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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.
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: Operations Management & Information Technology, GREGHEC (CNRS)
Whereas systems integration is recognized as an important organizational capability, the mechanisms through which it creates value as well as the environmental contingencies that delimit its effectiveness remain unclear, particularly when firms deliver integrated solutions embodying products and services. Focusing on IT solution providers, we investigate the effectiveness of systems integration with respect to three specific approaches to solution design: breadth, modularity, and customization. We find a complementarity effect between systems integration and solution design approaches: if firms pursue customization or rely on a broad set of heterogeneous knowledge bases, systems integration becomes fundamental. Conversely, if firms adopt a modular design, systems integration is redundant and even counterproductive. We also find evidence of complementarity between breadth and customization, but not between breadth and modularity nor between customization and modularity.
Keywords: systems integration, modularity, customization, solution design
Departments: Strategy & Business Policy, GREGHEC (CNRS)
Strategic alliances are undertaken to create value through complementarities of resources and capabilities of the partner firms. We develop a matching framework to study strategic alliances, taking a market perspective that explicitly incorporates key features of transactions in strategic alliances: two sided decision making in voluntary collaboration; quest for complementarities between indivisible and heterogeneous partner attributes; and competition on each side for partners on the other side. We assess the relative performance of matching models and binary choice models when estimating parameters within simulations based on a known functional relationship. Within the context of research alliances in the bio-pharmaceutical industry, we hypothesize and find support using the matching model framework for complementarity in partner size, and in upstream research capabilities.
Keywords: alliances, two-sided matching, maximum score estimator, bio-pharmaceutical industry, complementarity
Departments: Economics & Decision Sciences, GREGHEC (CNRS)
Nudge is a semantically multifarious concept that originates in Thaler and Sunstein's (2008) popular eponymous book. In one of its senses, it is a policy for redirecting an agent's choices by only slightly altering his choice conditions, in another sense, it is concerned with bounded rationality as a means of the policy, and in still another sense, it is concerned with bounded rationality as an obstacle to be removed by the policy, when the latter has a benevolent aim. The paper centres on the interrelations, both semantic and factual, of these three nudge concepts. It argues that the first and second are basically disconnected on Thaler and Sunstein's major examples of nudges, and that this has gone unnoticed to them because they wrongly equate the second with the third concept, and also because they overestimate the explanatory power of behavioural economics, compared with that of classical rational choice theory, to account for successful interventions. After completing this analysis, the paper moves to some of the normative issues raised by Thaler and Sunstein. Their thought-provoking claim that liberalism and paternalism can be reconciled within one and the same doctrine of social ethics - libertarian paternalism – has been subjected to thorough philosophical criticism. Rather than following this abstract line, the paper takes the shortcut of arguing that Thaler and Sunstein lose their best defence of libertarian paternalism after the nudge concepts are disentangled. They had effectively based their case on the view that slight interventions could have powerful effects through a clever use of bounded rationality, and it has been shown that the latter is not really at work in the interventions they consider. The paper finally concludes that the three nudge concepts are worth pursuing, though independently of each other, and in particular that the third one, which involves correcting the pitfalls of bounded rationality, should receive sustained attention from policy analysts
Keywords: Nudge, liberal paternalism, policy analysis, law and economics, behavioural economics, rational choice theory, Thaler and Sunstein
Departments: Economics & Decision Sciences, GREGHEC (CNRS), Finance
Using inter-state banking deregulation in the U.S. as an exogenous experiment, we find that a 1% increase in banking integration between U.S. states caused a 0.164-0.184% increase in the foreign exports/domestic shipments ratio for U.S. state level exports in the years 1992-1996. We can ascribe these effects to the integration by banks with foreign assets: a 1% increase in banking integration through such banks caused the exports/domestic shipments ratio to increase by 0.22-0.41% while the expansion of banks with purely domestic assets appears to have no impact. Given our empirical specification, this increase in openness can be attributed to an increase in capital to cover variable and fixed export costs relative to domestic shipping costs and a higher provision of trade finance services. Serving new destinations (the extensive margin defined at the state-country level) accounts for 22% to 28% of the banking integration effect that we observe.
