Now showing items 1-20 of 6932

    • Behavioural finance and cryptocurrencies

      Ballis, Antonis; Verousis, Thanos (Review of Behavioral Finance, 2022)
      The present study sets out to examine the empirical literature on the behavioural aspects of cryptocurrencies, showing the findings of related studies and discussing the various results. A systematic literature review of cryptocurrencies in behavioural finance seems to be timely and particularly important in terms of providing a guide for future research. Key topics include an extent review on the issue of herding behaviour amongst cryptocurrencies, momentum effects and overreaction, contagion effect, sentiment and uncertainty, along with studies related to investment decision-making, optimism bias, disposition, lottery and size effects.
    • Information and the arrival rate of option trading volume

      Zhang, Mengyu; Verousis, Thanos; Kalaitzoglou, Iordanis (The Journal of Futures Markets, 2022)
      In this paper we investigate the interaction between liquidity and information in the options market and its impact on the pricing of the underlying asset. We model option trade duration and volume jointly, for the first time, as a natural measure of options' trading intensity and we associate it with differential degrees of information present in option trades. We report a highly significant association between option trading intensity with contemporaneous and future underlying volatility and returns, which is robust to the presence of other information measures, market factors, and structural forms.
    • LGBTQ and finance

      Brahma, Sanjukta; Gavriilidis, Konstantinos; Kallinterakis, Vasileios; Verousis, Thanos (International Review of Financial Analysis, 2023)
      Recent changes in workplace and corporate board diversity policies and a series of court rulings have signalled a fundamental change in the treatment of lesbian, gay, bisexual, transgender and queer (henceforth LGBTQ) people in the corporate world. In this paper, we survey the burgeoning literature on the role of sexual orientation in finance. Studies show that there is a positive relationship between the adoption of LGBTQ-friendly policies and firm performance. We identify the factors that influence a firm's decision to adopt LGBTQ-friendly policies. We also provide evidence that sexual preferences play an important role in leadership styles in the household. Overall, our review suggests that LGBTQ research allows novel insights regarding how LGBTQ policies create value for the firm, insights that help us identify several directions for future research.
    • Financial stress and commodity price volatility

      Chen, Louisa; Verousis, Thanos; Wang, Kai; Zhou, Zhiping (Energy Economics, 2023)
      We use a Markov-switching vector autoregressive model to examine the impact of financial stress on the volatility of commodity prices, including energy volatility. An increase in financial stress leads to a persistent increase in the volatility of the commodity index and of individual commodity prices. We confirm the existence of three volatility regimes, with the volatility of the commodity index and of individual commodity prices in the high volatility regime being more than 25 times larger than that in other regimes. A financial stress shock that arrives during a highly volatile period has more destabilizing and persistent effects than when the shock arrives during a low volatility period. The impact on energy volatility in the high volatility regime is over 60% larger than that on the volatility of the commodity index. The high volatility regime is short-lived and reflects major economic events as well as the outbreak of the COVID-19 pandemic.
    • Vice-chancellor narcissism and university performance

      Khoo, Shee-Yee; Perotti, Pietro; Verousis, Thanos; Watermeyer, Richard (Research Policy, 2024)
      Universities hold a prominent role in knowledge creation through research and education. In this study, we examine the effects of VC narcissism on university performance. We measure VC narcissism based on the size of the signature, in line with a methodological approach which has been widely used in the recent literature and repeatedly validated in laboratory experiments. We exploit a quasi-natural experiment of VC changes and employ a Difference-in-Difference research design, which alleviates concerns related to endogeneity and identification bias. We show that the appointment of a highly narcissistic VC leads to an overall deterioration in research and teaching performance and concomitantly league table performance. We further identify excessive financial risk taking and empire-building as possible mechanisms explaining the main results and provide evidence on the moderating role of university governance. Our findings are consistent with the view that narcissism is one of the most prominent traits of destructive leadership; they also have practical implications for leadership recruitment and the monitoring of leadership practices in the higher education sector. The results of this study extend prior research in several ways. Extant literature on executive leadership and narcissism yields inconclusive findings; this literature has mainly focused on for-profit organisations and has not considered universities. In addition, prior research in higher education on the determinants of university performance has not yet examined the role of leadership personality traits.
    • Changing the landscape of psoriasis management : Value-based healthcare in psoriasis

