• Follow FBA’s activities from the below list as ‘SEMINAR’, ‘THESIS DEFENSE’ or ‘OTHER’
  • Past seminars (between October 2010 & November 2017) are here
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RECENT SEMINARS

Jan
8
Fri
2021
Online Seminar by Jamal Abdul Nasir
Jan 8 @ 1:40 pm – 2:40 pm
Online Seminar by Jamal Abdul Nasir
‘A decision support framework for home health care transportation with simultaneous multi-vehicle routing and staff scheduling synchronization’
by Jamal Abdul Nasir
The University of Hong Kong

Join Zoom Meeting
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Meeting ID: 337 069 8252
Passcode: 597678

Abstract

Due to the ageing population and the prevalence of chronic diseases, Home Health Care (HHC) practices are significantly increasing in developed countries to provide coordinated health related services to patients at their homes. Accordingly, the scope of HHC services is also expanding from typical nursing and postoperative care at home to cover all types of needs of elderly patients (e.g., personal care, drug delivery and meal services). This paper aims to address the pressing demand for HHC services and develop a novel and effective mathematical model and solution methodology for supporting health care service delivery decisions. Our decision support framework captures the real needs of HHC services, including the challenges of creating simultaneous schedules and route plans for a set of HHC staff and Home Delivery Vehicles (HDVs) under the requirements of synchronization between HHC staff and HDVs visits, multiple visits to patients, multiple routes of HDVs and pickup/delivery visits related precedence for HDVs. A Mixed Integer Linear Programming (MILP) model is developed to characterize the optimization problem. Considering the computational complexity of the problem, a Hybrid Genetic Algorithm (HGA) is proposed to suggest HHC planning decisions. The model formulation and proposed HGA are examined on real-life instances for demonstrating its practicality and randomly generated test instances for assessing the scalability of the proposed approach. The results show the effectiveness and efficiency of our solution methodology. Experimental results indicate that the proposed algorithm provided a good performance even with an increasing number of required synchronized services, whereas the heuristic tactics facilitate the HGA to produce better-quality solutions in a significantly shorter time. Our framework is expected to contribute to an important aspect of shared healthcare mobility.

Bio: Jamal Abdul Nasir is a Post-doctoral fellow in the Department of Industrial and Manufacturing Systems Engineering at the University of Hong Kong. He received his B.Sc. degree in Industrial Engineering and Management from the University of the Punjab, Pakistan and M.S. degree in Industrial and Systems Engineering from Korea Advanced Institute of Science and Technology, South Korea. Dr. Nasir earned his Ph.D. in Systems Engineering and Engineering Management from the City University of Hong Kong. During the period, he also worked as an Industrial Engineer at Interloop Limited, Pakistan. His current research interests include systems modeling and optimization, health care service delivery, supply chain systems and transportation planning. He tends to work on application-oriented research problems that try to bring cutting-edge research ideas to mainstream practice. His research draws tools from operations research, predictive analytics and queuing theory

Jan
22
Fri
2021
Online Seminar by Bo Wei
Jan 22 @ 1:40 pm – 2:40 pm
Online Seminar by Bo Wei
‘Stochastic Clearing under Multiple Brownian Motion Input Processes’
by Bo Wei
Singapore University of Technology and Design

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Meeting ID: 337 069 8252
Passcode: 597678

Abstract

Stochastic clearing theory has wide-spread applications in the context of supply chain and service operations management. While the existing literature in the area has focused on the single input case, our focus is on the case of multiple input processes with the goal of investigating the structure of exact optimal clearing policies, directly applicable in the context of shipment consolidation practices, under both cost- and service-based performance measures. To this end, _rst, we demonstrate that the previously established cost-optimal quantity-based policy (QP) is not cost-wise superior to the cost-optimal time-based policy (TP): a notable result which is fundamentally di_erent than for the case of single input process. Next,we identify a new set of policies, referred as (TQ + T)-policies, and show that the cost-optimal (TQ+T)-policy is either the optimal QP or the optimal TP. Building on these results, we propose an instantaneous rate policy (IRP) and prove its optimality among a large class of renewal-type clearing policies, in terms of the average cost. In relation to service-based performance, we study the behaviour of average weighted delay rate (AWDR)under the IRP. We show that, for a _xed clearing frequency, the IRP also achieves the lowest AWDR among a large class of renewal-type clearing policies. Hence, our newly established IRP leads to a win-win operational strategy in terms of both cost- and service-based criteria. Our methodological contribution is in the delivery of a uni_ed method to calculate both cost- and service-based performance measures for a general class of renewal type clearing policies by developing novel martingale-based arguments. Our results are of practical value in the context of design and operation of shipment consolidation programs.

