Faculty & Research

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    Kazaz et al Present First of its Kind Research on Pricing Wine Futures

    In a recently accepted paper in Manufacturing & Service Operations Management, Dr. Burak Kazaz, the Laura J. and L. Douglas Meredith Professor of Teaching Excellence and associate professor of supply chain at Syracuse University’s Martin J. Whitman School of Management, and his co-authors, Dr. Tim Noparumpa (Syracuse Ph.D. ’12) and Dr. Scott Webster (Arizona State University, formerly Syracuse University), examine the impact of wine tasting experts and their reviews when it comes to selling wine before it is bottled, known as “wine futures."  

    Their research shows how to price wine futures, as well as what proportion of the wine should be sold in advance versus through retail chains. It demonstrates that Bordeaux grand cru wineries increase their profit by approximately 10%; they estimate that small and artisanal winemakers in the U.S. can benefit from such financial markets by improving their profits by 14-15%. This work is significant as it is perceived as the first of its kind in pricing wine futures. Earlier research thoroughly examines the pricing of bottled wine but has not explored a model for pricing wine not yet bottled.

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    Research by Professors Brandes and Dharwadkar to Appear in the Strategic Management Journal

    Research by Pamela Brandes, associate professor of management, Ravi Dharwadkar, professor of management, and SangHyun Suh, PhD (Whitman, 2009), at the Martin J. Whitman School of Management at Syracuse University, has been accepted for publication by the Strategic Management Journal. The paper, titled “I Know Something You Don’t Know! The Role of Linking Pin Directors in Monitoring and Incentive Alignment,” found that linking pin directors, those serving simultaneously on the audit and compensation committees, play an essential role in information exchange between board committees.

    Using data from S&P 1500 firms, the researchers found linking pin directors are associated with lower executive compensation and influence pay mix. In studying the dynamics behind this process, they discovered that newly created linking pins improve monitoring effectiveness whereas recently dissolved linking pins decrease it. The researchers also found that linking pins are all the more important when managers make less conservative accounting choices.

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    Byron's Research on Female Board Representation's Effect on Firm Financial Performance to Appear in the Academy of Management Journal

    Research by Kris Byron, associate professor and chair of the department of management at the Martin J. Whitman School of Management at Syracuse University, has been accepted for publication by the Academy of Management Journal. The paper, titled “Women on Boards and Firm Financial Performance: A Meta-Analysis,” aggregated results from 140 studies, examining the relationship between a firm’s financial performance and female board representation. The co-author was Corinne Post (Lehigh University).

    They found that having women on boards of directors is positively related to accounting returns. This relationship is more positive in countries that have stronger shareholder protections, which the researchers say could be due to the fact that shareholder protections can motivate boards to use the varied experience, knowledge and values each member brings to the board.

    The findings show that, in general, no relationship between female board representation and market performance exists. However, in countries with high gender equality, there was a positive relationship; in countries with low gender parity, a negative relationship. “Societal gender differences in human capital may influence investors’ evaluations of the future earning potential of firms that have a higher number of female board members,” according to Byron.


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    Albring's paper on how Regulation Fair Disclosure effects Financing Decisions to appear in Management Science

    Research by Susan Albring, associate professor of accounting in the Whitman School of Management at Syracuse University, has been accepted for publication by Management Science. The paper, titled “Does the Firm Information Environment Influence Financing Decisions? A Test Using Disclosure Regulation,” finds that the quality of a firm’s information environment impacts their choice between debt and equity financing within the context of Regulation Fair Disclosure (Reg FD). Co-authors are Monica Banyi (University of Virginia), Dan Dhaliwal (University of Arizona), and Raynolde Pereira (University of Missouri).

    According to Susan, the goal of this work is to evaluate whether a firm's information environment impacts the choice between debt and equity financing within the context of Regulation Fair Disclosure (Reg FD), which prohibited the use of selective disclosure. The authors find that firms with high proprietary costs of public disclosure are more likely to use debt financing after Reg FD. They also evaluate changes in firm disclosure policy and find firms that adopted an expansive public disclosure policy are more likely to use equity financing. Overall, “the evidence is consistent with theory: firms with deteriorated firm information environments increase their use of less information-sensitive debt, while firms with improved information environments favor equity financing,” says Albring.

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    McKelvie's research on Entrepreneurial Exit Strategies to appear in Journal of Business Venturing

    Research by Alex McKelvie, associate professor of entrepreneurship at the Whitman School of Management at Syracuse University, has been accepted for publication by the Journal of Business Venturing. The paper, titled “MAKING SENSE OF ENTREPRENEURIAL EXIT STRATEGIES: A TYPOLOGY AND TEST,” identifies three high-order exist strategies and identifies different predictors of each of these strategies. Co-authors are Dawn DeTienne (Colorado State University) and Gaylen Chandler (Wichita State University).

