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.

Balanced Scorecard Versus French Tableau de Bord: Beyond Dispute, A Cultural and Ideological Perspective

Abstract: Currently much attention is given to strategic measurement systems with the balanced scorecard as the far most high profiled. This US-born approach has not been very warmly welcome in France where tableau de bord, a French strategic measurement system, has been used for at least 50 years. The differences between both approaches have been variously discussed. This paper investigates the cultural and ideological hypotheses founding both methods, which may explain their differences as well as the climate surrounding the debate. This broadens up the usual perspective regarding performance measurement systems, which are usually implemented with respect to their strategic and organizational relevance - their cultural and ideological backgrounds being generally disregarded. In addition, this analysis provides some insight into the more general question of the transferability of management methods.

Luxury after the crisis: Pro logo or no logo?

Abstract: The economic recession has hit luxury, as most other sectors. Many luxury brands have reeled by lack of clients and cash. Since then, many experts have predicted that post crisis luxury would be of a totally different kind. It was the end of luxury, as we knew it, the end of bling-bling, of prominent logos and high prices excesses. It is chorused everywhere in the media that this new luxury will be modest, bespoke. It should be the demise of conspicuous consumption. For the author, luxury companies would be very cautious in giving faith to this unanimous and trendy opinion, especially if it is backed by cursory polls where respondents tend to give socially acceptable answers. Based on a deep understanding of the dynamics of luxury and on consumer research worldwide, one thing is sure: conspicuousness is here to stay, of course with differences within the luxury population. The future belongs to companies who understand this need for status and adopt a true luxury strategy, very different from a premium strategy. Those who already did it are the ones, which in fact profitably grew during the crisis.

Commonality in Liquidity: A Global Perspective

Abstract: We conduct a comprehensive study of commonality in liquidity using intraday spread and depth data from 47 stock exchanges. We find that firm-level changes in liquidity are significantly influenced by exchange-level changes across most of the world's stock exchanges. Emerging Asian exchanges have exceptionally strong commonality, while those of Latin America exhibit little if any commonality. After documenting the pervasive role of commonality within individual exchanges, we examine commonality across exchanges. We find evidence of a distinct, global component in bid-ask spreads and depths. Local (exchange-level) sources of commonality represent roughly 39 percent of the firm's total commonality in liquidity, while global sources contribute an additional 19 percent. We also investigate potential sources of exchange-level and global commonality. We show that commonality is driven by both domestic and US macroeconomic announcements.

Awareness Dynamics

Abstract: In recent years, much work has been dedicated by logicians, computer scientists and economists to understanding awareness, as its importance for human behaviour becomes evident. Although several logics of awareness have been proposed, little attention has been explicitly dedicated to change in awareness. However, one of the most crucial aspects of awareness is the changes it undergoes, which have countless important consequences for knowledge and action. The aim of this paper is to propose a formal model of awareness change, and to derive from it logics of awareness change. In the first part of the paper, the model of epistemic states of bounded agents proposed in Hill (Stud Log 89(1):81–109, 2008a) is extended with operations modelling awareness change. In the second part of the paper, it is shown how this model naturally extends the “standard” logic of awareness to yield a logic of awareness change.

Value creation in university-firm research collaborations: a matching approach

Abstract: University-based technological opportunities are often exploited through joint corporate and academic entrepreneurship activities such as university-industry research collaborations. This paper explores the partner attributes that drive the matching of academic scientists and firms involved in these relationships. The paper models the formation of firm-faculty partnership as an endogenous selection process driven by synergy between partners' knowledge-creation capabilities. The main findings indicate that faculty-firm matching is multidimensional: firms and scientists complement each other in publishing capabilities but substitute each other in patenting skills. Furthermore, firms and scientists with specialized knowledge create more value by teaming with more knowledge-diversified partners. The paper contributes to the literature on university-industry knowledge transfer and, more generally, to the literature on alliance formation.