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on Project, Program and Portfolio Management |
| By: | Jan Malek; Jo Seldeslachts; Reinhilde Veugelers |
| Abstract: | This paper provides empirical evidence on which M&A deals spur innovation, and which stifle it. To do so, we consider not only the product market position of the acquiring firm, but also the position of both target and acquirer in the technology space. Focusing on the antidiabetic drugs market, our dataset tracks the lifecycle and patenting of all individual antidiabetic projects in development between 1997 and 2017. We show that most terminations of acquired projects occur while the projects are still far from product market entry. Nevertheless, a number of these early-stage acquisitions have a positive impact on innovation. These cases arise when incumbents acquire projects close to their own projects in product markets, but only if these projects are also close in technology markets. Those deals are associated with increased subsequent patenting, which is consistent with the exploitation of technological synergies. Our results point to the crucial role of combining both product market and technology market positions in assessing the innovation effects of pharmaceutical M&As. |
| Keywords: | M&As, innovation, R&D, pharmaceutics, technology, novelty, patents |
| Date: | 2025–07–11 |
| URL: | https://d.repec.org/n?u=RePEc:ete:msiper:768578 |
| By: | Itzhak Ben-David; Alex Chinco |
| Abstract: | To increase a company’s earnings, a project must generate enough income next year to pay for its own financing. Hence, a manager who wants to maximize her EPS (earnings per share) should only invest in accretive projects that have income yields above the firm’s cheapest financing option. This is the max EPS analog to the positive-NPV (net present value) rule. Maximizing EPS ≠ minimizing investment. EPS maximizers use real investment to arbitrage between asset and capital markets. This framework rationalizes the pervasive use of IRRs (internal rates of return) and payback periods. An IRR effectively measures how accretive a project will be. A payback period expresses the project’s income yield as a multiple. Empirically, a simple max EPS model explains M&A payment method and investment-cash flow sensitivity. It also predicts which firms have higher proportions of convertible debt and capitalized |
| JEL: | D03 D21 D22 D92 G02 G31 G32 G34 G35 J33 L21 M41 |
| Date: | 2025–07 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:34061 |
| By: | Joaquín Coleff (CEFIP/CEDLAS); Juan Sebastián Ivars (Sciences Po) |
| Abstract: | We consider an organization with two projects which have productive spillovers. Three individuals are active in this organization: two agents, each specialized in one project, and the CEO, who is a generalist. The owner of the organization allocates authority over each project to these three individuals. This allocation determines the organizational design and aims to maximize profits subject to incentive constraints. The main constraints arise from non-contractible choices: in decision-making, to exploit the gains from spillovers, and in providing incentives to address moral hazard in effort. We show that the optimal organizational design can take one of the following forms: centralization, decentralization, hierarchical delegation, or cross-authority. Two forces drive the optimal organizational design: (i) the CEO’s productivity relative to the agents’ in exerting effort, and (ii) the value of spillovers relative to profits in the project over which an individual has authority. We illustrate the practical relevance of our model by analyzing the emergence of hierarchical delegation in Facebook’s major 2018 reorganization. |
| Keywords: | decision rights, authority, moral hazard, hierarchies, incentives |
| JEL: | C70 D23 L22 |
| Date: | 2025–08 |
| URL: | https://d.repec.org/n?u=RePEc:aoz:wpaper:367 |
| By: | Bleses, Peter (Ed.); Ritter, Wolfgang (Ed.) |
| Abstract: | Das Verbundprojekt ressource erforscht und gestaltet Arbeitsbedingungen für Beschäftigte in Einfacharbeit, insbesondere in der Logistik und in gesundheitsbezogenen Dienstleistungen in der Region NordWest. Im Fokus des iaw-papers stehen systematische Bedarfs- und Anforderungsanalysen, die institutionelle, organisationale und individuelle Herausforderungen sowie vorhandene Ressourcen im Hinblick auf gesundheitsförderliche Arbeitsgestaltung und Kompetenzentwicklung erfassen. Methodisch setzt das Projekt auf einen reflexiv-iterativen Mixed-Methods-Ansatz, der qualitative und quantitative Verfahren kombiniert und partizipativ angelegt ist. Die Ergebnisse zeigen eine hohe Komplexität der betrieblichen Herausforderungen, die in vier Gestaltungsperspektiven gebündelt werden: Kommunikation, Wertschätzung, Lernen/Lernorganisation sowie Qualität der Arbeit. Diese Themenfelder sind eng miteinander verwoben und betreffen sowohl Führungsverhalten und Arbeitsbedingungen als auch strukturelle Rahmenbedingungen. Branchenspezifisch treten in der Logistik vor allem physische, in der Pflege und Betreuung eher auch psychosoziale Belastungen auf. Daraus ergeben sich differenzierte Anforderungen an betriebliche Gestaltungsansätze. Im Projekt werden innovative methodische Zugänge erprobt, etwa die dialogorientierte Methode Rooms of Error. Ziel des Verbundprojekts ist der Aufbau eines Kompetenzzentrums in der Region NordWest, das praxisnahes Wissen zur Gestaltung und Entwicklung von Einfacharbeit langfristig sichert und weiterentwickelt. Damit leistet ressource einen Beitrag zur arbeitswissenschaftlichen Erschließung von Einfacharbeit und zur Entwicklung zukunftsfähiger Arbeitswelten. |
