Skip to main content
About HEC About HEC Faculty & Research Faculty & Research Master’s programs Master’s programs MBA Programs MBA Programs PhD Program PhD Program Executive Education Executive Education Summer School Summer School HEC Online HEC Online About HEC Overview Overview Who
We Are Who
We Are
Egalité des chances Egalité des chances HEC Talents HEC Talents International International Campus
Life Campus
Life
Sustainability Sustainability Diversity
& Inclusion Diversity
& Inclusion
Stories Stories The HEC
Foundation The HEC
Foundation
Coronavirus Coronavirus
Faculty & Research Overview Overview Faculty Directory Faculty Directory Departments Departments Centers Centers Chairs Chairs Knowledge Knowledge Master’s programs Master in
Management Master in
Management
Master in
International Finance Master in
International Finance
MS
& Masters MS
& Masters
Ecole Polytechnique
-HEC programs Ecole Polytechnique
-HEC programs
Dual-Degree
programs Dual-Degree
programs
Exchange
students Exchange
students
Certificates Certificates Student
Life Student
Life
MBA Programs MBA MBA Executive MBA Executive MBA TRIUM EMBA TRIUM EMBA PhD Program Overview Overview HEC Difference HEC Difference Program details Program details Research areas Research areas HEC Community HEC Community Placement Placement Job Market Job Market Admissions Admissions Financing Financing Executive Education Executive Masters Executive Masters Executive Certificates Executive Certificates Executive short programs Executive short programs Online Online Companies Companies Executive MBA Executive MBA Infinity Pass Infinity Pass Summer School Youth Programs Youth Programs Summer programs Summer programs HEC Online Overview Overview Degree Program Degree Program Executive certificates Executive certificates MOOCs MOOCs Summer Programs Summer Programs

Thomas ASTEBRO

Professor

Economics and Decision Sciences

 Profile picture

Biography

Thomas Åstebro is the L'Oreal Professor of Entrepreneurship at HEC Paris; Academic Director CDL Paris, and former Academic Director, HEC Online Master in Innovation and Entrepreneurship; co-Director Entrepreneurship Track HEC MBA Program, Academic Director of the HEC Leadership Center; member of the Steering committee HEC Management Research Group; and member of the Steering and Curriculum committees in the MBA Program at HEC. He is listed in Marquis Who's Who in the World , is among the top 1 percent most downloaded authors on www.ssrn, has made over 200 presentations, published over 40 academic journal articles, and has been mentioned in business media over 50 times (including The Economist, Business Week, The Times, and Wall Street Journal). He is Editor at Small Business Economics and Associate Editor at  Management Science. He has previously held positions at University of Waterloo, University of Toronto, and KU Leuven.

Scientific articles

Practical Applications of An Inside Peek at AI Use in Private Equity

Practical Applications, Forthcoming, pp pa.2022.pa513,

Herding in Equity Crowdfunding

RAND Journal of Economics, Forthcoming, (in coll. with M. FERNANDEZ, S. LOVO, N. VULKAN)

Venture Capital Financing in Europe: Gender and Ethnic Diversity in Founder Teams

Journal of Portfolio Management, September 2022, vol. 48, n° 9, pp 250-271, (in coll. with R. Rafih, C. J. SERRANO)

Impact Measurement based on Repeated Randomized Control Trials: The Case of a Training Program to Encourage Social Entrepreneurship

Strategic Entrepreneurship Journal, June 2021, vol. 15, n° 2, pp 254-278, (in coll. with F. HOOS)

An Inside Peek at AI Use in Private Equity

The Journal of Financial Data Science, Summer 2021, vol. 3, n° 3, pp 97-107,

The Impact of Overconfidence and Ambiguity Attitude on Market Entry

Organization Science, March - April 2020, vol. 31, n° 2, pp 308-329, (in coll. with C. GUTIERREZ, T. OBLOJ)

Academic Entrepreneurship: The Bayh-Dole Act versus the Professor’s Privilege

ILR Review, October 2019, vol. 72, n° 5, pp 1094-1122, (in coll. with B. BRAGUINSKY, P. BRAUNERHJELM, A. BROSTRÖM)

Gross, net, and new job creation by entrepreneurs

Journal of Business Venturing Insights, November 2017, vol. 8, pp 64-70, (in coll. with J. TAG)

The private financial gains to entrepreneurship: Is it a good use of public money to encourage individuals to become entrepreneurs?

Small Business Economics, February 2017, vol. 48, n° 2, pp 323-329,

Hierarchies and entrepreneurship

European Economic Review, October 2016, vol. 89, pp 129–147, (in coll. with J. TAG, P. THOMPSON)

Chapters in edited books

The Returns to Entrepreneurship

The Oxford Handbook Of Entrepreneurial Finance, D. Cummins (ed.), Oxford University Press, 45-108

Universities, Entrepreneurship and Regional Local Development

Handbook Of Research On Entrepreneurship And Regional Development, M. Fritsch (ed.), Edward Elgar Publishing, 252-333

"Universitetens roll för nyföretagande och regional utveckling", (The role of universities for new firm formation and regional development)

2010 “An Innovation Strategy For Sweden– Swedish Economic Forum Policy Summary”, P. Braunerhjelm, Swedish Entrepreneurship Forum, 47-61

Computer Aided Design

Computer Integrated Manufacturing, The Past, The Present And The Future, R. U. Ayres, W. Haywood, M. E. Merchant, J. Ranta, J. Warnecke (eds.), Chapman & Hall, 83-96

The International Diffusion of Computer Aided Design

Computer Integrated Manufacturing Technologies; Models, Case Studies And Forecasts Of Diffusion, R.U. Ayres, W. Haywood, I. Tchijov (eds.), Chapman & Hall, 171-196

Proceedings

Two-Sided Platform Governance: Are Founders Manipulating the Crowd in Crowdfunding?

