Distances and Small Business Credit Constraints: the French case.

Deregulation and progress in information and communication technologies have increased the geographical expansion of banking structures and instruments. This makes banks operationally close to the borrowers. At the same time, banking industry consolidation have induced a geographical concentration of banking decision centers and strategic functions, leading to an increase of the functional distance that separates the decision center of a bank from its operational branches. The aim of this paper is to evaluate the impact of these two trends on SME lending. Our findings on French data show that increased functional distance and operational proximity are positively associated with the investment-cash flow sensitivity, considered as a measure of financing constraints. These adverse effects are particularly acute for small firms.Operational proximity; Investment-cash flow sensitivity; Financing constraints; SME lending; Functional distance;

Mobile Social Media as a Strategic Capability: Expanding Opportunties Social Media Has to Offer to B2B Firms

Mobile social media (MSM), an interaction, exchange of information and creation of user-generated content, mediated by mobile devices is becoming the locomotive that drives forward evolution of online world. So far, limited number of academic studies touched upon the MSM subject with all the papers being of conceptual nature. No empirical evidence is available to prove whether and how firms utilise MSM for their best advantage. This paper addresses this gap by employing the grounded theory approach (GT) to analyse interviews conducted in twenty-six B2B firms. This study found that eighteen firms use mobile technology primarily as a platform to access social media sites, understand canons of MSM consumption and utilise MSM as a strategic capability to reinforce the strategic position of a firm. Our data illustrates that the MSM strategic capability includes four main activities: (1) market sensing; (2) managing relationships; (3) branding and (4) developing content. These activities can results in the decreased research and development spendings without sacrificing innovativeness because MSM is a valuable source of information about the market and a source of ideas for new products/services. In practical terms firms can examine MSM activities and decide whether there is an opportunity to utilise MSM advantageously

The Aftermarket Performance of Initial Public Offerings in Canada

In this paper, we empirically investigate Canadian initial public offerings (IPOs) to provide one case on the international evidence on the long-run performance of IPOs. Specifically, we examine whether the choice of a performance measurement methodology directly determines both the size and power of statistical test, as documented in previous studies (Mitchell and Stafford, 2000; Loughran and Ritter, 2000; and Brav, Geczy and Gompers, 2000). Our sample consists of 445 IPOs between January 1991 and December 1998. Using cumulative abnormal returns as an abnormal performance measure, we find that the Canadian IPOs underperform significantly the sample of seasoned firms with the same market capitalization. More specifically, the 3 year and the 5 year underperformances estimated on value weighted (VW) basis are statistically significant. Moreover, using the buy-and hold returns as an alternative measurement for long-run performance, we find that investors who buy immediately after listing and hold shares for five years will make a loss of 24,66%, on equally weighted (EW) basis (15,16% on VW basis) relative to an investment in the control firms. Using the calendar-time returns method, we find that the 5 years underperformance is 25,6% on EW basis (19,22% on VW basis). We have entertained a number of possible explanations for the poor subsequent performance of issuing firms. While, the fads or investor's overreactions and divergence of opinions hypotheses do not apply in explaining the aftermarket performance of Canadian IPOs, our evidence is consistent with the hot issue market story. La présente étude contribue à l'analyse internationale de la performance à long terme des émissions initiales, menée dans différents pays, en analysant les émissions canadiennes de la période 1992-1998. Nous examinons en particulier dans quelle mesure le choix des mesures de performance influence à la fois l'amplitude des résultats et la puissance des tests statistiques, comme l'affirment plusieurs auteurs tels Mitchell and Stafford (2000), Loughran and Ritter (2000) ainsi que Brav, Geczy et Gompers (2000). L'échantillon inclut 445 émissions initiales réalisées entre0101 1991 et1101 1991. Lorsque la méthode des résidus cumulés est utilisée pour mesurer la performance anormale, nous observons que les émissions initiales canadiennes ont une performance significativement inférieure à celle d'entreprises pairées, de taille semblable qui n'ont pas procédé à des émissions. Les résidus moyens pondérés calculés après 3 ou 5 ans sont négatifs lorsque ces rendements sont pondérés par les valeurs des produits bruts. L'effet n'est donc pas imputable uniquement aux petites émissions. Lorsque la méthode de la détention passive est utilisée, nous estimons la perte de richesses des acquéreur des émissions qui les détiennent pendant 5 ans à 24,66% de leur richesse initiale. L'examen des facteurs explicatifs de la performance à moyen et long terme semble confirmer l'hypothèse des fenêtres d'opportunité, alors que les hypothèses basées sur l'irrationalité ou la sur réaction ne semblent pas confirmées.Initial public offerings; long term performance; Canada, Émissions initiales, sous performance à long terme, Canada

How cost-effective are Canadian IPO markets?

