Antonio Argandoña La ética y la toma de decisiones en la empresa, Universia Business Review, No 30, Segundo trimestre 2011, pages

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1 No 161 May June 2011 Journals Page Journals Books Contributions to books Working Papers Studies and Monographs Other publications Conferences and seminars Awards Doctoral theses Research Seminars Miscellaneous Book reviews Teaching materials Antonio Argandoña La ética y la toma de decisiones en la empresa, Universia Business Review, No 30, Segundo trimestre 2011, pages Abstract: La ética es necesaria en la empresa porque forma parte de todas y cada una de las decisiones humanas. Las personas que participan en una empresa buscan resultados distintos y actúan por motivaciones variadas; por tanto, los directivos tienen que tener en cuenta varias dimensiones de sus acciones, que incluyen los beneficios materiales, pero también variables psicológicas, sociales y éticas. Esta manera de introducir la ética en la empresa es endógena: viene a ser una condición de equilibrio de la empresa, que mira no ya a su rentabilidad a corto plazo, sino, sobre todo, a su consistencia, es decir, a su capacidad de generar beneficios también a largo plazo, porque mejora la capacidad de las personas para tomar mejores decisiones. Nuno Camacho Bas Donkers Stefan Stremersch Predictably non-bayesian: Quantifying salience effects in physician learning about drug quality, Marketing Science, Vol. 30, No. 2, March April 2011, pages Abstract: Experimental and survey-based research suggests that consumers often rely on their intuition and cognitive shortcuts to make decisions. Intuition and cognitive shortcuts can lead to suboptimal decisions and, especially in high-stakes decisions, to legitimate welfare concerns. In this paper, we propose an extension of a Bayesian learning model that allows us to quantify the impact of salience the fact that some pieces of information are easier to retrieve from memory than others on physician learning. We show, using data on actual prescriptions for real patients, that physicians belief formation is strongly influenced by salience effects. Feedback from switching patients the ones the physician decided to switch to a clinically equivalent treatment receives considerably more weight than feedback from other patients. In the category we study, salience effects slowed down physicians speed of learning and the adoption of a new treatment, which raises welfare concerns. For managers, our findings suggest that firms that are able to eliminate, or at least reduce, salience effects to a greater extent than their competitors can speed up the adoption of new treatments. We explore the implications of these results and suggest alternative applications of our model that are relevant for policy makers and managers. Aadhaar Chaturvedi Víctor Martínez de Albéniz Optimal procurement design in the presence of supply risk, Manufacturing & Service Operations Management, Vol. 13, No 2, Spring 2011, pages Abstract: This paper analyzes optimal auction design when delivery of supply is uncertain. We consider a buyer facing multiple potential suppliers, each having an associated (exogenous) reliability that quantifies its risk of supply failure. We design optimal mechanisms that depend on the buyer s level of information regarding the suppliers cost of production and reliability. When supplier reliability is known, we find that 25 Occasional Papers

2 the optimal allocation resembles the allocation under full information, but with inflated production costs. When it is unknown, the same result is true when cost and reliability of a supplier are independent. Furthermore, the buyer does not have to pay any rent for information on suppliers reliability. Moreover, we assess the benefits of the optimal mechanism compared to traditional auctions that ignore supply risk. que en determinados momentos esté más o menos de moda. Se plantean algunas dificultades para una correcta comprensión de la ética empresarial: la falta de sensibilidad por parte de las personas; el diseño de las organizaciones, que favorecen u obstaculizan el comportamiento ético; una reflexión sobre el papel de la empresa en la sociedad. El trabajo finaliza con una breve presentación de los artículos que componen este número. Javier Estrada The three-factor model: A practitioner s guide, Journal of Applied Corporate Finance, Vol. 23, No 2, Spring 2011, pages Abstract: The three-factor model has slowly but steadily become a popular alternative to the CAPM from the perspective of both corporate finance and portfolio management. This article discusses the foundations and intuition behind this model, as well as its application to the estimation of the cost of equity and excess returns. Pablo Fernández WACC: Definition, misconceptions and errors, Business Valuation Review, Vol. 29, No 4, May 2011, pages Abstract: The WACC is just the rate at which the Free Cash Flows must be discounted to obtain the same result as in the valuation using Equity Cash Flows discounted at the required return to equity (Ke). The WACC is neither a cost nor a required return: it is a weighted average of a cost and a required return. To refer to the WACC as the cost of capital may be misleading because it is not a cost. The paper includes seven errors due to not remembering the definition of WACC and shows the relationship between the WACC and the value of the tax shields (VTS). Joan Fontrodona Antonio Argandoña Una visión panorámica de la ética empresarial, Universia Business Review, No 30, Segundo trimestre 2011, pages Abstract: El artículo sirve de Introducción a un número especial de Universia Business Review sobre ética de la empresa. La ética se ocupa de analizar las acciones humanas en tanto que a través de esas acciones los seres humanos nos hacemos mejores o peores. Desde esta perspectiva, la dimensión ética de la actividad empresarial y del trabajo profesional hay que verla como una necesidad, más allá de Roberto García Castro Mª José Casasolab A set-theoretic analysis of the components of family involvement in publicly listed and major unlisted firms, Journal of Family Business Strategy, Vol. 2, No 1, March 2011, pages Abstract: Family firms can be thought of as heterogeneous configurations where ownership, governance, management and succession components are often intertwined. Previous works have typically used definitions of family firm based on one or more of these components. In this empirical work we seek to clarify the relationships among the components of family involvement in family firms by using a set-theoretic methodology (fs/qca). Applying this methodology to a sample of 6611 publicly listed and major unlisted companies from 46 countries, we identified the most frequent configurations of family firms based on the components of family involvement. We present the most frequent configurations and discuss implications for empirical research and theory building on family firms. Roberto García Castro Miguel A. Ariño The multidimensional nature of sustained competitive advantage: Test at a United States airline, International Journal of Management, Vol. 28, No 1, Part 2, March 2011, pages Abstract: We show that evaluating the sustained competitive advantage (SCA) of a firm according exclusively to superior economic performance sustained for a given period of time hides, in fact, alternative manifestations of SCA. We suggest that SCA is a multidimensional construct that may be subject to different, complementary operationalizations in empirical tests. We propose an untapped dimension of SCA related to the degree of autonomy of a firm relative to its industry rivals and present a new measure, inspired in the CAPM (capital asset pricing model), to capture it. This measure reflects the resilience of a firm against economic recessions and industry turmoil. We show the benefits of the proposed alternative measure of SCA based on firm autonomy through its application to the position of Southwest Airlines in relation to the United States airline industry ( ). 2

3 Teresa Garnatje Miguel A. Canela Sònia Garcia Oriane Hidalgo, et al. GSAD: A Genome Size in the Asteraceae Database, Cytometry, Vol. 79A, No 6, June 2011, pages Abstract: The Asteraceae are one of the largest families of angiosperms, comprising 24,000 to 30,000 species in over 1,600 to 2,000 genera. The family has a worldwide distribution, with the exception of Antarctica and includes many economically important species which are used, for example, as foods, medicines, and ornamentals. Asteraceae species are the target of many evolutionary studies and more recently they have also become the focus of new genome sequencing programs. New model species for evolutionarydevelopmental (evo-devo) research have been selected within the Asteraceae such as Gerbera, Helianthus, and Senecio, whereas Tragopogon is the focus of intensive studies on polyploidization mechanisms. The first evo-devo studies in the Asteraceae have been very promising despite complications arising from the genetic and epigenetic changes associated with polyploidy, which is very frequent in the family. The term C-value was coined by Swift to define the gametic nuclear DNA content (genome size) expressed in picograms. Nowadays, genome size research covers a large and diverse range of biological fields and extends across all plant groups. For example, studies have been carried out on genome size nomenclature, to improve methodological aspects and to find possible explanations of how and why genome size changes occur in plants. Data on nuclear DNA amounts are interesting not only per se but are also of practical use. For instance, the success of techniques such as AFLPs and nuclear microsatellites are influenced by genome size, while the choice of a species for possible genome sequencing or evodevo project is also determined, in part, by genome size. Interest in genome size has increased over the years and this has led to the development of several related databases. Following on from our own research studies on genome size in the Asteraceae family and given that the family is one of the most intensely studied from many aspects, we have developed a genome size database focused specifically on the Asteraceae (which we have named the Genome size in the Asteraceae database, GSAD). It is hoped that this will become a significant tool for comparative research and for future genome size studies. Marco A. Haan José L. Moraga "Advertising for attention in a consumer search model", The Economic Journal, Vol. 121, No 552, May 2011, pages Abstract: We model the idea that when consumers search for products, they first visit the firm whose advertising is most salient. The gains a firm derives from being visited early increase in search costs, so equilibrium advertising increases as search costs rise. As a result, higher search costs may decrease both consumer welfare and firm profits. We extend the basic model by allowing for firm heterogeneity in advertising costs. Firms that raise attention more easily advertise more but also charge lower prices and obtain higher profits. As advertising cost asymmetries increase, consumer surplus falls and aggregate profits rise. Michael Harvey B. Sebastian Reiche Miriam Moeller Developing effective global relationships through staffing with inpatriate managers: The role of interpersonal trust, Journal of International Management, Vol. 17, No 2, June 2011, pages Abstract: International human resource managers are progressively encountering new challenges pertinent to the manageability of multiculturalism when staffing global positions. The literature indicates that trust in the global organization context increases subsidiary acquiescence to and cooperation with the headquarters, making this concept an important component in developing inpatriates' relationships with the headquarters organization. The purpose of this article is to examine a range of antecedents to trust building, distinguish between two different types of trust, namely affective vs. competence-based, and examine key outcomes of inpatriates trust building in global organizations. Reference point theory is used as the foundation for an analysis of the deliberate choice of the inpatriate manager and parent organization alike to adjust to new organizational conditions. In addition, it provides guidance in examining the effects of assignment longevity. The authors propose that through the development of competencies such as trust building, an organization is better able to implement global learning and talent management and in turn develop more effective and ongoing global relationships based on trust. Yih-teen Lee Alfred Stettlerb John Antonakisc Incremental validity and indirect effect of ethical development on work performance, Personality and Individual Differences, Vol. 50, No 7, May 2011, pages Abstract: We modeled work performance as outcomes of individual-differences mediated by technical performance. Beyond the usual suspects (e.g., general mental ability, and personality), we also measured the ethical development of participants (n = 460). We surmised that ethical development which has not been extensively studied as a predictor of work performance while controlling for established predictors captures unique variance in both technical and work 3

