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.

Determinants of board members’ financial expertise – Empirical evidence from France

Abstract: Very few countries require directors to be financially literate. This article investigates the determinants of boards' financial expertise using a sample of 95 non-financial French listed firms. We construct a measure of financial expertise based on educational and career background data for 943 individuals occupying 1,140 posts in our sample and explore the determinants of average per-firm financial expertise using a Tobit analysis. We find that average financial expertise is negatively associated with board type (two-tier versus one-tier) and growth opportunities and positively associated with board independence, ownership concentration, and institutional ownership. These findings are robust to sensitivity analyses.

Are We Lost in Translation? The Impact of Using Translated IFRS on Decision-Making

Abstract: International Financial Reporting Standards (IFRS) are issued in English and subsequently translated into a multitude of languages to make them accessible to non-English-speaking IFRS users. In an international work context, IFRS users apply either the original English version or a translated version of an IFRS standard to input information presented in different languages. While research has reported numerous challenges inherent in IFRS translation, we know very little about the actual impact of using different languages on decision-making. Based on a series of 2 × 2 between-subjects experiments with German students who possessed different levels of accounting knowledge, we investigate the influence of language on decision-making. Our experimental manipulations entail the language of the accounting standard used (English vs. German) and the language of the input case information (English vs. German). Our German participants made decisions about a series of cases relating to IAS 24 Related Party D...

Computing uniformly optimal strategies in two-player stochastic games

Abstract: We provide a computable algorithm to calculate uniform e-optimal strategies in two-player zero-sum stochastic games. Our approach can be used to construct algorithms that calculate uniform e-equilibria and uniform correlated e-equilibria in various classes of multi-player non-zero-sum stochastic games.

Bound and collapse Bayesian reject inference for credit scoring

Abstract: Reject inference is a method for inferring how a rejected credit applicant would have behaved had credit been granted. Credit-quality data on rejected applicants are usually missing not at random (MNAR). In order to infer credit-quality data MNAR, we propose a flexible method to generate the probability of missingness within a model-based bound and collapse Bayesian technique. We tested the method's performance relative to traditional reject-inference methods using real data. Results show that our method improves the classification power of credit scoring models under MNAR conditions.

Applying a Transformative Consumer Research Lens to Understanding and Alleviating Poverty

Abstract: Increasing attention to global poverty and the development of market-based solutions for poverty alleviation continues to motivate a broad array of academicians and practitioners to better understand the lives of the poor. Yet, the robust perspectives residing within consumer research remain to a large degree under-utilized in these pursuits. This paper articulates how applying a transformative consumer research (TCR) lens to poverty and its alleviation can generate productive insights with potential to positively transform the well-being of poor consumers.