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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 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), Finance
We introduce the model of Stochastic Revision Games where a finite set of players control a state variable and receive payoffs as a function of the state at a terminal deadline. There is a Poisson clock which dictates when players are called to choose of revise their actions. This paper studies the existence of Markov perfect equilibria in those games. We give an existence proof assuming some form of correlation
Departments: Tax & Law, GREGHEC (CNRS)
This paper advocates for the adoption of freedom of panorama in the European Union. The term “freedom of panorama” (FoP) refers to an unconditional copyright exception vis-à-vis works of architecture and sculpture placed permanently in public places. The current lack of uniformity with respect to copyright exceptions at the EU level has proven problematic to end-users, service providers and other intermediaries. It has also frustrated the ultimate goal of promoting a single internal market throughout Europe, and safeguarding freedom of expression and free movement of services throughout the EU.The current system does not harmonize copyright exceptions throughout the EU. Rather, each Member State is free to adopt copyright exceptions as it sees fit. The result is a heavily fragmented system that leaves businesses and users with the necessity to individually deal with each Member State and rights holder concerned. A mandatory exception for FoP would play a key role in guaranteeing freedom of expression, access to education and the free movement of digital services in the internal single market.FoP is critical for ensuring freedom of expression and access to education. Additionally, the growth of net companies that rely on user generated conduct (UGC), such as through YouTube, Wikipedia and blogs, has led to the constant fear among most EU citizens of violating copyright law. This reiterates the need for a FoP exception that covers both commercial and non-commercial uses. Furthermore, many new cross-border educational initiatives in Europe do not fall within the “non-commercial educational and scientific research purposes” exempted under the current InfoSoc Directive. Some national systems that broadly extend the education exception to uses that fall outside the “non-commercial” definition do not extend the exception to online uses.The EU Copyright Directive should be re-written to include a mandatory FoP provision, as is already the case in the national law of EU Member States such as the United Kingdom and Germany, as well as third countries like Brazil. This solution would also comply with copyright-protective countries’ call – among them Italy, Spain and France – for such an exhaustive list. This solution would provide clear direction to Member States without becoming an overly lengthy and unwieldy document.Several problems remain with this approach. First, there has been reticence on the part of the European Court of Human Rights to protect FoP from a freedom of expression standpoint when the images’ use was commercial. Second, there is the possibility for Member States to use trademark law, cultural heritage law, or other national laws to get around a mandatory FoP exception. The uses of trademark and cultural heritage law do not pose a significant barrier to a mandatory FoP exception at present. However, the reforms ultimately decided upon must take into account the possibility of the use of this law to frustrate the Directive’s objectives.The HEC-NYU EU Public Interest Clinic (the “Clinic”) presents its justifications for a mandatory FoP exception below. We also include an annex and model legislation that addresses many of the deficiencies of current EU law
Departments: Operations Management & Information Technology, GREGHEC (CNRS)
This paper seeks to identify the optimal policies for promoting product recovery and remanufacturing. Using a stylized equilibrium model, we analyze the problem as a Stackelberg game between a regulator and a monopolistic firm. We compare three types of policies that legislated regulation could effect: (i) A recovery target policy that requires firms to recover no less than a specified fraction of their production for proper disposal or possible remanufacturing; (ii) a taxation policy that both taxes manufacturing and subsidizes remanufacturing; and (iii) a newly introduced mixed approach that incorporates a recovery target as well as taxes and subsidies. We study a firm's behavior under the three policy types, including pricing decisions for new and remanufactured products as well as the strategic decision of whether to create a secondary channel for remanufactured products. We find that legislative intervention makes it more likely that firms will maintain a single-market strategy. We further demonstrate the mixed approach's superiority as measured by a comprehensive set of economic and environmental criteria, and show that this finding is robust under two different objective functions for the policy maker, one that does and one that does not entail a budget neutrality constraint.
Keywords: product recovery, remanufacturing, optimal sustainable policies, closed-loop supply chains
Departments: Finance, GREGHEC (CNRS)
Recent work has shown that where a firm is located matters for such things as dividend and investment policy, governance, liquidity, equity and debt issuance, and risk exposure. These effects seem to exist, in part, because of managements' desire to minimize agency problems related to monitoring and relationship building that vary as a function of firm distance from agents.We expand the current location literature by showing that firm location characteristics, not just distance per se, are important. We develop a geographical-based vibrancy index using important location characteristics from the Urban Economics literature that measure local economic health. We show that the vibrancy index not only predicts firm policy variables such as investment and leverage, but also predicts firm performance and firm value. The local effects are strong, adding up to a 50% increase in explanatory power above industry effects. Our results indicate that the local vibrancy of a firm headquarters is an important determinant of firm policies and profitability.
Keywords: geography, firm location, vibrancy, firm characteristics, firm performance.