4 performance. Results demonstrated incremental validity for ethical development in predicting technical performance, which in turn predicted work performance. The indirect effect of ethical development was significant too. Our results highlight the importance of process models of performance, which include proximal as well as distal individual differences. Steven P. MacGregor Joan Fontrodona Una RSE estratégica para las Pymes: Una paradoja o una posibilidad?, Universia Business Review, No 30, Segundo trimestre 2011, pages Abstract: Aunque se oigan muchas voces a favor de un enfoque estratégico de la RSE, parece que en el caso de las Pymes todo se acaba en fomentar la sensibilización hacia estas cuestiones. En este artículo proponemos avanzar en la implementación de la RSE en las Pymes, desde un enfoque superficial a otro estratégico, empezando por preguntar si es posible hablar de una RSE estratégica en una empresa que ni siquiera tiene estrategia. El artículo presenta un caso práctico, así como una serie de factores de éxito, y algunos puntos a tener en cuenta en esta relación entre RSE y estrategia. La RSE se presenta como un posible camino para profesionalizar una Pyme. Luciara Nardon Richard M. Steers Carlos Sánchez- Runde "Seeking common ground: Strategies for enhancing multicultural communication", Organizational Dynamics, 2011, Vol. 40, pages Abstract: In order to significantly enhance communication effectiveness across borders, simple encode-noise-decode models must be augmented with a deeper understanding of the processes underlying them. In this paper we argue that many of those processes do not occur within culturally complex black boxes; in fact, they are often relatively easy for managers to indentify and understand if they know what they are looking for. To this end, the paper looks at how culture and cultural differences often screen the ways in which people create, send, receive and interpret messages. knowledge actors in MNCs and examine the role of inpatriates boundary spanning between their home unit and the headquarters for their knowledge transfer to headquarters staff. Based on a sample of 269 inpatriates in ten German MNCs, I find that inpatriates boundary spanning is positively related to inpatriates individual efforts for transferring and perceived HQ staff efforts for acquiring subsidiary-specific knowledge, and that both perceived HQ absorptive capacity and mentoring by HQ staff moderate these relationships. B. Sebastian Reiche Maria L. Kraimer Anne-Wil Harzing Why do international assignees stay? An organizational embeddedness perspective, Journal of International Business Studies, Vol. 42, No 4, 2011, pages Abstract: We apply an organizational embeddedness perspective to examine international assignees retention with the organization. Specifically, we hypothesize that assignees social ties within and their perceived fit with the host unit positively relate to two sacrifices with leaving the organization: their firm-specific learning during the assignment and their perceived career prospects in the organization. Perceived career prospects is expected to predict subsequent retention, moderated by firm-specific learning. These hypotheses are tested using a sample of 143 inpatriates in ten German multinationals with retention measured two and four years later. We show that inpatriates trusting ties with HQ staff and their fit with the HQ positively relates to their firm-specific learning and their perceived career prospects, and that the latter predicts their retention two and four years later. Perceived career prospects mediates the direct relationship between inpatriates fit with the HQ and inpatriate retention, and the indirect relationship between inpatriates trusting ties with HQ staff and their retention. Furthermore, inpatriates firm-specific learning mitigates the effect of perceived career prospects on retention decisions two years later. We contribute to the organizational embeddedness, careers, and international business literatures by explaining when and how facets of organizational embeddedness relate to assignee retention. B. Sebastian Reiche Knowledge transfer in multinationals: The role of inpatriates boundary spanning, Human Resource Management, Vol. 50, No 3, May 2011, pages Abstract: Viewing knowledge as rooted in individuals, this study investigates knowledge transfer in multinational corporations (MNCs) from an individual-level perspective. Specifically, I focus on inpatriates as a particular group of Alba Sánchez Alejandro Lago Xavier Ferràs Jaume Ribera Innovation management practices, strategic adaptation, and business results: Evidence from the electronics industry, Journal of Technology Management & Innovation, Vol. 6, No 2, June 2011, pages Abstract: This research contributes to the understanding of how different practices of innovation management are 4

5 related to mid-and long-term growth and profitability. Governments and regional development agencies invest relevant budgets to foster innovation in small and medium enterprises (SMEs) and improve their innovation management practices to make them more competitive. Nevertheless, it is not clear what impact these practices have on a company s performance over a long period of time. We propose a model to audit and classify innovation practices and empirically test the impact of innovation practices on the firms long term financial performance, using a broad sample of companies in the electronics sector. Our empirical results show that, within a regional context, companies that are similar in terms of size, position in the value chain, and ownership structure follow similar innovative practices. Furthermore, the use of a systematic approach for innovation leads to revenue growth but does not necessarily increase profit or productivity. Josep M. Rosanas Natalia Cugueró La disfuncionalidad de los incentivos y la ética de los sistemas de control, Universia Business Review, No 30, Segundo trimestre 2011, pages Abstract: La crisis y los escándalos han puesto de manifiesto la dudosa ética de muchos de los sistemas de control e incentivos en las organizaciones. La raíz del problema es considerar que un sistema de control puede basarse exclusivamente en incentivos extrínsecos. Argumentaremos que un sistema de control ético debe considerar que las personas también tienen motivaciones intrínsecas y valores. Un sistema de control ético debe hacer buen uso de los sistemas formales e informales como la única manera de conseguir comportamientos éticos a largo plazo. José A. Segarra La Fageda: Otra empresa es posible, Universia Business Review, No 30, Segundo trimestre 2011, pages Abstract: El artículo presenta el caso de La Fageda, una empresa en la comarca gerundense de La Garrotxa, que se dedica a la producción de yogures y derivados lácteos. La Fageda es la tercera marca en penetración del mercado catalán y la de mayor crecimiento, con notables índices de rentabilidad. La singularidad de La Fageda consiste en dar empleo y asistir integralmente a personas con discapacidades psíquicas o afectadas por trastornos mentales severos. El artículo presenta los orígenes de La Fageda, los valores, el modelo de negocio y las tareas de dirección de la empresa. Christoph Zott Raphael Amit Lorenzo Massa The business model: Recent developments and future research, Journal of Management, May 2011 (online). Abstract: This article provides a broad and multifaceted review of the received literature on business models in which the authors examine the business model concept through multiple subject matter lenses. The review reveals that scholars do not agree on what a business model is and that the literature is developing largely in silos, according to the phenomena of interest of the respective researchers. However, the authors also found emerging common themes among scholars of business models. Specifically, 1) the business model is emerging as a new unit of analysis; 2) business models emphasize a systemlevel, holistic approach to explaining how firms do business ; 3) firm activities play an important role in the various conceptualizations of business models that have been proposed, and 4) business models seek to explain how value is created, not just how it is captured. These emerging themes could serve as catalysts for a more unified study of business models. Books Javier Estrada Understanding finance: A no-nonsense companion to financial tools and techniques (The FT Guides), Prentice Hall, May 2011, 432 pages. Abstract: The Financial Times Guide to Understanding Finance deliberately combines essential theory with realworld application, using short, focused chapters to help you find what you need and implement right away. Originally published as Finance in a Nutshell, this new edition includes: - Full coverage of risk and return, including CAPM, the three-factor model and risk-adjusted returns. - Stocks and bonds including versions of the DCF model, reverse valuation, relative valuation and issues related to fixed-income securities, pricing and sources of risk. - Case studies and examples from companies such as Apple, Merrill Lynch, Microsoft, Berkshire Hathaway, and Johnson & Johnson. - Accompanying Excel spreadsheets of all the calculations and formulas at 5

6 Beatriz Muñoz-Seca Josep Riverola Arte y eficiencia, EUNSA, 2011, 332 pages. Abstract: La cultura está ganando importancia en nuestras economías y se ha convertido en un motor clave para el desarrollo económico en las sociedades avanzadas. En los últimos años, las instituciones culturales han visto ampliado su papel, puesto que ya no solo se les encomienda la tarea de educar, preservar y difundir el conocimiento, sino que se conciben también como una herramienta de progreso e integración social que refleja la prosperidad de una comunidad. Las empresas participan de forma activa en el mundo cultural destinando parte de sus beneficios a la realización y difusión de actividades culturales. Un mayor conocimiento del entramado cultural permitirá a las empresas no solo participar en el desarrollo de proyectos que aporten beneficios en consonancia con su estrategia corporativa, sino maximizar su impacto en la sociedad incrementando su exposición pública. A través de capítulos conceptuales y casos prácticos, este libro analiza y aporta nuevas perspectivas en la dirección de las instituciones culturales desde la óptica del mundo de la empresa, para mejorar su competitividad y productividad. Por su parte, el sector cultural también tiene enseñanzas que aportar al mundo de la empresa, de ahí que este libro sea una propuesta para generar fertilización cruzada entre ambos mundos, que lleve a mejoras de gestión y desarrollo económico. Juan Palacios Finanzas personales. Cuatros principios para invertir bien, Lid Editorial, 2011, 193 pages. Abstract: Absorbidos por el trabajo diario, muchas veces nos olvidamos de atender nuestro propio negocio personal: la gestión de nuestro patrimonio. La evidencia disponible indica que casi nadie está seguro de lo que necesita ahorrar para su jubilación, y que son muy pocos los que consiguen invertir bien sus ahorros. Con frecuencia nos sentimos desorientados e inseguros en este terreno, ya que nadie se ha preocupado de prepararnos para resolver bien estas tareas. Este libro pretende abordar este problema y dar unas ideas básicas para ahorrar e invertir bien fruto de la investigación financiera reciente. Pankaj Ghemawat World 3.0: Global prosperity and how to achieve it, HBS Press Book, June 2011, 400 pages. Abstract: The Great Crisis of 2008 has forced many of us to reexamine our beliefs about markets and globalization. Do propositions about the gains from market integration survive the reality of market failures? Or might we be better off as people are particularly prone to suggest in turbulent times pulling back from rather than pushing forward with integration in order to deal with our problems on a smaller, more manageable scale? Unfortunately, discussion of these and related questions seems to have broken down. We need to reframe the debate in a way that addresses real concerns and builds broader, deeper, and more robust support for opening up further. This book aims to bring analysis to bear on those fundamental questions in a way that advances the discussion among people who are interested in building a better world rather than tearing down the present one. How do I propose to accomplish this? First, by exposing intuitions and fears to hard data. Do you know the extent to which goods and services, capital resources, information streams, and people actually cross national borders in the world we live in? How does the impact of globalization on labor markets compare to that of technological change? When you connect up volatile national markets, does that increase risk through contagion or reduce it via diversification? Sometimes the answers aren t black and white, but we should look at the best available data and analysis, which I have sought to compile here. Second, by looking beyond economics to incorporate lessons from history, philosophy, and other disciplines, we can better understand the deeply held convictions of others and perhaps even our own. While economics teaches us, for example, that protectionism does more harm than good, people don t intuitively see it that way, especially when they re scared. Third, I seek to improve policy and discourse by expanding the policy space itself. The crossfire over globalization is bound up with even more polarized wrangling over regulation. More globalization is widely believed to go handin-hand with deregulation, and vice versa. Worse, globalization and regulation are both framed as take-it-orleave-it propositions. A more realistic appraisal of both globalization and regulation suggests a path to greater prosperity that involves more market integration as well as limited and targeted market regulation. Disentangling integration and regulation as two separate, nonbinary domains of choices opens up countless potential paths toward greater prosperity and security. In addition to describing the range of possibilities, I articulate a set of propositions for managing the nexus of integration and regulation. All of this draws heavily on the work of researchers in many areas, as opposed to being entirely my own creation, in particular industrial organization economics and international economics. A focus on business adds realism in the sense that business firms, not markets, mediate most international exchanges. Looking at how businesses think about the gains from cross-border operation extends and enriches the discussion of social gains from opening up. 6

