Thesis (M.S.)--Cornell University, August, 2009. / Includes bibliographical references (leaves 62-71).

This paper uses the collapse of the junk bond market in the early 1990s as a natural experiment to examine the effect of asymmetric timely loss recognition (ATLR) on speculative-grade (SPG) firms' access to private debt markets and underinvestment. For a sample of 450 firm-years over the period 1988-1991, I find that SPG firms that recognize economic losses in a timelier fashion experience a smaller reduction in debt financing and investment from the pre- to post-collapse period relative to SPG firms that recognize economic losses in a less timely fashion. I also document that the effect of ATLR on debt financing and investment is more pronounced for SPG firms that lack collateral and are not followed by sell-side equity analysts. These findings support the notion that ATLR improves a firm's ability to access private debt markets, thereby attenuating underinvestment. They also suggest that both collateral and sell-side equity analysts serve as substitutes for ATLR to facilitate SPG firms' access to private debt markets. Further analyses reveal that ATLR increases for SPG firms from the pre- to post-collapse period and this increase is more pronounced for SPG firms with net issuance of debt. This evidence suggests that firms adjust ATLR to obtain debt financing in response to private lenders' demand for it.

Le supply chain management fait l'objet d'une attention particulière de la part des entreprises et des chercheurs notamment en sciences de gestion. Il s'articule autour de la mutualisation de ressources et des compétences de chaque membre de la supply chain et la synergie qui subsiste entre eux afin de créer collectivement une valeur supérieure à la somme des valeurs créées séparément par chacun. Cette alliance, qui nécessite la coopération collective dans la création et le partage équitable de la valeur, est caractérisée par des comportements opportunistes qui entraînent des défaillances comme l'effet Bullwhip. Ainsi, notre objectif est d'analyser ces comportements afin de comprendre leur dynamique au sein de la supply chain. A cet égard, nous nous appuyons sur la perspective des dilemmes sociaux pour proposer deux mécanismes : un mécanisme motivationnel (partage de l'identité de la supply chain) et un mécanisme structurel (investissement dans les ressources relationnelles) pour à la fois réduire et décourager l'opportunisme. Afin d'appuyer notre raisonnement, ces mécanismes sont articulés pour créer un capital social qui, en facilitant le supply chain management, permet d'améliorer la performance de la supply chain. Cela a donné lieu à la conception d'un modèle intégrateur de la dynamique sociale de la supply chain. Celui-ci a été validé auprès d'un échantillon de 130 répondants (Responsables supply chain, directeurs logistiques, etc.). Les données collectées ont été analysées tout d'abord par une analyse univariée, suivie d'une analyse en composantes principales afin d'épurer nos échelle de mesure. En second lieu, nous avons fait appel aux modèles d'équations structurelles PLS-PM (régressions aux moindres carrées partiels), pour estimer d'une part, la validité convergente ainsi que la validité discriminante des échelles de mesures, et d'autre part, valider nos hypothèses de recherche relatives aux antécédents et aux conséquences du capital social de la supply chain. Les résultats d'analyse nous ont permis de valider toutes les hypothèses selon lesquelles les deux mécanismes de résolution du dilemme social permettent de développer un capital social au sein de la supply chain qui, en agissant comme un lubrificateur des relations inter-organisationnelle, permet d'améliorer la performance de la supply chain. / Supply chain management is subject of particular interest to professionals and researchers especially in management science. It revolves around the sharing of resources and expertise between supply chain members, and the synergy that exists between them to collectively create value that is more than the sum of the values created separately by each member. This alliance, which requires collective cooperation in the creation and the equitable sharing of the value, is characterized by opportunistic behaviors that lead to failure, as illustrated by the Bullwhip effect. Thus, our objective is to analyze these behaviors in an attempt to understand their dynamics within the supply chain. In this regard, we rely on the perspective of social dilemmas to propose two mechanisms: a motivational mechanism (sharing the identity of the supply chain) and a structural mechanism (investment in relational resources) to discourage and reduce opportunism. To support our reasoning, these mechanisms are articulated to create social capital, facilitating supply chain management, in turn improving supply chain performance. This leads to the design of an integrative model of supply chain social dynamics. This was validated with a sample of 130 respondents (supply chain heads, logistics managers, etc.). The collected data were analyzed first by univariate analysis followed by principal component analysis to refine our scale. Second, we used PLS-PM (partial least squares regression) structural equation models to estimate, on one hand, the convergent and the discriminant validity of the measurement scales validity, and on the other hand, validate our research hypotheses on the antecedents and the consequences of social capital in the supply chain. The results of these analyses have allowed us to validate all the assumptions that the two mechanisms for resolving social dilemma help develop social capital within the supply chain, and act to lubricate inter-organizational relations, allowing improved supply chain performance.