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Scheller College of Business

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Now showing 1 - 10 of 501
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    Essays on the societal implications of online lending platforms
    (Georgia Institute of Technology, 2019-07-24) Wang, Hongchang ; Overby, Eric ; Mitra, Sabyasachi ; Niculescu, Marius ; Lin, Mingfeng ; Forman, Chris ; Business
    This dissertation includes three interrelated essays which investigate the outcomes of online lending platforms on both borrowers and investors. More specifically, the first one looks at the borrowers’ side and investigates how online lending influences bankruptcies of borrowers, the second one looks at the investors’ side and investigates how the use of algorithmic trading in online lending platforms influences investing opportunities of individual investors, and the third one looks at the whole online lending market and investigates how political ideology and political distance influence investors’ behaviors and market efficiency. Essay 1 investigates the impact of online lending on bankruptcy filings. Using a difference-in-differences approach, I find that state approval of Lending Club leads to an increase in bankruptcy filings. A complementary instrumental variable analysis using loan-level data yields similar results. I find suggestive evidence that the ease of receiving a Lending Club loan causes some borrowers to overextend themselves financially, leading to bankruptcy. I also find that “strategic” borrowing – in which borrowers who are considering bankruptcy use a Lending Club loan to restructure their debt or to engage in last-minute consumption before they file – may play a role. Essay 2 studies the effects of algorithmic trading by examining the effect of an API upgrade on that facilitated algorithmic trading. Using a difference-in-differences strategy, I find that individual “manual” investors were crowded out of the most quickly-funded and typically best-performing loans after the API upgrade. However, the API upgrade may have increased the size of the market, thereby allowing individual investors to continue investing in the market, albeit for somewhat lower quality loans. Essay 3 studies whether political differences – which are becoming increasingly acute among Americans – inhibit market efficiency by examining whether investors in online lending markets are less likely to lend to borrowers whose political ideology (i.e., liberal or conservative) is likely to be different from their own. I leverage state-level legalization of same-sex marriage as a natural experiment to investigate how investors in online lending markets respond to this signal of a state’s “liberalness”. Results of a difference-in-differences analysis show that: (1) investors make more bids (loan offers) to borrowers in states that legalize same-sex marriage in the days immediately after passage of the law; and (2) investors from politically similar states contribute more to this increase than do investors from politically dissimilar states. This suggests that political differences influence lending decisions in online lending markets, potentially preventing beneficial investor/borrower matches from being formed. To test the generalizability of these findings, I also use all U.S. states and measure the number of bids from investors in each state to borrowers in each state. I use a gravity model to examine how political differences across states influence bidding behaviors. Results are consistent with the difference-in-differences analysis.
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    Marketing Strategy Formation in the Commercialization of New Technologies
    (Georgia Institute of Technology, 2004) Vincent, Leslie Harris ; Georgia Institute of Technology. TI:GER
    This research contributes significantly to the current marketing strategy literature by examining the effective formation of marketing strategies for new technologies outside traditional organizational boundaries. This important question must be addressed considering that at any given time roughly 10.1 million adults in the U.S. are attempting to create new ventures, yet the rate of new venture failures is approximately 70 percent. Therefore it is important to step away from examining innovation and marketing strategy formation within traditional domains (i.e. large organizations) and instead focus on innovations outside organizational boundaries that generate 60 to 80 percent of new jobs annually. In particular, considering the high rate of new venture failure, what characteristics increase the likelihood of success in the commercialization of new technologies? This research seeks to answer these compelling questions, and provide a more process-based approach to studying the effective development of marketing strategies for new technologies. Using a dynamic capabilities framework, the role of internal and external capabilities in driving marketing strategy effectiveness for inventions developed in university labs is explored. The key to building a conceptual framework based upon the dynamic capabilities perspective is to identify the building blocks upon which competitive advantages can be formed, sustained, and improved. One such foundation is knowledge transfer, or learning. The focus of this research is on two distinct components of knowledge transfer: network ties and absorptive capacity. Past research has shown that network ties provide access to information that can be beneficial to performance outcomes (Tsai and Ghoshal 1998; Tsai 2001). In addition to this external source of information, an internal learning capacity must also be present in order to absorb and utilize the information coming in. Both network ties and absorptive capacity have been found to play a key role in both innovation and superior performance outcomes (Cohen and Levinthal 1990; Tsai 2001). Therefore it is expected that both network ties and absorptive capacity will have a complementary impact on marketing strategy effectiveness (marketing strategy performance, marketing strategy creativity, and marketing strategy improvisation). The sample for this research comes from a unique multidisciplinary program within the university setting. Technological Innovation: Generating Economic Results (TI:GER) is a two-year team based program that focuses on integrating science and engineering research with the other components (business and law) necessary for commercialization. The teams’ primary objective is that of developing a commercialization strategy for research developed within university laboratories. This study will collect data from pre-startup teams throughout their participation in the program. In addition, objective outcome measures for marketing strategy effectiveness will be collected from outside industry experts and team supervisors. The longitudinal panel data thus collected will be analyzed using random effects and generalized method of moments (GMM) modeling to account for the dependencies inherent to panel data. There has been very little empirical research on the formation of strategies at the team level and furthermore, even less research examining the formation of strategies for technologies that were developed outside traditional organizational boundaries and without a predefined market application. Overall, this research will not only contribute significantly to the current innovation and marketing strategy literature, but will also open up new avenues of research in marketing entrepreneurship.