Keywords: Exports, financial depth, inter-state banking deregulation
Departments: Marketing, GREGHEC (CNRS)
This paper models payment evasion as a source of profit by letting the firm choose the price charged to paying consumers and the fine collected from detected payment evaders. The consumers choose whether to purchase, evade payment, or refrain from consumption. We show that payment evasion allows the firm to charge a higher price to paying consumers and to generate a higher profit. We also show that higher fines do not necessarily reduce payment evasion. Finally, we provide empirical evidence which is consistent with our theoretical analysis, using comprehensive micro data on fare dodging on the Zurich Transport Network.
Keywords: Payment Evasion, Pricing, Fine, Self-Selection
Departments: Economics & Decision Sciences, GREGHEC (CNRS), Finance
We provide the first evidence that changes in risk-based capital requirements for banks affect the real economy through international trade. Using a natural experiment – mandatory Basel II adoption in its Standardized Approach by all banks in Turkey on July 1, 2012 – we investigate the impact of new risk-weights applied to commercial letters of credit (CLC) on that country’s exports to 174 countries. We estimate the resulting payment-term-cost elasticity of CLC-financed trade to be between -0.5 and -1 while the overall trade elasticity to be between -0.032 and -0.179. Calculations suggest that both CLC-related bank pricing and rationing channels are involved.
Keywords: commercial letters of credit; international trade finance; exports; risk-weights; Basel II
Departments: Economics & Decision Sciences, GREGHEC (CNRS)
Judgment (or logical) aggregation theory is logically more powerful than social choice theory and has been put to use to recover some classic results of this field. Whether it could also enrich it with genuinely new results is still controversial. To support a positive answer, we prove a social choice theorem by using the advanced nonbinary form of judgment aggregation theory developed by Dokow and Holzman (2010c). This application involves aggregating classifications (specifically assignments) instead of preferences, and this focus justifies shifting away from the binary framework of standard judgement aggregation theory to a more general one.
Keywords: Social choice, Judgment aggregation, Logical aggregation, Aggregation of classifications, Assignments, Nonbinary evaluations
Departments: GREGHEC (CNRS), Finance
Using securities lawsuits related to M&A as an industry shock, we examine whether litigation risk acts as an external governance mechanism by disciplining managers' investment decisions. In the two years following an M&A lawsuit (a lawsuit where plaintiffs allege that the firm hid poor performance related to a prior acquisition), we find that industry peers experience higher bidder announcement returns, choose more adequate methods of payment, and engage in fewer diversifying and smaller takeovers. Collectively, this evidence is consistent with post lawsuit deals being of higher quality. Furthermore, we find that peer firms respond to the increased litigation risk by reducing abnormally high investment expenditures. Finally, the reactions are stronger among firms with fewer anti-takeover provisions. Overall, our results show that M&A lawsuits can have an industry-wide deterrence effect on firms' suboptimal investment behavior.
Keywords: Litigation Risk, Mergers, Investment Decisions, Corporate Governance
Departments: Accounting & Management Control
Meaning work is a key category of institutional work, which aims at maintaining or changing of field-level meanings. Mobilizing institutional analysis of field level change processes and the social movement framing literature, this study conceptualizes the types of meaning work that actor at the boundary of a social movement and the incumbent field undertake in the process of “mainstreaming”. Mainstreaming in this paper is defined as a process whereby a social movement succeeds in diffusing its norms, values or practices across the wider incumbent field. During the past few decades, socially responsible investment (SRI) has shifted from being a marginal, religious, mostly US-based movement to an influential international movement, which has succeeded in mobilizing a large number of incumbent investors and financial organizations. Based on a multi-stage qualitative analysis of the SRI field during the past 50 years, this study first establishes the structural changes that define a field undergoing mainstreaming. It then introduces propositions regarding links between these field-level changes and the meaning work that actors at the boundary between a social movement and the incumbent field undertake.
Keywords: field, social movements, framing, institutions, socially responsible investment, meaning
Departments: Economics & Decision Sciences, GREGHEC (CNRS)
One apparent reason for deferring a decision – abstaining from choosing, leaving the decision open to be taken by someone else, one’s later self, or nature – is for lack of sufficient confidence in the relevant beliefs. This paper develops an axiomatic theory of decision in situations where a costly deferral option is available that captures this source of deferral. Drawing on it, a preliminary behavioural comparison with other accounts of deferral, such as those based on information asymmetry, is undertaken, and a simple multi-factor model of deferral – involving both confidence and information considerations – is formulated. The model suggests that incorporating confidence can account for cases of deferral that traditional accounts have trouble explaining.
Keywords: Confidence, multiple priors, deferral, delegation, information acquisition, value of information, incomplete preferences
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