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Institution

HEC Paris

EducationJouy-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: 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.


Papers
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Journal ArticleDOI
TL;DR: This paper analyzed the effect of import competition on household balance sheets from 2000 to 2007 using individual-level data on leverage and defaults and found that household debt increased significantly in regions where manufacturing industries are more exposed to import competition.
Abstract: We analyze the effect of import competition on household balance sheets from 2000 to 2007 using individual-level data on leverage and defaults. We exploit cross-regional variation in exposure to foreign import competition using industry level shipping costs and initial differences in regions' industry specialization. We confirm the adverse effect of import competition on local labor markets during this period (Autor et al. 2013). We then show that household debt increased significantly in regions where manufacturing industries are more exposed to import competition. A one standard deviation in exposure to import competition explains 30% of the cross-regional variation in the growth in household leverage over the period. Our results highlight the interaction of credit supply and demand as a driver of increased mortgage borrowing in the run-up to the financial crisis.

19 citations

Journal ArticleDOI
TL;DR: In this paper, the authors consider the role of actors who occupy a more peripheral position within the innovation-based field and show how the interplay between core and peripheral actors shapes the trajectory of an innovation, in terms of the composition of the field and the framing tactics that dominate at different stages.
Abstract: Previous studies on accounting innovations emphasize the key role played by innovators and other core actors in theorizing and popularizing such innovations. This paper extends this literature by drawing attention to the role of actors who occupy a more peripheral position within the innovation‐based field. We regard accounting innovations as strategic action fields, in which core and peripheral actors interact to shape the trajectory of the innovation. In contrast to core actors, peripheral actors only weakly identify with the innovation‐based field and often occupy a core position in some other industry, professional, and/or geographical field. Given their embeddedness in these other fields, they are likely to try to accommodate an innovation with existing practices. Such frame blending can be problematic for core actors who envisage a more radical frame shift. Using the case of Beyond Budgeting, we show how the interplay between core and peripheral actors shapes the trajectory of an innovation, in terms of the composition of the field and the framing tactics that dominate at different stages in the development of the field. Our paper advances a perspective on accounting innovations which highlights the variable nature of the innovation space, in terms of different actors entering and exiting this space over time, as well as the importance of considering the overlaps between an innovation‐based field and other (industry, professional, geographical) fields. L'interaction des acteurs principaux et peripheriques dans la trajectoire de l'innovation en comptabilite : Perspectives issues de l'approche Beyond Budgeting Des etudes anterieures sur les innovations comptables mettent l'accent sur le role cle joue par les innovateurs et les autres acteurs principaux pour theoriser et vulgariser ces innovations. La presente etude contribue a cette litterature en attirant l'attention sur le role des acteurs qui se situent en peripherie du champ d'innovation. Nous considerons les innovations comptables comme des champs d'action strategiques dans lesquels les acteurs principaux et les acteurs peripheriques interagissent pour faconner la trajectoire des innovations. Contrairement aux acteurs principaux, les acteurs peripheriques ne s'identifient pas vraiment comme faisant partie du champ d'innovation et occupent souvent une position cle dans un autre champ industriel, professionnel ou geographique. Compte tenu de leur appartenance a ces autres secteurs, les acteurs peripheriques sont susceptibles d'essayer de s'adapter a une innovation en ayant recours a des pratiques existantes. Une telle combinaison structurelle peut se reveler problematique pour les acteurs principaux qui envisagent un changement structurel plus radical. En nous appuyant sur l'approche « Beyond Budgeting » (« au‐dela du budget »), nous montrons de quelle facon l'interaction entre les acteurs principaux et les acteurs peripheriques definissent la trajectoire d'une innovation, sur le plan de la composition du champ ainsi que des tactiques de structuration qui prevalent a diverses etapes du developpement du champ. Notre etude presente une perspective sur les innovations comptables qui fait ressortir le caractere variable de l'espace d'innovation quant aux differents acteurs qui entrent dans cet espace et en sortent au fil du temps, ainsi que l'importance de la prise en compte des chevauchements entre le champ d'innovation et les autres champs (industriels, professionnels, geographiques).

19 citations

Journal ArticleDOI
TL;DR: In this paper, the authors examined a sample of 199 large French listed firms in an attempt to understand why some of these firms choose not to use the traditional French formats (i.e., by nature) for the balance sheet and by nature for the income statement, instead preferring Anglo-American practices that they call "alternative".

19 citations

Posted Content
TL;DR: In this paper, the authors examine how gay and lesbian employees make sense of their homosexuality in the highly normative context of audit firms and reveal the subtle pressures exerted on those who possess concealable stigmatized identities.
Abstract: How do individuals choose to conceal a stigmatized attribute and what are the consequences of such choice? We answer this question by looking at how gay and lesbian employees make sense of their homosexuality in the highly normative context of audit firms. As a first step, we unveil the subtle pressures exerted on those who possess concealable stigmatized identities. Homosexual auditors engage in partial or full concealment of their sexuality. They live in the fear of being misjudged and casted out of a context in which male values are tantamount. However, the efforts required to conceal create a situation of unrest, which eventually interferes with their social integration at work. We draw on rich ethnographic material in French audit firms, benefitting from the exogenous shock of a gay marriage bill. The study’s findings shed new light on audit as a gendered profession and the cost of concealing stigmatized invisible identities.

19 citations

Posted Content
TL;DR: In this article, the authors examine stock price behavior in response to initial coverage, buy recommendations that are pre-released to important clients before the stock market opens, and find a strong positive valuation effect at the open.
Abstract: We examine stock price behavior in response to initial coverage, buy recommendations that are pre-released to important clients before the stock market opens, and find a strong positive valuation effect at the open. On average, it takes five minutes of trading for NYSE/AMEX stocks and 15 minutes for NASDAQ stocks to reflect the private information contained in these analyst recommendations, so when informational asymmetry is high, the centralized call market is more efficient than a competitive, but fragmented dealer market. Public news release leaves share prices unaltered. Overall, competition among informed traders causes private information to be rapidly incorporated into stock prices.

19 citations


Authors

Showing all 605 results

NameH-indexPapersCitations
Sandor Czellar133126391049
Jean-Yves Reginster110119558146
Pierre Hansen7857532505
Gilles Laurent7726427052
Olivier Bruyère7257924788
David Dubois5016912396
Rodolphe Durand4917310075
Itzhak Gilboa4925913352
Yves Dallery471706373
Duc Khuong Nguyen472358639
Eric Jondeau451557088
Jean-Noël Kapferer4515112264
David Thesmar411617242
Bruno Biais411448936
Barbara B. Stern40896001
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Performance
Metrics
No. of papers from the Institution in previous years
YearPapers
20239
202233
2021129
2020141
2019110
2018136