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Institution

HEC Montréal

EducationMontreal, Quebec, Canada
About: HEC Montréal is a education organization based out in Montreal, Quebec, Canada. It is known for research contribution in the topics: Vehicle routing problem & Corporate governance. The organization has 1221 authors who have published 5708 publications receiving 196862 citations. The organization is also known as: Ecole des Hautes Etudes Commerciales de Montreal & HEC Montreal.


Papers
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Journal ArticleDOI
TL;DR: Modern modeling approaches to address problems related to ambulance fleet management, particularly those related to vehicle location and relocation, as well as dispatching decisions are discussed.

149 citations

Journal ArticleDOI
TL;DR: In this article, the authors examined the cost of equity capital of politically connected firms and found that the effect of political connections on firms' equity financing costs is influenced by the prevailing country-level institutional and political environment, and by firm characteristics.
Abstract: Motivated by recent research on the costs and benefits of political connection, we examine the cost of equity capital of politically connected firms. Using propensity score matching models, we find that politically connected firms enjoy a lower cost of equity capital than their non-connected peers. We find further that political connections are more valuable for firms with stronger ties to political power. In additional analyses, we find that the effect of political connection on firms’ equity financing costs is influenced by the prevailing country-level institutional and political environment, and by firm characteristics. Taken together, our findings provide strong evidence that investors require a lower cost of capital for politically connected firms, which suggests that politically connected firms are generally considered less risky than non-connected firms.

149 citations

Journal ArticleDOI
TL;DR: In this article, the authors investigated the effect of diversity on the success of strategic merger and acquisition (M&A) decisions and found that diversity has a clear and non-linear effect on M&A performance.
Abstract: This study investigates the joint effect of corporate ownership and board of directors' diversity configurations on the success of strategic merger and acquisition (M&A) decisions. Board diversity is defined as the extent to which its demographic diversity as measured by the culture, nationality, gender and experience of its directors complements its statutory diversity. A theoretical framework linking ownership, board diversity and M&A strategic decision making is proposed and tested. Based on a sample of 289 M&A decisions undertaken by Canadian firms over the period 2000–2007, demographic diversity is found to have a clear and non-linear effect on M&A performance while statutory diversity is of limited influence. Ownership is found to influence the effect of diversity, making the relation finer and more precise. This has practical implications. First, statutory diversity is not sufficient for well-performing boards. Also, ownership is an important factor. The most advocated board diversity aimed at insuring the board's independence is not valid across all ownership configurations. From a public policy perspective, results provide support for the principles-based approach in governance. Governance regimes should encourage the search for a balance between board diversity and the need for cohesion that best serves the firm's purpose and obligations.

149 citations

Journal ArticleDOI
TL;DR: In this paper, the authors investigated the merits of a diverse banking system with a special focus on the performance and role of savings banks in selected European countries where they are still prominent and where they have progressively disappeared.
Abstract: In the aftermath of the financial crisis, the foundations of modern and innovative financial systems developed over decades have suffered serious damage. This has triggered massive state interventions and has led authorities to revamp the regulatory structures and frameworks. While many voices have called for a return to more traditional approaches to banking and finance, no one has argued the merits of diversity. This book investigates the merits of a diverse banking system with a special focus on the performance and role of savings banks in selected European countries where they are still prominent (Austria, Germany and Spain) and where they have progressively disappeared (Belgium and Italy). The theoretical and empirical arguments that are developed in this book tend to support the view that it is economically and socially beneficial to have ‘dual bottom-line’ institutions, such as savings banks. For those who accept this premise, it would suggest that policy-makers should not take or support actions that could jeopardise this valuable element of the financial system in various countries in Europe and of the emerging integrated European financial system.

148 citations

Journal ArticleDOI
TL;DR: In this paper, the authors use a panel data set that combines annual brand-level advertising expenditures for over three hundred brands with measures of brand awareness and perceived quality from a large-scale consumer survey to study the effect of advertising.
Abstract: We use a panel data set that combines annual brand-level advertising expenditures for over three hundred brands with measures of brand awareness and perceived quality from a large-scale consumer survey to study the effect of advertising. Advertising is modeled as a dynamic investment in a brand’s stocks of awareness and perceived quality and we ask how such an investment changes brand awareness and quality perceptions. Our panel data allow us to control for unobserved heterogeneity across brands and to identify the effect of advertising from the time-series variation within brands. They also allow us to account for the endogeneity of advertising through recently developed dynamic panel data estimation techniques. We find that advertising has consistently a significant positive effect on brand awareness but no significant effect on perceived quality.

148 citations


Authors

Showing all 1262 results

NameH-indexPapersCitations
Danny Miller13351271238
Gilbert Laporte12873062608
Michael Pollak11466357793
Yong Yu7852326956
Pierre Hansen7857532505
Jean-François Cordeau7120819310
Robert A. Jarrow6535624295
Jacques Desrosiers6317315926
François Soumis6129014272
Nenad Mladenović5432019182
Massimo Caccia5238916007
Guy Desaulniers512428836
Ann Langley5016115675
Jean-Charles Chebat481619062
Georges Dionne484217838
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Performance
Metrics
No. of papers from the Institution in previous years
YearPapers
202316
202267
2021443
2020378
2019326
2018313