scholarly journals Two-Sided Random Matching Markets: Ex-Ante Equivalence of the Deferred Acceptance Procedures

2021 ◽  
Vol 9 (4) ◽  
pp. 1-14
Author(s):  
Simon Mauras
Keyword(s):  
Integral Formula ◽  
Combinatorial Problem ◽  
Stable Matching ◽  
Exclusion Principle ◽  
Matching Markets ◽  
Content Type ◽  
Ex Ante ◽  
Uniform Case ◽  
Deferred Acceptance ◽  
New Formula

Stable matching in a community consisting of N men and N women is a classical combinatorial problem that has been the subject of intense theoretical and empirical study since its introduction in 1962 in a seminal work by Gale and Shapley. When the input preference profile is generated from a distribution, we study the output distribution of two stable matching procedures: women-proposing-deferred-acceptance and men-proposing-deferred-acceptance. We show that the two procedures are ex-ante equivalent—that is, under certain conditions on the input distribution, their output distributions are identical. In terms of technical contributions, we generalize (to the non-uniform case) an integral formula, due to Knuth and Pittel, which gives the probability that a fixed matching is stable. Using an inclusion-exclusion principle on the set of rotations, we give a new formula that gives the probability that a fixed matching is the women/men-optimal stable matching.

Co-creation and higher order customer engagement in hospitality and tourism services

2016 ◽  
Vol 28 (2) ◽  
pp. 222-245 ◽  
Author(s):  
Prakash K. Chathoth ◽  
Gerardo R. Ungson ◽  
Robert J. Harrington ◽  
Eric S.W. Chan
Keyword(s):  
Value Creation ◽  
Higher Order ◽  
Customer Engagement ◽  
Service Dominant Logic ◽  
Content Type ◽  
Dominant Logic ◽  
Ex Post ◽  
Ex Ante ◽  
Experiential Value

Purpose – This paper aims to present a review of the literature associated with co-creation and higher-order customer engagement concepts and poses critical questions related to the current state of research. Additionally, the paper presents a framework for customer engagement and co-creation with relevance to hospitality transactions. Design/methodology/approach – Earlier research on co-production, co-creation, consumer engagement and service-dominant logic are discussed and synthesized. Based on this synthesis, links and contrasts of these varying research streams are presented providing an articulation of key characteristics of each and how these might be applied within a hospitality context. Findings – Modalities in service transactions vary among traditional production, co-production and co-creation based on changes in attitudes, enabling technologies and the logic or ideology supporting the change. Transaction characteristics vary among manufacturing, quasi-manufacturing and services based on several key categories including differences in boundary conditions, enablers, success requirements, sustainability requirements, the dominant logic used and key barriers/vulnerabilities. When creating experiential value for consumers, firms should consider several aspects ex-ante, in-situ and ex-post of the change and during the change process. Research limitations/implications – Firms need to move toward higher-order customer engagement using co-creative modalities to enhance value creation. Current practices in the hotel industry may not in their entirety support this notion. Ex-ante, in-situ and ex-post considerations for creating experiential value need to be used as part of a checklist of questions for firms to pose in order to move toward managing customer experiences using the service-dominant logic as part of the firm’s orientation toward its market. This would give it the required thrust to create superior engagement platforms that use co-creative modalities while addressing the barriers to higher-order customer engagement as identified in the literature. Originality/value – The hospitality and tourism literature on co-creation and higher-order customer engagement is still in its infancy. A synthesis of these early studies provides support for the need for future research on co-creation that more clearly articulates the modality firms could use to move toward co-creation. This paper develops a dynamic framework using characteristics of co-creation that integrate the various stages of value creation (i.e. input, throughput and output).