      Hilhorst, Niels (2023)
      The healthcare sector is under immense financial pressure, and many acknowledge that a dramatic shift is required as the current system is not sustainable. Worrisomely, an increase in healthcare spendings does not necessarily seem to equate to better health outcomes or quality of care. Several solutions have been proposed to tackle this issue of which the conceptual framework known as value-based healthcare (VBHC) is further explored in this dissertation for psoriasis. The VBHC framework is formulated on the premise that the healthcare sector should deliver integrated care and strive to maximize the value created – improving quality and performance of care whilst simultaneously using resources in a sustainable and transparent way. Value in this context is defined as the patient-relevant health outcomes achieved divided by the costs needed to achieve these outcomes. Psoriasis is a common chronic inflammatory skin disease that is associated with a high multidimensional disease burden. It is associated with numerous comorbidities and is known to reduce quality of life (QoL) and life expectancy. In recent years major advancements have been made in the treatment of psoriasis and currently a range of treatments is available that can help manage the disease. Despite the substantial burden of psoriasis, nontreatment and undertreatment remain common. Additionally, widespread treatment dissatisfaction exists among persons with psoriasis. The costs associated with managing psoriasis and its comorbidities present a substantial economic burden to the patient and to society. Considering these facts, psoriasis management could benefit from VBHC’s holistic approach. However, the potential of VBHC in dermatology has yet to be fully explored as the concept is relatively new to the field of dermatology and has only been sporadically described in dermatologic literature.
    • Fostering flexibility in distribution networks through empirical studies, regulatory analyses, and mathematical programs

      Beckstedde, Ellen (2023)
      The rise of congestion issues in European distribution grids due to the rapid uptake of distributed energy resources highlights the need for advancements in distribution network operation and planning. Recognizing this need, the Clean Energy Package introduced several provisions to support distribution system operators in leveraging the potential of the flexibility that is increasingly present in their networks. In this context, the main objective of this dissertation is to gain scientific knowledge and empirical information to foster the use of flexibility in distribution networks through empirical studies, regulatory analyses and mathematical programs. More specifically, the following three topics are covered: developments in distribution network planning, practical experiences with flexibility tools, and open issues when designing flexibility markets. The first part of this dissertation examines developments in distribution network planning and finds that currently, no single approach exists across European distribution system operators. Furthermore, the level of transparency and developing a robust methodology for flexibility remain open issues in distribution network planning. The second part explores the regulatory toolbox for flexibility and examines practical implementations of dynamic distribution network tariffs and flexible connection agreements. While incentives for efficient network usage are being integrated into both flexibility tools, open questions remain regarding the optimal design and compatibility of these tools. In this context, regulatory sandboxes can be an important regulatory instrument. The outcomes of existing sandbox projects reinforce the idea that regulatory sandboxes can be an effective instrument for examine innovations, such as flexibility, in a real environment. However, this potential can only be achieved when effectively implementing the administration, derogations, application process and reporting within sandbox frameworks. The third part qualitatively discusses open issues regarding the use cases, incentives, operational timeframes, rules and products, and roles and responsibilities in flexibility markets. Furthermore, a bilevel model was developed to evaluate strategic behavior in these markets. The derived characteristics of the price-setter and inc-dec games using flexibility and redispatch markets can be used to support regulators and system operators in detecting these games. Finally, a comparison of wind curtailment and imbalance data revealed that the counterbalancing costs associated with flexibility procurement can be significant, depending on the system's imbalance position. The influence of these counterbalancing costs on the use of flexibility in network planning was illustrated using a bilevel model and a stylized test case.
    • Text analytics to study interfirm contracts; Text analytics to study interfirm contracts

      Distelmans, Tineke (2023)
      In today's highly competitive environment, innovation has become crucial for a firm's survival. Therefore, many firms rely on collaborations with external partners for their R&D activities. This dissertation demonstrates the use of text analytics in studying such interfirm (R&D) contracts. In Chapter 1 introduces the use of correlated topic modelling (CTM) algorithm to uncover the contextual richness and framing of contractual clauses. Chapter 2 zooms in on a specific contextual factor, technology maturity, and examines its impact on contract design and the framing of clauses. The final chapter delves into how partner experience influences language customization in contracts. Overall, the findings emphasize the rich dimensionality of contractual language and the significance of textual analysis techniques in unraveling the complexities of interfirm contractual language.
    • Liquidity or profitability: How retail investors can shape liquidity risk models in times of high interest rates

      Roméro Diaz, Nicolas; De Bondt, Jan; Veredas, David (2023)
      The great success of the one-year “Staatsbon” or government bond was caused by the low deposit rates at Belgian banks and the reduction in withholding tax (from 30% to 15%). This forced banks to revise their deposit rates and give up profitability, or to retain the low rates and lose liquidity. Investor demand for high-interest, fixed-income instruments means that banks need to readjust their risk models and compete with sovereign and private sector alternatives.
    • The Illusion of control: Project data, computer algorithms and human intuition for project management and control

