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.

Evolution of Shares in a Proof-of-Stake Cryptocurrency

Abstract: Do the rich always get richer by investing in a cryptocurrency for which new coins are issued according to a Proof-of-Stake (PoS) protocol? We answer this question in the negative: Without trading, the investor shares in the cryptocurrency are martingales that converge to a well-defined limiting distribution, hence are stable in the long run. This result is robust to allowing trading when investors are risk-neutral. Then, investors have no incentive to accumulate coins and gamble on the PoS protocol, but weakly prefer not to trade.

Moving beyond Stylized Economic Network Models: The Hybrid World of the Indian Firm Ownership Network

Abstract: A central theme of economic sociology has been to highlight the complexity and diversity of real world markets, but many network models of economic social structure ignore this feature and rely instead on stylized one-dimensional characterizations. Here, the authors return to the basic insight of structural diversity in economic sociology. Using the Indian interorganizational ownership network as their case, they discover a composite—or “hybrid”—model of economic networks that combines elements of prior stylized models. The network contains a disconnected periphery conforming closely to a “transactional” model; a semiperiphery characterized by small, dense clusters with sporadic links, as predicted in “small world” models; and finally a nested core composed of clusters connected via multiple independent paths. The authors then show how a firm’s position within the mesolevel structure is associated with demographic features such as age and industry and differences in the extent to which firms engage in mul...

Can Unemployment Insurance Spur Entrepreneurial Activity? Evidence from France

Abstract: We study a large-scale French reform that provided generous downside insurance for unemployed individuals starting a business. We study whether this reform affects the composition of people who are drawn into entrepreneurship. New firms started in response to the reform are, on average, smaller, but have similar growth expectations and education levels compared to start-ups before the reform. They are also as likely to survive or to hire. In aggregate, the effect of the reform on employment is largely offset by large crowd-out effects. However, because new firms are more productive, the reform has the impact of raising aggregate productivity. These results suggest that the dispersion of entrepreneurial abilities is small in the data, so that the facilitation of entry leads to sizable Schumpeterian dynamics at the firm-level.

Gender Differences in Decision Satisfaction within Established Dyads: Effects of Competitive and Cooperative Behaviors

Abstract: The research develops and tests a model of gender differences on the effects of competition and cooperation on decision satisfaction. It was hypothesized and found that males' satisfaction is dependent on their ability to impose their preferences on their female counterpart within a mixed-gender dyad. In contrast, females' satisfaction is only affected by the degree to which dyad members behave cooperatively. The model is tested within the context of 76 mixed-gender dyads that are in an established relationship. The dyads are sampled from shoppers at a national retailer, and report on their decision-making process as they exit the store. A partial-least-squares (PLS) methodology is used to test for differences in the effects of cooperative and competitive behaviors on males' and females' satisfaction with a dyadic decision.