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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, 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 and Université Paris-Saclay, HEC Paris has a permanent faculty of 106 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.
6 programs are offered in English: MSc in International Finance (with one option in Real Estate conferring a double degree with the University of Wisconsin), MSc in Strategic Management, MSc in International Business, MSc in Managerial & Financial Economics, MSc in Marketing, MSc in Sustainable Development.
4 programs are offered in French: Specialized Masters in International Law and Management, Specialized Masters for Entrepreneurs, Specialized Masters in Projects Management, 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 training programs 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 gain perspective by revisiting your convictions, learn from the diversity of participants in the class 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 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.
If you are a university-level student or recent graduate (from any discipline) seeking an academic challenge and multi-cultural learning experience, our summer school experience is for you.
At the HEC PARIS Summer School, we will sharpen your mind, develop your analytical and decision-making skills, help you grasp complex challenges and strategic opportunities in today’s global economy.
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.
- 2,450 internships
- 262 companies attending recruitment events on campus
- 18 Chairs and Centers
- 45 HEC Foundation corporate partners
- 66 Club Campus partners
- 8,500 Executive Education participants
In the 'News 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.
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Departments: Economics & Decision Sciences, GREGHEC (CNRS)
This handbook chapter covers the existing theoretical literature on social preference and social welfare under risk (i.e., when probability values enter the data of the situation) and uncertainty (i.e., when this is not the case and only subjective probability assessments can be formed). Section 1 sets the stage historically by contrasting classical social choice theory and welfare economics, which are restricted to the certainty case, with Harsanyi's pathbreaking attempt at extending these fields to the risk case. Section 2 reviews the work, both ancient and recent, stemming from Harsanyi's Impartial Observer Theorem. Section 3 does the same job for Harsanyi's Social Aggregation Theorem and discusses Sen's objections against the utilitarian relevance of either theorem. Section 4 explains why the Social Aggregation Theorem does not carry through from risk to uncertainty, a major conundrum that can also be expressed as a clash between ex ante and ex post welfare assessments; the proposed solutions are covered, including some very recent ones. Section 5 explains that equality, like social welfare, can be defined either ex ante or ex post, and using a basic example by Diamond, that these two definitions clash with each other. Section 6 covers the main solutions that egalitarian writers have given to this problem, again including some very recent ones.
Departments: Accounting & Management Control
This article presents a summary of the Strategic Management Accounting (SMA) literature. In its first part, the article shows how authors define SMA (by its characteristics, its practices and methods) and compares SMA to Strategic Cost Management (SCM). The second part of the article discusses the empirical research work conducted in the SMA/SCM field and its main results. The article then questions the theoretical contribution of the SMA/SCM literature and its limitations before proposing a framework which relates the concepts of costs, value and price, and incorporates many of the practices usually connected to SMA.
Keywords: Strategic Management Accounting, Strategic Cost Management, literature review
Departments: Operations Management & Information Technology, GREGHEC (CNRS)
This paper examines the relationship among IT capability, operations strategy decisions and operational performance. Using primary data from a sample of European firms, we test a model of fit between two specific IT capability-building decisions and three competitive priorities, and we analyze the impact of IT capability alignment on several dimensions of process performance. After uncovering three stylized configurations, we note that firms tend to adopt internally coherent IT capability-building decisions but we find only mixed evidence of alignment between IT capability-building decisions and competitive priorities. Interestingly, however, failing to achieve alignment has negative performance consequences but only for firms that develop limited IT capability. Our results suggests that IT plays a central role in the fulfillment of a firm’s operations strategy, not only for firms that pursue differentiation and are interested in improving the effectiveness of their customer-oriented functions, but also for firms seeking efficiency improvements in back-office operations. Although it is, a priori, more expensive, the development of advanced IT capability can support cost leadership strategies more effectively than a frugal approach, as long as IT projects are used to generate operational knowledge and thus improve process efficiency. At the same time, our results cast further doubt on the value of frugal IT capability, even for firms that strive to reduce cost.
Keywords: This paper examines the relationship among IT capability, operations strategy decisions and operational performance. Using primary data from a sample of European firms, we test a model of fit between two specific IT capability-building decisions and three competitive priorities, and we analyze the impact of IT capability alignment on several dimensions of process performance. After uncovering three stylized configurations, we note that firms tend to adopt internally coherent IT capability-building decisions but we find only mixed evidence of alignment between IT capability-building decisions and competitive priorities. Interestingly, however, failing to achieve alignment has negative performance consequences but only for firms that develop limited IT capability. Our results suggests that IT plays a central role in the fulfillment of a firm’s operations strategy, not only for firms that pursue differentiation and are interested in improving the effectiveness of their customer-oriented functions, but also for firms seeking efficiency improvements in back-office operations. Although it is, a priori, more expensive, the development of advanced IT capability can support cost leadership strategies more effectively than a frugal approach, as long as IT projects are used to generate operational knowledge and thus improve process efficiency. At the same time, our results cast further doubt on the value of frugal IT capability, even for firms that strive to reduce cost.
