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Specialized in education and research in management, HEC Paris offers a complete and unique range of educational programs for the leaders of tomorrow: Masters Programs, MBA, PhD, HEC Executive MBA, TRIUM Global Executive MBA and Executive Education open-enrolment and custom programs.
Founded in 1881 by the Paris Chamber of Commerce and Industry and founding member of ParisTech, HEC Paris has a permanent faculty of 115 professors, more than 4,000 students and over 8,500 managers and executives in training every year.
The Master in Management - Grande Ecole Program is designed for students who hold a Bachelor’s degree in any field. The 1st academic year is comprised of general business courses; the 2nd academic year is devoted to the student’s area of specialization.
The school selects students that show the highest potential and then guides them towards the top careers in management. The vocation of the Grande Ecole program is therefore to train its students to become leaders, capable of anticipating changes in the world and of playing a responsible role within it.
HEC successfully meets this exciting challenge by:
- systematically registering all of the knowledge transmitted at HEC at the forefront of research, in all fields of management science;
- being up to date with the on-the-field practices and expectations of the businesses that the school has maintained extremely close relations with since its creation and developing leadership and entrepreneurial skills amongst the students;
- giving all its students the opportunity to have a more international outlook from the beginning and throughout their school life, whether this is through exchanges or double degrees or even on the campus itself, where more than 95 nationalities are brought together.
The Specialized Masters and MSc provide students with a specialization in a sector or a function. Lasting 8 to 12 months and taught full-time, they are aimed at candidates, with little or no professional experience, who have graduated from higher education in France or abroad, and wish to acquire an expertise in a specific field of management.
Six programs are offered in English: MSc in International Finance (with one option in Real Estate conferring a double degree with the University of Wisconsin), Masters in Strategic Management, MSc in International Business, MSc in Managerial & Financial Economics, MSc in Marketing, MSc in Sustainable Development.
Five programs are offered in French: Specialized Masters in International Law and Management, Specialized Masters for Entrepreneurs, Specialized Masters in Projects Management, Specialized Masters in Intelligence Marketing, Specialized Masters in Media Arts and Creation.
One program, two options: 16-month full-time MBA and 24-month part-time MBA.
The HEC MBA is divided into 2 phases. During the fundamental phase participants gain a solid foundation in 11 core business subjects. In the customized phase participants tailor the MBA to suit their individual career paths in selecting from a range of business concentrations, corporate experience and international exchanges.
Participants gain hands-on, practical experience through seminars integrated into the curriculum, such as the MBA Tournament and the off-campus leadership seminar at St-Cyr Military Academy.
The program offers participants a unique and valuable experience of being immersed in a student body of highly diverse nationalities, academic and professional backgrounds. Teamed with exceptionally talented peers, participants motivate each other to achieve, to realize their full potential and ultimately develop and sharpen their leadership skills.
A unique program: 8 majors • 5 locations • 1 single diploma
Specifically built to provide to the managers and to the executives around the world the opportunity to choose from eight majors, but also to follow their courses in five different international locations. The HEC Executive MBA is a program aimed toward senior executives around the world willing to accelerate and boost their career at the mid-term of their professional lives. The main values of our education program are based on strategy, change management, leadership and entrepreneurship.
The Executive MBA is conducted in Paris, Beijing, Shanghai, St. Petersburg and Doha and allows you to remain either in your home track throughout the program, or to take classes within different environments.
In order to fulfill the needs of the executives in today's world, we offer eight different majors: Entrepreneurship & Innovation, Differentiation and Innovation, Global Business Perspectives, Aerospace & Aviation Management in an Energy-Concerned Economy, Telecom & Digital Business, Services and Luxury Management. These majors will allow participants to specialize themselves in a specific field and increase their knowledge in various sectors.
TRIUM Global Executive MBA enables executives to understand the world, as it is today and will be tomorrow.
Ranked #3 Executive MBA worldwide by the Financial Times, it is a unique degree jointly awarded by 3 world-renowned universities: HEC Paris, London School of Economics & Political Science, New York University Stern School of Business.
Speed up your career!
