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 show that the sensitivity of a firm's investment to its stock price is lower when its peers' stock price informativeness is higher or when demands for its products and their peers' products are more correlated.
239 citations
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TL;DR: A growing empirical lit-erature documents a cross-sectional correlation between household characteristics and invest-ment mistakes as discussed by the authors, showing that richer, better educated house-holds tend to be better diversified and have a weaker disposition to hold losing and sell winning stocks.
Abstract: Many households invest in ways that are hard to reconcile with standard financial theory and that have been labelled as investment mistakes (Campbell 2006; Calvet, Campbell, and Sodini, henceforth “CCS,” 2007). There is increasing interest among household finance research-ers in the concept of financial sophistication, defined as the ability of a household to avoid making such mistakes. A growing empirical lit-erature documents a cross-sectional correlation between household characteristics and invest-ment mistakes. Richer, better educated house-holds tend to be better diversified (Marshall Blume and Irwin Friend 1975; CCS 2007; William Goetzmann and Alok Kumar 2008; Annette Vissing-Jorgensen 2003), display less inertia (Julie Agnew, Pierluigi Balduzzi, and Annika Sunden 2003; Yannis Bilias, Dimitris Georgarakos, and Michael Haliassos 2008; Campbell 2006; CCS 2009; Vissing-Jorgensen 2002), and have a weaker disposition to hold losing and sell winning stocks (CCS 2009; Ravi Dhar and Ning Zhu 2006) than other house-holds. One feature of these earlier papers is that mistakes are investigated one at a time, often
238 citations
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TL;DR: This article developed a conceptual model of the career horizon problem of CEOs approaching retirement and discussed its implications on firm risk-taking, specifically in engagement in international acquisitions, and found that a longer CEO career horizon is associated with a higher likelihood of international acquisitions.
Abstract: We develop a conceptual model of the career horizon problem of CEOs approaching retirement and discuss its implications on firm risk taking, specifically in engagement in international acquisitions. Based on prospect theory and agency theory, we emphasize the legacy conservation and wealth preservation concerns of CEOs and investigate how their holdings of in-the-money unexercised options and firm equity accentuate or mitigate the career horizon problem. The model is tested in the context of international acquisitions with a sample of 293 U.S. firms over a five-year period (1995–1999). We find that a longer CEO career horizon is associated with a higher likelihood of international acquisitions. We also find that CEOs nearing retirement with high levels of in-the-money unexercised options and equity holdings are less likely to engage in international acquisitions than CEOs with low levels of in-the-money options and equity holdings. The study raises important considerations about the implications of CEOs' equity and in-the-money option holdings on firm risk taking at various stages of their career horizon. Copyright © 2008 John Wiley & Sons, Ltd.
238 citations
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TL;DR: The authors identify the value creation and capture mechanisms embedded in these ties through a theoretical framework of two conceptual public-private structural alternatives, each associated with different value-creating capacities, rationales, and outcomes.
Abstract: Intersecting the boundaries of public and private economic activity, public-private ties carry important organizational strategy, management, and policy implications. We identify the value creation and capture mechanisms embedded in these ties through a theoretical framework of two conceptual public-private structural alternatives, each associated with different value-creating capacities, rationales, and outcomes. Two important restraints on private value capture—public partner opportunism and external stakeholder activism—arise asymmetrically under each form, carrying a critical effect on partnership outcomes.
237 citations
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TL;DR: In this paper, the authors review the extensive literature on systemic risk and connect it to the current regulatory debate, and identify a gap between two main approaches: the first one studies different sources of systemic risk in isolation, uses confidential data, and inspires targeted but complex regulatory tools; the second approach uses market data to produce global measures which are not directly connected to any particular theory, but could support a more efficient regulation.
Abstract: We review the extensive literature on systemic risk and connect it to the current regulatory debate. While we take stock of the achievements of this rapidly growing field, we identify a gap between two main approaches. The first one studies different sources of systemic risk in isolation, uses confidential data, and inspires targeted but complex regulatory tools. The second approach uses market data to produce global measures which are not directly connected to any particular theory, but could support a more efficient regulation. Bridging this gap will require encompassing theoretical models and improved data disclosure.
234 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 |