Institution
HEC Paris
Education•Jouy-en-Josas, France•
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.
Topics: Investment (macroeconomics), Market liquidity, Corporate governance, Entrepreneurship, Portfolio
Papers published on a yearly basis
Papers
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TL;DR: In this paper, a method to measure utility under prospect theory was proposed, which minimizes both the number of elicitations and the cognitive burden for subjects, being based on the elicitation of certainty equivalents for two-outcome prospects.
Abstract: This paper provides an efficient method to measure utility under prospect theory. Our method minimizes both the number of elicitations required to measure utility and the cognitive burden for subjects, being based on the elicitation of certainty equivalents for two-outcome prospects. We applied our method in an experiment and were able to replicate the main findings on prospect theory, suggesting that our method measures what it is intended to. Our data confirmed empirically that risk seeking and concave utility can coincide under prospect theory. Utility did not depend on the probability used in the elicitation, which offers support for the validity of prospect theory.
346 citations
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TL;DR: A survey of recent decision-theoretic literature involving beliefs that cannot be quantified by a Bayesian prior is given in this paper, where historical, philosophical, and axiomatic foundations of the Bayesian model are discussed as well as several alternative models recently proposed.
Abstract: This is a survey of some of the recent decision-theoretic literature involving beliefs that cannot be quantified by a Bayesian prior. We discuss historical, philosophical, and axiomatic foundations of the Bayesian model, as well as of several alternative models recently proposed. The definition and comparison of ambiguity aversion and the updating of non-Bayesian beliefs are briefly discussed. Finally, several applications are mentioned to illustrate the way that ambiguity (or “Knightian uncertainty”) can change the way we think about economic problems.
345 citations
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TL;DR: In this article, the authors evaluate six of the leading rating agencies and find little overlap in their assessments of corporate social responsibility (CSR), suggesting that social responsibility is challenging to measure reliably and that users of these ratings should be cautious in drawing conclusions about firms based on this data.
Abstract: Research summary: Raters of firms play an important role in assessing domains ranging from sustainability to corporate governance to best places to work. Managers, investors, and scholars increasingly rely on these ratings to make strategic decisions, invest trillions of dollars in capital, and study corporate social responsibility (CSR), guided by the implicit assumption that the ratings are valid. We document the surprising lack of agreement across social ratings from six well-established raters. These differences remain even when we adjust for explicit differences in the definition of CSR held by different raters, implying the ratings have low validity. Our results suggest that users of social ratings should exercise caution in interpreting their connection to actual CSR and that raters should conduct regular evaluations of their ratings.
Managerial summary: Ratings of corporate social responsibility (CSR) guide trillions of dollars of investment, but managers, investors, and researchers know little about whether these ratings accurately measure CSR. In practice, there are examples of highly rated firms becoming embroiled in scandals and the same firm receiving sharply different ratings from different rating agencies. We evaluate six of the leading raters and find little overlap in their assessments of CSR. This lack of consensus suggests that social responsibility is challenging to measure reliably and that users of these ratings should be cautious in drawing conclusions about firms based on this data. We encourage the rating agencies to regularly validate their data in an effort to improve the measurement of CSR. Copyright © 2015 John Wiley & Sons, Ltd.
340 citations
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TL;DR: The authors empirically showed that the cost of bank debt is systematically higher for firms that operate in competitive product markets, and that the effect of competition is greater in industries in which small firms face financially strong rivals, in industries with intense strategic interactions between firms and in illiquid industries.
337 citations
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TL;DR: In this article, an international segmentation of consumers based on their attitudes toward luxury is proposed, and the results show that three attitude segments dominate in a Western cultural context and discuss several directions for future research based on the findings.
Abstract: This article proposes an international segmentation of consumers based on their attitudes toward luxury. We perform a two-stage empirical study with a data set that combines samples from 20 countries. We provide a substantive interpretation of the results to show that three attitude segments dominate in a Western cultural context. We discuss several directions for future research based on the findings.
337 citations
Authors
Showing all 605 results
Name | H-index | Papers | Citations |
---|---|---|---|
Sandor Czellar | 133 | 1263 | 91049 |
Jean-Yves Reginster | 110 | 1195 | 58146 |
Pierre Hansen | 78 | 575 | 32505 |
Gilles Laurent | 77 | 264 | 27052 |
Olivier Bruyère | 72 | 579 | 24788 |
David Dubois | 50 | 169 | 12396 |
Rodolphe Durand | 49 | 173 | 10075 |
Itzhak Gilboa | 49 | 259 | 13352 |
Yves Dallery | 47 | 170 | 6373 |
Duc Khuong Nguyen | 47 | 235 | 8639 |
Eric Jondeau | 45 | 155 | 7088 |
Jean-Noël Kapferer | 45 | 151 | 12264 |
David Thesmar | 41 | 161 | 7242 |
Bruno Biais | 41 | 144 | 8936 |
Barbara B. Stern | 40 | 89 | 6001 |