Ranked #1 worldwide for Executive Education by the Financial Times, we offer trainings for business leaders and host over 8,500 executives and managers from the whole world. Our mission is to assist companies in training managers, future managers and leaders.
Our desire is to offer executive education programs specifically built for managers and executives. They allow you to put into perspective by revisiting your convictions, enrich you thanks to the diversity of the participants and offer proximity and access to corporate issues. HEC Executive Education relies on the excellence of the faculty of HEC Paris, the expertise of its external speakers and the international reputation of its research in order to offer to its customers a unique and unforgettable experience.
HEC Paris offers:
- a 4-year full-time doctoral program fully taught in English that meets the highest international standards
- a program which fosters originality, innovation and the ability to advance the frontier of management knowledge
- a first year dedicated to courses to give you a grasp of research skills and advanced conceptual frameworks in your field
- supervision by a world-class Faculty engaged in cutting-edge research
- placement at top-level academic institutions around the world.
The faculty is central to knowledge creation and dissemination at HEC. Our 115 permanent faculty (over half are from outside France) work on internationally acclaimed research in most of the major disciplines of management, reflecting the diversity of thought and cultures, the open-mindedness and the exacting intellectual standards promoted at HEC.
The permanent faculty is reinforced by 94 affiliate professors bringing their academic and professional skills to HEC's students and program participants, and 40 visiting professors each year who come to teach and carry out research alongside HEC's own professors.
All these professors enhance HEC's courses and programs through their research work, original teaching materials, and personal interaction with the business world; they contribute to corporate reflection on management issues and are involved in national and international scientific community debates.
At HEC Paris, companies find what they are looking for: interns, young graduates, MBA graduates, executive education programs, professors to work with on research or teaching projects. Drawing from this positive experience, some of them decide to support HEC's development and become HEC corporate partners.
- 2,000 internships
- 250 companies attending recruitment events on campus in 2012
- 18 Chairs and Center
- 47 HEC Foundation corporate partners
- 80 Club Campus partners
- 8,500 Executive Education participants
In the 'Press Room', find everything you need to know about HEC Paris, our programs, faculty, international relationships, corporate partnerships and life on campus. In the blink of an eye, discover what the press says about HEC with our latest news postings.
If you're looking for a logo, photo or someone to contact, you can also find it here!
Departments: Finance, GREGHEC (CNRS)
High frequency arbitrage opportunities arise when the price of one asset follows, with a lag, changes in the value of another related asset due to information arrival. These opportunities are toxic because they expose liquidity suppliers to the risk of being picked off by arbitrageurs. Hence, more frequent toxic arbitrage opportunities and a faster arbitrageurs' response to these opportunities impair liquidity. We find support for these predictions using high frequency triangular arbitrage opportunities in the FX market. In our sample, a 1% increase in the likelihood that a toxic arbitrage terminates with an arbitrageur's trade (rather than a quote update) raises bid-ask spreads by about 4%.
Keywords: Arbitrage, Adverse Selection, Liquidity, High Frequency Trading
Departments: GREGHEC (CNRS)
This paper investigates the determinants of being unbanked. Using interstate branching deregulation in the U.S. after 1994 as an exogenous shock on banking competition, we show that the share of low income households without a bank account decreases as banking competition intensifies. Consistent with the hypothesis that banks discriminate, we also find that banking competition reduces the racial gap between banked and unbanked households, but only in states with a strong preference for racial discrimination. Reducing the number of unbanked has implications in terms of debt holding and wealth accumulation. These findings suggest that the large share of unbanked households among the poor is partly due to bank practices and discrimination.
