- Quick links
- HEC Alumni
- HEC Foundation
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 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.
- 2,000 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 '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.
If you're looking for a logo, photo or someone to contact, you can also find it here!
Departments: Finance, GREGHEC (CNRS)
Political activism positively affects firm innovation. Firms that support more politicians, politicians on Congressional committees with jurisdictional authority over the firms’ industries and politicians who join those committees innovate more. We employ instrumental variables estimation and a natural experiment to show a causal effect of political activism on innovation. The results are consistent with the hypothesis that political activism is valuable because it helps reduce policy uncertainty, which, in turn, fosters firm innovation. Also consistent with this hypothesis, we show that politically active firms successfully time future legislation and set their innovation strategies in expectation of future legislative changes.
Keywords: political contributions, innovation, investment policy, policy uncertainty
Departments: Finance, GREGHEC (CNRS)
We study a dynamical model of interconnected firms which allows for certain market imperfections and frictions, restricted here to be myopic price forecasts and slow adjustment of production. Whereas the standard rational equilibrium is still formally a stationary solution of the dynamics, we show that this equilibrium becomes linearly unstable in a whole region of parameter space. When agents attempt to reach the optimal production target too quickly, coordination breaks down and the dynamics becomes chaotic. In the unstable, "turbulent", phase the aggregate volatility of the total output remains substantial even when the amplitude of idiosyncratic shocks goes to zero or when the size of the economy becomes large. In other words, crises become endogenous. This suggests an interesting resolution of the "small shocks, large business cycles" puzzle.
Keywords: volatility of aggregate output, network theory, rational expectations, general equilibrium
Departments: Economics & Decision Sciences, GREGHEC (CNRS)
A theory of incomplete preferences under uncertainty is proposed, according to which a decision maker’s preferences are indeterminate if and only if her confidence in the relevant beliefs does not match up to the stakes involved in the decision. We use the model of confidence in beliefs introduced in Hill (2013), and axiomatise a class of models, differing from each other in the appropriate notion of stakes. Comparative statics analysis can distinguish the decision maker’s confidence from her attitude to choosing in the absence of confidence. The model naturally suggests two possible strategies for completing preferences, and hence for choosing in the presence of incompleteness. One strategy respects confidence – it relies only on beliefs in which the decision maker has sufficient confidence given the stakes – whereas the other goes on hunches – it relies on all beliefs, no matter how little confidence the decision maker has in them. Axiomatic characterizations are given for each of the strategies. Finally, we consider the consequences of the model in markets, where indeterminacy of preference translates into refusal to trade. The incorporation of confidence adds an extra friction, beyond the standard implications of non-expected utility models for Pareto optima
Keywords: Incomplete preferences, confidence, multiple priors, choice under incomplete preferences, absence of trade
Departments: Finance, GREGHEC (CNRS)
As most Exchange-Traded Funds (ETFs) engage in securities lending or are based on total return swaps, they expose their investors to counterparty risk. To mitigate the funds' exposure, their counterparties must pledge collateral. In this paper, we present a framework to study collateral risk and provide empirical estimates for the $40.9 billion collateral portfolios of 164 funds managed by a leading ETF issuer. Overall, our findings contradict the allegations made by international agencies about the high collateral risk of ETFs. Finally, we theoretically show how to construct an optimal collateral portfolio for an ETF
Keywords: Asset management, passive investment, derivatives, optimal collateral portfolio, systemic risk
Departments: Economics & Decision Sciences, GREGHEC (CNRS)
Simple exchange rate models based on economic fundamentals were shown to have a difficulty in beating the random walk when predicting the exchange rates out of sample in the modern floating era. Using methods from machine learning -- sequential adaptive ridge regression -- that prevent overfitting in-sample for better and more stable forecasting performance out-of-sample we show that fundamentals from the PPP, UIRP and monetary models consistently improve the accuracy of exchange rate forecasts for major currencies over the floating period era 1973-2013 and are able to beat the random walk prediction giving up to 5% improvements in terms of the RMSE at a 1 month forecast. "Classic'' fundamentals hence contain useful information about exchange rates even for short forecasting horizons -- and the Meese and Rogoff (1983) puzzle is overturned. Such conclusions cannot be obtained when rolling or recursive OLS regressions are used as is common in the literature
Keywords: exchange rates, forecasting, machine learning, purchasing power parity, uncovered interest rate parity, monetary exchange rate models
