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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01 Jan 2016TL;DR: In this article, the authors put forward a theoretical framework explaining that exclusion effects depend on the extent to which exclusion is communicated in a culturally normative or counter-normative manner, rather than whether it is expressed in an explicit or implicit manner.
Abstract: Previous research suggests that when social exclusion is communicated in an explicit manner, consumers express preferences for helping, whereas when it is communicated in an implicit manner, they express preferences for conspicuous consumption. However, this may not always hold true. In the present research, we put forward a theoretical framework explaining that exclusion effects depend on the extent to which exclusion is communicated in a culturally normative or counter-normative manner, rather than whether it is communicated in an explicit or implicit manner. We show that exclusion communicated in a cultural norm-congruent manner produces preferences for helping, whereas exclusion communicated in a cultural norm-incongruent manner produces preferences for conspicuous consumption. We further show that the differential needs – self-esteem and power – threatened by normative and counter-normative exclusion explain these distinct preferences.
22 citations
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TL;DR: In this article, the authors proposed a theory of the profitability anomaly, i.e., past profits forecast future returns (the profitability anomaly), and measured expectation stickiness at the firm level and found strong support for three additional predictions of the model.
Abstract: We propose a theory of one of the most economically significant stock market anomalies, i.e. the ``profitability'' anomaly. In our model, investors forecast future profits using a signal and sticky belief dynamics a la Coibion and Gorodnichenko (2012). In this model, past profits forecast future returns (the profitability anomaly). Using analyst forecast data, we measure expectation stickiness at the firm level and find strong support for three additional predictions of the model: (1) analysts are on average more pessimistic for high profit firms, (2) the profitability anomaly is stronger for stocks which are followed by stickier analysts, and (3) it is also stronger for stocks with more persistent profits.
22 citations
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TL;DR: In this article, a tractable class of non-affine price processes with multifrequency stochastic volatility and jumps is introduced, and the model matches implied volatility surfaces and their dynamics without requiring parameter recalibration.
Abstract: We introduce a tractable class of non-affine price processes with multifrequency stochastic volatility and jumps. The specifi cations require few fixed parameters and deliver fast option pricing. One key ingredient is a tight link between jumps and volatility regimes, as asset pricing theory suggests. Empirically, the model matches implied volatility surfaces and their dynamics without requiring parameter recalibration. A variety of metrics show improvements over traditional benchmarks in- and out-of-sample.
22 citations
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TL;DR: In this paper, the authors used split-share structure reform (SSSR) in China, which provided a large exogenous and permanent shock to the cost for outside blockholders to exit.
Abstract: Exit theory predicts a governance role for outside blockholders’ exit threats, but this role could be ineffective if managers’ potential private benefits exceed their loss in stock-price declines caused by the blockholders’ exits. We test this prediction using the Split-Share Structure Reform (SSSR) in China, which provided a large exogenous and permanent shock to the cost for outside blockholders to exit. We find that firms whose outside blockholders experience an increase in exit threats improve performance more than those whose outside blockholders experience no increase. The governance effect of exit threats also is ineffective in the group of firms with the highest concern for private benefits of control. Finally, a battery of theory-motivated tests shows that the documented effects are unlikely explained by outside blockholder intervention or some well-known intended effects of SSSR.
22 citations
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TL;DR: In this paper, the authors model bidding behavior and the interaction of private equity and strategic buyers in corporate asset sales and show that excess returns to sellers are greater for sales to private equity than strategic buyers.
Abstract: We model bidding behavior and the interaction of private equity and strategic buyers in corporate asset sales. Private equity bidding and in turn seller gains, and type and time of exit, are determined by private equity's ability to enhance the asset's value. Our empirical results show excess returns to sellers are greater for sales to private equity than strategic buyers. Seller gains in private equity deals are related to subsequent increases in asset values and type and time of exit. Value increases during private equity ownership significantly exceed those of benchmark firms.
22 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 |