Prof. Gino Loyola Fuentes ran a seminar on «Optimal financing of highly innovative projects under double moral hazard», within the framework of the Research Finance Lab led by prof. Michael Troege at ESCP Europe.
Title:
Cheap Talk and Strategic Rounding in LIBOR Submissions (with Angel Hernando-Veciana)
Abstract
This paper constructs a model of directed search in the interbanking market and tests its empirical implications with data from the LIBOR benchmark setting process. Interbanking rates were until recently based on judgmental estimates of borrowing costs published by a panel of banks. We interpret this as a cheap talk game that allowed banks to communicate nonveriable information about their borrowing costs to potential counterparties. Under normal market conditions there is a welfare maximizing equilibrium where banks truthfully disclose their borrowing cost even if misstating costs is not penalized, but, in times of financial stress, only equilibria survive, in which submissions are partially revealing of the bank’s true borrowing rate. We take this prediction to the data and show that, indeed, the precision of the panel banks’ individual estimates is chosen strategically. Banks round more frequently if the perceived riskiness of the bank increases. Rounding is also more frequent for the more liquid short term rates and for certain benchmark maturities. We discuss the implications of our results for the design of benchmark setting mechanisms and the ongoing LIBOR lawsuits
Michael Troege
Professor
Department Chair | Finance
Professor
Department Chair | Finance
Leading retail, an international immersion
a Walmart Program at INCAE
CULTURAL BRANDING STRATEGIES
Schedule:
June 20 – July 1
June 20 – June 30 (6:00pm – 9:00pm)
June 24 and July 1 (9:00am – 12:00m)
The course main objective is to develop an understanding of the specificities of the cultural approach to brands. The course analyzes how a cultural strategy may help to market values, narratives and codes in order to create economic value. It also questions traditional approaches to marketing and branding by showing that brands create culture rather than merely adapting themselves to existing cultural schemes. The seminar is based on a semiotic and anthropological perspective to understand how brands are built and to analyze how brands can use, produce and market cultural iconicity.
Benoît Heilbrunn is Full Professor of marketing and branding at ESCP Europe and the scientific director of the «Marketing and Communication» specialized master. He holds a PhD in Marketing from the Paris – Dauphine University and INSEAD (2003), and has studied philosophy, semiotics and marketing. Moreover, he is Assistant Professor at the IFM (French Institute of Fashion). He has published more than 10 books and 50 articles on consumption, branding and design management. During his professional career, he has participated as marketing and branding consultant for various companies.
| «The cultural contradictions of branding»
Benoît Heilbrunn Full Professor of marketing and branding at ESCP Europe Paris, France |
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| Date: Thursday, June 29th, 2017
Time: 12:30 p.m. – 1:50 p.m. |
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| Brands have often been analysed using a consistency paradigm according to the classical ideology of marketing which has spread worldwide since the 1950s. The positioning construct and the use of USPs have largely encouraged this monoaxial vision of brands and branding.
Anyhow, brands have to integrate three expectations of the social, political and cultural spheres which are efficiency, equality and personal fulfillement as pointed out by Daniel Bell in the late 1970s. We will thus develop the idea that cultural branding means the resolution of contradictions which define society as well as indivivuduals. In other words, we will raise the question of whether capitalism does not make us crazy. Benoît Heilbrunn is Full Professor of marketing and branding at ESCP Europe and the scientific director of the «Marketing and Communication» specialized master. He holds a PhD in Marketing from Université Paris – Dauphine, and has studied philosophy, semiotics and marketing. Moreover, he is Professor at the IFM (French Institute of Fashion). He has published more than 10 books and 50 articles on consumption, branding and design management. During his professional career, he has participated as marketing and branding consultant for various companies.
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“Management de la sécurité et coopération avec les sous-traitants. L’exemple de l’industrie pétrolière » (Safety Science 91, 2017), présentation et discussion dans le cadre du séminaire – recherche organisé en collaboration avec le Dépt. SHO, le Dépt. IOM et le PhD Program.
Marie Taillard, professor at ESCP Europe, London campus, Academic Director of MSc in Marketing and Creativity and Director of Creativity Marketing Centre
Date: october, 28.
Place: Fundação Dom Cabral, São Paulo.
Title: Innovation and Creativity
Participants: directors and managers from companies (Dow, IBM, J&J, 3M, Embrapa, Embraer, Petrobras, Ypê, Gerdau, Fiat among others).
They were accompanied by the directors of the Master from both campuses: Benoit Heilbrunn (Paris) and Nora Lado (Madrid).
The visit took around 40 minutes, since we had to split them in small groups to make things easier.
After the visit I made a presentation about AFP and explained how we are adapting to the digital world and what our goals in Brazil are on the long run.
Students were very attentive and made a lot of questions at the end. The questions varied from the presentation itself and how I managed to assume the responsibility to be the Marketing Director for Brazil right afterwards the Master’s conclusion.
It was a very good experience to be able to host them all, and I hope to have other opportunities to do so again.
AFP is among the three biggest news agencies in the world and Brazil is one of their strategic markets due to its steady economic growth and the events the country will host within a few years.
BRAZIL: JULIO BRANDAO WELCOMES STUDENTS – 27TH JAN
From soon-to-graduate Julio BRANDAO (MS Marketing et Communication), currently working at Agence France-Presse (AFP):
Around 60 students of the Master in Marketing and Communications from the Paris and Madrid campuses came to Rio de Janeiro for their study trip.
As a former student of the same program, I was contacted by the Parisian master’s assistant, who asked me to help find companies to host them during their stay here in Rio. I promptly offered to receive them at the AFP’s office. The idea was to show them our facilities and tell them what we do and how we work in Brazil.
«Facilitating Global Innovation and Cross-cultural Collaboration: The
Role of Knowledge Governance Mechanisms in Conceiving and Executing
Innovation Strategies.»
Abstract
Organizations are increasingly faced with the challenge of navigating
a dynamic marketplace that demands a rapid time to market,
customer-centric focus, and continuous innovation on a global scale.
The inability of geographically distributed teams to effectively share
and communicate relevant market information between headquarters and
local subsidiaries can result in a lack of product innovation, delayed
product introductions, and reduced sales and market opportunities.
This presentation addresses the organizational mechanisms that enhance
cross-cultural team interaction processes with the objective of
creating and sharing knowledge that contributes to successful product
introductions worldwide. In showing the interdependence of new product
planning and execution, the presentation shows a collaborative
framework that can help MNEs and managers effectively conceive and
execute innovation strategies. Drawing from resource and
knowledge-based views, this qualitative study involves interviews with
86 participating senior managers responsible for global product
launches and cross-cultural teams at 32 MNEs based in Europe, Asia,
and the US. The findings contribute to a conceptual model that
identifies knowledge governance mechanisms for facilitating the
conception and execution of global product innovation strategies.
