Concerns about the negative consequences of the excessive underpricing of the current arrangement in the initial public offering (IPO) market for the provision of entrepreneurial finance—book building—have led to research into the viability of auctions for IPO pricing and allocation. IPO firms face a trade-off between the benefit of accurate and reliable IPO price discovery and the cost of underpricing. The main aim of this paper was to gain new scientific knowledge about this trade-off by measuring the impact of two key variables on this trade-off: capacity restraint and discount on the auction clearing price. Using controlled experiment methodology in multi-unit uniform price auctions we found that the most capacity-restricted auctions that also offer investors a discount are likely to produce the most accurate and reliable price discovery and consequently, the most predictable auction outcome. There are indications that a discount of 8% may suffice to incentivize investors to reliably contribute to price discovery. The resulting underpricing (and its variability) of these auctions is likely to be significantly lower than if book building would be used to price and allocate IPOs. Technological innovation in the IPO market through the application of recent advances in data science, experimental economics and artificial intelligence allows for the optimization of IPO mechanisms and crowdfunding platforms which in turn improves the access to equity required for entrepreneurial finance.
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This chapter presents the currently not established and identifies design requirements for new systems to address this challenge and provide directions for possible improvement. As a result, this chapter introduces the concept of SamenMarkt®, a participatory system in which multi-agent system technology enables distributed price negotiation, distribution and communication between producers, retailers and consumers.
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Mantelzorgers van mensen met niet-aangeboren hersenletsel kunnen wel wat ondersteuning gebruiken. Maar wat voor ondersteuning? Zijn ze overbelast? En welke behoefte hebben zij? Om antwoord te geven op die vragen is het handig een set vragenlijsten te gebruiken die hun belasting en draagkracht in kaart brengt. In dit artikel laten we zien hoe je deze set kunt inzetten bij mantelzorgers van getroffenen door hersenletsel.
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Summary Project objectives This study fits into a larger research project on logistics collaboration and outsourcing decisions. The final objective of this larger project is to analyze the logistics collaboration decision in more detail to identify thresholds in these decisions. To reach the overall objectives, the first step is to get a clearer picture on the chemical and logistics service providers industry, sectors of our study, and on logistics collaboration in these sectors. The results of this first phase are presented in this report. Project Approach The study consists of two parts: literature review and five case studies within the chemical industry. The literature covers three topics: logistics collaboration, logistics outsourcing and purchasing of logistics services. The five case studies are used to refine the theoretical findings of the literature review. Conclusions Main observations during the case studies can be summarized as follows: Most analyzed collaborative relationships between shippers and logistics service providers in the chemical industry are still focused on operational execution of logistics activities with a short term horizon. Supply management design and control are often retained by the shippers. Despite the time and cost intensive character of a logistics service buying process, shippers tendering on a very regular basis. The decision to start a new tender project should more often be based on an integral approach that includes all tender related costs. A lower frequency of tendering could create more stability in supply chains. Beside, it will give both, shippers and LSPs, the possibility to improve the quality of the remaining projects. Price is still a dominating decision criterion in selecting a LSP. This is not an issue as long as the comparison of costs is based on an integral approach, and when shippers balance the cost criterion within their total set of criteria for sourcing logistics services. At the shippers' side there is an increased awareness of the need of more solid collaboration with logistics service providers. Nevertheless, in many cases this increased awareness does not actually result in the required actions to establish more intensive collaboration. Over the last years the logistics service providers industry was characterized by low profit margins, strong fragmentation and price competition. Nowadays, the market for LSPs is changing, because of an increasing demand for logistics services. To benefit from this situation a more pro-active role of the service providers is required in building stronger relationships with their customers. They should pay more attention on mid and long term possibilities in a collaborative relation, in stead of only be focused on running the daily operation.
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In het werkveld van Life Sciences & Chemistry heeft Innovative testing te maken met het testen van stoffen op hun werking en veiligheid. Met stoffen wordt hier bedoeld alle mogelijke chemicaliën waar aan we blootgesteld worden, zoals chemicaliën in onze leef- en werkomgeving, medicijnen (inclusief biologicals), maar ook stoffen in de voeding (inclusief voedselbestanddelen en natuurlijke stoffen). Mijn les zal echter voornamelijk gaan over de laatste twee categorieën, medicijnen en stoffen in de voeding. Ik wil in mijn openbare les eerst uiteenzetten waarom het zo belangrijk is om vast te stellen wat de werking en veiligheid van stoffen is. Vervolgens wil ik beschrijven welke innovaties op dit moment al plaatsvinden, in de toxicologie en de farmacologie. Dit wil ik doen om aan te geven waar de parallellen en mogelijkheden voor synergie liggen. Daarna zal ik aan de hand van een aantal voorbeelden aangeven tegen welke grenzen men zoal aanloopt bij het testen van werking en veiligheid van stoffen, om daarbij ook aan te geven dat er duidelijk aanwijzingen zijn voor het vervagen van grenzen tussen farmacologie en toxicologie. Tot slot zal ik aangeven welke rol het Kenniscentrum Life Sciences & Chemistry van Hogeschool Utrecht op het gebied van onderzoek én onderwijs in het werkveld van Innovative testing in Life Sciences & Chemistry wil gaan spelen.
