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Market-perceived risk of project-related announcements in the information technology industry

Alakhras, Anas (2013). Market-perceived risk of project-related announcements in the information technology industry. Mémoire. Gatineau, Université du Québec en Outaouais, Département des sciences administratives, 59 p.

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Large, publicly-traded firms often issue public announcements,whether related to ongoing projects (e.g. new product, major investments, joint venture) or general organizational issues (e.g., leadership, markets, finances). Financial markets have varying perceptions of the risks implied by these announcements and their potential impact on profitability. In particular, they are perceived differently depending on the relative rigidity of the organization's cost structure. For example, if faced with the same event, a highly flexible manufacturing company that easily adapts to demand fluctuations should be perceived as less risky, compared to a project-oriented company where large, ongoing projects represent significant fixed costs, with a high risk of difficulties in adapting to shifting economic conditions. Furthermore, project-related news should have more of an impact on project-oriented companies, as these directly affect their riskiness, while the perceived risk in the manufacturing sector should be more affected by general organizational issues that may impede or reduce the flexibility of the production network. In order to explore these hypotheses, we perform an event study to test how financial markets perceive the implicit risks from a firm's public announcements, related both to specific projects and to general organizational issues. In order to clearly isolate organization-specific risk, we choose to compare the responses of two segments of the information technology industry, software and computers. Both segments face the same demand fluctuations and economic conditions, while they differ radically in terms of organizational and cost rigidities: software companies are project-oriented, while computer manufacturers are among the most flexible and efficient in the entire economy, mostly due to extensive network-driven and outsourced production. (Extrait du résumé élaboré par le Service de la bibliothèque)

Type de document: Thèse (Mémoire)
Directeur de mémoire/thèse: Gagnon, Stéphane
Informations complémentaires: Localisation : Bibliothèque L.-Brault HD 69 P75 A435 2013 Le texte de ce mémoire est en anglais. Comprend des réf. bibliogr. : p. [57]-59.
Mots-clés libres: Gestion de projet; Technologie de l'information; Industrie
Départements et école, unités de recherche et services: Sciences administratives
Date de dépôt: 29 mai 2013 16:33
Dernière modification: 04 nov. 2016 16:00
URI: http://di.uqo.ca/id/eprint/616

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