HEC Paris

About: HEC Paris is a education organization based out in Jouy-en-Josas, France. It is known for research contribution in the topics: Investment (macroeconomics) & Market liquidity. The organization has 584 authors who have published 2756 publications receiving 104467 citations. The organization is also known as: Ecole des Hautes Etudes Commerciales & HEC School of Management Paris.

A Bounded Rationality Model of Information Search and Choice in Preference Measurement

Abstract: It is becoming increasingly easier for researchers and practitioners to collect eye tracking data during online preference measurement tasks. We develop a dynamic discrete choice model of information search and choice under bounded rationality, that we calibrate using a combination of eye-tracking and choice data. Our model extends the directed cognition model of Gabaix et al. (2006) by capturing fatigue, proximity effects, and imperfect memory encoding and by estimating individual-level parameters and partworths within a likelihood-based, hierarchical Bayesian framework. We show that modeling eye movements as the outcome of forward-looking utility maximization improves out-of-sample predictions, enables researchers and practitioners to use shorter questionnaires, and allows better discrimination between attributes.

Implications of the Joint Provision of CSR Assurance and Financial Audit for Auditors' Assessment of Going‐Concern Risk

Abstract: We examine whether the joint provision of corporate social responsibility (CSR) assurance services and financial audit by the same audit firm influences auditors' assessment of going‐concern risk. We predict that the provision of CSR assurance and financial audit by the same audit firm creates CSR‐related knowledge spillovers from the CSR assurance team to the financial audit engagement team, which helps in the auditor's assessment of going‐concern risk. Using more than 28,000 firm‐year observations from 55 countries, we document that, relative to audit firms that provide only the financial audit, audit firms that provide both CSR assurance and financial audit for the same client (i) issue more frequent going‐concern opinions and have lower Type II going‐concern errors, (ii) have clients that book larger environmental and litigation provisions, (iii) report earnings that are more persistent and value‐relevant and are less likely to book income‐decreasing earnings restatements, and (iv) do not charge higher audit fees or total fees. Our results are important especially because of firms' increasing exposure to CSR risks and the growing number of countries that require assurance of CSR reports. Implications de l'offre jointe de services d'assurance RSE et d'audit financier pour l’evaluation du risque lie a la continuite d'exploitation Cette etude examine si l'offre jointe d'assurance RSE et d'audit financier par le meme cabinet d'audit influence l'evaluation par l'auditeur du risque lie a la continuite d'exploitation. L'hypothese selon laquelle l'offre de services de certification RSE et de services d'audit financier par un meme cabinet d'audit genere la propagation des connaissances relatives a la RSE de l'equipe de certification RSE a l'equipe d'audit financier est formulee. Si tel est le cas cela faciliterait l'evaluation par l'auditeur du risque lie a la continuite d'exploitation. Analysant plus de 28000 observations issues de 55 pays, l'etude montre que, par rapport aux cabinets d'audit qui offrent exclusivement des services d'audit financier, les cabinets d'audit offrant aux memes clients a la fois des services de certification RSE et des services d'audit financier 1) expriment plus frequemment des reserves quant a la continuite d'exploitation et realisent moins d'erreurs de prevision de type II quant a la continuite d'exploitation, 2) ont des clients qui enregistrent des provisions plus importantes pour les risques environnementaux et legaux, 3) font etat de resultats moins volatils et plus informatifs et sont moins susceptibles de proceder a des revisions de resultats ayant pour effet de reduire les benefices, et 4) ne facturent pas d'honoraires d'audit oud'honoraires totaux plus eleves. Les conclusions de l'etude sont importantes, notamment en raison de l'exposition grandissante des entreprises aux risques lies a la RSE et du nombre croissant de pays qui exigent des rapports de certification RSE.

A Review of Personality in Human Robot Interactions

Abstract: Personality has been identified as a vital factor in understanding the quality of human robot interactions. Despite this the research in this area remains fragmented and lacks a coherent framework. This makes it difficult to understand what we know and identify what we do not. As a result our knowledge of personality in human robot interactions has not kept pace with the deployment of robots in organizations or in our broader society. To address this shortcoming, this paper reviews 83 articles and 84 separate studies to assess the current state of human robot personality research. This review: (1) highlights major thematic research areas, (2) identifies gaps in the literature, (3) derives and presents major conclusions from the literature and (4) offers guidance for future research.

Stochastic games

Abstract: In 1953, Lloyd Shapley contributed his paper “Stochastic games” to PNAS. In this paper, he defined the model of stochastic games, which were the first general dynamic model of a game to be defined, and proved that it admits a stationary equilibrium. In this Perspective, we summarize the historical context and the impact of Shapley’s contribution.

Optimal Internet Media Selection

Abstract: In this study we develop a method that optimally selects online media vehicles and determines the number of advertising impressions that should be purchased and then served from each chosen website. As a starting point, we apply Danaher's [Danaher, P. J. 2007. Modeling page views across multiple websites with an application to Internet reach and frequency prediction. Marketing Sci.26(3) 422--437] multivariate negative binomial distribution (MNBD) for predicting online media exposure distributions. The MNBD is used as a component in the broader task of media selection. Rather than simply adapting previous selection methods used in traditional media, we show that the Internet poses some unique challenges. Specifically, online banner ads and other forms of online advertising are sold by methods that differ substantially from the way other media advertising is sold. We use a nonlinear optimization algorithm to solve the optimization problem and derive the optimum online media schedule. Data from an online audience measurement firm and an advertising agency are used to illustrate the speed and accuracy of our method, which is substantially quicker than using complete enumeration.