Keywords: Banks, Regulation, Imperfect Competition, Household Finance, Discrimination
Departments: Tax & Law, GREGHEC (CNRS)
This chapter provides a detailed analysis of the economic, legal and public policy rationales for the application of taxes and other fiscal measures on health-related commodities. The motivation for such taxes has been more often linked to the fiscal revenues generated than to their potential public health benefits. However, especially in more recent times, an increased emphasis has been placed on the latter by many governments, as evidence emerged of the adverse public health, social and economic consequences of the consumption of certain commodities.An increasing number of governments are seeking to expand their use of fiscal measures to promote healthier behaviours, not only by increasing tax rates on commodities such as tobacco products and alcoholic beverages, but also by exploring the scope for taxing selected foods and non-alcoholic beverages as a way to make people’s diets healthier. A number of countries apply different tax rates to certain food categories, and some have specific taxes on foods high in salt, sugar or fat, and on sugary drinks. Only in the past two years, countries such as Denmark, Hungary, Finland and France introduced taxes on various foods and non-alcoholic beverages, and many more have been debating the possible use of similar measures. The key public health rationale for the use of taxes on health-related commodities lies in their ability to change people’s consumption behaviours. Additional health benefits may derive from the role possibly played by taxes as incentives to product reformulation. For instance, in 2012, many beer producers in the United Kingdom decreased the alcohol content of their brands sold in the United Kingdom by 0.2% to avoid an increase in duties. As with other attempts to use taxes to prevent some adverse outcome (e.g. environmental taxes), a key issue becomes the proximity of the tax point to the behaviour being targeted. The closer is the tax point to the behaviour, then (other things being equal) the more likely is the tax to have a beneficial impact. Excises introduced for public health purposes illustrate the dilemma clearly. Although for administrative reasons the tax may be levied earlier in the supply chain, the tax point is generally the purchase of the product by a consumer. Tobacco is always harmful, in whatever way and quantity it is consumed (although the harm will be even greater in an environment which results in secondary smoking). The relationship is less strong with alcohol, because the quantity consumed and the manner in which it is consumed (e.g. regular vs. binge drinking) determines the harm which may be caused. This relationship is even looser with diet-related taxes. This does not mean that taxation is an inappropriate instrument, but rather that, in addition to the harms discouraged by the tax, the welfare of a broader group of consumers will be affected.
Keywords: Taxation, Public Health, Fat Tax, Risk Regulation, Lifestyle Risk, Non Communicable diseases, EU Law, WTO law, Paternalism, Nudge
Departments: Finance, GREGHEC (CNRS)
This paper presents a model of trading in unique durable assets that provide idiosyncratic payoffs, such as luxury real estate and collectibles. Individuals make purchase and sale decisions in an auction market based on their private use value of the asset and on the expected resale revenues. Two types of buyers emerge in equilibrium in the benchmark case of a stationary economy. Individuals with a relatively strong taste for the asset are willing to pay a high price and sell only when hit by a liquidity shock. By contrast, those who derive little pleasure from ownership try to resell quickly at a profit if winning an auction despite their low bids. As a result, holding periods and gross financial returns are negatively correlated. In an economy with business cycles, speculative activity increases in expansions, leading to a positive correlation between prices and voluntary sales volume. The empirical predictions of our model find support in historical art sales data. Our paper also highlights sample selection issues with return estimates for real assets with a private-value component
Keywords: auctions, durable goods, endogenous trading, private value, speculation
Departments: Finance, GREGHEC (CNRS)
Speculators can discover whether a signal is true or false by processing it but this takes time. Hence they face a trade-off between trading fast on a signal (i.e., before processing it), at the risk of trading on a false positive, or trading after processing the signal, at the risk that prices already reflect their information. The number of speculators who choose to trade fast increases with news reliability and decreases with the cost of fast trading technologies. We derive testable implications for the effects of these variables on (i) the value of information, (ii) patterns in returns and trades, (iii) the frequency of price reversals in a stock, and (iv) informational efficiency. Cheaper fast trading technologies simultaneously raise informational efficiency and the frequency of "mini-flash crashes": large price movements that revert quickly.
Keywords: News, High-Frequency Trading, Price Reversals, Informational Efficiency, Mini-Flash Crashes
Departments: Accounting & Management Control, GREGHEC (CNRS)
Drawing on a framework of deinstitutionalization, this study explores the abandonment of budgeting through a multiple-case study of four companies. The findings illustrate how a number of antecedents to deinstitutionalization acted in each setting and show that abandonment was only achieved through skillful agency by dominant insiders to construct the need and manage for change. In addition, an interesting finding of the study is that two of the four companies reversed the deinstitutionalization and re-introduced traditional budgeting. This is explained by highlighting the role of remnants of formerly institutionalized practices and by demonstrating the importance of administrative and cultural controls which can support the abandonment of a central control practice in the first place. Overall, this research extends previous studies of deinstitutionalization by analyzing a taken-for-granted practice at the micro level and by giving a more agentic account of its processes.
