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: 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.
Topics: Market liquidity, Entrepreneurship, Investment (macroeconomics), Portfolio, Corporate governance
Papers published on a yearly basis
Papers
More filters
••
TL;DR: In this paper, the authors focus on a tractable procedure initially proposed by Holt and Laury (2002) to elicit risk attitude, and generalize this method to measure utility and risk aversion as follows.
Abstract: Risk attitude is known to be a key determinant of various economic and financial choices. Behavioral studies that aim to evaluate the role of risk attitudes in contexts of this type, therefore, require tools for measuring individual risk tolerance. Recent developments in decision theory provide such tools. However, the methods available can be time consuming. As a result, some practitioners might have an incentive to prefer "fast and frugal" methods to clean but more costly methods. In this article, we focus on a tractable procedure initially proposed by Holt and Laury (2002) to elicit risk attitude. We generalize this method to measure utility and risk aversion as follows. First, we allow measurement of probabilistic risk attitude through violations of expected utility due to probability weighting. Second, we use the outcome scale rather than the probability scale in the menu of choices. Third, we compare sure payoffs with lotteries instead of comparing non-degenerate lotteries. A within-subject experimental study illustrates the gains in tractability and bias minimization that can result from such an extension.
65 citations
••
TL;DR: In this paper, a review assembles two highly referenced streams of research in organization and management studies over the past decade: institutional logics and categories, and present the gist of each literat...
Abstract: This review assembles two highly referenced streams of research in organization and management studies over the past decade: institutional logics and categories. We present the gist of each literat...
65 citations
••
TL;DR: The authors examined how corporate reliance on budgets is affected by major changes in the economic environment and found that budgeting became more important for planning and resource allocation but less important for performance evaluation in companies affected more strongly by the 2008 economic crisis.
Abstract: This article examines how corporate reliance on budgets is affected by major changes in the economic environment. We combine survey and archival data from the economic crisis that began in 2008. The results indicate that budgeting became more important for planning and resource allocation but less important for performance evaluation in companies affected more strongly by the 2008 economic crisis. Additional evidence from interviews and data gathered in a focus group further illustrate these results and show the changes organizations have introduced to respond to the economic crisis. Taken together, and contrary to more general conclusions from the literature such as an overall increase or decrease in the importance of budgeting, we find that companies emphasize certain budgeting functions over others during economic crises.
64 citations
••
TL;DR: In this paper, the authors investigate the determinants and consequences of varying levels of details provided in these forecasts and find that the level of detail in forecast disclosures enhances the reliability of earnings forecasts.
Abstract: Purpose – This paper aims to focus on how forecasts information is disclosed in IPO prospectuses. In France, managers report either detailed forecasts or only a brief summary.Design/methodology/approach – The authors investigate the determinants and consequences of the varying levels of details provided in these forecasts. The research is based on a sample of 82 IPOs on the Euronext Paris market (2000‐2002).Findings – The paper shows that only two variables are associated with highly detailed forecast disclosures: forecast horizon and firm age. It is also found that the forecast error decreases as the level of detail in the forecast disclosures increases. This finding is robust to a reverse causality test (Heckman two‐stage self‐selection procedure) and suggests that the level of detail in forecast disclosures enhances the reliability of earnings forecasts.Research limitations/implications – The paper suffers from at least two potential flaws. First, omitted variables, such as the possession of good news ...
64 citations
••
TL;DR: In this article, the authors study whether R&D-intensive firms are more resilient to trade shocks and provide evidence that these effects are explained by R&Ds allowing firms to increase product differentiation, while firms in import-competing industries cut capital expenditures and employment.
Abstract: We study whether R&D-intensive firms are more resilient to trade shocks. We correct for the endogeneity of R&D using tax-induced changes to R&D cost. While rising imports from China lead to slower sales growth and lower profitability, these effects are significantly smaller for firms with a larger stock of R&D (by about half when moving from the bottom quartile to the top quartile of R&D). As a result, while firms in import-competing industries cut capital expenditures and employment, R&D-intensive firms downsize considerably less. Finally, we provide evidence that these effects are explained by R&D allowing firms to increase product differentiation.
64 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 |