The purpose of this paper is to shed some light on the costs associated with initial public offerings (IPOs), and this is performed by undertaking a large sample of Canadian and United States IPOs. More specifically, we gather information in the universe of firm-commitment and best-effort IPOs in Canada and in the United States, from 1997 to 1999, and measure their direct and indirect costs. Overall, we are able to confirm that the Canadian market is superior to its U.S. counterpart in terms of IPO costs. In other words, do Canadian firms have access to equity capital on a competitive basis in comparison with U.S. firms. However, we confirm that the going public process is costly, particularly for small firms. L'objectif de cette étude est l'analyse des divers coûts associés aux émissions initiales d'actions canadiennes. Elle repose sur l'analyse comparée d'échantillons importants d'émissions américaines et canadiennes. Nous avons étudié l'ensemble des émissions de la période 1997-1999, et seules ont été omises les émissions pour lesquelles l'information requise n'était pas disponible. Les coûts directs et indirects ont été estimés. Le marché canadien présente un avantage net par rapport au marché américain en ce qui concerne les coûts d'émission des entreprises de petite taille. Les coûts sont semblables pour les émissions de grande taille. Dans les deux pays, le processus d'émission reste onéreux, notamment pour les émissions d'un montant peu élevé mais nos résultats contredisent l'argument voulant qu'en raison de la structure provinciale de sa réglementation, le marché canadien soit moins attrayant que celui des États-Unis pour l'obtention de capital.Initial Public Offering, directs costs, indirect costs, Canada, US., Premier appel public à l'épargne, coûts directs, coûts indirects, Canada, États-Unis.

The Underpricing of Initial Public Offerings: Further Canadian Evidence

Evidence of underpricing of initial public offerings (IPOs) has spawned a considerable theoretical literature attempting to explain the apparent contradiction to market efficiency. This article reassesses that evidence by examining not just common shares Canadian IPOs, but also unit and Junior stock IPOs from the period 1991-1998. Our study shows that Canadian IPOs as major IPOs in the world are underpriced. However, the degree of underpricing depends on the type of the issue. Unit IPOs and Junior Capital Pool (JCP) IPOs are more underpriced than common shares IPOs. Our results also suggest that the IPO market in Canada is «good� only for large offerings. We have entertained a number of possible explanations for the high initial return of Canadian issuing firms. We find that the underpricing is significantly related to the size and the period of the issue and to whether the IPO is a JCP or not. On the other hand, the prestige of the underwriter is positively related to the underpricing but this relationship is not significant. La présente étude propose une analyse en profondeur du comportement des émissions initiales canadiennes de 1991 à 1998, en incluant les titres émis dans le cadre des programmes de Capital Pool. Les résultats montrent que la sous évaluation initiale persiste au Canada, en moyenne. Toutefois, le degrés de sous-évaluation est fortement lié au type d'émission: les émissions d'unités et celles qui se font dans le cadre des programmes de Capital Pool sont davantage sous évaluées que les émissions d'actions ordinaires hors Capital pool. Les émissions de taille moyenne et de grande taille semblent correctement évalués au Canada, contrairement à ce que l'on observe sur la plupart des marchés et notamment aux États-Unis. La sous-évaluation initiale concerne donc essentiellement les émissions de 20 millions de $ et moins, qui représentent toutefois 76,3 p. cent des émissions analysées. La sous-évaluation initiale reste donc un problème majeur pour les petites et moyennes entreprises canadiennes. Parmi les autres explications possibles à la sous-évaluation initiale, seule la période d'émission semble jouer un rôle significatif, en plus de la taille et de l'appartenance ou non au programme des Capital Pool.Initial public offerings, underpricing, Canada, Émissions initiales, sous évaluation, Canada