Transactional dynamics in European R & D networks: an assessment of Eureka

2015 ◽  
Vol 18 (3) ◽  
pp. 330-354
Author(s):  
Bruno Brandão Fischer ◽  
José Molero
Keyword(s):  
Transaction Costs ◽  
Transaction Cost Economics ◽  
Empirical Support ◽  
Research Area ◽  
Dynamic Interactions ◽  
Firm Level ◽  
Content Type ◽  
Dynamic Framework ◽  
Level Data ◽  
Ex Ante

Purpose – The purpose of this paper is to verify the impacts of the transaction costs rationale on economic agents’ innovative results when they engage in European R & D networks, supplying both firms and policymakers with empirical support for improved decision making toward economic competitiveness and construction of the European research area. Furthermore, unlike many transaction cost economics assessments, the authors evaluate the existence of transaction costs following a dynamic framework of analysis (instead of using solely ex ante governance choice as a driver of inter-firm “friction” management), offering a novel perspective on these phenomena. Design/methodology/approach – Data consist of firm-level information from Eureka’s Final Reports (1995-2006) for Spanish, Italian, French, British and German firms. Empirical assessments were performed through a two-step approach of direct and indirect effects of network management and potential sources of disturbances. Ordinal regressions were applied in order to identify transaction costs’ relevance as drivers of firms’ technological and commercial outcomes, as well as on managerial quality of alliances. Statistical controls include microeconomic and project-specific variables. Findings – Results highlight the role played by transactional aspects as drivers of companies’ outcomes and managerial complexity. Furthermore, the authors find robust evidence that formal ex ante governance structures are incapable of satisfactorily addressing dynamic disturbances that take place within R & D networks. Whereas such findings are directly related to existing transaction costs, the authors find no support for the usual variables attributed to increased complexity in international inter-firm relationships. Research limitations/implications – Self-selection issues are inherently related to the research instrument (i.e. Eureka’s Reports), while further firm-level data could not be obtained since confidentiality issues protected companies’ names and sectors. Also, network-level data are not available, allowing the evaluation of individual perceptions only. Originality/value – While literature addresses the issue of transaction costs in R & D networks via theoretical assumptions and rough proxies, this assessment offers an in-depth evaluation of a set of valuable indicators with direct implications for researchers, managers and policymakers. Main contributions concern the identification of dynamic interactions (and their respective disturbances) as a key feature of the overall performance of R & D networks, stressing the non-linearity of economic processes in these hybrid relationships, an issue that has been poorly tackled by previous empirical investigations.

The role of sociomaterial assemblage on entrepreneurship in coworking-spaces

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Muhammad Mahmood Aslam ◽  
Ricarda Bouncken ◽  
Lars Görmar
Keyword(s):  
Design Methodology ◽  
Digital Technologies ◽  
Data Sources ◽  
Entrepreneurial Ventures ◽  
Content Type ◽  
Shared Workspaces ◽  
Inductive Research ◽  
Coworking Spaces ◽  
New Formula

PurposeCoworking-spaces are considered as a new formula to facilitate autonomy, creativity, self-efficacy, work satisfaction and innovation, yet they also might overburden their users who in that course intend to limit social interaction and collaboration in the workspace. Thus, the question is how coworking-spaces shape entrepreneurial ventures.Design/methodology/approachThis study used an inductive research methodology based on data from three different data sources, including observations, archives and interviews from managers and entrepreneurs.FindingsThe findings suggest that the materiality in the form of spatial architectures (working, socialization and support structures) shared facilities and infrastructures (utilities, luxuries and specialties), and integrated digital technologies (applications and platforms) influence the flow of communication, internal and external linkages, as well as functional uniformity and distinctiveness. However, there exists an inherent dualism in sociomaterial assemblage in coworking-spaces, which can lead to instrumental and detrimental outcomes for entrepreneurs.Originality/valueThis study explains the role of sociomaterial assemblage on the working of entrepreneurs in shared workspaces.

