Purpose In the presence of a low rate of investment in research and development in the fish industry, the Moroccan government launched in 2009 a new fisheries program which directs fish processing companies towards a non-price competitiveness strategy. These companies are driving to establish a modernized value chain that supports product innovation in its performance generation. This study therefore aims at measuring the impact of this value chain on the performance of a new product taking into account the early stages of development, namely prototyping. Design/methodology/approach First, the authors tried to collect the data in a dichotomous qualitative form for the structure of the innovation process which reflects the measure of elapsed time for each stage of the innovation process in the two cases, namely, sequentiality and parallelism of the steps. The authors then addressed a second time to the quality managers to provide them with quantitative data. Nevertheless, the evaluation of the improvement of the innovative product had remained qualitative. Findings The study shows that there is a positive and significant relationship between the partially parallel structure and the internal improvement objectives of the new prototype. Research limitations/implications The main limitation of this study was the very small sample of firms operating in innovation, which did not allow us to apply a parametric analysis such as logistic or linear regression according to a normal law on a sufficient number of observations according to the transversal approach. As theoretical implications of this study, Davila et al. (2006) argue that to succeed in a product development process, it must be possible to measure the resulting performance. Assessing performance in the product development process is particularly important for managers and decision makers to address key management issues such as “what we do”, “what we have learned” and “what should we do in the future” (Tatikonda, 2007). Practical implications The empirical implications of this study have shown that accelerating the execution of innovation activity is enormously favored to increase the performance of the innovative product over the medium term. This will enable the company to be efficient in terms of market entry time with good quality and as soon as possible mainly in the early stages of development of the new product. Originality/value Compared with previous studies, the originality of this study is to answer two inadequacies in the theory of performance of the new product, namely, the objective/quantitative nature of the practice measured in the innovation process and the use of a holistic approach based on the performance indicators of the innovative product at each stage of the innovation process.
International audienceThis paper presents a characterization of weak risk aversion in terms of preference for sure diversification. Similarly, we show that strong risk aversion can be characterized by weakening preference for diversification,as introduced by Dekel (Econometrica 57:163,1989), in what we call preference for strong diversification
The aim of this paper is to introduce a risk measure that extends the Gini-type measures of risk and variability, the Extended Gini Shortfall, by taking risk aversion into consideration. Our risk measure is coherent and catches variability, an important concept for risk management. The analysis is made under the Choquet integral representations framework. We expose results for analytic computation under well-known distribution functions. Furthermore, we provide a practical application. JEL classification: C6, G10a prominent trend associated with tail-based risk measures has emerged, especially with the most popular ones nowadays: the Value-at-Risk (VaR) and the Expected Shortfall (ES). However, this kind of risk measures does not capture the variability of a financial position, a primitive but relevant concept. In order to solution this issue, some authors have proposed and studied specific examples of risk measures.In this sense, Fischer [8] considered combining the mean and semi-deviations. Regarding tail risk, Furman and Landsman [10] proposed a measure that weighs the mean and standard deviation in the truncated tail by VaR, while Righi and Ceretta [17] considered penalizing the ES by the dispersion of losses exceeding it. From a practical perspective, Righi and Borenstein [18] explored this concept, calling the approach as loss-deviation, for portfolio optimization. In a more general fashion, Righi [19] presents results and examples about compositions of risk and variability measures in order to ensure solid theoretical properties.Recently, Furman et al. [11] introduced the Gini Shortfall (GS) risk measure which is coherent and satisfies co-monotonic additivity. GS is a composition between ES and tail based Gini coefficient. However, GS supposes that all individuals have the same attitude towards risk, while agents differ in the way they take personal decisions that involve risk because of discrepancies in their risk aversion. To incorporate such psychological behavior in tail risk analysis, we introduce a generalized version of the GS. This risk measure, called Extended Gini Shortfall (EGS), captures the notion of variability, satisfies the co-monotonic additivity property, and it is coherent under a necessary and sufficient condition for its loading parameter. The consideration of the decision-maker risk aversion, joined to these properties, is in consonance to what agents seek when searching for a suitable measure of risk. The approach followed in this article leads us to a new family of spectral risk measures, proposed by Acerbi [1], with an attractive weighting function.In this sense, we discuss, in a separated manner, the properties from the variability term and our composed risk measure. Moreover, we discuss in details the role of each parameter in the mentioned weighting function. Furthermore, we expose results on analytic formulations for computation of EGS under known distribution functions. Our focus in this paper is on theoretical results, but this approach gives rise to further forthcoming inve...
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