Departments: Finance, GREGHEC (CNRS)
This paper proposes an indirect inference (Gourieroux, Monfort and Renault, 1993; Smith, 1993) estimation method for a large class of dynamic equilibrium models. Our approach is based on the observation that the econometric structure of these systems naturally generates auxiliary equilibria that can serve as building blocks for estimation. We use this insight to develop an accurate estimator for the long-run risk model of Bansal and Yaron (2004). We demonstrate the accuracy of our method by Monte Carlo simulation and estimate the long-run risk model on U.S. data. We also illustrate the good performance of the methodology on an asset pricing model with investor learning
Keywords: Hidden Markov model, long-run risk, learning, value at risk, indirect inference, particle filters
Departments: Operations Management & Information Technology, GREGHEC (CNRS)
We examine the effect of a hospital's objective (i.e., non-profit versus for-profit) in hospital markets for elective care. Using game-theoretic analysis and queueing models to capture the operational performance of hospitals, we compare the equilibrium behavior of three market settings in terms of such criteria as waiting times and the total patient cost from waiting and hospital care payments. In the first setting, patients are served exclusively by a single non-profit hospital; in the second, patients are served by two competing non-profit hospitals. In our third setting, the market is served by one non-profit hospital and one for-profit hospital. A non-profit hospital provides free care to patients, although they may have to wait; for-profit hospitals charge a fee to provide care with minimal waiting. A comparison of the first two settings reveals that competition can hamper a hospital's ability to attain economies of scale and can also increase waiting times. A comparison between the second and third settings indicates that, when the public funder is not financially constrained, the presence of a for-profit sector may allow the funder to lower both the financial costs of providing coverage and the total costs to patients. Our analysis suggests that the public funder should exercise caution when using policy tools that support the for-profit sector -- for example, patient subsidies -- because such tools may increase patient costs in the long run; it might be preferable to raise the level of reimbursement to the non-profit sector
Keywords: hospitals, for-profit healthcare, non-profit healthcare, queueing models, service provider competition
This paper uses reductions of import tariffs to examine how incumbents modify their investment decisions when the threat of entry by foreign rivals suddenly intensifies. We find that incumbents significantly reduce investment by 8.6% in response to higher entry threat following tariff reductions. Various tests indicate that this finding is robust and likely causal. Moreover, and in consistency with strategic investment models, we provide evidence suggesting that the reduction of investment is related to strategic motives to influence the competitive behavior of foreign rivals. Overall, the paper provides novel evidence on how strategic interactions in the product market influence firms' investment decisions
Keywords: Corporate investment, Entry Threat, Tariff Reduction, Strategic Interactions
Departments: Accounting & Management Control, GREGHEC (CNRS)
The purpose of this article is to explore the role of instruments in the transformation of institutional logics and their associated practices at the micro level. Based on an ethnographic study, this article compares two working groups — one responsible for equity and the other for fixed-income investments — in an asset management company attempting to integrate new demands for socially responsible investment (SRI). These two working groups both sought to change their investment processes through the introduction of new calculative devices. The equity group was perceived to be more successful than the fixed-income group in introducing SRI because of its greater ability to fabricate calculative devices capable of mediating between financial returns and social responsibility. Elaborating on these findings, the article argues that instruments can effect institutional change when actors come to believe that available instruments are sufficiently flexible and incomplete to act as "mediating instruments" between practice and institutional change
Keywords: Equity Investment, Fixed-Income Investment, Institutional Logics, Mediating Instruments, Materiality, Socially Responsible Investment
Departments: GREGHEC (CNRS), Strategy & Business Policy
The important role of entrepreneurship in the dynamics of the arts sector and the influence of the leader’s personality make succession a key issue in creative industries. What happens to an artistic organization when its founder leaves? How does it evolve? Can it adopt a style of management that is compatible with the founder’s absence? This article focuses on the case of Groupe Bernard Loiseau, an iconic French company in the culinary arts whose owner and chef died suddenly. It sheds light on how the question of succession and that of style were addressed in this organization and how they are addressed in artistic organizations in general
Keywords: Succession, culinary art, entrepreneurial management, creative industries
HEC Paris - 1, rue de la Libération
78351 Jouy en Josas Cedex
Phone: +33 (0)18.104.22.168.00
Fax: +33 (0)22.214.171.124.00