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: Market liquidity & Entrepreneurship. 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.

The Winner's Curse of Human Capital

Abstract: We extend a model developed by Evans and Jovanovic (1989) to explain when start-ups are credit constrained. We show that the magnitude of the credit constraint is conditioned by the relative productivity of human capital in both wage work and self-employment. The effect of predicted household income on start-up capital is used to indicate the existence of financial constraint. Empirical analysis reveals that entrepreneurs with high human capital have both greater financial wealth and greater levels of start-up capital pointing to the endogenous nature of credit constraints. High human capital relaxes financial constraints, apparently due to greater productivity of human capital in wage work than in self-employment. Those who are the least likely to be credit constrained in self-employment are those that are least likely to switch into self-employment, and vice versa.

The Regulatory Cooperation Chapter of the Transatlantic Trade and Investment Partnership: Institutional Structures and Democratic Consequences

Abstract: The Transatlantic Trade and Investment Partnership (TTIP) has the potential to remake political and legal relationships between the EU and the US and pave the way to a new form of global economic governance based on international regulatory cooperation. In particular, TTIP presents an historic opportunity for the European Union and the United States to remove regulatory divergence – today’s most prominent obstacle to trade exchanges –, thereby increasing economic growth for the citizens of both polities. Yet, the EU and the US have been attempting to reduce trade barriers since the 1970s. Despite decades of co-operation, EU and US policymakers too often fail to mutually understand each other’s positions, giving rise to regulatory differences. As an international agreement predicted to contain a Horizontal Chapter – an innovative approach to international trade treaty-making containing a framework for future bilateral regulatory cooperation –, TTIP has the potential to transform this impasse, if approached correctly. The envisaged chapter would provide a ‘gateway’ for handling sectoral regulatory issues between the EU and the US, including by addressing both legislation and non-legislative acts, regardless of the level at which they are adopted and by whom. Yet with great promises come challenges too.This article focuses on the structure, scope, discipline, institutional design, enforcement and implementation of the envisaged horizontal chapter, often defined Regulatory Cooperation Chapter. In so doing, it addresses some of the concerns currently raised by civil society, in particular the fear of a ‘race to the bottom’ that may stem from the operation of this chapter and provides some recommendations.

Governing disasters : the challenges of emergency risk regulation

Abstract: Contents: Preface Alberto Alemanno Introduction Alberto Alemanno PART I: THE VOLCANIC ASH CRISIS: WHAT HAPPENED AND LESSONS LEARNED 1. What Happened and Lessons Learned: A European and International Perspective Alberto Alemanno 2. Which Risk and Who Decides When There Are So Many Players? Donald Macrae 3. The Financial Impact of the Volcanic Ash Crisis on the European Airline Industry Maddalena Ragona, Francesca Hansstein and Mario Mazzocchi PART II: REVISITING THE VOLCANIC ASH CRISIS: IDEOLOGIES, NARRATIVES AND COMMUNICATION OF EMERGENCY RISK REGULATION 4. Risk and the Role of Scientific Input for Contingency Planning: A Response to the April 2010 Eyjafjallajokull Volcano Eruption Chris Johnson and Alain Jeunemaitre 5. Representing Emergency Risks: Media, Risks and 'Acts of God' in the Volcanic Ash Cloud Adam Burgess 6. The Challenge of Emergency Risk Communication - Lessons Learned in Trust and Risk Communication from the Volcanic Ash Crisis Sweta Chakraborty PART III: BEYOND THE ASH CRISIS: THE MANY FACETS OF EMERGENCY RISK REGULATION 7. Paradigms Lost: Emergency Safety Regulation under Scientific and Technical Uncertainty Vincent Brannigan 8. If and When: Towards Standard-based Regulation in the Reduction of Catastrophic Risks Alfredo Fioritto and Marta Simoncini 9. Normative Uncertainty and Ethics in Emergency Risk Regulation A.M. Viens PART IV: THE ORGANISATIONAL MECHANISMS OF EMERGENCY RISK REGULATION 10. Effective Regulatory Processes for Crisis Management: An Analysis of Codified Crisis Management in Europe Lorenza Jachia and Valentin Nikonov 11. Abrupt Environmental Changes: Scenario Planning for Catastrophic Security Risks Chad Michael Briggs 12. Systemic Risks and the Reformation of the European Union Law Concerning Network Industries Francisco B. Lopez-Jurado PART V: AN EXAMPLE OF CODIFIED EMERGENCY RISK REGULATION: THE EU PASSENGERS' RIGHTS REGULATION 13. Unexpected Turbulence - On the Application of the Denied Boarding Regulation to Exceptional Situations Morten Broberg 14. The Volcanic Ash Crisis and EU Air Passenger Rights Nick Bernard PART VI: NEW IDEAS FOR EMERGENCY RISK REGULATION 15. The Fallout from the Fallout: Hazards, Risks and Organizational Learning Christopher Lawless 16. Rising from Ashes: A Governance Perspective on Emerging Systemic Risks Giuliano G. Castellano Epilogue Alberto Alemanno Index

Reconciling Semantic Heterogeneity in Web Services Composition

Abstract: Service Oriented Computing (SOC) is a popular computing paradigm for the development of distributed Web applications. Service composition, a key element of SOC, is severely hampered by various types of semantic heterogeneity among the services. In this paper, we address the various semantic differences from the context perspective and use a lightweight ontology to describe the concepts and their specializations. Atomic conversions between the contexts are implemented using XPath functions and external services. The correspondences between the syntactic service descriptions and the semantic concepts are established using a flexible, standard-compliant mechanism. Given the naive BPEL composition ignoring semantic differences, our reconciliation approach can automatically determine and reconcile the semantic differences. The mediated BPEL composition incorporates necessary conversions to convert the data exchanged between different services. Our solution has the desirable properties (e.g., adaptability, extensibility and scalability) and can significantly alleviate the reconciliation efforts for Web services composition.