| Abstract: | The joint project ressource explores and shapes working conditions for employees in low-skilled jobs, particularly in logistics and health-related services. The focus lies on systematic needs and requirements analyses that address institutional, organizational, and individual challenges, as well as existing resources for health-promoting work design and skills development. Methodologically, the project follows a reflexiveiterative mixed-methods approach, combining qualitative and quantitative methods in a participatory research design. The results reveal the high complexity of operational challenges, which are structured into four key areas for action: communication, appreciation, learning/learning organization, and quality of work. These dimensions are closely interrelated and affect both leadership behavior and structural conditions. Sector-specific differences emerge, with physical strain being more prominent in logistics and psychosocial stress more common in care and support services. As a result, tailored approaches to workplace design are required. The project also piloted innovative methodological tools, such as the dialogue-based Rooms of Error method. The findings feed into an iterative and reflective transfer strategy that enables sustainable and needs-oriented knowledge transfer to companies and beyond. A central goal is the development of a competence center that secures and further develops practical knowledge in the long term. With this, ressource makes a valuable contribution to work science by addressing and enhancing low-skilled work and supporting the development of future-ready working environments. |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:iawsch:323236 |
| By: | Rowan Hinkle-Johnson (RWTH Aachen University, Templergraben 55, 52056 Aachen, Germany); Reinhard Madlener (1- Institute for Future Energy Consumer Needs and Behavior (FCN), School of Business and Economics / E.ON Energy Research Center, RWTH Aachen University, Mathieustrasse 10, 52074 Aachen, Germany; 2- Department of Industrial Economics and Technology Management, Norwegian University of Science and Technology (NTNU), Sentralbygg 1, Gløshaugen, 7491 Trondheim, Norway. November 2023) |
| Abstract: | This work aims to explore financial mechanisms and their potential to maximize co-benefits for the mid-term rollout of transmission grid infrastructure. The research focuses on Germany and the U.S., examining options for mid-term capital injection into transmission development. The methodology includes case study identification and analysis, development of strategic criteria, criteria weighting and validation through expert interviews and formulation of a Multi-Criteria Decision Analysis framework. The work aims to qualitatively explore the potential of innovative financial mechanisms to accelerate transmission grid infrastructure development in the face of increasing energy demands and the sustainable energy transition to renewables. |
| Keywords: | Transmission grid infrastructure; financial mechanism; United States; Germany |
| JEL: | G Z |
| Date: | 2025–02 |
| URL: | https://d.repec.org/n?u=RePEc:ris:fcnwpa:021428 |
| By: | Oussama Najari (UIT - Université Ibn Tofaïl); Cheklekbire Malainine (UIT - Université Ibn Tofaïl) |
| Abstract: | This article investigates how AI can contribute to the Sustainable Development Goals (SDGs) in the Moroccan public sector centered on SDG 9 (Industry, Innovation, Infrastructure) and SDG 16 (Peace, Justice, Strong Institutions). Description of the most representative AI projects developed in the public administration. The study describes a number of AI initiatives from public administrations as an example for the potential of the use of AI tools in promoting transparency, efficiency and institutional innovation. The roadblocks of data privacy, the digital divide, and organizational resistance are also considered. The paper highlights that, while AI has significant transformative potential, its adoption must be accompanied by strong regulatory and ethical frameworks, as well as inclusive approaches to ensure its contribution to sustainable and equitable public governance. |
| Keywords: | Sustainable Development Goals, Public administrations, institutional efficiency, innovation, transparency, SDG 9, SDG 16, Morocco |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05110441 |
| By: | Delis, Manthos; Iosifidi, Maria |
| Abstract: | We develop a model of green lending to study its implications for monetary policy and environmental regulation. Banks finance firms’ brown and/or green projects. The costs of brown projects increase with rising regulatory stringency or when endogenous monetary policy affects the cost of funds. Both policies can elevate the equilibrium share of green lending, resulting in greener output. Our findings remain consistent when we introduce central banks with an explicit green objective (e.g., differential interest rates based on project type), forward-looking bank behavior, and adjustment costs. Additionally, we demonstrate the relative impacts of regulatory and monetary persistent regime changes. |
| Keywords: | Green lending; Green monetary policy; Environmental regulation |
| JEL: | E44 E52 G21 Q50 |
| Date: | 2025–06–25 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:125118 |