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    Improvement in productivity and quality from information technology-worker systems
    (Georgia Institute of Technology, 1997-05) Napoleon, Karen J. ; Gaimon, Cheryl ; Management
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    Professional accountants' ethical behavior : a positive approach
    (Georgia Institute of Technology, 1992-05) Hwang, Ho-Chan ; Schneider, Arnold ; Management
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    The FASB's Basic Ownership Approach and a Reclassification of Preferred Stock as a Liability
    (Georgia Institute of Technology, 2008-06) Mulford, Charles W. ; Chadalavada, Saritha ; Georgia Institute of Technology. College of Management ; Georgia Institute of Technology. Financial Analysis Lab
    In Preliminary Views: Financial Instruments with Characteristics of Equity, the FASB expresses a preference for a basic ownership approach for distinguishing between liabilities and equity. Under this approach, preferred stock, long considered a component of shareholders’ equity, would be reported as a liability. If this change takes place, the impact on the balance sheet and income statement, including measures of leverage and interest coverage will be great, especially for companies that have relied heavily on preferred stock for financing. In this study, consistent with the proposal, we revise balance sheet and income statement measures of leverage, interest coverage and pretax income and seek to identify sectors and some companies where the effects will be greatest. Debt covenants for companies that use significant amounts of preferred stock may need to be revised. There may also be pressure to refinance outstanding preferred stock with debt or common equity. Overall, we find that the median firm with outstanding preferred stock would see its liabilities to equity ratio increase by 4.17%. The median company would see a decline of 5.99% in times interest earned and a 6.37% decline in pretax income.
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    Outsourcing of supply chain processes: evaluating the impact of congruence between outsourcing drivers and competitive priorities on performance
    (Georgia Institute of Technology, 2007-06-05) Kroes, James Raymond ; Ghosh, Soumen ; Stratman, Jeff ; Lawrence James ; Subramanian, Ravi ; Singhal, Vinod ; Management
    The outsourcing of elements of supply chain processes is now an integral component of the operationalization of a firm s competitive business strategy. While the purported goal of outsourcing is usually to derive a competitive advantage in the marketplace, it is not clear whether the outsourcing decisions made by firms are always strategically aligned with their overall competitive strategy. To shed light on this important issue, this research study empirically examines the performance impact of the alignment (congruence) between a firm s competitive priorities (cost, flexibility, innovativeness, quality, and time) and the drivers of its outsourcing decisions. First, we develop and validate a survey instrument used to collect data for this study from manufacturing firms operating in the United States. Next, we use structural equation modeling to examine the impact of alignment between individual competitive priorities and related groups of outsourcing drivers. This analysis finds a significant positive relationship between outsourcing alignment and performance for a number of competitive priorities. Finally, we use cluster analysis to develop a taxonomy of manufacturing strategies which are tested to determine the relationship between the alignment of outsourcing decisions and performance. The taxonomic investigation identifies three unique clusters of firms based on their competitive priorities and then determines alignment between each cluster strategy and outsourcing to be significantly associated with better performance. To the best of our knowledge, there are no studies in the literature that address the issue of strategic congruence between the outsourcing drivers and competitive priorities of a firm, and the impact of such congruence on firm performance.
