Cambridge Judge Business School runs a number of seminar series, including those organised by the individual subject groups and research centres. Seminars are posted here as and when they are arranged, and tend to only take place in term-time.
Professor Michelle Lowry, LeBow School of Business, Drexel University
Within an investment bank, there is a tension between the investment banking and asset management divisions: the former possesses substantial private information while the latter seeks information. Information is arguably impossible to completely safeguard, raising the possibility of leaks, either deliberate or inadvertent. To the extent that there is information leakage, we conjecture that it will be observed in the options market, as options represent a relatively cheap means to leverage private information. Empirical evidence is consistent with trading departments of the advisor banks having an information advantage, and leveraging this advantage through options rather than stock.
Professor Michael Northcott, University of Edinburgh, with Dr Jonathan Chaplin, University of Cambridge, and Rachel Soares, Trade Commission of Canada (tbc)
Professor Fabrizio Salvador, IE Business School
We investigate the effects of manager-worker geographical separation on worker performance in the context of short-lived projects characterised by output measurability, as well as structured and loosely coupled work. We start with the premise that physical distance hinders the manager’s ability to deploy its managerial functions (e.g. goal setting, providing feedback, etc.) relative to the execution of a specific task because of the lack of face-to-face interaction. We consequently hypothesise that manager-worker separation is more detrimental to worker performance when (1) the managerial human capital is higher or (2) when the role of the manager is more critical to the worker. In the former case, we hypothesise that separation from managers with high supervisory experience hampers more worker performance than separation from managers with little experience in leading workers. In the latter case, we hypothesise that workers suffer more from separation with the manager when the task they are working on is more complex or when they have fewer collocated knowledgeable colleagues. Analysis of a sample of 13,432 consulting tasks in a multisite software maintenance organisation provides support for our hypotheses and that this results are robust to instrumentation of the manager-worker separation variable. Our results suggest that managers can act on task characteristics and work configuration to reduce and in some case neutralise the diseconomies associated to manager-worker separation, and that such diseconomies are greater when managers have more experience in supervising workers. However and against the received view in the literature we find that manager-worker separation may actually be beneficial for the worker when the manager has very little supervisory experience.
Professor Mats Alvesson, Lund University
In the West, and increasingly globally, there are moves into the age of grandiosity. The mundane and trivial are, whenever possible, being transformed into something much more aesthetic and appealing. Value is seemingly increased or enhanced with minimal cost – just through adding a more desirable label or image. There is a boosting of claims of progress, achievements and extraordinary qualities of individuals, occupations, organisations and societies. This has frequently less to do with substance – ‘real’ improvements or practices/material reality living up to fantastic claims are rare. Contemporary grandiosity is not like older forms, intended to celebrate elite superiority and easily identified as symbolism enhancing, but is more subtle and is intended to conceal through claims to illuminate the truth. There is a symbolic pollution of the world through the extensive production and distribution of images loosely connected to, or contradicted by, material reality – a reality becoming more and more ambiguous.
Professor Ohad Kadan, Olin Business School, Washington University
We present a sufficient condition under which the prices of options with different strike prices written on a particular stock can be used to calculate a lower bound on the expected returns of that stock. The sufficient condition imposes a restriction on a combination of the stock’s systematic and idiosyncratic risk. The lower bound is forward-looking and can be calculated on a high-frequency basis for stocks with liquid option trading. We estimate the lower bound empirically for constituents of the S&P 500 index and study its cross-sectional properties. We find that the bound increases with beta and decreases with size. The bound also provides an economically meaningful signal on future realised stock returns.
A number of other events take place at or are organised by Cambridge Judge, from conferences to information sessions where you can find out more about our programmes.
View the full calendar of events