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 article, the authors characterize the maximal range of skewness and kurtosis for which a density exists and show that the generalized Student-t distribution spans a large domain in the maximal set.
506 citations
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TL;DR: In this article, the authors introduce the source method, a tractable method for quantitatively analyzing uncertainty empirically, within which subjective (choice-based) probabilities can still be defined.
Abstract: We often deal with uncertain events for which no probabilities are known. Several normative models have been proposed. Descriptive studies have usually been qualitative, or they estimated ambiguity aversion through one single number. This paper introduces the source method, a tractable method for quantitatively analyzing uncertainty empirically. The theoretical key is the distinction between different sources of uncertainty, within which subjective (choice-based) probabilities can still be defined. Source functions convert those subjective probabilities into willingness to bet. We apply our method in an experiment, where we do not commit to particular ambiguity attitudes but let the data speak.
497 citations
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TL;DR: This paper analyzed the erosion of categorical boundaries in the case of opposing category pairs in French gastronomy during the period from 1970 to 1997, when classical and nouvelle cuisines were rival categories competing for the allegiance of chefs.
Abstract: Sociological researchers have studied the consequences of strong categorical boundaries, but have devoted little attention to the causes and consequences of boundary erosion. This study analyzes the erosion of categorical boundaries in the case of opposing category pairs. The authors propose that categorical boundaries weaken when the borrowing of elements from a rival category by high-status actors triggers emulation such that the mean number of elements borrowed by others increases and the variance in the number of elements borrowed declines. It is suggested that penalties to borrowing in the form of downgraded evaluations by critics exist, but decline as the number of peers who borrow increases. The research setting is French gastronomy during the period from 1970 to 1997, when classical and nouvelle cuisines were rival categories competing for the allegiance of chefs. The results broadly support the authors' hypotheses, indicating that chefs redrew the boundaries of culinary categories, which critics ...
490 citations
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TL;DR: In this article, the performance and behavior of family firms listed on the French stock exchange between 1994 and 2000 are investigated. And they find that, in the cross-section, family firms largely outperform widely held corporations.
Abstract: This paper empirically documents the performance and behavior of family firms listed on the French stock exchange between 1994 and 2000. On the French stock market, approximately one third of the firms are widely held, whereas the remaining two thirds are family firms. We find that, in the cross-section, family firms largely outperform widely held corporations. This result holds for founder-controlled firms, professionally managed family firms, but more surprisingly also for firms run by descendants of the founder. We offer explanations for the good performance of family firms. First, we present evidence of a more efficient use of labor in heir-managed firms. These firms pay lower wages, even allowing for skill and age structure. We also find that descendants smooth out industry shocks and manage to honor implicit labor contracts. Second, we present evidence consistent with outside CEOs in family firms making a more parsimonious use of capital. They employ more unskilled, cheap labor, use less capital, pay lower interest rates on debt and initiate more profitable acquisitions. (JEL: G32, L25, J31)
488 citations
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TL;DR: For instance, this paper found that the international correlation of individual foreign stock markets with the U.S. stock market has generally increased slightly over the past 37 years, but it has not increased during the past 10 years.
Abstract: International correlations for stocks and bonds fluctuate widely over time. As previous studies have found, volatility appears to be contagious across markets. In addition, international correlation increases in periods of high market volatility. Although the correlation of individual foreign stock markets with the U.S. stock market has generally increased slightly over the past 37 years, it has not increased during the past 10 years. Similarly, the international correlation of bond markets increased in the early 1980s, but it has had no discernible trend in the past 10 years. The fairly low levels of international correlation among stocks or bonds suggests that national factors still strongly affect local asset prices. The link between correlation and market volatility is bad news for global money managers because when the domestic market is subject to a strong negative shock is when the benefits of international risk diversification are needed most.
485 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 |