Bio: Bo Wei is a research fellow at Singapore University of Technology and Design from November 2020 onward. Prior to his current position,he was a research fellow at National University of Singapore since 2015.He obtained his PhD in Industrial Engineering from Texas A&M University in United States in December 2014 under the supervision of Drs.S_la C_ etinkaya and Daren B. H. Cline. He also holds an MS in Control Theory (2008) and a BS in Automation (2005), both from the University of Science and Technology of China. His research expertise and interests are in applied probability and large-scale constrained optimization with applications in supply chain and service systems. Wei’s publications in these areas have appeared in Operations Research Letters, Probability in Engineering and Informational Sciences, Annals of Operations Research, and Mathematical Methods of Operations Research.

Jan
29
Fri
2021
Online Seminar by Efe Çötelioğlu
Jan 29 @ 1:40 pm – 2:40 pm
Online Seminar by Efe Çötelioğlu
‘Do Mutual Funds and ETFs Affect the Commonality in Liquidity of Corporate Bonds?’
by Efe Çötelioğlu
Swiss Finance Institute & USI Lugano

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Meeting ID: 337 069 8252
Passcode: 597678

Abstract

The paper studies the effect of growing mutual fund and ETF ownership on the commonality in liquidity of bonds in their portfolios. Unpredictable liquidity needs of funds may give rise to correlated trading across underlying illiquid bonds. I document a positive and significant relationship between ETF ownership and liquidity commonality of investment-grade bonds, which suggests that ETFs reduce the possibility to diversify liquidity risk. In contrast, and unlike for equities, mutual fund ownership does not affect the co-movement in bond liquidity. I identify three channels that explain the differential impact of ETFs and mutual funds: flow-driven correlated trading, different investor clienteles, and ETF arbitrage activity.

Feb
5
Fri
2021
Online Seminar by Mosab Hammoudeh
Feb 5 @ 5:00 pm – 6:00 pm
Online Seminar by Mosab Hammoudeh
‘Competition Threats and Rival Innovation Responses: Evidence from Breakthrough Therapies’
by Mosab Hammoudeh
University of Iowa

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Meeting ID: 337 069 8252
Passcode: 597678

Abstract

We study the effect of competition on firm innovation at the product level. We instrument shocks to competition in therapeutic areas with the FDA’s breakthrough designation therapy (BTD) indication. BTDs strongly associate with several indicators of future success, including announcement returns and eventual FDA approval to market the drug. BTD shocks discourage rivals’ innovation in that therapeutic area. The effect varies with the ex-ante competitiveness of the therapeutic area, as well as with the rival’s position (leader vs. follower) in that area, in a manner consistent with the theory by Aghion et al. (2005).

Feb
12
Fri
2021
Online Seminar by Bahattin Büyükşahin
Feb 12 @ 5:00 pm – 6:00 pm
Online Seminar by Bahattin Büyükşahin
‘Do Institutional Traders Predict Bull and Bear Markets?’
by Bahattin Büyükşahin
American University, Washington

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Meeting ID: 337 069 8252
Passcode: 597678

Abstract

We analyze the role of hedge fund, swap dealer, and arbitrageur activity in the crude oil market. Using confidential position data on institutional investors, we first analyze the linkages between trader positions and fundamentals. We find that these institutional position changes reflect fundamental economic factors. Subsequently, we adopt a Markov regime-switching model with time-varying probabilities and find institutional position changes contribute incrementally to the probability of regime changes, displaying the synchronization patterns modeled in Abreu and Brunnermeier (2002; 2003). 

Feb
19
Fri
2021
Online Seminar by Hakan Özyılmaz
Feb 19 @ 5:00 pm – 6:00 pm
Online Seminar by Hakan Özyılmaz
The Debt Payment Puzzle: An Experimental Investigation
by Hakan Özyılmaz
University of California

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Meeting ID: 337 069 8252
Passcode: 597678

Abstract

This paper studies the sources of suboptimal allocations observed in credit card repayments using a diagnostic laboratory experiment. We find that optimization ability and limited attention are jointly insufficient to explain the puzzle. Moving beyond existing results, we find that the inherent negative frame of the debt payment problem interferes with subjects’ ability to optimize and hinders learning. We show that subjects predominantly rely on the irrelevant balance information while forming their decisions, regardless of how vividly the balance information is displayed. Using additional treatments, we find that the debt frame increases subjects’ focus on the irrelevant balance information.

