Terrorism and cross-border mergers and acquisitions
Edward R. Lawrence | Mehul Raithatha | Iván M. Rodríguez Jr.
Global Finance Journal on Science Direct, September 2025
We analyze the impact of terrorism on cross-border mergers and acquisitions (M&As) and find that terrorist attacks in acquirer and target countries significantly influence both the initiation and completion of M&As. While the presence of terrorism deters deal initiation, it paradoxically increases the likelihood of deal completion, suggesting a complex interplay of risk assessment and strategic decision-making. Furthermore, we find that firms accelerate completion after terrorist attacks.
Internet of Things in Intralogistics: Applications and Emerging Research
René de Koster | Debjit Roy | Yun Fong Lim | Subodha Kumar
Sage Journals – Production and Operations Management Society, August 2025
Managing the performance of intralogistics operations, that is logistics operations within facilities such as manufacturing plants, order fulfillment warehouses, ports and terminals, and retail stores, is critical in fulfilling customer expectations. Traditional decision-making for intralogistics operations is based on historical data, typically collected over long-range intervals with significant processing delays. However, nowadays, Internet of Things (IoT) applications are used to gather detailed real-time data to make dynamic decisions. These new data sources provide challenges and opportunities for operations management. We provide an overview of prominent IoT technologies in four domains: Manufacturing, warehousing, ports and terminals, retail, and other emerging areas. We discuss four prominent research questions (cutting across multiple application domains) that can be addressed using new data sources, along with the methodological approach and managerial insights that may result. In particular, IoT can improve the tracking and tracing of objects, equipment, and humans and provide rapid alerts, allowing managers to make real-time decisions and improve asset use, uptime, and profitability.
Why do HFTs use the futures market
Anirban Banerjee | Ashok Banerjee
The Journal of Futures Markets, June 2025
This study attempts to investigate the economic motivation of high-frequency traders (HFTs) to use single-stock futures (SSFs) contracts. Using a novel intraday data set from the largest exchange of SSFs, with identifiers for algorithmic traders, we attempt to disentangle the hedging and information-based trading motivations of HFTs in using this market. We find that hedging is the primary motivation for HFTs to use the futures market. We also find that the regulatory change of upward revision of the minimum contract size in the derivative market made it more difficult for the HFTs to use the futures to hedge their spot market exposure effectively.
History is prologue: Impact of closed economy imprints (1956–1991) on investments in innovation by Indian firms
Taylor and Francis Online, Business History, June 2025
Research in the context of business history has seldom analysed how institutional environments from the pre-liberalisation era affect innovation investments made by Indian firms in the post-liberalisation institutional context. To address this gap, this study examines how imprints inscribed by the protected environment in the pre-liberalisation period constrain decision-makers’ mental models and inhibit the formation of innovation routines, impeding innovation investments in the post-liberalisation era. Using the context of India’s regulatory punctuation, we test and find support for our assertion using two input-based measures of innovation investments and validate our results by performing a battery of robustness checks. Our findings demonstrate that historical institutional environments play a salient role in determining the extent of innovation investments committed by Indian firms and contribute to research at the intersection of business history and organisation studies.
Institutional History, Negative Performance Feedback, and R&D Search: A Nexus of the Imprinting and Behavioral Perspectives
Academy of Management Journal, February 2025
According to the extant literature, organizational history binds strategic choices concerning problemistic search behaviors. To complement this line of inquiry, I draw from organizational imprinting theory to develop arguments regarding how institutional history impacts problemistic search behaviors. Using the regulatory punctuation of pro-market reforms characterizing the Indian economy as the research context, I examine how the timing of firms’ founding (i.e., in the pre- or post-reform period) explains their intensity of research and development (R&D) search following negative attainment discrepancy in the post-reform period. Furthermore, I explore how this relationship varies on the basis of the protectionist policies that characterized the industries in which firms operated during their founding. Overall, I find that firms that originated in the pre-reform period engage in less R&D search in response to negative attainment discrepancy; furthermore, this behavior is stronger among firms that were founded in more protected industries. Post hoc tests, however, reveal that when firms that originated in the pre-reform period face existential threats, they tend to commit greater resources to R&D search. These findings contribute to research at the intersection of history, institutions, and problemistic search theory and provide novel insights into the problemistic search behaviors of emerging-economy firms.
