.

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