7 Ultimately, this book invites you to reexamine your own views about globalization. While you may not end up in the same place that I do, a willingness to revise your view of the world where it doesn t conform to the evidence should get you somewhere interesting. Smart policies can push us in the right direction, but if we change our mind-sets we can get farther. And a crisis can be the best time to get out of the groove of traditional thinking. determine the maximum value it is willing to pay for the company. From the seller s viewpoint, the aim is to ascertain the minimum value it is willing to accept. The buyer and seller take these figures into a negotiation and often agree on a price somewhere between the two extremes. Potential bidders may assign different values to a company due to economies of scale, economies of scope, or different perceptions about the industry and the company. Contributions to books Nuria Chinchilla Mireia Las Heras Consuelo León Women in management in Spain, in the book Women in management worldwide: Progress and prospects, edited by Marilyn J. Davidson and Ronald J. Burke, Gower Applied Research, June 2011, pages Abstract: The chapter describes the historical evolution and current situation of women in management positions in Spain, underlining the characteristics of feminine talent, country legislation, and initiatives to promote greater female participation in the world of work after full-time education. Pablo Fernández Standard valuation methods for M&As, in the book The art of capital restructuring. Creating shareholder value through mergers and acquisitions, edited by Ken Baker and Halil Kiymaz, John Wiley & Sons, June 2011, pages Abstract: Understanding the mechanisms of company valuation is indispensable for anyone involved in corporate finance, especially those dealing with capital restructuring. Generally speaking, a company s value differs among buyers and it may also differ for the buyer and the seller. Value should not be confused with price, which is the amount agreed between a buyer and a seller. Differing values for a specific company may occur for many reasons. For example, a large, technologically advanced foreign company wants to buy a well-known national company to gain entry into the local market, using the reputation of the local brand. In this case, the foreign buyer may only value the brand but not the physical assets (e.g., plant and machinery) because the buyer already has more advanced assets. However, the seller may give a high value to its material resources because such resources enable the firm to continue producing. From the buyer s viewpoint, the basic aim is to Pablo Sánchez Joan E. Ricart Innovación y creación de valor en modelos de negocio en la base de la pirámide, in the book Negocios inclusivos y empleo en la base de la pirámide, edited by Helena Ancos, UCM Editorial Complutense, 2011, pages Abstract: El objetivo de este trabajo es comprender cuáles son los determinantes de un modelo superior de negocio, así como los factores subyacentes que influyen en su grado de innovación en el segmento de bajos ingresos. Tras el análisis de dos casos empresariales, distinguimos entre modelos de negocio aislados y modelos de negocio interactivos. Los primeros utilizan una estrategia de entrada en nuevos mercados a través del apalancamiento de recursos y capacidades propios de la empresa con el fin de aprovechar las oportunidades existentes. Los segundos basan su entrada en la combinación e integración de recursos propios con capacidades externas con el fin de crear nuevas oportunidades de negocio. Por último, analizamos las implicaciones sobre los orígenes de la creación de valor y de empleo en ambos modelos de negocio. Jorge Soley La eterna y compleja relación entre la banca y la empresa, in the book Nuevas tendencias en financiación empresarial, edited by Contabilidad y Dirección, No 12, 2011, pages Abstract: El autor valora la banca comercial para solucionar los problemas de liquidez de la empresa, los más habituales y que pueden empujarle al concurso de acreedores. En este sentido, juega un papel esencial la Banca Transaccional o Global Transaction Banking como conjunto de productos y servicios que van a resolver las necesidades de circulante empresarial. En el capítulo se hace un detallado análisis de estos productos y servicios incluidos bajo los siguientes conceptos: Financiación especializada, servicios relacionados con los medios de pago, comercio exterior y cobertura de riesgos. 7

8 IESE Working Papers No 918 May 2011 Pablo Fernández Javier Aguirreamalloa Luis Corres US MARKET RISK PREMIUM USED IN 2011 BY PROFESSORS, ANALYSTS AND COMPANIES: A SURVEY WITH 5,731 ANSWERS Abstract: The average Market Risk Premium (MRP) used in 2011 by professors for the United States (5.7%) is higher than the one used by analysts (5.0%) and companies (5.6%). The standard deviation of the MRP used in 2011 by analysts (1.1%) is lower than that used by companies (2.0%) and professors (1.6%). Most previous surveys have been interested in the Expected MRP, but this survey asks about the Required MRP. The paper also contains the references used to justify the MRP, comments from 58 persons that do not use MRP, and comments of 110 that do. The comments illustrate the various interpretations of the required MRP and its usefulness. Professors, analysts and companies that cite Ibbotson as their reference use an MRP of between 2% and 14.5% for the United States, while those who cite Damodaran as their reference use an MRP of between 2% and 10.8%. No 919 May 2011 Lourdes Susaeta José R. Pin Sandra Idrovo Mª Jesús Belizon Alvaro Espejo Angela Gallifa Marisa Aguirre Eugenio Avila GENERATION OR CULTURE? WORK. ATTITUDE DRIVERS: AN ANALYSIS IN LATIN AMERICA AND IBERIAN COUNTRIES Abstract: This paper addresses the subject of work attitude drivers within the current scenario considering two influencing factors, culture and generation. Both membership of a particular generation and membership of a particular culture can affect individuals work attitudes. The study considers these two factors in order to analyse five dimensions that are sources of work attitudes: life project, professional ethics, attitude towards authority, leadership and commitment to the company. Drawing upon a sample of almost one thousand people from various Ibero-American countries, the results show significant differences between generations and cultures, particularly when focusing on the life project. Among its conclusions, the paper points out that Latin America cannot be viewed as a homogenous whole in terms of individual work attitude. On the contrary, it is characterised by a significant degree of national diversity and managers should take this into account when designing initiatives to improve employee motivation. No 920 May 2011 Pablo Fernández Javier Aguirreamalloa Luis Corres MARKET RISK PREMIUM USED IN 56 COUNTRIES IN 2011: A SURVEY WITH 6,014 ANSWERS Abstract: This paper contains the statistics of the Equity Premium or Market Risk Premium (MRP) used in 2011 for 56 countries. We got answers for 85 countries, but we only report the results for 56 countries with more than 6 answers. Most previous surveys have been interested in the Expected MRP, but this survey asks about the Required MRP. The paper also contains the references used to justify the MRP, comments from persons that do not use MRP, and comments from persons that do. No 921 May 2011 Pablo Fernández Javier Aguirreamalloa Luis Corres PRIMA DE RIESGO DEL MERCADO UTILIZADA PARA ESPAÑA: ENCUESTA 2011 Abstract: Este documento resume respuestas a una encuesta por correo electrónico realizada a directivos de empresas, a analistas y a profesores de universidad. Los resultados más relevantes de la encuesta son: Gran dispersión de las repuestas (los profesores utilizan primas entre 3 y 8%; los analistas, entre 2 y 11,9%, y las empresas, entre 1,5 y 15%). Un elevado número de empresas no utilizan la prima de riesgo del mercado (bastantes de ellas utilizan un WACC mínimo, una TIR mínima... otras utilizan criterios como ebitda/ventas, PER ). La prima promedio utilizada por las empresas (6,1%) es superior a la utilizada por los profesores (5,5%) y a la utilizada por los analistas (5,6%). Muchos profesores y directivos justifican la prima que utilizan con libros y artículos publicados (aunque con la misma fuente se utilizan primas de mercado muy diferentes). No 922 May 2011 Antonio Argandoña STAKEHOLDER THEORY AND VALUE CREATION Abstract: What does it mean that companies must create value, or be managed for all their stakeholders? In this paper we aim to show what creating economic value and appropriating economic value mean, in order to demonstrate that so long as we confine ourselves to an exclusively economic concept of value, though it may be possible (at least in theory) to achieve economic optima, we will not achieve sustainable, conflict-free management because we will be omitting important aspects of reality. 8

9 We therefore propose to broaden the concept of value, based not on criteria external to the company but on the core relationship between the company and its stakeholders. This allows us to identify a whole range of values that take stakeholder theory to a higher level. (Also available in Spanish.) No 923 May 2011 Javier Capapé Lourdes Susaeta José R. Pin Angela Gallifa Ricardo García EL CONTROL DE LA EFICIENCIA DE LAS PRACTICAS DE RECURSOS HUMANOS: UN ANALISIS DE LA REALIDAD DE LAS EMPRESAS QUE OPERAN EN ESPAÑA Abstract: El control de la eficiencia de las prácticas de recursos humanos ha recibido una atención escasa en la literatura académica. En este trabajo hemos contrastado cuál es el nivel de aplicación de las teorías acerca de la cuantificación de los efectos de las políticas de recursos humanos. Hemos desarrollado una encuesta entre 190 empresas y descubrimos que tan solo un 5% dispone de herramientas para el cálculo del retorno de la inversión realizada en recursos humanos. Exploramos la relación que tiene el perfil del responsable del área con la decisión de cuantificar las prácticas de recursos humanos. A pesar de que escasas empresas estén cuantificando el ROI de las políticas de recursos humanos, existe el interés de los responsables de recursos humanos por disponer de estas herramientas de medición. La consideración estratégica de la formación y el reclutamiento favorecen la decisión de cuantificar. Por último, hemos considerado qué políticas relevantes plantean más dificultades de medición: de nuevo la formación de los empleados, con procesos implantados en la mayoría de las empresas, carece de una sistematización que permita el análisis cuantitativo. No 924 May 2011 Xavier Vives A LARGE-MARKET RATIONAL EXPECTATIONS EQUILIBRIUM MODEL Abstract: This paper presents a market with asymmetric information where a privately revealing equilibrium obtains in a competitive framework and where incentives to acquire information are preserved. The equilibrium is efficient, and the paradoxes associated with fully revealing rational expectations equilibria are precluded without resorting to noise traders. The rate at which equilibria in finite replica markets with n traders approach the equilibrium in the continuum economy is 1 n, slower than the rate of convergence to price-taking behavior (1 n); and the per capita welfare loss is dissipated at the rate 1 n, slower than the rate at which inefficiency due to market power vanishes (1 n2). The model admits an interpretation in which behavioral traders coexist with rational traders, and it allows us to characterize the amount of induced mispricing. No 925 June 2011 Xavier Vives ENDOGENOUS PUBLIC INFORMATION AND WELFARE Abstract: This paper performs a welfare analysis of economies with private information when public information is endogenously generated and agents can condition on noisy public statistics in the rational expectations tradition. We find that equilibrium is not (restricted) efficient even when feasible allocations share similar properties to the market context (e.g., linear in information). The reason is that the market in general does not internalize the informational externality when public statistics (e.g., prices) convey information. Under strategic substitutability, equilibrium prices will tend to convey too little information when the "informational" role of prices prevails over its index of scarcity" role and too much information in the opposite case. Under strategic complementarity, prices always convey too little information. These results extend to the internal efficiency benchmark (accounting only for the collective welfare of the active players). However, received results on the relative weights placed by agents on private and public information when the latter is exogenous may be overturned. No 926 June 2011 Sandalio Gómez Carlos Martí José Gigante Magdalena Opazo EL PLAN ADO DESDE LA PERSPECTIVA DE DEPORTISTAS, PATROCINADORES E INSTITUCIONALIDAD: UNA EVALUACION BASADA EN EL DIALOGO ENTRE LOS AGENTES Abstract: La importancia y el prestigio de los logros deportivos hoy es tal, que los países están dispuestos a invertir mucho dinero en actividades que contribuyan a este objetivo, que ha llegado a adquirir un carácter nacional. España no está ajena a esta realidad y ya en 1988 creó la Asociación de Deportistas Olímpicos (ADO), una entidad sin fines de lucro creada para la preparación de los atletas españoles para los Juegos Olímpicos de Barcelona Hoy en día se trata de un proyecto que lleva veinte años en funcionamiento y que ha apoyado a un importante número de deportistas en su trayectoria. Sin embargo, tanto la realidad como el nivel deportivo de España han cambiado considerablemente en estos últimos veinte años, 9