      Vanhoucke, Mario (2023)
      This book comprehensively assesses the growing importance of project data for project scheduling, risk analysis and control. It discusses the relevance of project data for both researchers and professionals, and illustrates why the collection, processing and use of such data is not as straightforward as most people think. The theme of this book is known in the literature as data-driven project management and includes the discussion of using computer algorithms, human intuition, and project data for managing projects under risk. The book reviews the basic components of data-driven project management by summarizing the current state-of-the-art methodologies, including the latest computer and machine learning algorithms and statistical methodologies, for project risk and control. It highlights the importance of artificial project data for academics, and describes the specific requirements such data must meet. In turn, the book discusses a wide variety of statistical methods available to generate these artificial data and shows how they have helped researchers to develop algorithms and tools to improve decision-making in project management. Moreover, it examines the relevance of project data from a professional standpoint and describes how professionals should collect empirical project data for better decision-making. Finally, the book introduces a new approach to data collection, generation, and analysis for creating project databases, making it relevant for academic researchers and professional project managers alike.
    • Fluvius driving towards sustainability: Building a supply chain ecosystem to drive transformation and positive change

      Sandu, Georgiana; Samii, Behzad (2023)
      Like many organizations, Fluvius, the Belgian multi-utility company, pledged net-zero emissions across its operations by 2050. Fluvius is also the preferred partner of the local authorities to drive the energy transition in Flanders and to implement the European Green Deal actions and guidelines. As Head of Procurement, Gunther is convinced he can make a difference in both Fluvius's sustainability priorities: (1) reducing its ecological footprint, and (2) enhancing sustainability within its supply chain. Gunther and his Procurement Team have made solid progress in consolidating the supply chain for the energy transition, but engaging the partners with the Fluvius CSR charter is still a work in progress. Fluvius is part of a network of more than 3,000 partners, of which more than half are small and midsize enterprises (SMEs) that do not necessarily have the knowledge and the resources to start their own sustainability journey. However, Gunther understood that the only way to achieve their net-zero emissions ambitions requires working closely and helping their suppliers adopt sustainable practices. Doing so requires a combination of strategic, operational, and cultural initiatives serving as incentives to adopt greener practices and operate a sustainable business model.
    • JOBX: Making mentor agile

      Viaene, Stijn (2023)
      Neal Davis, Director of the Digital Services Lab at recruitment firm JobX, has an upcoming meeting with his CEO to discuss the fate of the Mentor project, a digital transformation lighthouse that was not showing the anticipated agile progress. The project was supposed to show an efficient and agile exploration of a new digital customer solution driven by a creative and empowered team. However, the project’s progress was slow and team spirit was low. Davis knew the CEO expected him to regain control of the project. Failure to do so may jeopardize the Lab’s future.
    • Reconciling risk as threat and opportunity: the social construction of risk in boardrooms

      Ring, Patrick; Bryce, Cormac; Ashby, Simon (Risk Analysis, 2023)
      Board directing is a continuous process of risk analysis and control in response to the duality of risk as threat and opportunity. Judgments are made and remade to simultaneously reduce the potential for damaging threats (e.g., fraud, reputation damage), while exploiting opportunities (e.g., new product development, mergers and acquisitions). Adopting an institutional logics approach, we explore this process of risk analysis and control through the varied subject identities (e.g., directorial roles), risk management practices (the procedures and tools used to identify, assess, and control risk), and risk objects (the product of risk identification, assessment, and control, e.g., a risk matrix or register) of boards. We argue that the contingent interaction between these identities, practices, and objects inform the “risk logic” of a board, which may draw attention to the notion of risk as threat, risk as opportunity, or both threat and opportunity. Using the testimony of 30 executive and nonexecutive directors that represent 62 companies from a range of public, private, and third-sector organizations, we contribute to the literature on the microfoundations of risk analysis in organizations by shining a light on how board directors understand, assess, control, and ultimately govern risk in organizations.
    • From “fit and forget” to “flex or regret” in distribution grids: Dealing with congestion in European distribution grids

      Beckstedde, Ellen; Meeus, Leonardo (IEEE Power and Energy Magazine, 2023)
      The support of decentralized energy resources under the Fit for 55 package and the REPowerEU plan places distribution grid users and distribution system operators (DSOs) at the center of the future European energy system. Also, the interaction between both types of agents is gaining importance for two reasons. First, DSOs face challenges connecting these new grid users to their network, leading to an increased need for grid investments and congestion management measures. Second, engaging these new grid users can bring opportunities for DSOs to manage their network and its possible congestion more efficiently.
    • The longitudinal effect of digitally administered feedback on the eco-driving behavior of company car drivers