Departments: Economics & Decision Sciences, GREGHEC (CNRS)
This paper proposes and characterises a model of uncertainty averse preferences that can simultaneously accommodate three divergences from subjective expected utility: imprecision of beliefs (or ambiguity), imprecision of tastes (or multi utility), and state dependence of utility. Moreover, it characterises, in this context, a notion of state independence of utility borrowed from the literature on incomplete preferences. This notion is then shown to be basically inconsistent with the standard state-independence axiom, monotonicity, whenever tastes are imprecise. A new notion of state independence in the context of imprecise tastes, which is characterised by monotonicity, is proposed.
Keywords: State independence of utility, imprecise tastes, uncertainty aversion, multi utility, multiple priors, state-dependent utility.
Departments: Finance, GREGHEC (CNRS)
This paper examines the effect of accounting quality on the degree of debt concentration (i.e., the tendency to rely predominantly on only a few types of debt) in corporate capital structures. Building on theoretical and empirical studies arguing that asymmetric information increases the renegotiation and bankruptcy costs associated with relying on multiple types of debt, we predict that lower quality accounting numbers induce firms to choose more concentrated debt structures. Measuring (low) accounting quality with the existence of material internal control weaknesses over financial reporting (ICWs), we find evidence consistent with our prediction: Firms choose more concentrated debt structures after experiencing ICWs. This effect is stronger for more severe ICWs (i.e., company-level rather than account specific ICWs). We find similar results using accounting restatements and audit quality as alternative measures of accounting quality.
Departments: Finance, GREGHEC (CNRS)
This paper shows that collateral constraints restrict firm entry and post-entry growth, even in the long-run. Our empirical strategy uses French administrative data and exploits cross-sectional variation in local house-price appreciation as shocks to the value of collateral available to homeowners. We control for local demand shocks by comparing homeowners to two control groups that live in the same region but do not experience collateral shocks: (i) renters and (ii) homeowners with a mortgage outstanding, who -- in France -- cannot take out a second mortgage on their house. In both comparisons, we find that an increase in collateral value leads to a higher probability of becoming an entrepreneur. Conditional on entry, entrepreneurs with access to more valuable collateral start larger firms, use more debt, and create more value added, for at least six years after creation.
Keywords: Collateral; Entrepreneurship; Real estate
Departments: Strategy & Business Policy, GREGHEC (CNRS)
Raters of firms play an important role in assessing domains ranging from sustainability to corporate governance to best places to work. Managers, investors, and scholars increasingly rely on these ratings to make strategic decisions, invest trillions of dollars in capital and study corporate social responsibility (CSR), guided by the implicit assumption that the ratings are valid. We document the surprising lack of agreement across social ratings from six well-established raters. These differences remain even when we adjust for explicit differences in the definition of CSR held by different raters, implying the ratings have low validity. Our results suggest that users of social ratings should exercise caution in interpreting their connection to actual CSR and that raters should conduct regular evaluations of their ratings.
Departments: Finance, GREGHEC (CNRS)
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 the cost of R&D. On average across US manufacturing firms, rising imports from China lead to slower sales growth and lower profitability. These effects are, however, significantly smaller for firms with a larger stock of R&D -- by about half when moving from the 25th percentile to the 75th percentile of the R&D stock distribution. As a result, while the average firm in import-competing industries cuts capital expenditures and employment, R&D-intensive firms downsize considerably less.
Keywords: R&D, Innovation, Product Market Competition, Trade Shocks
Departments: Economics & Decision Sciences, GREGHEC (CNRS)
An ambiguous statistical experiment is a set of joint probability distributions over states and signals. This note compares ambiguous experiments from the point of view of an ambiguity averse decision maker and extends the Blackwell (1951, 1953) ordering to this setting.
Keywords: experiments, value of information, multiple priors, maximin, rectangularity
It is becoming increasingly easier for researchers and practitioners to collect eye tracking data during online preference measurement tasks. We develop a dynamic discrete choice model of information search and choice under bounded rationality, that we calibrate using a combination of eye-tracking and choice data. Our model extends the directed cognition model of Gabaix et al. (2006) by capturing fatigue, proximity effects, and imperfect memory encoding and by estimating individual-level parameters and partworths within a likelihood-based, hierarchical Bayesian framework. We show that modeling eye movements as the outcome of forward-looking utility maximization improves out-of-sample predictions, enables researchers and practitioners to use shorter questionnaires, and allows better discrimination between attributes.
Keywords: Preference Measurement, Incentive Compatibility, Eye Tracking, Dynamic Discrete Choice Models
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