Keywords: deinstitutionalization; budgeting; budget abandonment; Beyond Budgeting
Departments: Accounting & Management Control
Companies around the world use International Financial Reporting Standards (IFRS) to prepare their financial statements. IFRS are issued in English and subsequently translated into a multitude of languages to make them accessible to non-English-speaking users. This translation process inevitably entails a degree of shift in meaning from the original text and accounting scholars have argued that the use of translated versions of IFRS might impair accounting judgments. However, this assertion lacks empirical support. We contribute to the literature on IFRS translation by theoretically deriving hypotheses on the impact of translation on accounting judgment quality. Furthermore, we test our hypotheses based on a series of 2x2 between-subjects experiments with 229 German students who possessed different levels of accounting knowledge. Participants made judgments about a series of cases according to IAS 24 Related Party Disclosures. Our manipulations entail the language of the accounting standard used (English vs. German) and the language of the input case information (English vs. German). We find that the use of IAS 24 in the participants’ mother tongue (German) has a positive impact on the quality of accounting judgments. We also find some support for an influence of the language of the input case information on judgment. Moreover, participants’ accounting knowledge and English skills are positively associated with accounting judgment quality. Our study contributes to the literature on the translation and adoption of IFRS and yields recommendations for accounting regulation, practice and education.
Keywords: IFRS, judgment, translation, language
Departments: Accounting & Management Control, GREGHEC (CNRS), Finance
We examine the effect of dispersion in a firm's existing debt on the contract terms of newly issued loans. We find that new loans of firms whose existing debt is more dispersed among different types of lenders include more covenants and default clauses and are more likely to be collateralized. These findings provide evidence that new lenders seek protection from potential conflicts among different types of creditors by including additional contract terms in the loan agreements. Consistent with the notion that conflicts between different types of lenders matter most in case of default and are aggravated by information asymmetries, we further find that the effect of creditor dispersion is stronger for firms with high default risk and more pronounced for firms with low accounting quality. Finally, we provide evidence for a similar effect of creditor dispersion on the contract terms of newly issued bonds.
Keywords: Creditor Dispersion, Debt Contract Terms, Debt Capital Structure
Departments: Strategy & Business Policy
A central theme of economic sociology has been to highlight the complexity and diversity of real-world markets, but many network models of economic social structure ignore this feature and rely instead on stylized one-dimensional characterizations. Here, we return to the basic insight of structural diversity in economic sociology. Using the Indian interorganizational ownership network as our case, we discover a composite – or “hybrid” – model of economic networks that combines elements of prior stylized models. The network contains a disconnected periphery conforming closely to a “transactional” model; a semi-periphery characterized by small, dense clusters with sporadic links, as predicted in “small world” models; and finally a nested core composed of clusters connected via multiple independent paths. We then show how a firm’s position within the meso-level structure is associated with demographic features such as age and industry, and differences in the extent to which firms engage in multiplex and high value exchanges
Keywords: Network, Organization, Structure
Departments: Strategy & Business Policy
A central theme of economic sociology has been to highlight the complexity and diversity of real-world markets, but many network models of economic social structure ignore this feature and rely instead on stylized one-dimensional characterizations. Here, we return to the basic insight of structural diversity in economic sociology. Using the Indian interorganizational ownership network as our case, we discover a composite – or “hybrid” – model of economic networks that combines elements of prior stylized models. The network contains a disconnected periphery conforming closely to a “transactional” model; a semi-periphery characterized by small, dense clusters with sporadic links, as predicted in “small world” models; and finally a nested core composed of clusters connected via multiple independent paths. We then show how a firm’s position within the meso-level structure is associated with demographic features such as age and industry, and differences in the extent to which firms engage in multiplex and high value exchanges.
Keywords: Network, Organization, Structure
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