Feb
26
Fri
2021
Online Seminar by Irina Zviadadze
Feb 26 @ 1:40 pm – 2:40 pm
Online Seminar by Irina Zviadadze
‘Monetary policy risk: Rules vs. discretion’
by Irina Zviadadze
HEC Paris

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Meeting ID: 337 069 8252
Passcode: 597678

Abstract

Long-run asset-pricing restrictions in a macro term-structure model identify discretionary monetary policy separately from a target-rate policy rule. We find that policy discretion is an important contributor to aggregate risk.  In addition, discretionary easing coincides with good news about the macroeconomy in the form of lower inflation, higher output growth, and lower risk premiums on short-term nominal bonds.  However, discretionary easing also coincides with bad news about long-term financial conditions in the form of higher risk premiums on long-term nominal bonds.  Target-rate changes correlate with changes in the yield curve’s level, whereas discretionary changes correlate with changes in its slope.

Mar
12
Fri
2021
Online Seminar by Kathy Yuan
Mar 12 @ 1:40 pm – 2:40 pm
Online Seminar by Kathy Yuan
‘Dynamic Asset-Backed Security Design’
by Kathy Yuan
London School of Economics

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Meeting ID: 337 069 8252
Passcode: 597678

Abstract

Borrowers obtain liquidity by issuing securities backed by dividend and resale price of a long-lived collateral asset. They are privately informed about the dividend distribution. Asset price can be self-fulfilling: higher asset price lowers adverse selection allowing for borrowers to raise more funding which makes asset more valuable, leading to multiple equilibria. Optimal security design eliminates multiple equilibria, improves welfare through inter-temporal coordination, and can be implemented as repo debt. Persistence in adverse selection lowers debt funding, generates volatility in asset price, and exacerbates credit crunch. The theory demonstrates the role of asset-backed securities on stability of market-based financial systems.. 

Mar
19
Fri
2021
Online Seminar by Burçak Ertimur
Mar 19 @ 1:40 pm – 2:40 pm
Online Seminar by Burçak Ertimur
‘Navigating Institutional Logics of Markets: Implications for Strategic Brand Management’
by Burçak Ertimur
Fairleigh Dickinson University

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Meeting ID: 337 069 8252
Passcode: 597678

Abstract

Adopting an institutional theoretic framework, this article examines the evolution and competitive dynamics of markets composed of multiple practices, beliefs, and rule systems. The 30-year historical analysis of the U.S. yoga market illustrates the coexistence of spirituality, medical, fitness, and commercial logics. Using data gathered through archival sources, netnography, in-depth interviews, and participant observations, the authors link shifting emphases on institutional logics and their sustenance to institutional entrepreneurs’ accumulation and transmission of cultural capital, strategies to legitimize plural logics, distinct branding practices, and contestations among the pervading logics. The study offers a managerial framework for managing conflicting demands of logics, conveying brand legitimacy, and creating a coherent brand identity in plural logic markets; in addition, it develops a theoretical account of links between institutional logics, competitive dynamics, and market evolution.

Mar
26
Fri
2021
Online Seminar by Stefan Obernberger
Mar 26 @ 1:40 pm – 2:40 pm
Online Seminar by Stefan Obernberger
‘The reorganization of knowledge when firms go public’
by Stefan Obernberger
Erasmus University

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Meeting ID: 337 069 8252
Passcode: 597678

Abstract

We examine the consequences of going public for the firm’s organization of labor. We document increases in jobs requiring expert knowledge in finance, accounting, and governance. In order to economize on the costs of maintaining a more specialized labor force, we find the IPO firm to reorganize into a more hierarchical structure with smaller, more specialized departments. IPO firms hire many young, highly skilled, but inexperienced employees to fill the middle ranks in this organization. Two thirds of top management are replaced in the process of going public. We observe that the wage gap between top managers and middle managers widens, consistent with a higher utilization rate of knowledge of top managers after the reorganization. Departures of top managers are correlated with the degree of restructuring, suggesting that they do not appreciate their new roles or the bureaucracy of the new organization. Overall, our results are consistent with the economics of knowledge-based organizations.

