光华讲坛—Professor Vinod Singhal, Georgia Institute of Technology：Stock market reaction to supply chain disruptions from the 2011 Great East Japan Earthquake
主题：Stock market reaction to supply chain disruptions from the 2011 Great East Japan Earthquake
主讲人：ProfessorVinod Singhal, Georgia Institute of Technology
Vinod Singhalis the Charles W. Brady Chair Professor of Operations Management at the Scheller College of Business at Georgia Institute of Technology, Atlanta, USA. He has a Bachelors in Mechanical Engineering from BITS, Pilani, India; MBA from IIM Ahmedabad, India; and Ph.D. from University of Rochester; Rochester, USA. Prior to joining Georgia Tech., he worked for three years as a Senior Research Scientist at General Motors Research Labs.
Vinod’s research has focused on the impact of operating decisions on accounting and stock market based performance measures. His research has been supported through grants from the US Department of Labor, National Science Foundation, the American Society of Quality, and the Sloan Foundation. He has published extensively in academic journals and has made more than 130 presentations at different universities. His research has been recognized in the practitioner community through his many articles in industry-practitioner journals and frequent invited presentations as keynote speaker at practitioner conferences. His work has been cited well over 200 times in practitioner publications such as Business Week, The Economist, Fortune, Smart Money, CFO Europe, Financial Times, Investor’s Business Daily, and Daily Telegraph.
Vinod is a Departmental Editor of Production and Operations Management, and Associate Editor of Journal of Operations Management, Management Science, and Manufacturing and Service Operations Management. He is on the Academic Advisory Board of the European School of Management and Technology, Germany. He has served on the Board of Examiners of the Georgia Oglethorpe Award, Bell South’s President Quality Award, and the Baldrige Board of Examiners.
Vinod’s teaching interests include operations strategy and supply chain management. He has taught at the undergraduate, MBA, executive, and PhD programs and has won teaching awards at the MBA level. His contributions to curriculum development are diverse and deep including those made while serving as Associate Dean of MBA Programs and area coordinator of Operations Management. He has contributed to teaching at an international level, as well, by offering research workshops in countries including Australia, China, France, Hong Kong, India, New Zealand, Singapore, Sweden, and United Kingdom.
The business press characterized the March 11, 2011 Great East Japan Earthquake (GEJE) as the most significant disruption ever for global supply chains. In the aftermath of the GEJE, there was a great deal of debate about the risks and vulnerabilities of global supply chains and there were calls to redesign and restructure supply chain strategies. To examine this issue, we empirically estimate the effect of the GEJE on the stock prices (or shareholder value) of firms. Our analyses are based on a global sample of 460 publicly traded firms collected from articles and announcements in the business press that identify firms affected by the GEJE. We find that firms experiencing supply chain disruptions due to the GEJE lose on average 3.73% of their shareholder value during the one month period after the GEJE, and the loss remains roughly at this level when measured over the three month period after the GEJE. This level of loss in shareholder value is economically significant. However, if we consider the claims about the widespread and significant disruptions in supply chains caused by the GEJE, together with the rarity of such an event, the loss does not seem inordinately negative. It suggests that supply chains were probably not that vulnerable to the GEJE, and/or they were able to recover quickly and reduce the losses, indicating that they were fairly resilient. We also find that subsequent to the GEJE, upstream and downstream supply chain propagation effects are negative, the contagion effect on firms related to the nuclear industry is very negative and sustained, and although the competitive effect is positive over the first month after the GEJE, much of this effect dissipates over the next two months.