10 lo que nos ha motivado a poner la mirada sobre este programa y a evaluarlo desde la perspectiva de los agentes que allí se ven involucrados. El objetivo de nuestra investigación es evaluar el funcionamiento del plan ADO desde la perspectiva de los deportistas, patrocinadores e institucionalidad misma del programa. Para ello se ha pasado un cuestionario semiestructurado a estos tres agentes (62 deportistas becados ADO, 5 patrocinadores y 3 responsables del programa) Los resultados de la investigación se dividen entre los tres agentes, de manera de conocer la percepción de cada uno por separado, para luego distinguir tanto los puntos de encuentro como divergencias que se dan entre ellos. No 927 June 2011 Sandalio Gómez Magdalena Opazo Macarena Barios UEFA CHAMPIONS LEAGUE: EL EXITO DE UNA ESTRATEGIA EMPRESARIAL Y DEPORTIVA Abstract: El objetivo de nuestra investigación es estudiar la evolución y transformación que ha tenido la Copa de Europa, desde sus inicios hasta convertirse en la UEFA Champions League como la conocemos hoy en día, buscando específicamente en los factores estratégicos, comerciales, organizativos y económicos que nos permitan describir el proceso de cambio que enfrenta esta organización deportiva en particular. Para una mejor comprensión de las estrategias de organización deportiva se construyó una matriz, donde tenemos la estrategia de negocio en el eje vertical y la estrategia de los deportes en el eje horizontal. La parte comercial y financiera del club es el terreno donde crece el éxito deportivo. La salud financiera permite a un club que tenga buenos jugadores, buenos entrenadores, mejores instalaciones, etc. Estar en un cuadrante o en otro dependerá del nivel competitivo del club de fútbol. Esto dependerá de las estrategias (de negocios y estrategia de los deportes), desarrolladas por el club, y de la cantidad de área de las estrategias encaminadas a mejorar todas las formas de capital disponible para un club de fútbol hoy en día. No 928 June 2011 Xavier Vives STRATEGIC COMPLEMENTARITY, FRAGILITY, AND REGULATION Abstract: The paper analyzes a very stylized model of crises and demonstrates how the degree of strategic complementarity in the actions of investors is a critical determinant of fragility. It is shown how the balance sheet composition of a financial intermediary, parameters of the information structure (precisions of public and private information), and the level of stress indicators in the market impinge on the degree of strategic complementarity. The model distinguishes between solvency and liquidity risk and characterizes them. Both a solvency (leverage) and a liquidity ratio are required to control the probabilities of insolvency and illiquidity. It is found that in a more competitive environment (with higher return on short-term debt) the solvency requirement has to be strengthened, and in an environment where the fire sales penalty is higher and fund managers are more conservative the liquidity requirement has to be strengthened while the solvency one relaxed. Higher disclosure or introducing a derivatives market may backfire, aggravating fragility (in particular when the asset side of a financial intermediary is opaque) and, correspondingly, liquidity requirements should be tightened. The model is applied to interpret the 2007 run on SIV and ABCP conduits. IESE Studies and Monographs No 138 June 2011 Laureano Berasategui SITUACION DEL RUGBY EN ESPAÑA. DICIEMBRE 2010 Abstract: Se presentan los resultados del estudio sobre la situación a noviembre de 2010 del rugby en España que realizamos en el CSBM durante ese año. Dichos resultados se forman a partir de los datos obtenidos de una encuesta enviada a todas las Federaciones Autonómicas y al total de clubes del rugby español, tanto de División Nacional como Regional. Distintos entendidos del rugby dicen que en España se puede esperar un crecimiento y desarrollo importante de dicho deporte en los próximos años. Entre los motivos citados incluyen: Su inclusión como deporte olímpico a partir de Brasil 2016, en la modalidad de seven (7 jugadores). La creciente tendencia en los últimos años de contar con una mayor presencia del rugby en los medios escritos y audiovisuales en España. La importante y creciente presencia de jugadores provenientes de países de América del Sur (Argentina y Uruguay) y de la Europa Oriental, principalmente. La necesidad de contar con más jugadores por parte de los países del top ten europeo para sus equipos y competiciones. El interés mostrado en España por distintos patrocinadores y empresas vinculados actualmente al rugby internacional. 10

11 El hecho de estar el campeonato mundial de rugby dentro de los top four más vistos en audiencia televisiva mundial. El excelente desempeño a nivel mundial del rugby femenino español y el esperanzador nivel mostrado por el seven masculino. La creciente inserción del rugby entre los deportes practicados en España, en los últimos años. De acuerdo con los resultados de este estudio, se ha elaborado un detallado informe que intenta dar una visión inicial sobre la situación organizativa, económica y deportiva de los distintos estamentos que integran el actual rugby español, es decir, las federaciones autonómicas y los clubes. Este estudio, entre otras cosas, pretende: 1. Llegar a la conclusión de si el rugby español tiene bases sólidas para aprovechar el crecimiento esperado por los motivos citados con anterioridad. 2. Ser un trabajo de referencia e inicial para ayudar a desarrollar el rugby como deporte en España. No 143 June 2011 Alexander Groh Heinrich Liechtenstein Karsten Lieser THE GLOBAL VENTURE CAPITAL AND PRIVATE EQUITY COUNTRY ATTRACTIVENESS INDEX Abstract: This report presents the results of a comprehensive research project on how to measure the attractiveness of a country for equity capital investors. Designed to be an index produced annually, it is a dynamic product. An online version that uses the most recent data and allows for country comparisons can be found at No 148 June 2011 Guido Stein Salvador Plaza Lourdes Susaeta ESTUDIO SOBRE LA ROTACION DEL CEO EN LAS GRANDES SOCIEDADES COTIZADAS ESPAÑOLAS. ( ) Abstract: En el presente estudio analizamos la rotación del CEO en las grandes sociedades cotizadas españolas durante los últimos diez años [ ]. Nuestro estudio, a partir de los motivos públicos del cese y de otra información relativa al CEO, aporta evidencia sobre los posibles factores que pueden llevar al consejo de administración a tomar la decisión de sustituir al CEO. De igual forma, se presenta un análisis de la evolución de la rotación del CEO, una descripción de los motivos públicos del cese, un análisis sectorial, un análisis demográfico y, finalmente, un análisis de la duración del mandato del CEO. No May 2011 Luis Cabral Flavia Roldán COMPETENCIA Y REGULACION EN EL MERCADO AUDIOVISUAL EN ESPAÑA Abstract: Se estudia el mercado de la televisión en España y su objetivo es presentar, desde una perspectiva de la teoría económica de la organización industrial, de la regulación y de la política de la competencia, la estructura actual y las perspectivas del sector, así como analizar algunos de los recientes desarrollos ocurridos en el mercado de la televisión en lo relativo al estado de la regulación y de la competencia. El presente informe ofrece un análisis del mercado de la televisión en España en el contexto internacional, poniendo especial énfasis en el estudio de cuestiones relativas a la regulación y a la política de la competencia del sector, impuestas por la tendencia de las nuevas tecnologías. Desde una perspectiva de la teoría económica de la organización industrial, de la regulación y de la política de la competencia, se estudian la estructura actual y las perspectivas para el sector, así como el estado actual de la regulación y de la competencia del mercado de la televisión en España. El informe toma en consideración los hechos clave del mercado desde los años hasta la fecha. Other publications Eduardo B. Andrade Mario Capizzani Emotional cues that work magic on customers, IESE Insight, No 9, Second Quarter 2011, pages Abstract: Marketers have long understood that emotions play an important role in consumer decision making. But, as the latest scientific evidence suggests, their influence is much more nuanced and complex than many are aware: subtle emotional reactions are often more persuasive than intense ones; short-lived emotions can have lasting effects; the experience and expression of negative emotions can sometimes be beneficial; emotional experiences are often poorly predicted and remembered. In all these areas, a better understanding of emotions will help managers tailor their own action to give better prompts and get the desired response from consumers, in order to maximize customer satisfaction and loyalty at every stage of the encounter. 11

12 Antonio Argandoña Josemaría Escrivá de Balaguer y la misión del IESE en el mundo de la empresa, Studia et Documenta, No 5, April 2011, pages Abstract: El IESE Escuela de Dirección de Empresas de la Universidad de Navarra fue creada en 1958 por iniciativa de Josemaría Escrivá de Balaguer. El encargo llevaba implícita una misión, que la Escuela ha mantenido y desarrollado hasta la actualidad. Este artículo indaga sobre la continuidad de la iniciativa de Escrivá de Balaguer y la respuesta en sintonía con el espíritu del Opus Dei, de Antonio Valero y los que colaboraron con él. Guillermo Armelini Julián Villanueva Adding social media to the marketing mix, IESE Insight, No 9, Second Quarter 2011, pages Abstract: Social media have rapidly gained share and attention among all kinds of consumers and companies, often at the expense of traditional media. Companies have started to redefine key aspects of their marketing mix. With advertising and online word of mouth competing for shrinking marketing budgets, many companies regard having an active presence in social media as a viable alternative to traditional advertising. Yet the authors believe this would be a mistake, as the two strategies are complementary rather than substitutive. A comparison of advertising and word of mouth shows that social media obey very different rules from traditional advertising. Social media can start conversations or build brand recognition, but the results are much more difficult to predict or measure. With that in mind, the authors recommend how to define a social media plan, citing examples of companies that got it right and offering cautionary tales of those that got it wrong. Pascual Berrone Aligning governance interests for the long haul, IESE Insight, First Quarter 2011, pages Abstract: As many as 93 percent of CEOs surveyed say sustainability is essential to their company s future success. At the same time, they recognize an implementation gap in meeting their ambition to embed sustainability deep and wide within their organizations. To bridge this gap, there is one factor of overriding importance: a firm s corporate governance model. In this article, the author draws on several pieces of research on United States firms in polluting industries to present ways in which companies can adapt their corporate governance models at three levels: ownership, board of directors and management. Improving one s social and environmental performance depends less on regulatory compliance, he says, than it does on aligning the interests of the firm s owners or managers with the composition and diversity of its board and its approach to executive compensation. Above all, a long-term time horizon and uninterrupted commitment are required to build a more sustainable future for generations to come. Pankaj Ghemawat The cosmopolitan corporation, Harvard Business Review, Vol. 89, No 5, May 2011, pages Abstract: Global success requires that companies appreciate diversity and distance rather than seek to eliminate them. Unbalanced growth, pockmarked by financial distress. The threat of protectionism brought on by persistently high unemployment, particularly in developed countries. Tensions, in wealthy nations as well as poor ones, around ethnic, religious, and linguistic divides, and talk of a new age of secession or tribalism. These are some of the developments that contradict the story we had just gotten used to the one about how markets were becoming perfectly integrated across borders, technology was obliterating distance, and national governments were now irrelevant. The aftermath of the financial crisis of 2008 reminds us of the many ways in which differences still matter. Evgeny Káganer Emmanuelle Vaast Converting old policies into new value, IESE Insight, No 9, Second Quarter 2011, pages Abstract: Firms that have social media on the radar most often use formal policies to guide their use in the workplace. This article is based on a study of 40 companies from a variety of industries, sectors and geographies, analyzing comprehensive policy documents that cover a wide range of social media tools and uses. The authors identify 18 recurring policy themes, which can be classified into three general categories: those dealing with risk mitigation; those providing guidance on various aspects of social media use; and those aimed at generating business value through social media. In analyzing the distribution and relative importance of themes, most organizations appear to adapt existing policies instead of treating the new media on their own terms. They are overwhelmingly focused on mitigating perceived risks at the expense of value creation. Companies must take a more mindful approach toward social media, say the authors. They offer advice on creating strategic policies that will generate value for employees and customers in the long term. 12

