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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TL;DR: In this paper, the authors review the growth of the art investment field through an epistemic cultures lens, highlighting deepening knowledge, resources and professional expertise, and their development through experimentation, failures and negative knowledge.
Abstract: What can studying the creation of knowledge tell us about how new technical fields emerge and develop? This paper shows how a knowledge community may be necessary to support the legitimacy of new products that undergo performance evaluation before purchase. Using historical and ethnographic data covering half a century, we review the growth of the art investment field through an epistemic cultures lens. Technical knowledge about the financial characteristics of art has been developed alongside practical knowledge about how best to structure investment ventures. Investment venture success has been determined by legitimacy as much as by profitability, given durable expectations about the evaluation and monitoring of investments. The growth of knowledge, practices and tools was thus a necessary condition for the recognition of artwork as an asset class. Crucially, the epistemic cultures approach highlights deepening knowledge, resources and professional expertise, and their development through experimentation, failures and negative knowledge. This shows accounting issues contributing to technical field legitimacy and emergence, such as the role of knowledge production, valuation practices and receptive environments, and the distinction between legitimate investments that can be valued and investment venture profitability.
19 citations
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TL;DR: A growing body of research in sales highlights the importance of intra-firm relationships as mentioned in this paper, and sales executives are encouraged to manage internal relationships within their sales force to facili...
Abstract: A growing body of research in sales highlights the importance of intrafirm relationships. Indeed, sales executives are encouraged to manage internal relationships within their sales force to facili...
19 citations
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TL;DR: In this article, the authors examined the performance of spin-offs and their parents on a comprehensive sample that covers the last 36 years and showed that excess returns are indeed positive for both subsidiary and parent companies over almost all holding periods considered.
Abstract: Investment strategies of buying and holding recently spun off companies and their parents have received significant attention from the investment community in the recent past. Despite their popularity, the existing evidence on the attractiveness of spin-offs appears piecemeal. In this paper, we examine in detail stock price performance of spin-offs and their parents on a comprehensive sample that covers the last 36 years. We show that excess returns are indeed positive for both subsidiary and parent companies over almost all holding periods considered. For subsidiaries, the results appear both economically and statistically significant after various adjustments for risk. This evidence is consistent with investors earning an above normal rate of return by investing in recently spun off subsidiaries. For parents, however, after correcting for one very large positive outlier, returns are not statically or economically different from zero.
19 citations
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TL;DR: In this article, the authors hand-collect property-level financial data for four large U.K. institutional investors (Oxbridge colleges) for the period 1901-1970 and find that real annualized net total returns of less than 4% across all property types.
Abstract: Direct real estate investments are less profitable and more risky in the long run than previously thought. We hand-collect property-level financial data for four large U.K. institutional investors—Oxbridge colleges—for the period 1901–1970. Gross income yields initially fluctuate around 5%, but then trend downward (upward) for agricultural and residential (commercial) real estate. Net yields are about one third below gross yields on average. Long-term real income growth rates are close to zero. These findings imply real annualized net total returns of less than 4% across all property types. Moreover, real estate investments are associated with considerable idiosyncratic risks.
19 citations
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01 Jan 2017TL;DR: Hidden Markov models have been used to model how a sequence of observations is governed by transitions among a set of latent states and over the last decade the number of applications of HMMs in marketing has grown substantially.
Abstract: Hidden Markov models (HMMs) have been used to model how a sequence of observations is governed by transitions among a set of latent states. HMMs were first introduced by Baum and co-authors in late 1960s and early 1970 (Baum and Petrie 1966; Baum et al. 1970), but only started gaining momentum a couple decades later. HMMs have been applied in various domains such as speech or word recognition (Rabiner et al. 1989), image recognition (Yamato et al. 1992), economics (Hamilton 1989, 2008), finance (Mamon and Elliott 2007), genetics (Eddy 1998), earth studies (Hughes and Guttorp 1994), and organization studies (Wang and Chan 2011). Over the last decade the number of applications of HMMs in marketing has grown substantially (see Sect. 14.4).
19 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 |