    According to the authors, entrepreneurial exit is a major event in the development of a venture, but there is little understanding of the factors that drive the development of the founder’s exit strategy. Exit strategies are often developed at a stage when many of the important imprinting and future orientations of the firm are formed, and therefore they influence future decisions and behaviors by the firm. The authors map exit strategies identified in the literature (IPO, acquisition, independent sale, employee buyout, etc.) to three higher-order strategies: financial harvest, stewardship, and voluntary cessation. Based on a sample of 189 founders in the plastic products and pre-packaged software industries they find that each of these three exist strategies has different predictors. For example, founders with a voluntary cessation strategy have less innovative opportunities, fewer employees, and are less likely to utilize a causation-based decision making process. In contrast, those with financial harvest strategies have highly innovative opportunities and employ causation-based decision-making processes. Their work, the authors contend, is the first to provide a systematic analysis of the factors that will predict the type of exit strategies different founders will pursue.

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    Fay's probabilistic selling, inventory management research to appear in Management Science

    Research by Scott Fay, associate professor of marketing at the Martin J. Whitman School of Management at Syracuse University, and Jinhong Xie, professor and JCPenney Eminent Scholar Chair at the Warrington College of Business Administration at the University of Florida, has been accepted for publication by the academic journal Management Science.

    The paper, titled “Timing of Product Allocation: Using Probabilistic Selling to Enhance Inventory Management,” examines whether probabilistic selling (PS) can help a seller better manage their inventories. While it’s intuitive that PS can help in inventory management when allocations are not made until the seller learns which item is less appealing to consumers, the researchers demonstrate that PS can be effective even if the firm allocates products before knowing which product will be more popular, and thus, scarcer.

    “It can be more profitable to allocate products to consumers before, rather than after, learning the true demand for a product because it enables the firm to charge higher prices,” says Fay. “Early allocation effectively allows the seller to commit to random assignments, whereas under late allocations, consumers expect to receive a less popular item.”

    Fay and Xie also explore how optimal inventory levels change as a seller introduces probabilistic goods, and show that PS can simultaneously increase both profit and social welfare.

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    You are what you put on display: Byron's research examining personalized workspaces to appear in Academy of Management Journal

    Research co-authored by Kris Byron, associate professor and chair of the Department of Management at the Martin J. Whitman School of Management at Syracuse University, and Greg Laurence, an assistant professor of management at the University of Michigan, Flint, has been accepted for publication by the Academy of Management Journal.

    The paper, titled, “Diplomas, Photos, & Tchotchkes As Symbolic Self-Representations: Understanding Employees’ Individual Use Of Symbols,” examines, through interviews, workspace inventories and observations, employees’ tendency to personalize their workspaces with photos, memorabilia and other objects—even when rules prohibit it—and what this practice tells us about an individual’s self-expression, and work relationships.

    According to the researchers, “…these objects symbolize who employees are and who they want to be. Through these symbolic self-representations, employees find common ground through shared non-work experiences, establish a common understanding of work roles, and share personal information about the self—all of which contribute to relationship development at work. Additionally, they focus attention on goals and establish a desired boundary between work and non-work ­ both of which contribute to employees self-regulation.”

    Byron, who received her PhD from Georgia State University, is a 2012-2014 Whitman fellow and an affiliated faculty with the Department of Psychology in the College of Arts and Sciences at Syracuse University. Laurence received his MA (2004) from Syracuse’s Maxwell School, and his MBA (2003) and PhD (2011) degrees from the Whitman School of Management.

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    Mazumdar research, examining star power and film success, to appear in Management Science

    A research paper authored by Tridib Mazumdar, Howard R. Gendal professor of marketing at the Martin J. Whitman School of Management at Syracuse University, has been accepted for publication in the journal Management Science. Mazumdar’s co-authors are Angela Liu and Bo Li, assistant professor of marketing and associate professor of statistics, respectively, at the School of Economics and Management, Tsinghua University, Beijing. Liu earned her PhD from the Whitman School in 2010.

    The paper, titled, "Counterfactual Decomposition of Movie Star Effects with Star Selection," examines the effects casting has on the financial success of a film. Specifically, the study asks, what would a film’s outcome be if an unknown actor/actress had the lead role, given that individual possessed the same influence on the film’s production characteristics (e.g., script, budget, distribution, genre, etc.) of a well-known actor/actress, or vice versa?

    According to the researchers, “The counterfactual analysis shows that the presence of a star does ensure wider release of the movie. However, the movie’s box office revenue is determined almost entirely by the movie characteristics, and stars have no direct residual effect on revenue. The stars’ effect on revenue is therefore indirect, and it comes from the wider release of the movie and the stars’ judicial choices of movie characteristics.”

    In addition to his research and teaching, Mazumdar is also director of the Earl V. Snyder Innovation Management Center, dedicated to the study and understanding of innovation management and providing Whitman students with the opportunity to delve into the diverse fields of business, law, engineering, and industrial design through an interdisciplinary curriculum. The innovation management program at the Whitman School was established in 1981, with the dedication of the Snyder Center occurring in 1993 through a generous endowment from the estate of Earl and Josephine Snyder.