13 Nùria Mas Jordi Gual Industry characteristics and anti-competitive behavior: Evidence from the European Commission s decisions, Review of Industrial Organization, April 2011, pages Abstract: We analyze all the European Commission s decisions on antitrust cases between 1999 and 2004 using a unique dataset that also contains information on all the cases that were filed for the Commission s consideration but were never pursued. These data allow us to determine whether there is any type of bias in the selection process followed by the Commission when deciding which cases to pursue until a final decision is reached. We find that the selection of cases is not random and that it is quite efficient but not very significant. We also find that the economic literature criteria are important for the Commission s decisions. Caterina Moschieri Johanna Mair Successful divestitures need Proper cultivation, IESE Insight, No 9, Second Quarter 2011, pages Abstract: Divestitures are often misunderstood as being a way for corporations to take out the trash. In reality, however, divesting can be a strategic decision that is profitable for both the parent company and the divested unit. Companies may choose to divest for legal, strategic or market-based reasons, and divestitures can take many forms, including spin-offs, carve-outs, leveraged buyouts and management buyouts. In any case, once a parent decides that it is time to divest, the way it handles the divesting process is crucial to the success of the divestiture. In this respect, managers play a key role in building a relationship between the parent and divested unit, as well as in executing the process in general. Standardizing processes, creating strong incentives and motivation systems, and empowering a divestiture task force will facilitate the implementation. Understanding all of these aspects will help companies to optimize their change efforts. José L. Nueno Teens today, young adults in 2020, IESE Insight, First Quarter 2011, pages Abstract: The future and sustainability of many companies will depend to a great extent on teenagers behavior and attitudes toward consumption. As such, getting to know this key group now will pay off in the long term when they become young adults. Based on the latest findings of an international study of teenagers across eight countries, the author anticipates some of the main consumption patterns that will affect the business world in In particular, he notes that the center of gravity for the global economy is shifting away from developed economies and toward emerging markets, where the new wealth being generated is giving rise to an aspirational middle class with very different demands and needs. He suggests some specific ways in which educators, public policy makers and companies alike can successfully manage the new business landscape. Antonino Vaccaro Ethics hold the key to network contradictions, IESE Insight, No 9, Second Quarter 2011, pages Abstract: Today s Internet-based world has certainly made it easier for companies to acquire, store and transmit detailed information like never before. But with these gains in speed and efficiency have come more complex, and sometimes contradictory, expectations about how companies should collect, retain and disclose that information. Consumers, employees and other stakeholders are accessing and exchanging all manner of information related to individual habits, personal preferences and privately held beliefs, which used to be kept under lock and key, but are now largely out of our hands. Given how radically virtual networks have transformed the nature of our social interactions including those that connect firms with their stakeholders experts have started to stress the need for an ethical framework that is uniquely conceived to tackle the complexity of the phenomena at play under this new scenario. This article addresses network ethics an integrated vision of ethical problems as associated with the management of Internetdriven networks and highlights the need to carefully analyze not only financial and relational drivers, but also ethical ones. Sound, conscious, careful ethical judgment becomes a fundamental tool for managers to understand the appropriateness of stakeholders ethical claims, and then build fruitful relationships with them based on trust. Conferences and Seminars Antonio Argandoña On June 7-8, attended the 1st Interdisciplinary Conference on Stakeholders, Resources and Value Creation in Barcelona, organized by EIASM and IESE Business School, where he presented the paper Stakeholder theory and value creation. Abstract: What does it mean that companies must create value, or be managed for all their stakeholders? In this paper we aim to show what creating economic value and 13

14 appropriating economic value mean, in order to demonstrate that so long as we confine ourselves to an exclusively economic concept of value, though it may be possible (at least in theory) to achieve economic optima, we will not achieve sustainable, conflict-free management because we will be omitting important aspects of reality. We therefore propose to broaden the concept of value, based not on criteria external to the company but on the core relationship between the company and its stakeholders. This allows us to identify a whole range of values that take stakeholder theory to a higher level. The same paper was presented on June 8-10 at the EBEN Research Conference, Does integrity matter?, in Dublin, Eduard Calvo On April 29-May 2, attended the 22 nd Annual Production & Operations Management (POM) Conference in Reno, where he presented the paper The impact of sourcing strategies on supplier incentives for short life-cycle goods, co-authored with Víctor Martínez de Albéniz. Abstract: Multiple sourcing with quick response has been recognized as a useful tool for managing demand risk for short life-cycle goods, such as fashion apparel. However, general wisdom has traditionally ignored the effect of these practices on supplier incentives. In this paper we find that when suppliers take pricing decisions, multiple sourcing does not always lead to higher supply chain efficiency nor buyer profits as compared to single sourcing. Specifically, multiple sourcing may lead to higher price quotes from suppliers as the threat of losing business is not credible anymore. That is, the effects of double marginalization may offset the potential increase in supply chain profit due to higher ordering flexibility. Lucia Ceja On June 28-July 1, attended the 11th Annual World Family Business Research Conference organized by International Family Enterprise Research Academy (IFERA) in Palermo, where she presented the paper A model of psychological ownership in next-generation members of family-owned firms: A qualitative study, coauthored with Josep Tàpies. Abstract: The present research study intends to provide further insights into the psychological ownership experienced by next-generation members in relation to their family firms. Since this area of research is still very young, explorative research is needed. Therefore, a mixed-methods qualitative investigation of a sample of 20 next-generation members of family-owned firms of different sizes, generational stages and business sectors was performed. Through interpretative phenomenological and ethnographic analyses, the origin, transmission and manifestations of psychological ownership towards the family business are studied. Similarly, the factors that foster or undermine the development of a healthy and fulfilling relation between next-generation members and the family business are examined. Our findings suggest that next-generation members generally experience strong levels of psychological ownership. The development of positive psychological ownership is associated with factors such as shared experiences, well-functioning governance bodies, structured and planned entry to the business, psychological empowerment and share ownership, among others. Natàlia Cugueró Marion Fortin Miguel A. Canela In June, attended the CRM Annual meeting in Toulouse, where he presented the paper How sincere apologies can repair injustice and strengthen the impact of monetary and procedural remedies. Abstract: Apologies can help restore justice in the eyes of the victim, which is important in order to avoid the negative consequences of injustice in organizations. In this paper, we address several open questions regarding the restorative power of apologies. To do this, we conduct a policy capturing study, in which we include sincere and insincere apologies, their interactions with other remedies and apologies from different organizational agents. Our results have several implications for theory and organizational practice. Firstly, sincere apologies may be even more powerful than previous studies have shown. Not only do they have a direct positive effect, but they also increase the power of other remedies such as procedure change and compensation. Secondly, if an apology cannot be sincere, then it may be better to say nothing. Finally, while it is important for the offender to apologize, additional apologies from other organizational agents and especially from top management may increase the positive justice restoration effect. Javier Estrada On June 9-10, attended the FMA Conference in Porto, where he presented the paper Black swans, beta, risk, and return. Abstract: Beta has been a controversial measure of risk ever since it was proposed almost half a century ago, and we do not pretend to settle with this article what decades of research has not. We do, however, take advantage of the recent trend of investing in countries and industries through index funds and ETFs, as well as a renewed interest in the impact of black swans, to explore the merits of beta in that context. Ultimately, we ask two questions: 1) Is beta a good measure of risk?, and 14

15 2) Is beta a valuable tool for portfolio selection? Our evidence, spanning 47 countries, 57 industries, and four decades, finds beta to be useful in both dimensions. When negative black swans hit the market, high-beta portfolios fall substantially more than low-beta portfolios. Furthermore, a strategy that reacts to black swans by selecting portfolios on the basis of beta outperforms a passive strategy in terms of both returns and risk-adjusted returns. He also acted as discussant in the session The impact of stock market volatility expectations on investor behavior: Evidence from aggregate mutual fund flows. On 26-29, attended the Eighteenth Annual Conference of the Multinational Finance Society in Rome, where he presented the paper Black swans, beta, risk, and return. Abstract: Beta has been a controversial measure of risk ever since it was proposed almost half a century ago, and we do not pretend to settle with this article what decades of research has not. We do, however, take advantage of the recent trend of investing in countries and industries through index funds and ETFs, as well as a renewed interest in the impact of black swans, to explore the merits of beta in that context. Ultimately, we ask two questions: 1) Is beta a good measure of risk?, and 2) Is beta a valuable tool for portfolio selection? Our evidence, spanning 47 countries, 57 industries, and four decades, finds beta to be useful in both dimensions. When negative black swans hit the market, high-beta portfolios fall substantially more than low-beta portfolios. Furthermore, a strategy that reacts to black swans by selecting portfolios on the basis of beta outperforms a passive strategy in terms of both returns and risk-adjusted returns. Pablo Fernández On June 15-19, attended the 2011 World Finance Conference in Rhodes, where he presented the paper Market risk premium used in 56 Countries in 2011: A survey with 6,014 answers. Abstract: (See page 8.) Fabrizio Ferraro On June 23-35, attended the Annual Meeting of SASE (Society for the Advancement of Socio-Economics) in Madrid, where he presented the paper Big tent, new tools: Institutional change in the responsible investment field, co-authored with Daniel Beunza. Abstract: Our ethnographic analysis of responsible investment considers the problem of large-scale social change in financialized economies. In a setting dominated by calculation, change can be promoted with new market tools, but the literature has not examined the institutional processes entailed in their development. Our study suggests two such mechanisms: the drafting of frameworks to guide tool makers, and the assembly of a big tent of symbolically committed investors to encourage investment by tool makers. It also points to the symbolic and demonstrative effect played by these tools. Our account contributes to economic sociology by bridging the institutionalist and the performativity literatures. Marion Fortin Natàlia Cugueró Assâad El Akremi Miguel A. Canela On May 25-28, attended the Conference of the European Association of Work and Organizational Psychology in Maastricht, where they presented the paper An empirical study of individual predispositions to prefer equity, equality, or need. Abstract: It is well established that different allocation norms can be used to judge the fairness of distributions, notably equity, equality and need. The preference for one rule over another is known to be partially determined by context. However, in this study we examine whether preferences for specific norms, first, vary significantly among individuals in the work context, and, second, moderate justice effects. In order to do so, we introduce a new instrument to measure individual tendencies among the justice norms of equity of input, equity of output, equality, need, and the status/hierarchy norm. Using a sample of 230 international participants, we address several questions in Study 1. First, do the different norms load on different factors as expected, and what is the correlation between different types of norms? Second, can different types of norm choice measures (statement items versus vignettes) be used interchangeably? Third, do people express different types of norm preference in vignettes that regard the distribution of different types of resources (monetary, time and attention, information and responsibility)? In Study 2, using a sample of 500 practitioners, we refined and validated our instrument to measure individual predispositions to prefer specific types of justice norms. Results of Study 2 provide further support for the idea that people use different norms in different situations, and that justice norms can be an important moderator of effects of injustice. Alejandro Lago On April 29-May 2, attended the 22 nd Annual Production & Operations Management (POM) Conference in Reno, where he presented the paper The lead-time and sell- 15