The paper is joint work with Daniel Bias, Ben Lochner, and Merih Sevilir.

Apr
9
Fri
2021
Online Seminar by Gerry Souk
Apr 9 @ 1:40 pm – 2:40 pm
Online Seminar by Gerry Souk
‘Initial Coin Offerings, Speculation and Asset Tokenization’
by Gerry Souk
Wharton University

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https://zoom.us/j/3370698252?pwd=OWRmQ1hNNWhRWng2QnhsTENzK1hGUT09
Meeting ID: 337 069 8252
Passcode: 597678

Abstract

Initial Coin Offerings (ICOs) are an emerging form of fundraising for Blockchain-based startups. We examine how ICOs can be leveraged in the context of asset tokenization, whereby firms issue tokens backed by future assets (i.e., inventory) to finance growth.

We (i) make suggestions on how to design such “asset-backed” ICOs—including optimal token floating and pricing for both utility and equity tokens (aka, Security Token Offerings, STOs)—taking into account moral hazard (cash diversion), product characteristics and customer demand uncertainty, (ii) make predictions on ICO success/failure, and (iii) discuss implications on firm operating strategy.

We show that in unregulated environments, ICOs can lead to significant agency costs, underproduction, and loss of firm value. These inefficiencies, however, fade as product margins and demand characteristics (mean/variance) improve, and are less severe under equity (rather than utility) token issuance. Importantly, the advantage of equity tokens stems from their inherent ability to better align incentives, and thus continues to hold even absent regulation.

The paper is joint work with Daniel Bias, Ben Lochner, and Merih Sevilir.

Bio: Gerry Tsoukalas is an assistant professor at the Wharton School at the University of Pennsylvania, teaching the Wharton MBA core in Business Analytics, as well as graduate and undergraduate-level electives in advanced Mathematical Modeling (with applications in finance).

His research examines how technology impacts firm operating strategy and financing. Recent areas of application include how to optimally design and operate blockchain and fintech platforms. His work has appeared in leading academic journals, including Management ScienceOperations Research, and M&SOM. He serves on the editorial boards of Management Science, and M&SOM, as Associate Editor.

Apr
16
Fri
2021
Online Seminar by Heikki Peura
Apr 16 @ 1:40 pm – 2:40 pm
Online Seminar by Heikki Peura
Capacity Expansion in Service Platforms: Financing vs. Employment
by Heikki Peura
Imperial College Business School

Join Zoom Meeting
https://zoom.us/j/3370698252?pwd=OWRmQ1hNNWhRWng2QnhsTENzK1hGUT09
Meeting ID: 337 069 8252
Passcode: 597678

Abstract

Service platforms connect consumers to independent service providers in a growing number of industries. In need of expanding capacity to better serve demand, some platforms aim at new providers who do not yet possess the requisite assets to provide the service (e.g., cars for ride-hailing). This paper examines the viability and relative performance of two innovative mechanisms platform have trialled to attract such potential providers: platform financing (the providers invest in assets, financed through the platform; the platform subsequently sets the wage, and the providers decide whether to serve on the platform or an outside option) and employment (the platform itself invests in asset capacity, and offers providers an exclusive employment contract). We consider a two-stage game-theoretic model consisting of a platform, its existing providers, and potential providers with uncertain labor productivity and outside option. We find that relative to bank financing, platform financing with an interest-only loan fails to benefit the platform nor the service providers when the asset investment cost is low. In contrast, platform financing with terms linked to on-platform activities greatly improve platform profitability, especially when the investment cost is high and the new providers’ outside options are valuable. Compared to financing, the platform prefers employing providers when the investment cost is low, the market demand is high, and when the providers’ outside options are unattractive. Stronger indirect network effect and capacity pooling further enhance the relative performance of employment-like contracts.

Heikki Peura is an Assistant Professor of Operations and Analytics at Imperial College Business School. His research examines firms’ pricing and risk management strategies, with a focus on the energy industry. His work has been published at Management Science, Operations Research, and Manufacturing & Service Operations Management. Heikki holds a PhD in Management Science and Operations from London Business School and an MSc in Engineering Physics and Mathematics from Aalto University.

