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.

Under a magnifying glass: On the use of experiments in strategy research:

Abstract: The rate at which experimental studies are published in the field of strategy has steadily increased over the past few years. Still, experimental papers account for only a small fraction of strateg...

Equal Employment Policy in France: Symbolic Support and a Mixed Record

Abstract: This article analyzes the policy framework for and the implementation of equal employment policy in France. After presenting the equal employment policy framework and the role of state feminist women's policy offices in its development, the author discusses the limited support for positive action strategies among French firms and unions. The implementation of equal employment policy has had a mixed record, often limited to symbolic gestures rather than concrete change. Contributing to this symbolic dynamic are the effects of reconciliation policy and the impact of the development of part-time work on women employment. The analysis argues that reconciliation policy has not for its part always privileged an egalitarian set of measures that facilitates the sharing of family and domestic work between men and women. The article asserts that the development of part-time work has contradicted equal employment policy efforts and has effectively contributed to maintaining women's positions in low-paying and marginal jobs. The article concludes that despite an apparently comprehensive policy framework for equal employment policy in France, the situation of women workers appears to be followin two tracks: a top-tier track of qualified, relatively well-paid women who are able to have a career and to reconcile family and work, and a lower-tier track of less-skilled, lower-paid women workers who continue to be marginalized on the labor market.

The Role of Advertising in Commercial Banking

Abstract: I use a new Call Reports data item to revisit the role of advertising in US commercial banking. I examine how banks' advertising varies with the deposit market structure and whether bank profitability is influenced by advertising. My analysis addresses the endogeneity of market structure and advertising variables using instrumental variables. I find that banks advertise more with increasing market concentration, whereas banks with larger market shares and size advertise less. I also find that advertising has a positive and economically significant impact on bank profitability. These results suggest that advertising is an important aspect of bank competition.

Evaluation of Real Options with Information Costs

Abstract: This paper presents a simple framework for the analysis, valuation and simulation of several real options in the presence of shadow costs of incomplete information. Information costs can be viewed as sunk costs in the spirit of Merton’s (1987) model of capital market equilibrium with incomplete information. We incorporate these sunk costs in standard discounted cash flow techniques and present the basic concepts of real options. The justification of information costs in real projects is based on the observation that R&D needs to be done before investment decisions. These costs account for all the expenses needed to be informed about an investment opportunity and the management of projects. This analysis extends the models in Bellalah (1999, 2001) for the valuation of real options within information uncertainty. We present valuation procedures and simulations for the values of common real options in the presence of shadow costs of incomplete information.

Intermediaries, Credibility and Incentives to Collude

Abstract: A seller contracts and potentially colludes with a certification intermediary. We investigate the intermediary's incentives to collude, her pricing strategy and the extent to which buyers rely on the intermediary's announcements. The probability of collusion is an endogenous variable, determined by the intermediary's pricing strategy. The extent to which the market relies on the intermediary's reports, the certification price and the intermediary's profit decrease as the intermediary becomes less patient. By making certification mandatory the intermediary loses her ability to screen out low quality sellers, which increases the probability of collusion.