Time-lapse seismic monitoring of waterflooding in turbidite reservoirs

An integrated, multi-disciplinary approach was developed to examine waterflooding processes in deepwater stacked turbidite reservoirs. Fluid flow in porous rocks was reviewed both at the pore and the reservoir section scales. The importance of a favourable mobility ratio for a stable oil/water displacement was highlighted. This information guided our choices for fluids characteristics to use in our fluid flow simulation models. A geological review of deepwater turbidite reservoirs provided a sound understanding of their geological characteristics, with a special emphasis on their impact on fluid flow within the reservoir. The vertical permeability distribution across the reservoir was identified as having a crucial impact on waterflooding efficiency in turbidite reservoirs. Permeability distribution within a channel element of a stacked turbidite reservoir follows three characteristic trends: homogeneous distribution, fining upward distribution, and coarsening upward distribution. A series of idealised reservoir models, representative of a single flow unit within a turbidite reservoir, was built. The idealised models represented the three different permeability distributions commonly found in turbidites and another model was added to simulate bottom drive waterflooding. Two scenarios were run on the models: water injection with pressure support and water injection where the pressure dropped by a maximum of 1500 psi. The change in Vp was around 4 to 5% regardless of the reservoir geology or the pressure variations. Pressure change has a global dimming effect on the P-wave velocity. It happens very briefly after the start of the simulation and spreads across the whole reservoir. Change in Vp due to pressure decline was around -0.5% and could not be detected on the synthetic seismic. The waterfront is easily interpreted both on 4D cross-section and 4D attribute maps. A realistic turbidite geological model based on the Ainsa II outcrop was built. The model was populated with rock characteristics of a turbidite reservoir on the West of Africa. The model was then up-scaled and fluid flow simulation was performed. Permeability values and NTG distribution played a major role in the advance of the waterfront inside the reservoir and controlled its shape and location. Petrophysical modelling showed that P-waves velocity would increase by up to 7% due to the substitution of oil by water and suggested that it can be extremely sensitive to water saturation changes. Even the smallest changes (less than 10%) would have a noticeable effect on Vp values, which is of crucial importance when time-lapse seismic is to be used in a quantitative way. Synthetic seismic was created using three different frequencies (35 Hz, 62 Hz, and 125 Hz). On 3D seismic sections, different channels within the reservoir were resolved separately on the high resolution seismic. Tuning phenomenon is observed for the three modelled frequencies due to the presence of very thin beds (1-2 meter thick). The interpretation of the OOWC or the MOWC on those sections is challenging because the reflections at the fluids front are obscured by reflections from geological interfaces. The complex geology of the reservoir resulted in 3 different RMS seismic amplitude maps showing an increasing degree of heterogeneity as the seismic dominant frequency increased. Interpretation of MOWC on time-lapse seismic cross-sections and maps is challenging and the inclusion of different attributes in the interpretation workflow might be necessary in order to assess the complexity of the waterflooding signature. Time-lapse seismic monitoring of waterflooding processes in deepwater turbidite reservoirs requires sound a-priori knowledge of the geology of the reservoir. On the other hand, an accurate interpretation of the time-lapse seismic signature of Waterflooding can improve our understanding of the reservoir characteristics. Therefore, the task should be performed by multi-disciplinary teams, where geologists, reservoir engineers, and geophysicists work closely together

Do IPOs Underperform in the Long-Run? New Evidence from the Canadian Stock Market

We measure the long-run performance of 141 Canadian IPOs between 1986 and 2000, using continuously rebalanced and purged control portfolios (size and book-to-market ratios). Results remain relatively similar irrespective of whether we use an event-time approach (buy-and-hold abnormal returns and cumulative abnormal returns) or a calendar-time approach (mean calendar-time abnormal returns and alphas from the Fama-French three-factor pricing model). However, results do differ significantly whether we use equally-weighted (EW) or value-weighted (VW) portfolios. More specifically, we find significant overperformance when EW portfolios are formed, while no significant outperformance is found when VW portfolios are constructed. As we attempt to explain the long-run performance of Canadian IPOs, we find that financial and underpriced IPOs as well as those in growth sectors outperform in the long-run, and that analysts' long-term growth forecasts are informative of the a firm's future performance Nous mesurons dans la présente étude la performance des 141 émissions initiales effectuées au Canada de 1986 à 2000. Nous utilisons des portefeuilles de contrôle qui sont systématiquement rééquilibrés et réajustés pour les titres délistés, et qui ne tiennent compte des caractéristiques de taille et de ratio Book to Market. Les résultats varient peu suivant la méthode utilisée, qu'il s'agisse de la technique passive, des rendements anormaux cumulés en rendements calendaires (Calendar Time) ou non. Les coefficients alpha d'un modèle à trois facteurs inspirés de Fama et French sont utilisés également, sans différences notables. Toutefois, les résultats diffèrent fortement suivant le mode de pondération des portefeuilles. Nous mettons en évidence une sur performance lorsque des portefeuilles équipondérés sont formés, et une sous performance non significative lorsque des portefeuilles pondérés par la valeur boursière sont utilisés. Il semble que les émissions de sociétés financières, ainsi que celles qui appartiennent à des secteurs en croissance aient des performances supérieures à long terme. Les prévisions à long terme des analystes financiers ont une valeur informative quant aux performances futures des émissions initiales.Initial Public Offerings; Long-Run Performance; Control Portfolios; Market Efficiency, émission initiale d'action, performance long terme, portefeuille de contrôle, efficience du marché