May
7
Fri
2021
Online Seminar by Pınar Yıldırım
May 7 @ 1:40 pm – 2:40 pm
Online Seminar by Pınar Yıldırım
‘Matching Pennies on the Campaign Trail: An Empirical Study of Senate Elections and Media Coverage’
by Pınar Yıldırım
Wharton University

Join Zoom Meeting
https://zoom.us/j/3370698252?pwd=OWRmQ1hNNWhRWng2QnhsTENzK1hGUT09
Meeting ID: 337 069 8252
Passcode: 597678

Abstract

We study the strategic interaction between the media and Senate candidates during elections. While the media is instrumental for candidates to communicate with voters, candidates and media outlets have conflicting preferences over the contents of the reporting. In competitive electoral environments such as most US Senate races, this can lead to a strategic environment resembling a matching pennies game. Based on this observation, we develop a model of bipartisan races where media outlets report about candidates, and candidates make decisions on the type of constituencies to target with their statements along the campaign trail. We develop a methodology to classify news content as suggestive of the target audience of candidate speech, and show how data on media reports and poll results, together with the behavioral implications of the model, can be used to estimate its parameters. We implement this methodology on US Senatorial races for the period 1980-2012, and find that Democratic candidates have stronger incentives to target their messages towards turning out their core supporters than Republicans. We also find that the cost in swing-voter support from targeting core supporters is larger for Democrats than for Republicans. These effects balance each other, making media outlets willing to cover candidates from both parties at similar rates.

May
28
Fri
2021
Online Seminar by Mesay Moges Menebo
May 28 @ 1:40 pm – 2:40 pm
Online Seminar by Mesay Moges Menebo
‘ How situational and dispositional factors predict causal diffusion and product perseverance on ‘Ineffective’ health remedies, with consequences for consumption behavior ‘
by Mesay Moges Menebo
University of South-Eastern Norway

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https://zoom.us/j/3370698252?pwd=OWRmQ1hNNWhRWng2QnhsTENzK1hGUT09
Meeting ID: 337 069 8252
Passcode: 597678

Abstract

Extreme loyalty to ‘ineffective’ unconventional health products is widely reported. It is specifically fascinating that even the experience of failure (or lack of improvement) with unconventional remedies is often not enough to turn users off. It seems that consumers of unconventional remedies like holistic medicine are prone to considering themselves, and not the product, the cause of failure or lack of improvement. This phenomenon is particularly interesting because it goes against one of the most elementary findings in consumer behavior, namely the tendency of consumers to attribute product success to themselves and product failure exclusively to the product or service. In this study, I find evidence to this phenomena and rely on causal attribution theory to explore conceptual antecedents and marketing consequences. Study 1-3 report empirical evidence documenting the two phenomena that are central to my inquiry. Study 4 investigates situational factors that are unique in the context, or generally unique to unconventional remedies. In Study 5, it is shown how claims of unconventional remedies are generally difficult to be evaluated by an average consumer, which in turn leads to diffusing causal attribution and eventually favoring perseverance. I argue that low evaluability leads to sustaining motivated cognition thus making causal assignment ambiguous. A specific type of prescientific belief, a belief in psycho-immunology (BPI), which is often promoted by holistic healers, is also described as a potential predictor. BPI is the conviction that mere thoughts, emotional states, feelings and the products of our imaginations can influence or promote our state of health and mitigate the prevalence of disease. Study 6-10 reports development of both a dispositional belief scale for the construct, and documents how it successfully predicts the phenomenon. Study 11-12 documents the interactive effect of situational and dispositional factors both on perseverance and on willingness to pay.

Jun
7
Mon
2021
Online Seminar by Meltem Türe
Jun 7 @ 1:40 pm – 2:40 pm
Online Seminar by Meltem Türe
‘ Consumer Responsibilization, Waste Risks, and Sustainability: A Research Agenda in Consumer Waste Management ‘
by Meltem Türe
Royal Holloway University of London

Join Zoom Meeting
https://zoom.us/j/3370698252?pwd=OWRmQ1hNNWhRWng2QnhsTENzK1hGUT09
Meeting ID: 337 069 8252
Passcode: 597678

Abstract

Amidst the increasing waste volume and ecological problems in an overheating world, the pressure to control waste sustainably has also increased, leading various social and political authorities to responsibilize consumers to minimize waste risks. Despite these urgent calls to dispose of waste responsibly and existence of various pathways for object disposal, consumers keep unused objects in their homes until they deteriorate, get damaged, or become outdated and obsolete. Current research mobilizes the concept of waste regimes to explore why and how French consumers keep rather than dispose of objects. The findings reveal how consumers negotiate tensions associated with waste responsibilization via keeping and highlight the use of a risk perspective in consumer research.