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In de openbare les van mijn collega lector Raymond Pieters, is het domein van het lectoraat ‘Innovative Testing in Life Sciences & Chemistry’ toegelicht. Kort samengevat richt dit lectoraat zich op de ontwikkeling en toepassing van innovatieve teststrategieën om geneesmiddelen, voedingsmiddelen of chemicaliën (stoffen) te beoordelen op hun werkzaamheid (effectiviteit) en veiligheid. De nadruk ligt op de ontwikkeling van snelle, kosteneffectieve testmethoden die een relevante voorspelling van effecten op de gezondheid van de mens en het milieu opleveren én waarbij geen of minder proefdieren worden gebruikt. In mijn les zal ik u laten zien waar proefdieren voor gebruikt worden. Hierbij zal ik mij voornamelijk richten op de Nederlandse situatie. Ik zal ingaan op de wetenschappelijke en maatschappelijke wens om minder proefdieren te gebruiken en op de vraag wat we verstaan onder ‘alternatieven voor dierproeven’. Daarna zal ik bespreken waarom er in Nederland en Europa recentelijk meer aandacht is voor dit onderwerp. Het overzicht zal niet uitputtend zijn, maar zal u een goede indruk geven van het landschap. Ook zal ik stil staan bij de vraag: Waarom zijn we tot nog toe zo weinig succesvol geweest op het gebied van alternatieven voor dierproeven? Wat zijn de obstakels en wat kunnen we hier van leren? Hoe zouden we in de praktijk de toepassing van alternatieven kunnen stimuleren? Wat moet er beter, en hoe gaan we dat doen? Als we slimmer willen testen moeten we de huidige grenzen verleggen, of beter over de grenzen van ons vakgebied heen kijken. Ik zal aangeven waar prioriteiten liggen en hoe we de meeste ‘winst’ kunnen behalen in termen van proefdiervermindering in relatie tot productinnovatie. Tot slot zal ik aangeven welke bruggen we moeten bouwen en wat de rol is van de Hogeschool Utrecht
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Within large service organizations there are currently two trends visible. These trends seem to be diametrically opposed. On the one hand organizations face increasing price pressure and thus a pressure to cut costs. One of the consequences of this trend is that organizations are increasingly encouraging customers to make more use of digital communication channels. At the same time, companies find it important to know their customers in order to respond adequately to their needs. To do this, organizations must have a certain degree of personal involvement to their customers and they must have regular personal contact. It is assumed that both trends – digitisation and personalisation – will have a strong impact on customer experience and (perhaps) on the relational models customers use. If it is true that relational models - so the way in which people perceive and assess a relationship - play a role in the perception of the customer, it is also interesting to know if it is possible to influence these relational models. During the last fifty years much research has been done into the possibilities to influence customers by using subliminal priming techniques. In these techniques thoughts and feelings are unconsciously activated by showing people certain words or images (eg Bargh, Chen & Burrows, 1996; Dijksterhuis, 2005). In recent years a number of experiments were performed in which customers were unconsciously primed at some type of relationship (eg Aggarwal, 2004; McGraw & Tetlock, 2005; Tuk, Verlegh, Smidts & Wigboldus, 2009). These experiments showed that it is possible to activate a certain type of relationship. The experiments however the researchers used scenario’s based on an interpersonal relationship, and often to a fictitious relationship. The question is whether priming techniques also work for an already existing and more complex relationship between an organization and its customers. From 2010-2013 we conducted research for six large service providers in banking, insurance, utilities and social welfare to discover what the customer experience of these organisations, what role relational models played in customer experience and whether it was possible to influence these relational models. The research project has provided answers to the following questions: - Which relational models are used by customers and what is the influence of these models on customer experience? - What is the influence of digitisation in customer communication on relational models and customer experience? - What is the influence of personalisation in customer communication on relational models and customer experience? And finally, - Is it possible to influence relational models (and customer experience) by using specific words and images that are associated with relational models (relational framing)?
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The importance of teaching engineering students innovation development is commonly clearly understood. It is essential to achieve products which are attractive and profitable in the market. To achieve this, an institute of engineering education has to provide students with needed knowledge, skills and attitudes including both technical and business orientation. This is important especially for SME’s. Traditionally, education of engineering provides students with basic understanding how to solve common technical problems. However companies need wider view to achieve new products. Universities of applied Sciences in Oulu and Eindhoven want to research what is the today’s educational situation for this aim, to find criteria to improve the content of the educational system, and to improve the educational system. Important stakeholders are teachers and students within the institute but also key-persons in companies. The research is realized by questionnaires and interviews from which a current situation can be found. The research will also include the opinion of management who give possibilities to change the curriculum. By this research more insight will be presented about how to re-design a current curriculum. The research will act as basis for this discussion in SEFI-conference about formulating a curriculum that includes elements for wide-ranging knowledge and skills to achieve innovations especially in SME’s.
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The importance of teaching engineering students innovation development is commonly clearly understood. It is essential to achieve products which are attractive and profitable in the market. To achieve this, an institute of engineering education has to provide students with needed knowledge, skills and attitudes including both technical and business orientation. This is important especially for SME’s. Traditionally, education of engineering provides students with basic understanding how to solve common technical problems. However companies need wider view to achieve new products. Universities of applied Sciences in Oulu and Eindhoven want to research what is the today’s educational situation for this aim, to find criteria to improve the content of the educational system, and to improve the educational system. Important stakeholders are teachers and students within the institute but also key-persons in companies. The research is realized by questionnaires and interviews from which a current situation can be found. The research will also include the opinion of management who give possibilities to change the curriculum. By this research more insight will be presented about how to re-design a current curriculum. The research will act as basis for this discussion in SEFI-conference about formulating a curriculum that includes elements for wide-ranging knowledge and skills to achieve innovations especially in SME’s.
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This study aims to contribute to the few tools that are currently available for small businesses and startups in impact assessment (Shields & Shelleman, 2017) using the well-known framework of SDGs (United Nations, 2015).
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