16 thru connection in the fast fashion business, co-authored with Philip Moscoso and Víctor Martínez de Albéniz. Abstract: This paper studies empirically whether differences in supply lead-times due to different suppliers exert an influence on product sell-thru in fast fashion companies. POS sell-thru data over a year for different SKUs of a particular company is analyzed. It is shown that shorter supply lead-times generally improve product sell-thrus, but assortment decisions may mitigate the effect. Marian Moszoro On May 31, attended the International Conference on Contracts, Procurement, and Public-Private Arrangements at IAE Paris, where he presented the paper Opportunism in public-private project financing. Abstract: Opportunism, either governmental or private, may become a powerful deterrent against public-private project financing, especially considering the scale of the investment in infrastructure. The parties can, however, secure themselves against the counterparty s possible opportunism by assigning the investor an exit (put) option and the public agent a bail-out (call) option on the private investor s shares. This paper presents a mechanism for converting natural monopolies into contestable markets using over-the-counter option contracts that combine the stability of long-term contracts and the flexibility of short-term contracts. The exit/bail-out option mechanism reduces entry barriers by streamlining incomplete long-term contracts and avoiding contractual problems related to bounded rationality and opportunism. Incorporating exit/bail-out options to publicprivate contracts with sunk investments increases the set of payoffs for each discount factor compared not only to oneshot games but also to repeated games without options and, more importantly, facilitates cooperation. José L. Moraga On April 18-20, attended the Economic Society Conference, organized by the Royal Holloway University of London, where he presented the paper Do firms sell forward for strategic reasons? An application to the natural gas market. Abstract: Building on a model of the interaction of risk-averse firms that compete in forward and spot markets, we develop an empirical strategy to test whether oligopolistic firms use forward contracts for strategic motives, for risk-hedging, or for both. An increase in the number of players weakens the incentives to sell forward for risk-hedging reasons. However, if strategic motives are also relevant, then an increase in the number of players strengthens the incentives to sell forward. This difference provides the analyst with a way to identify whether strategic considerations are important at motivating firms to sell forward. Using data from the Dutch wholesale market for natural gas where we observe the number of players, spot and forward sales, and churn rates, we find evidence that strategic reasons play an important role in explaining the observed firms (inverse) hedge ratios. In addition, the data lend support to the existence of a learning effect by wholesalers. Pedro Saffi On June 21, attended the Western Finance Association Meeting 2011 in Santa Fe, where he presented the paper The role of institutional investors in voting: Evidence from the securities lending market, co-authored with Reena Aggarwal and Jason Sturgess. Abstract: We examine the role of institutional investors in the voting process by analyzing the changes in the equity lending market around the time of a vote. Using a comprehensive proprietary data set, we find a marked reduction in the supply of lendable shares around the time of a vote because institutions restrict or call back their loaned shares prior to a vote. The reduction in the supply of lendable shares is most pronounced in cases for which ISS recommends voting against the proposal. Examining the subsequent vote outcome, we find that a recall in lending supply is associated with greater votes cast against both management and material proposals. There are also fewer favorable votes cast if ISS opposes management, and for firms with larger institutional ownership. Our results imply that institutions are willing to give up revenue from lending securities in order to exercise voting rights. To address concerns related to empty voting, we also examine changes in borrowing demand around the time of a vote. There is some evidence of increased demand around the time of the record date. However, we find no relation between voting outcome and borrowing demand at the record date. Our results indicate both that corporate governance is important to institutional investors and that the proxy process is an important channel for corporate governance. Lourdes Susaeta José R. Pin Esperanza Suárez Trinidad Yera Angela Gallifa On June 1-4, attended the EURAM Annual Meeting in Tallin, where they presented the paper Gender mainstreaming in Spain: The case of Lidera Project in Madrid Autonomous Community. Abstract: Women continue to be under-represented in senior positions in many fields despite the fact that they make up nearly half of the workforce and more than half of new university graduates in the European Union. The disparity is 16

17 widest at the very top, where only 3% of such companies have a woman directing the highest decision-making body (Iversen and Frances, 2010). Even now, less than 3% of top management in Spain s public companies is female. Now, with new laws on the way designed to increase their power in business, they may be on the verge of breaking the glass ceiling at last. True and Mintrom (2001, 28) defined gender mainstreaming as the efforts to scrutinize and reinvent processes of policy formulation and implementation across all issue areas to address and rectify persistent and emerging disparities between men and women. In Spain, Madrid has become a government administrative center in the financial, industrial and service sectors. The Community of Madrid has been governed for nearly 20 years by the Popular Party, a center-right party, which now is in opposition at the national level. Three years ago, the President of the Community of Madrid, Mrs. Esperanza Aguirre, and her team launched the Lidera Project to enhance women s leadership. The main project objectives are to increase women s professional opportunities and facilitate their access to leadership positions in companies through scholarships for graduate study programs at top business schools. In this paper we investigate the link between the improvement in education and training through the Lidera project and the advancement of women in corporate settings in Spain. Specifically, we investigate the existence of a Lidera effect, i.e., the overall effectiveness of the gender mainstreaming effort through the Lidera Project. Awards Antonio Dávila He received the 2011 Accenture Award for his article Building sustainable high-growth startup companies: Management systems as an accelerator, which featured in a 2010 issue of the California Management Review. effects in futures markets. Futures markets are chosen for several important reasons: Futures markets indirectly (through equity index contracts) include equity markets but also represent much broader set of asset classes, including foreign exchange, commodities, bonds, and interest rates. There are no short restrictions in futures markets: selling future contracts is just a purchase of a reverse contract. Booming over the last 20 years, futures markets have become much more liquid, leading to much smaller transaction costs and bid-ask spreads. Profitability of anomalous strategies is examined using three methods for computing returns in futures markets: traditional" (percentage price change of the notional value of a contract), logarithmic (difference in logarithms of the notional values), and margin (computed as return on initial margin required by exchanges). Advantages and drawbacks of the three methods in general, and in application to quantitative strategies in particular, are discussed in Chapter 2. The sample of futures returns is big enough to allow testing of the strategies in the financial futures and commodity futures subsamples. Chapter 3 tests the presence of intermediate-horizon momentum effect in futures markets. Momentum is found for all three measures of returns. A sharp discrepancy is found between momentum portfolio behavior in the groups of financial and commodity contracts. The tests for reversal effect document a sharp contradiction with previous findings. In Chapter 4 it is shown that contrarian strategies typically earn statistically significant negative returns. Chapter 5 investigates two potential limits of arbitrage in the two reported anomalies. The first refers to the time value of money. It arises from the potential necessity to borrow money from the market when the deposited amount falls below the required level. The second one is trading costs associated with bid-ask spreads and brokerage fees. It is shown that neither of the two limits destroys anomalous returns and therefore neither is an obstacle that can prevent investors from trading these strategies. Doctoral Theses Vadim Sidorov ASSET PRICING ANOMALIES IN FUTURES MARKETS (IESE) thesis director: Carles Vergara Abstract: Asset pricing anomalies have been little studied outside equity markets. The thesis evaluates profitability of intermediate-horizon momentum and short-term reversal Anindya Ghosh NOT QUITE UP TO SCRATCH: AN EXAMINATION OF FAILURE, PERSISTENCE, AND LIVING DEAD OUTCOMES FOR WIRELESS START-UPS (Wharton School, University of Pennsylvania) Abstract: This dissertation analyzes why some VC-funded high-tech firms do not generate harvesting events for investors through a lucrative sale, either to another company or on the stock exchange. I investigate the effects of three signals of quality on failure and persistence. In the 17

18 first essay, hypotheses are developed on the unintended consequences of patenting. Disclosure, through patents, exposes new firms to undesired spillovers. The second essay exploits asymmetric effects on success and failure to expose start-up persistence. It analyzes another signal of quality-technology breadth the applicability across domains and suggests that hazards of disclosure also varies with this breadth. Finally, the third essay examines the effects of signals related to founding team on a third outcome, living dead a transitory state to which a startup shifts when it persists beyond the norm without harvest or failure. I tested these hypotheses on a longitudinal dataset of 428 US VC-backed wireless firms founded between 1990 and 2009, using event history analysis and matched case-control study. I find that a start-up s failure rate increases as its inventions are cited at a higher rate by others; in addition, the failure rate increases when the citing firms have a reputation of litigiousness. I show that the effect of signalling a specific technology while experiencing a high rate of knowledge diffusion diminishes both the likelihood of failure and success-uncovering persistence. Loss of members in founding teams comprised of entrepreneurs with prior founding experience is found to be a shock that increases the odds of marginal performance. IESE Research Seminars Accounting and Control May 5 Speaker: Ron Shalev, Olin Business School, Washington University in St Louis Opportunism and wealth transfer in debt repurchases: The decision between tender offers and open market bond repurchases Abstract: This study investigates whether issuers of public debt opportunistically repurchase their own debt and likely transfer wealth from bondholders to shareholders. We analyze firm s choice of method of bond repurchase; tender offer, a transparent method in which the issuer announces its intention to repurchase the bond, and open market repurchase, a method in which bondholders are not fully aware of the counterparty to the transaction, and provide evidence consistent with issuer opportunism. Specifically, we find a positive association between the decision to repurchase the bonds in the open market and gains from extinguishment of debt recognized in the income statement. We also find that open market repurchases are more likely at times of market turbulence when mispricing is more probable, and when shareholders in the firm are highly concentrated. Finally, we find abnormal insider trades both around times of open market repurchases and prior to tender offer announcement, but that the increase in insider trades is significantly larger for firms that choose the open market repurchase method. Finance May 9 Speaker: Andrea Buraschi, Imperial College Business School Macroeconomic uncertainty, difference in beliefs, and bond risk premia Abstract: In this paper we study empirically the implications of macroeconomic disagreement for the time variation in bond market risk premia. If there is a source of heterogeneity in the belief structure of the economy, then differences in beliefs can affect equilibrium asset prices, and the dynamics of disagreement may generate a source of predictable variation in excess bond returns. Using survey data on macroeconomic forecasts of fundamentals spanning interest rates, real aggregates and inflation variables at different horizons we propose a new empirically observable proxy to aggregate macroeconomic disagreement and find a number of novel results. Firstly, consistent with a general equilibrium model, heterogeneity affects the price of risk, so that a single-factor proxy for disagreement forecasts bond returns with R 2 between 22%- 29%. Secondly, by allowing for a time-varying price of risk proportional to disagreement, we substantially improve the forecasting power of a standard affine model for expected returns. Thirdly, while the predictive content of the return forecasting factor (Cochrane and Piazzesi, (2005) is cut dramatically in the 2008 financial crisis, disagreement is largely unaffected. We interpret this result in terms of Fed interventions which may have distorted the shape of the forward curve, removing price-based information on expected returns. Finally, we show that the information contained in agents belief structure of the economy is different from that contained in macroeconomic aggregates, suggesting that a key determinant for bond returns is the joint subjective uncertainty surrounding the real economy, inflation, and monetary policy. June 2 Speaker: Marian Moszoro, IESE Opportunism in public-private project financing Abstract: Opportunism, either governmental or private, may become a powerful deterrent against public-private project financing, especially considering the scale of the investment in infrastructure. The parties can secure themselves against counterparty opportunism by assigning the investor an exit (put) option and the public agent a bail- 18