The latitude for loyal contradiction and public leadership: a conceptual and comparative approach

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Frits M. van der Meer ◽  
Gerrit S.A. Dijkstra
Keyword(s):  
Organizational Performance ◽  
Civil Service ◽  
Public Organizations ◽  
Comparative Approach ◽  
Content Type ◽  
Public Leadership ◽  
Service Function ◽  
Ex Ante ◽  
Public Leaders ◽  
Relevant Factors

PurposeThis paper looks into the mechanisms that determine (stimulate and limit) the scope for loyal contradiction in organizations through ex ante voice. The paper provides insights into how this essential civil service function and obligation can be maintained and the role that public leadership can play in addressing these issues.Design/methodology/approachThis paper consists of a conceptual analysis of major determinants for constraints on and stimuli of loyal contradiction and provides an interpretational framework of the relevant factors involved.FindingsThis paper examines the mechanisms that determine (stimulate and limit) the scope for loyal contradiction in organizations through ex ante voice and provides insights into how to maintain this essential civil service function and obligation through the contribution of public leadership.Practical implicationsThe findings of this paper offer insight into how to avoid constraints on loyal contradiction within public organizations and point to the way public leaders can, by facilitating and stimulating it, enhance organizational performance and legitimacy.Originality/valueThis paper points to an issue that is increasingly relevant in politics and public administration. By providing a conceptual framework, this paper provides a deeper understanding of how the necessary conditions for loyal contradiction can be created within public organizations.

Dividend policy and probability of extreme returns

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Mohammed Bouaddi ◽  
Omar Farooq ◽  
Neveen Ahmed
Keyword(s):  
Stock Returns ◽  
Stock Price ◽  
Dividend Policy ◽  
Actual State ◽  
Content Type ◽  
Market Participants ◽  
Dividend Payments ◽  
Ex Post ◽  
Ex Ante ◽  
The Future

PurposeThis study examines the effect of dividend policy on the ex ante probability of stock price crash and the ex ante probability stock price jump.Design/methodology/approachWe use the data of publicly listed non-financial firms from France and the ex ante measures of crash and jump probabilities (based on the Flexible Quadrants Copulas) to test our hypothesis during the period between 1997 and 2019.FindingsOur results show that dividend payments are negatively associated with the ex ante probability of crash and positively associated with the ex ante probability of jump. Our results are robust across various sub-samples and across different proxies of dividend policy. Our findings also hold when we use ex-post measures of crash and jump probabilities.Originality/valueUnlike prior literature, we use ex ante measures of crash and jump probabilities. The main advantage of this forward looking measure is that it allows for more flexibility by modeling the dependence between market returns and stock returns as functions of their actual state. Our measure is also consistent with the behavior of investors and market participants in a way that the market participants do not know the future outcome with certainty, but rather they are anticipating the future.

The impact of guaranteed bailout assistance on bank loan overstatement

2016 ◽  
Vol 12 (2) ◽  
pp. 177-210
Author(s):  
Alejandro Hazera ◽  
Carmen Quirvan ◽  
Salvador Marin-Hernandez
Keyword(s):  
Financial Crisis ◽  
Emerging Market ◽  
Balance Sheet ◽  
Bank Loan ◽  
Content Type ◽  
Put Options ◽  
Regulatory Policies ◽  
Ex Post ◽  
Ex Ante ◽  
The Impact