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    Arbitrage pricing theory and the term structure of interest rates
    (Georgia Institute of Technology, 1984-05) Ehrhardt, Michael Clyde ; Stone, Bernell K. ; Industrial management
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    The Effect of Competition on Recovery Strategies (ed.1)
    ( 2005-01-13) Ferguson, Mark E. ; Toktay, L. Beril
    Manufacturers often face a choice of whether to recover the value in their end-of-life products through remanufacturing. In many cases, firms choose not to remanufacture, as they are (rightly) concerned that the remanufactured product will cannibalize sales of the higher-margin new product. However, such a strategy may backfire for manufacturers operating in industries where their end-of-life products (cell phones, tires, computers, automotive parts, etc) are attractive to third-party remanufacturers, who may seriously cannibalize sales of the original manufacturer. In this paper, we develop models to support a manufacturer's recovery strategy in the face of a competitive threat on the remanufactured product market. We first model the competition between new and remanufactured products produced by the same firm. The average cost to collect/remanufacture is modelled as an increasing function of the quantity collected/ remanufactured, thus capturing a unique aspect of the remanufacturing industry that has not been explored in previous market segmentation research. Our findings provide firms with conditions where the revenue increase from remanufacturing exceeds the detrimental effect of cannibalization. We then characterize the potential profit loss due to external remanufacturing competition and analyze two entry-deterrent strategies: remanufacturing and preemptive collection. We find that a firm may choose to remanufacture or preemptively collect its used products to deter entry, even when the firm would not have chosen to do so under a pure monopoly environment. Finally, we characterize conditions under which each strategy is more beneficial.
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    Simple Newsvendor Bounds for Inventory Distribution Systems
    (Georgia Institute of Technology, 2006-12-19) Lystad, Erik D. ; Ferguson, Mark E. ; Toktay, Beril ; Gaimon, Cheryl ; Alexopoulos, Christos ; Chang, Yih-Long ; Management
    To date, closed form optimal solutions for stocking levels in arborescent multiechelon inventory systems have not been obtained. These problems exhibit the joint difficulties of requiring an allocation policy as well as a stocking policy, and the multidimensional nature of their state space makes dynamic programming formulations impractical. In this dissertation, we introduce procedures that approximate multiechelon networks with sets of single installation problems. We first use this technique to solve for base-stock levels in a distribution network with asymmetric retailers. Second, we use this technique to analyze delayed differentiation production processes and provide guidance as to when the strategy is most warranted. Third, we modify the technique to account for inventory that exhibits perishability and solve for stocking policies for distribution systems when the inventory has a fixed shelf life.
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    Three Essays on the Effects of Corporate Social Responsibility on Brand and Firm Outcomes
    (Georgia Institute of Technology, 2019-11-08) Nickerson, Dionne Antoinette ; Kohli, Ajay K. ; Bharadwaj, Sundar G. ; Dommer, Sara ; Pattabhiramaiah, Adithya ; Rodriguez-Vila, Omar ; Business
    This work examines the impact of corporate social responsibility (CSR) on marketing outcomes from three unique perspectives. The first essay centers on a multimethod approach and distinguishes between three types of CSR engagement. Results from observational data and laboratory experiments suggest that CSR engagement aimed at reducing a brand’s negative impact produces the highest sales increase, whereas purely philanthropic-type CSR efforts can hurt sales. The second essay explores the role of the Chief Marketing Officer (CMO) in helping firms reap benefits from CSR, using panel data from a sample of over 300 firms. The findings show that the CMO can positively influence firm financial performance by enhancing a firm’s socially responsible behavior and reducing a firm’s socially irresponsible behavior. The final essay takes an experimental approach to investigate the impact of CSR claims on consumer perceptions of the brand’s societal benefits as well as consumer choice. The findings suggest that CSR claims related to activities within a brand’s core business operations (business process CSR claims) increase societal benefits, and lead to a greater choice of socially responsible products, compared to CSR claims involving activities outside a brand’s core business operations (philanthropic CSR claims).