19 out (call) option on the private investor s shares. This paper presents a mechanism for converting natural monopolies into contestable markets using over-the-counter option contracts that combine the stability of long-term contracts and the flexibility of short-term contracts. The exit/bail-out option mechanism reduces entry barriers by streamlining incomplete long-term contracts and avoiding contractual problems related to bounded rationality and opportunism. Managing People in Organizations May 19 Speaker: John Antonakis, University of Lausanne Predicting elections? Just ask a crowd of kids Abstract: Research has shown that naïve adults can predict election outcomes on the basis of facial competence (Todorov, Mandisodza, Goren, and Hall, 2005); such results have even been replicated using very young children (Antonakis and Dalgas, 2009). We extend these findings in a variety of conditions where naïve raters are only exposed to candidate photographs. In a series of studies we show very robust effects using both children and adults including: a) in very high-stakes elections; b) prospectively, and c) in elections where voters (experts) should know better (e.g., are psychologists). Finally, we show that using individual-level data underestimates the accuracy of the effects; when aggregating individual level data to group level, accuracy is much higher than previously reported. June 2 Speaker: David Allen, Fogelman College of Business, University of Memphis Shifting analytical mindsets in turnover research: Theoretical and cross-cultural implications of turnover methods Abstract: We content-analyze the theory and methods of more than 400 empirical turnover studies covering more than 50 years of research, from March and Simon s (1958) seminal description of the decision to participate to the present. We intend to draw significant theoretical and methodological insights to guide future research by reviewing the theory and methods by which scholars study turnover. Such a review will assess Steel s (2002) claim that there is a dominant analytical mindset that is stunting theoretical growth and creativity in turnover research. This review will also reveal if there are underutilized alternative analytical perspectives that might advance turnover theory. Further, turnover theories and models have become increasingly complex over time; a review of turnover methods will assess the extent to which methodological choices are keeping up with theory, which may have implications for the accumulation of results in the area, as well as for doctoral training and professional development. Finally, a review of methods linked to theory can provide insights into which theoretical perspectives are in need of additional research attention or new analytical perspectives. Key findings include a marked lack of diversity in samples, research designs, and methods. Marketing June 20 Speaker: Priya Raghubir, New York University Spatial categorization and time perception: Why does it take less time to get home? Abstract: This paper identifies a new bias in consumers time perceptions consumers perceive a journey from a destination to home to be faster than a trip from home to the same destination. In three experiments we demonstrate that this effect occurs both for short trips and for long trips to and from home. We also show that this effect occurs for other familiar locations in addition to home. We discuss several possible causes for this effect and offer preliminary support for one possible reason that involves differences in how consumers spatially encode home vs. a destination. Since home is extremely familiar it enjoys a rich mental representation, and therefore, consumers may encode it as a relatively larger geographical area than the less familiar destination. We offer preliminary evidence that this can lead to a directional asymmetry in their feelings of trip progress. Production, Technology and Operations Management May 23 Speaker: Manuel Sosa, INSEAD Product architecture and quality: A study of opensource software development Abstract: Defining the appropriate product architecture enables organizations to cope with the managerial challenges of designing high-quality products. This paper integrates two formerly unrelated but complementary views of product architecture to uncover architectural characteristics that harm quality. First, taking a /structural/view (by which products are networks of interlinked components), we identify the components involved in cyclical dependencies. We show empirically that these components exhibit a higher level of defects than all other components. This challenges the assumption that all connectivity patterns are detrimental to quality. Then, we complement the structural view with a /hierarchical /view (by which components are organized into hierarchical modules) to examine how the interplay of cycles and modules affects quality. We show empirically: a) components in cycles are even more defect-prone when cycles span hierarchical modules, and b) there are spill-over effects from components 19

20 in cycles to certain other components due to associations introduced by hierarchical modules. Strategic Management June 21 Speaker: Alessandro Minichilli, Bocconi University CEOs co-leadership influence on performance in family firms: Understanding intra- and inter-team relations Abstract: This article investigates the impact of CEOs coleadership on financial performance in family-controlled firms. We consider the presence of family members inside the team of co-ceos to hypothesize a U-shaped relationship with performance, due to socioemotional wealth (SEW) tensions arising when family and non-family executives coexist. Adopting a sequential approach, we also explore relationships between the co-ceos team and, respectively, the board of directors and ownership structures, to show how both intraand inter-team relations emerge in those settings. The article contributes to reconciling the debate among competing views about the impact of family presence in governance structures through a multi-level consideration of family relations, showing also how the predictive power of SEW is enhanced when complemented with multiple levels. The study provides insights both for theory and for family owners. collectivism is low to medium but not when it is high. Implications for research on cross-cultural psychology, trust and organizational citizenship behavior are discussed. Miscellaneous Antonio Argandoña On May 26, attended the XV Congreso AFCO in Granada, where he gave the lecture Perspectiva de la economía española y su entorno internacional. On June 1, attended the one-day conference on the Code of Good Practices of the Spanish Federation of Healthcare Technology Companies (FENIN) in Barcelona, where he gave the lecture Código de buenas prácticas: Dimensión ética. On June 16, attended the Conference Board of the Council on Corporate Responsibility and Sustainability in Barcelona, where he gave the lecture Opportunities and challenges for social entrepreneurs. Research Seminars B. Sebastian Reiche On May 25 at University of Lugano, presented the paper Why do managers engage in trustworthy behavior? The role of collectivism in 18 countries, co-authored with Pablo Cardona, Yih-teen Lee and Miguel Canela. Abstract: Taking a social exchange theory perspective, we conceptualize subordinates organizational citizenship behavior as an antecedent of managerial trustworthy behavior, and examine how manager trust in subordinates mediates this relationship. We also investigate the extent to which this mediation is moderated by the level of collectivism prevalent in a society. Data were collected from 741 managers and their subordinates in 18 countries representing all major cultural regions of the world. We find that manager trust in subordinates partially mediates the relationship between subordinates organizational citizenship behavior and managerial trustworthy behavior across the different countries studied. Further, our analysis reveals that manager trust in subordinates only mediates the relationship between subordinates organizational citizenship behavior and managerial trustworthy behavior when José L. Suárez On June 22, attended the one-day conference on El negocio del suelo. Y ahora qué?, organized in Madrid by the Urban Land Institute, the Junta de Compensación del Parque de Valdebebas and Expansión, where he moderated three roundtables: Modelos urbanos del siglo XXI, Procedimientos de transformación de suelo, and El futuro del mercado del suelo. The conference brought together several of the leading Spanish specialists in the real estate, urban development, financial and services markets. The participants made suggestions for legislation, public and private management, and land financing to allow efficient land use for the benefit of society. Book reviews Antonio Argandoña Reviewed the book New financial horizons: The emergence of an economy of communion, by Lorna Gold, New City Press, 2011, in Markets and Morality, Vol. 14, No 1, pages

21 Teaching Materials NOTE: The updated bibliography may be consulted on the Internet at Accounting and Control Guidant Corporation (C) (BE-171-E ) Following the death of a patient due to the failure of a Guidant product, the firm faces disaster. Case C provides the epilogue of the long crisis. Vaccaro A.; 2 pages. Farmacia Costa (C ) Elaboración y análisis de los principales estados contables en un negocio de farmacia. Los participantes deberán contabilizar las diferentes operaciones presentadas en el caso en un Mayor, elaborar la Cuenta de Resultados y el Balance y, también, elaborar un Estado de Flujos de Efectivo. Hay algunas particularidades específicas de los negocios de farmacia. Fernández A.; Palencia L.; 6 pages. Business Ethics Guidant Corporation (A) (BE-169-E ) Guidant Corporation is a high-tech start-up. After a couple of years of activities, it launches new high-tech products such as pacemakers, implantable defibrillators, etc. After some time Guidant s top management discovers that one of its products, implanted in 24,000 patients, has a serious defect. Management has to choose whether to disclose the information only to the FDA, as requested by the law, or also to inform the patients and doctors. Vaccaro A.; 4 pages. Guidant Corporation (B) (BE-170-E ) Management decides not to inform the patients, but after the death of a teenager due to the malfuction of a Guidant desfibrillator, the firm faces a terrible crisis. Vaccaro A.; 3 pages. The Trial of Business Ethics (BEN-128-E ) Why are we so skeptical about business ethics? Why, whenever we mention corporate social responsibility during a casual conversation, are we met with a tight smile? In this note we explore this impenitent disbelief, which seems to affect managers, scholars, consumers, activists and even policy makers. We think that there are very good reasons for being skeptical about how business ethics and CSR are understood and implemented in the corporate world today. But we also believe that there are very strong arguments to turn this common skepticism into a more conscious understanding of the deep modifications and opportunities associated with an unprecedented change in global civil society. We present this discussion as a court debate because this is exactly what happens in our mind: we hear two conflicting voices, one playing the role of devil s advocate, the other pointing out the many good reasons for riding the wave of the CSR movement. Vaccaro A.; Kusyk S.; 4 pages. Entrepreneurship CVWarehouse (A): Offline and Online Adventures in the Recruitment Industry (EFC-16-E ) This FocusCase describes how a female CEO from Belgium tries to change the business models in the HR industry with the two companies she sets up. The first company is an offline HR consulting company, while the second is an innovative, Internet-based spin-off from the first venture. The case decribes how difficult it is for the entrepreneur to attract venture capital, but how she finally succeeds. More importantly, she runs into a significant problem with her Board and needs to find a solution to break the deadlock. Various strategic scenarios are laid out, including a change of investors or the sale of one or other of the companies, or even both. Many financial, strategic, operational, and also emotional dimensions play into this decision. Sosna M.; Darsch D.; Prats M. J.; 10 pages. 21

22 MobiComp (B): The Way of the Innovator (EFC-17-E ) Case B cannot be taught as a stand-alone case, as it is a direct continuation of the FocusCase "BrapoTech(A): Building to Scale" [EFC-4-E]. This second part illustrates the strategic decisions the firm took with regard to the challenges outlined in Case A, which were mainly around switching from developing more customized solutions to a stand-alone product company and reducing their scope from several industries to only one, in this case, the telco industry, for which the firm developed a product suite in the mobile space. Case B describes the company s development and internationalization over several years until it achieves a very successful exit to Microsoft, which was Microsoft s first acquisition in Portugal. Sosna M.; Darsch D.; Prats M. J.; 7 pages. out a new strategy and future for the company, while trying to retain the core knowledge of the firm. Prats M. J.; Sosna M.; Darsch D.; 8 pages. OpenPlug (B): Their Way Out of the Dark (EFC-6-E ) Case B cannot be taught as a stand-alone case, as it is a direct continuation of the FocusCase OpenPlug: Surviving a Revenue Black Out in the Mobile Space (A) [EBC-3-E]. Case B describes the top management team s survival strategy and the decisions, changes, and actions they take to develop a new product and market strategy, along with the consequences of their decisions. Prats M. J.; Sosna M.; Darsch D.; 6 pages. CVWarehouse (B): Breaking the Deadlock (EFC-18-E ) Cse B cannot be taught as a stand-alone case, as it is a direct continuation of the FocusCase CVWarehouse (A): Offline and Online Adventures in the Recruitment Industry. This second part describes the decisions the entrepreneur takes during the crisis and how she resolves the deadlock in her companies with their current investors. She eventually succeeds in selling one of her businesses in order to buy out the investors from her other company, on which she wants to focus in the future. But the whole process is very complex, as the buyer of the company threatens to pull out at the last moment and our entrepreneur has to go through a nerve-racking process, with high personal risk, to secure the deal and be able to continue with one business that she fully owns. Prats M. J.; Sosna M.; Darsch D.; 5 pages. Open-Plug (A): Surviving a Revenue Blackout in the Mobile Space (EFC-3-E ) This FocusCase is about a young French venture capitalbacked technology firm, which grows rapidly from inception to more than 60 employees and which has developed a Windows light for mass-market mobile handsets. While the whole firm is set up for strong future growth, they suddenly lose more than 80% of their revenues within a very short time, pushing the company into an unexpected crisis. The CEO and senior management team have to map Managing People in Organizations Dummet (A) (DPO ) El viernes 20 de febrero de 2009, a las 15:00 horas, Robert Mettenheimer, director general de la fábrica Dummet, situada en Torrejón de Ardoz, cuidad a 30 kilómetros de Madrid, se enfrentaba a una huelga encubierta. Llevaba más de un mes negociando con el comité de empresa un Expediente de Regulación de Empleo (ERE) que afectaba a 140 empleados; sin embargo, en las últimas ocho horas los acontecimientos habían tomado un giro inesperado. El stock de seguridad, diseñado para este tipo de situación, que cubría inicialmente siete días de demanda de los clientes, ya se había reducido en medio día, debido a la nula producción desde las 6:00 de la mañana, y no se perfilaba una mejora para las próximas horas. El turno de la tarde, que había entrado a las 14:00, siguiendo las mismas pautas de actuación, se situó en las líneas de montaje y se puso a gritar e insultar a los directivos que pasaban por los pasillos de la fábrica. La fabricación permanecía parada. Bonnalgue A.; Stein G.; Pin J. R.; 22 pages. Dummet (B) (DPO ) El viernes 20 de febrero, cuando Oscar entró en su turno de las 6:00 de la mañana, sabía que ese día seria histórico para la fábrica. Nunca hasta entonces se había realizado una huelga y, además, encubierta. Estaba muy nervioso. Se 22