Better together? A hospitality case for umbrella branding

While the topic of ‘umbrella branding’ (UB) strategies for manufacturers' products in the business-to business literature has received attention, much less has been written about UB strategies in the hospitality industry. With the aid of a theoretical framework this paper explores three types of behavioural characteristics: alliance attribute; communication behaviour; and alliance management to examine cost and service benefits for alliance success within one umbrella organisation in the German hospitality industry. The theoretical framework of the paper built on the model of Vanpoucke and Vereecke (2010), incorporating a top management perspective to test and extend an umbrella brand. Design/methodology: Semi-structured interviews with a sample of senior managers were undertaken in Germany at the headquarters of Ringhotels v.E. Content analysis of the data collected was implemented to increase understanding of the research phenomenon with regard to relationships and the conceptual framework applied. The results were presented in the tables with discussions about the qualitative research Findings: The results of the study showed that behavioural characteristics played a significant role in explaining overall alliance success on cost and service benefits. A good level of quality presented in Ringhotels’ services, marketing, risk and coordination were found to be a better predictor of success when absence of management and lack of trust hampered good performance. Originality/Contribution: The study offers insights into the management of relationships within Ringhotels v.E. and how these can be better managed. The main contribution of the work fills in a gap currently existing in the literature about umbrella branding within the hospitality industry

Impact of The Legal Context on Protecting and Guaranteeing Women’s Rights at Work in the MENA region

This research explored whether the MENA region countries have adopted sufficient legal provisions that encouraged females to access the labor market. A documental collection, revision, and analysis were performed to enhance our understanding of statutory provisions that were adopted by 13 countries through the MENA region to encourage and facilitate access of women to the labor market. Findings showed that the governments of the different studied countries made considerable efforts to comply with the international legal norms and protect the female workers. Among other things, the findings suggest that the MENA countries need to offer more legal protections to guarantee equity between workers, maintain the principle to be treated equally without discrimination and facilitate access of women to the labor market. Additionally, legal frameworks, work-family policies as working from home and flexible working hours, need to become more coherent, and more effort needs to be directed towards proper implementation and practice primarily in the private sector. These findings also suggest a unified treatment between male and female workers, whether they work in the public or the private sector

Female labor force participation in the Middle East and North African Countries: constraints and levers

Despite the importance of the subject, few researches have attempted to explain the female labor force participation (FLFP) in MENA region. This research tries to exploring the geopolitical, social, ethnic and economic levers or constraints that facilitate or bloc women’s access to the labor market. A quantitative approach based on data analysis was performed through the review of the World Bank statistics related to women participation in the labor market in MENA region. Data analysis revealed that the studied labor market was marked by an overall positive progress of the presence of female workers. However, this evolution is still considered very low and slow in comparison with world standards. The research also revealed huge disparities in the level of progress of the FLFP among the studied countries. The disparities observed were interpreted in correlation with the religious, economic, political, social and cultural aspects.Apesar da importância do tema, poucas pesquisas têm tentado explicar a participação feminina na força de trabalho (FLFP) na região do MENA. Esta pesquisa tenta explorar as potencialidades ou restrições geopolíticas, sociais, étnicas e econômicas que facilitam ou bloqueiam o acesso das mulheres ao mercado de trabalho. Uma abordagem quantitativa baseada na análise de dados foi realizada através da revisão das estatísticas do Banco Mundial relacionadas à participação das mulheres no mercado de trabalho na região do MENA. A análise dos dados revelou que o mercado de trabalho estudado foi marcado por um progresso geral positivo da presença de mulheres trabalhadoras. Contudo, esta evolução ainda é considerada muito baixa e lenta em comparação com os padrões mundiais. A pesquisa também revelou enormes disparidades no nível de progresso da FLFP entre os países estudados. As disparidades observadas foram interpretadas em correlação com os aspectos religiosos, econômicos, políticos, sociais e culturais