Purpose – The purpose of this paper is to highlight how the basic binomial option pricing model (BOPM) might be used by regulators to help formulate rules, prior to financial crisis, that help prevent loan overstatement by banks in emerging market economies undergoing financial crises. Design/methodology/approach – The paper draws on the theory of soft budget constraints (SBC) to construct a simple model in which banks overstate loans to minimize losses. The model is used to illustrate how guarantees of bailout assistance (BA) (to banks) by crisis stricken countries’ financial authorities may encourage banks to overstate loans and delay the implementation of IFRS for loan valuation. However, the model also illustrates how promises of BA may be depicted as binomial put options which provide banks with the option of either: reporting loan values on poor projects accurately and receiving the loans’ liquidation values; or, overstating loans and receiving the guaranteed BA. An illustration is also provided of how authorities may use this representation to help minimize bank loan overstatement in periods of financial crisis. In order to provide an illustration of how the option value of binomial assistance may evolve during a financial crisis, the model is generalized to the Mexican financial crisis of the late 1990s. During this period, Mexican authorities’ guarantees of BA to the nation’s largest banks encouraged those institutions to overstate loans and delay the implementation of (previously adopted) international “best practices” based loan valuation standards. Findings – Application of the model to the Mexican financial crisis provides evidence that, in spite of Mexico’s “official” 1997 adoption of international “best accounting practices” for banks, “iron clad” guarantees of BA by the country’s financial authorities to Mexico’s largest banks provided those institutions with an incentive to knowingly overstate loans in the late 1990s and early 2000s. Research limitations/implications – The model is compared against only one country in which the BA was directly infused into banks’ loan portfolios. Thus, as conceived, it is directly applicable to crisis countries in which the bailout took this form. However, the many quantitative variations of SBC models as well as recent studies which have applied the binomial model to other forms of bailout (e.g. direct purchases of bank shares by authorities) suggest that the model could be modified to accommodate different bailout scenarios. Practical implications – The model and application show that guaranteed BA can be viewed as a put option and that ex-ante regulatory policies based on the correct valuation of the BA as a binomial option might prevent banks from overstating loans. Social implications – Use of the binomial or similar approaches to valuing BA may help regulators to determine the level of BA that will not encourage banks to overstate the value of their loans. Originality/value – Recent research has used the BOPM to value, on an ex-post basis, the BA which appears on the balance sheet of institutions which have been rescued. However, little research has advocated the use of this type of model to help prevent, on an ex-ante basis, the overstatement of loans on poor projects.

Cash flow uncertainty and IPO underpricing: evidence from income guarantee in Thai REITs

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Kanis Saengchote ◽  
Chittisa Charoenpanich
Keyword(s):  
Initial Public Offerings ◽  
Cash Flow ◽  
Simultaneous Equations ◽  
Least Square ◽  
Ipo Underpricing ◽  
Content Type ◽  
Useful Signal ◽  
Ex Ante ◽  
Capm Beta ◽  
The Relationship

PurposeThe purpose of this article is to investigate the relationship between cash flow uncertainty and the underpricing of real estate investment trust (REIT) initial public offerings (IPOs) using hand-collected data on income guarantee in Thailand from January 2005 to December 2019.Design/methodology/approachThis article uses linear regression to determine the relationship between underpricing (initial return) and proxy for cash flow uncertainty (income guarantee), controlling for other factors. Because issuers can use several actions to signal their quality under asymmetric information, the joint decisions are analyzed as simultaneous equations and estimated using three-stage least square (3SLS) to address potential endogeneity concern.FindingsThis article finds that underpricing, on average, is negatively related to income guarantee, which is a proxy for ex ante cash flow uncertainty. The relationship is economically and statistically significant and robust to simultaneous equations estimation. Further investigation shows that REITs with income guarantee tend to have lower systematic risk (measured by CAPM beta) and returns, making the nature of some REITs more debt-like than equity-like.Practical implicationsFor issuers, the result suggests that offering income guarantee (which is more costly for assets with lower quality) can be a useful signal of asset quality to investors and reduce IPO discount. For institutional and retail investors, the results are informative about the risk-return tradeoffs in REIT IPO investment opportunities. Income guarantees makes REIT exposure more fix income-like, so there is a need to consider the credibility of the guarantor as well.Originality/valueThis article is the first to use income guarantee as an ex ante measure of cash flow uncertainty and explicitly investigates its linkage to IPO underpricing. This aspect of uncertainty and IPO underpricing remains little-studied in the academic literature. It also contributes to the growing literature of REIT IPOs in Asia.

Cauchy Integral Formula on the Integration Path C on Singularity in Mechanics of Materials

2012 ◽  
Vol 502 ◽  
pp. 124-127
Author(s):  
Xue Feng Cao
Keyword(s):  
Path Integral ◽  
Singular Integrals ◽  
Function Analysis ◽  
Integral Formula ◽  
Cauchy Integral Formula ◽  
Integration Path ◽  
Cauchy Integral ◽  
Mechanics Of Materials ◽  
New Formula ◽  
Integrand Function

This paper is a combination of conditions and the knowledge of singular integrals, the integrand function analysis of the deformation, the singularity in the integral for a class on the path integral come up with a complex new formula for the solution,the formula can be used in these areas,such as mechanics of materials.

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