      Goedertier, Frank; Weijters, Bert; Vanpaemel, Pieter (Sustainability, 2023)
      In the global fight against climate change, stimulating eco-driving could contribute to the reduction of CO2 emissions. Company car drivers are a main target in this challenge as they represent a significant market share and are typically not motivated financially to drive more fuel efficiently (and thus more eco-friendly). As this target group has received little previous research attention, we examine whether digitally administered feedback and coaching systems can trigger such company car owners to drive eco-friendly. We do so by using respondents (employees of a financial services company (N = 327)) that voluntarily have a digital device (‘dongle’) installed in their company car, which monitors and records driving behavior-related variables. In a longitudinal real-life field study, we communicate eco-driving recommendations (e.g., avoid harsh braking, accelerate gently, etc.) to the respondent drivers via a digital (computer) interface. Over a 21-week time frame (one block of seven weeks before the intervention, seven weeks of intervention, and seven weeks after the intervention), we test whether eco-driving recommendations in combination with personalized, graphical ‘eco-score index evolution’ feedback increase eco-driving behavior. We also experimentally evaluate the impact of adding social comparison elements to the feedback (e.g., providing feedback on a person’s eco-driving performance compared to that of the same car brand users). Structural Equation Modeling (in MPlus 8.4) is used to analyze data. Our results show that digitally administered personal performance feedback increases eco-driving behavior both during and after the feedback intervention. However, we do not observe increased effects when social comparison information is added to the feedback. As this latter element is surprising, we conclude with a reflection on possible explanations and suggest areas for future research. We contribute to the sustainable eco-driving literature by researching an understudied group: company car drivers. More specifically, we contribute by demonstrating the effectiveness of digitally administered personal performance feedback on eco-driving for this group and by observing and reflecting on the (in)effectiveness of feedback containing social comparison information.
    • Mitigating the effects of global disruptions on supply chains : Gaining insights from the dairy industry during Covid-19

      Lemke, Fred; Elgersma, Erik; Wagner, Beverly; McDougall, Natalie (Production Planning and Control, 2023)
      This paper explores the dairy industry during peak Covid-19 disruption. Institutional theory is applied as a lens to investigate resilience factors and capacities at macro (industry), meso (supply chain) and micro (firm) levels. The methodology comprised four stages: in-depth interviews, retrospective literature review, intercoder reliability assessment, and a Delphi panel. Findings demonstrate execution of embedded resilience capacities but also the need for the dairy industry as an institution to dynamically adapt for advanced resilience. At the macro level, technology is highlighted as a critical resilience capacity. At the meso level, findings revealed that both lean and agile were key resilience capacities, exhibited by high levels of coordination, co-dependence, and communication. At the micro level, capacities such as ability to manage risk, skilled workforce, levels of automation, and financial stability were evident. Definition of these capacities and explanation of their adoption through an institutional theoretical lens delivers important contributions for advanced resilience.
    • Success factors in new ventures: A meta-analysis

      Song, Michael; Podoynitsyna, Ksenia; Van Der Bij, Hans; Halman, Johannes (Journal of Product Innovation Management, 2008)
      Technology entrepreneurship is key to economic development. New technology ventures (NTVs) can have positive effects on employment and could rejuvenate industries with disruptive technologies. However, NTVs have a limited survival rate. In our most recent empirical study of 11,259 NTVs established between 1991 and 2000 in the United States, we found that after four years only 36 percent, or 4,062, of companies with more than five full-time employees, had survived. After five years, the survival rate fell to 21.9 percent, leaving only 2,471 firms still in operation with more than five full-time employees. Thus, it is important to examine how new technology ventures can better survive. In the academic literature, a number of studies focus on success factors for NTVs. Unfortunately, empirical results are often controversial and fragmented. To get a more integrated picture of what factors lead to the success or failure of new technology ventures, we conducted a meta-analysis to examine the success factors in NTVs. We culled the academic literature to collect data from existing empirical studies. Using Pearson correlations as effect size statistics, we conducted a meta-analysis to analyze the findings of 31 studies and identified the 24 most widely researched success factors for NTVs. After correcting for artifacts and sample size effects, we found that among the 24 possible success factors identified in the literature, 8 are homogeneous significant success factors for NTVs (i.e., they are homogeneous positive significant metafactors that are correlated to venture performance): (1) supply chain integration; (2) market scope; (3) firm age; (4) size of founding team; (5) financial resources; (6) founders' marketing experience; (7) founders' industry experience; and (8) existence of patent protection. Of the original 24 success factors, 5 were not significant: (1) founders' research and development (R&D) experience; (2) founders' experience with start-ups; (3) environmental dynamism; (4) environmental heterogeneity; and (5) competition intensity. The remaining 11 success factors are heterogeneous. For those heterogeneous success factors, we conducted a moderator analysis. Of this set, three appeared to be success factors, and two were failure factors for subgroups within the NTVs' population. To facilitate the development of a body of knowledge in technology entrepreneurship, this study also identifies high-quality measurement scales for future research. The article concludes with future research directions.