Departments: Finance, GREGHEC (CNRS)
Due to non-linear transaction costs, the financial performance of a trading strategy decreases with portfolio size. Using a dynamic trading model a la Garleanu and Pedersen (2013), we derive closed-form formulas for the performance-to-scale frontier reached by a trader endowed with a signal predicting stock returns. The decay with scale of the realized Sharpe ratio is slower for strategies that (1) trade more liquid stocks (2) are based on signals that do not fade away quickly and (3) have strong frictionless performance. For an investor ready to accept a Sharpe reduction by 30%, portfolio scale (measured in dollar volatility) is given by a simple formula that is a function of the frictionless Sharpe, a measure of price impact, and a measure of the speed at which the signal fades away. We apply the framework to four well-known strategies. Because stocks have become more liquid, the capacity of strategies has increased in the 2000s compared to the 1990s. Due to high signal persistence, the capacity of a "quality" strategy is an order of magnitude larger than the others and is the only one highly scalable in the mid-cap range
Keywords: trading costs, asset pricing anomalies, asset management, arbitrage
Departments: Finance, GREGHEC (CNRS)
We review the extent literature on systemic risk, both theoretical and empirical, and connect it to recent regulatory debates and reforms. While we take stock of the achievements of this rapidly growing literature, we also point towards a gap between two approaches. The first one studies different sources of systemic risk in isolation, uses confidential data, and inspires targeted but heavy-handed regulatory tools. The second approach aims to produce global measures of systemic risk from market data, which are by design not directly connected to any particular theory, but could support a simpler and more efficient regulatory framework. Bridging this gap is a major avenue for future research on systemic risk, and will require both new encompassing theoretical models and improved data disclosure.
Keywords: Banking, Macroprudential Regulation, Systemically Important Financial In- stitutions, Financial Crises, Too-Big-To-Fail
Departments: Operations Management & Information Technology, GREGHEC (CNRS)
A discrepancy exists in the literature regarding the type of suppliers to consider when targeting discontinuous innovation (DI). Some authors suggest that DI require leveraging knowledge from a selection of familiar and trustful suppliers, whereas others claim that DI requires leveraging distant knowledge from new suppliers. We argue that establishing relationships with a new supplier mastering knowledge distant from the firm’s one, requires a specific process. Based on a longitudinal study in a firm that developed such relationships and succeeded in enhancing DI, we underline three characteristics of the approach adopted: (i) proposing an open enough formulation to give the suppliers the opportunity to value their competencies but well documented, (ii) having a structured and transparent process, supporting a mutual progressive commitment and (iii) dedicating a specific entity with access to the top management and technical specialists, with a global vision of the questions to be tackled.
Keywords: Discontinuous innovation, early supplier involvement, leveraging external knowledge
This paper computes the certainty equivalent of the United States Social Security in a calibrated life-cycle model when the stock and labor markets are cointegrated. In the baseline calibration, the certainty equivalent of current workers and retirees is found to be 37% lower at the national scale than the sum of expected cash flows discounted at the risk-free rate. The results suggest that the present value of pension entitlements and the transition cost to a funded system may be largely overestimated if not properly risk-adjusted.
Keywords: Household finance, Social Security, Public liabilities, Portfolio choices
Departments: Strategy & Business Policy, GREGHEC (CNRS)
We investigate the mechanisms that shape social comparison in organizations and generate social comparison costs. Drawing on the notions of inequity aversion and envy, we argue that heterogeneity in the strength and type of incentives provides an impetus for envy, and that the resulting social comparison costs are shaped not only by the magnitude of this impetus, but the distance of envy’s objects. In other words, the more proximate socially, structurally and geographically are those one envies the larger the costly behavioral response. To test our predictions, we use a quasi-experimental event during which outlets of a retail bank, previously operating under homogenous incentives, were assigned to four distinct tournament groups with differing ex ante probabilities of winning a prize — an event that provides envy’s impetus. We then explore how, for each outlet, the proximity of those assigned to more advantaged outlets — objects of envy — shape productivity responses. We find that organizational units with more socially, geographically, and structurally proximate peers assigned to ‘better’ tournament groups decreased their productivity, when compared to peers whose objects of envy were more socially, geographically, and structurally distant. We also show that these effects are stable over time. We discuss implications of these results for organizational design and boundaries.
Keywords: Incentives, Social Comparison Costs, Envy, Organization Design
Departments: Tax & Law, GREGHEC (CNRS)
Nudge and the Law explores the legal implications of the emergent phenomenon of behaviourally informed intervention. It focuses on the challenges and opportunities it may offer to the policymaking of the European Union. This dual focus on law and on Europe characterises our endeavour. This volume has been structured by taking as a point of the departure the current nudging debate, which mainly comprises two strands of enquiry: when is it legitimate for States to use psychology to inform policy? (the legitimacy debate) and, to the extent that it is legitimate, how can behavioural insights in practice be incorporated into the decision making processes? (the practicability debate). Against this backdrop we brought together scholars who could analyse what behavioural insights might bring to EU law, both at a horizontal level and at a sectoral level. This volume endeavours to present the results of their research in a manner that is accessible both to EU law specialists who are not yet familiar with behavioural sciences and to behavioural lawyers who are not specialists in EU law.
Keywords: EU Law, behavioural sciences, nudges, regulation, libertarian paternalism, regulatory policy, policymaking, behavioural policy, impact assessment, randomized control trials
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