23 temía algunas deserciones por parte de los supervisores y gente de la oficina. A las 6:10, los empleados siguieron las pautas que habían recibido y empezaron a golpear las máquinas con sus manos o con herramientas para hacer ruido; cuando aparecieron los primeros directores a las 7:30, les insultaron con agresividad. Bonnalgue A.; Stein G.; Pin J. R.; 1 pages. Dummet (C) (DPO ) Robert Mettenheimer, personalmente no veía salida, por lo que decidió presionar al bufete de abogados para que presentase algunas alternativas ante una situación que no podía tolerarse más tiempo. El comité de empresa no había seguido el cauce legal de presentar una solicitud de huelga, y disponiendo del stock de producto terminado, Robert no estaba dispuesto a perder este pulso. Los abogados apuntaron la posibilidad del parón patronal, usado en casos de huelgas encubiertas. Supondría mandar a casa sin sueldo a los operarios de la fábrica, aludiendo como causa una huelga no autorizada; sin embargo, esta decisión podría entorpecer las negociaciones en curso. Bonnalgue A.; Stein G.; Pin J. R.; 1 pages. Dummet (D): La decisión final (DPO ) Flanqueado por sus seis directores, Robert bajó a la fábrica y se dirigió a la nave donde se concentraban los cien operarios y los encontró en las líneas de producción charlando tranquilamente. A la llegada del equipo de dirección, los operarios empezaron a gritar, silbar y hacer ruido con herramientas. Se dio la orden a los operarios de desalojar la primera línea de montaje. Bonnalgue A.; Stein G.; Pin J. R.; 2 pages. Evaluación del desempeño y estimación del potencial: dos caras de una misma moneda? (DPON ) El objetivo de estas es clarificar la diferencia entre evaluar la actuación pasada y estimar la actuación futura, y reflexionar sobre la relación que dichos procesos tienen con decisiones críticas como retribuciones, rotaciones y promociones, que inciden de manera directa en la capacidad de respuesta al entorno. Distinguiremos el concepto de valoración de lo sucedido de facto, que llamaremos en adelante evaluación del rendimiento (si se centra en objetivos) y evaluación del desempeño (si considera objetivos y comportamientos) y el concepto de valoración de las capacidades personales de cara al futuro, que llamaremos en adelante estimación del potencial. Rábago E.; Stein G.; 20 pages. Marketing Grupo Alimentario Guissona (M ) El Grupo Alimentario Guissona, con sus buques insignia Cooperativa Agropecuaria y Corporación Alimentaria, es, en el año 2010, el lider del sector cárnico español, con una facturación de millones de euros, cooperativistas, accionista y empleados, con la mitad procedentes de la inmigración de 42 paises distintos. Un caso singular de éxito empresarial y desarrollo integral del territorio, con un modelo de negocio propio totalmente integrado desde las materias primas al consumidor final, Jaume Alsina, su presidente, reflexiona en el cincuenta aniversario de la creación de la cooperativa sobre las bases del negocio, sus retos de expansión futuros y el gobierno del conjunto. Segarra J. A.; Carrillo J.; 30 pages. Primark: 10? Ooh that's Expensive! (M-1249-E ) On August 5, 2010, Paul Marchant, the CEO of the UK s wildly popular discount clothier Primark, announced a new store opening at the poor relation end of London s Oxford Street. The Primark store at the opposite end, up-scale Marble Arch, had opened in 2007 and, despite concerns about its location among higher-end retailers, was now generating profits of 1.7m per week. The newest location of this unique vendor would take up an astounding 85,000 sq ft (7,896 sq meters) and would be strategically located in front of the Tottenham Road Tube station, which was due to be fully remodeled. Less than a year earlier, Mr. Marchant had taken over from founder Arthur Ryan, who had stepped down after 40 years of service. Mr. Ryan, a septuagenarian described as the creator, driving force, and inspiration behind Primark, was praised with having truly changed the face of retailing in Ireland and the United Kingdom, and building the outstanding success story of the decade. Now, the torch had passed on and the immediate challenge lay in overseeing the chain s domestic and European expansion. Could Mr. Marchant continue to 23

24 make Primark a United Kingdom success while at the same time adapting its unique business model to suit new geographies? Could he once and for all dispel the perennial controversy regarding Primark s one weak link: suppliers use of cheap factory labor? And, of most concern to parent company ABF Holdings, could he deliver the profits to which they d become accustomed? Ziskind J.; Villanueva J.; Nueno J. L.; 27 pages. determinados barrios, ciudades y regiones. Esta nota recoge algunas estrategias llevadas a cabo por ciudades y países para posicionarse en el mercado del turismo cultural, a través de la organización de eventos culturales de impacto internacional y la construcción de equipamientos que generen un flujo de visitantes constante y ayuden a acabar con la marcada estacionalidad turística. Rodríguez M.; Muñoz-Seca B.; 17 pages. Production, Techonology and Operations Management Challenges of the 21st Century: Education (PN-474-E ) Education is the process by which society deliberately transmits its accumulated knowledge, skills and values from one generation to another. It is broadly used as an agent for social change. Theodore Schultz argued that population quality and knowledge constitute the principal determinants of the future welfare of mankind. A country which is unable to develop the skills and knowledge of its people and to utilize them effectively in the national economy would be unable to develop anything else. According to Psacharopoulos, education is widely regarded as the route to economic prosperity, the key to scientific and technological advancement, the means to combat unemployment, the foundation of social equity, and the spread of political socialization and cultural vitality. Article 26 of the 1948 UN Universal Declaration of Human Rights states that everyone has a right to education and that this education shall be free and compulsory. Clearly, the world has not yet reached this goal, with huge disparities between developed and developing countries, between rich and poor within countries, and between boys and girls. The great challenge behind the UN Charter is therefore how to make good quality education available to all. Education not only helps people to develop their own potential, but also fosters accelerated economic growth, increased wealth and income, a decline in population growth, and political stability. In other words, one of the potential solutions to many of the world s current problems is better and more widespread education. Rodríguez G.; Akef A. M. H.; Adrian D.; 18 pages. Turismo y cultura: simbiosis para el desarrollo económico (PN ) Challenges of the 21st Century: Ecosystems and Biodiversity (PN-476-E ) Over the past 50 years, humans have changed ecosystems rapidly and extensively (quite posibly more rapidly than in any comparable period in human history), largely to meet rapidly growing demands for food, fresh water, timber, fiber, and fuel. A recent report, prepared for the 2011 World Economic Forum, indicated biodiversity loss as one of the most likely and highest economic impact threats in the current global risks landscape. Biodiversity plays an important role in ecosystem functions that provide supporting, provisioning, regulating, and cultural services. These services are essential for human well-being. However, at present there are few studies that link changes in ecosystem functioning to changes in human well-being. An ecosystem is a dynamic complex of plant, animal, and microorganism communities and the non-living environment interacting as a functional unit. Biodiversity is the variability among living organisms from all sources, including terrestrial, marine, and other aquatic ecosystems and the ecological complexes of which they are part; this includes diversity within species, between species, and of ecosystems. Biodiversity contributes to security, resiliency, social relations, health and freedom of choices and actions. The Ecological Footprint concept was designed to represent human consumption of biological resources and generation of waste. The pattern of winners and losers associated with ecosystem changes has perhaps not been adequately taken into account in management decisions. Changes in ecosystems typically yield benefits for some people and impose costs on others, who may either lose access to resources or livelihoods or be affected by externalities associated with the change. The underlying causes and potential repercussions of problems with ecosystems and biodiversity in the 21st century are complex. Given the fundamental link these issues have with basic welfare and survival, they are topics of continued debate. Rodríguez G.; Johnson H.; Done A.; 14 pages. La cultura es un factor clave para el desarrollo económico, y gestionada de manera eficaz, puede contribuir a impulsar 24

25 Occasional Papers OP-190 May 2011 Antonio Argandoña LA ETICA Y LA TOMA DE DECISIONES EN LA EMPRESA Abstract: La ética es necesaria en la empresa porque forma parte de todas y cada una de las decisiones humanas. Las personas que participan en una empresa buscan resultados distintos y actúan por motivaciones variadas; por tanto, los directivos tienen que tener en cuenta varias dimensiones de sus acciones, que incluyen los beneficios materiales, pero también variables psicológicas, sociales y éticas. Esta manera de introducir la ética en la empresa es endógena: viene a ser una condición de equilibrio de la empresa, que mira no ya a su rentabilidad a corto plazo, sino, sobre todo, a su consistencia, es decir, a su capacidad de generar beneficios también a largo plazo, porque mejora la capacidad de las personas para tomar mejores decisiones. OP-192 June 2011 Pablo Cardona Carlos Rey COMO GENERAR LIDERAZGO EN TODA LA ORGANIZACION Abstract: El liderazgo es una de las competencias directivas más valoradas. Muchas empresas tratan de desarrollarlo en sus directivos siguiendo el modelo tradicional de líder-subordinado, que solo sirve para los primeros ejecutivos. Los resultados de estos esfuerzos han sido poco exitosos. Para desarrollar el liderazgo en toda la organización se requiere un nuevo modelo de tipo líderlíder, en el que todos los directivos de la organización compartan la responsabilidad de la misión de la empresa. OP-191 May 2011 Carlos Sancho CONTRATACION Y SUBCONTRATACION INTERNACIONAL. ESTRUCTURAS SOCIETARIAS INTERNACIONALES Abstract: La Internacionalización de la empresa supone desde, el punto de vista jurídico, la preparación y redacción de distintos tipos de contratos que incluyen aquellos aspectos peculiares del comercio entre compañías mercantiles de distinta nacionalidad. Este documento describe los conceptos jurídicos fundamentales en el comercio internacional de forma progresiva. El empresario exporta a través de un contrato de compraventa internacional directamente, a través de un distribuidor o mediante un agente. Asimismo, expone los distintos acuerdos societarios que puede adoptar el empresario cuando tiene una cierta vocación de permanencia en otro territorio. Por último, explicamos el funcionamiento de los Tratados de Doble Imposición. El documento acompaña un breve ejercicio que incluye un anexo con un modelo de contrato, así como una referencia bibliográfica elemental. 25

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