Munich Summer Institute 2022 , 2022 (J. PENALVA)

The Role of Overconfidence? An Experiment on Attitudes Toward Two Types of Ambiguity

2019 DRUID conference , 2019 , Copenhaguen , 4970 (A. SHYTI, C. PARASCHIV)

The impact of overconfidence on market entry

76th Annual Meeting of the Academy of Management , 2016 , Anaheim , Meeting Abstract Supplement , January (C. GUTIERREZ MORENO)

Working papers

Scientific articles

Venture Capital Financing in Europe: Gender and Ethnic Diversity in Founder Teams

Journal of Portfolio Management, September 2022, vol. 48, n° 9, pp 250-271, (in coll. with R. Rafih, C. J. SERRANO)

An Inside Peek at AI Use in Private Equity

The Journal of Financial Data Science, Summer 2021, vol. 3, n° 3, pp 97-107,

Impact Measurement based on Repeated Randomized Control Trials: The Case of a Training Program to Encourage Social Entrepreneurship

Strategic Entrepreneurship Journal, June 2021, vol. 15, n° 2, pp 254-278, (in coll. with F. HOOS)

The Impact of Overconfidence and Ambiguity Attitude on Market Entry

Organization Science, March - April 2020, vol. 31, n° 2, pp 308-329, (in coll. with C. GUTIERREZ, T. OBLOJ)

Chapters in edited books

The Returns to Entrepreneurship

The Oxford Handbook Of Entrepreneurial Finance, D. Cummins (ed.), Oxford University Press, 45-108

Universities, Entrepreneurship and Regional Local Development

Handbook Of Research On Entrepreneurship And Regional Development, M. Fritsch (ed.), Edward Elgar Publishing, 252-333

"Universitetens roll för nyföretagande och regional utveckling", (The role of universities for new firm formation and regional development)

2010 “An Innovation Strategy For Sweden– Swedish Economic Forum Policy Summary”, P. Braunerhjelm, Swedish Entrepreneurship Forum, 47-61

Computer Aided Design

Computer Integrated Manufacturing, The Past, The Present And The Future, R. U. Ayres, W. Haywood, M. E. Merchant, J. Ranta, J. Warnecke (eds.), Chapman & Hall, 83-96

Proceedings

Two-Sided Platform Governance: Are Founders Manipulating the Crowd in Crowdfunding?

Munich Summer Institute 2022 , 2022 (J. PENALVA)

The Role of Overconfidence? An Experiment on Attitudes Toward Two Types of Ambiguity

2019 DRUID conference , 2019 , Copenhaguen , 4970 (A. SHYTI, C. PARASCHIV)

The impact of overconfidence on market entry

76th Annual Meeting of the Academy of Management , 2016 , Anaheim , Meeting Abstract Supplement , January (C. GUTIERREZ MORENO)

Working papers

Gross, Net, and New Job Creation by Entrepreneurs

Cahier de Recherche du Groupe HEC , 2017

Herding in Equity Crowdfunding

Cahier de Recherche du Groupe HEC , 2017

Education

  • Ph.D., Carnegie Mellon University - USA
  • Licentiate of Technology, Chalmers University of Technology - Sweden
  • Master of Science, Chalmers University of Technology - Sweden

Academic appointments

Academic Responsibilities at HEC

  • 2016- Professor, Economics - Decision Science HEC Paris
  • 2015-2016 Professor, Strategy and Business Policy HEC Paris
  • 2008-2014 Associate Professor HEC Paris
  • 2008- Member of GREGHEC, the joint research laboratory CNRS-HEC Paris HEC Paris

External Academic Responsibilities

  • 2006-2008 Cross-appointed Associate Professor, Department of Health Policy, Management and Evaluation, University of Toronto University of Toronto, Department of Health Policy, Management and Evaluation
  • 2003-2008 Associate Professor Rotman School of Management, University of Toronto
  • 2001-2003 Associate Professor University of Waterloo
  • 2001-2002 Visiting Professor Queensland University of Technology
  • 2001-2001 Visiting Professor Jönköping International Business School
  • 2000-2001 Tenured University of Waterloo
  • 1995-2001 Assistant Professor University of Waterloo, Department of Management Sciences
  • 1998-1998 Visiting Scientist International Institute for Applied Systems Analysis
  • 1996-1996 Research Associate Center for Economic Studies, US Bureau of the Census
  • 1995-1996 Affiliate Professor Graduate School of Industrial Administration, Carnegie Mellon University
  • 1994-1995 Lecturer University of Waterloo, Department of Management Sciences
  • 1994-1994 Lecturer Graduate School of Industrial Administration, Carnegie Mellon University

Scientific Activities

Membership in Academic or Professional Organisation

  • Member of the Executive Committe, SEI (Strategy, Entrepreneurship and Innovation)
  • Member of selection committee, Canadian Young Entrepreneur Award

Editorial activities

  • March 2016- Editor, Small Business Economics
  • 2015- Associate Editor, Management Science
  • 2014- Advisory Editor, Research Policy
  • January 2011-January 2013 Associate Editor, European Management Review
  • 2001- Chief Academic Review Officer, TIM Division, Administrative Sciences Association of Canada
  • Advisory Editor, Industrial and Corporate Change

  • Conference organisation

  • 2017-2017 Organizer, 6th HEC Entrepreneurship Workshop on Entrepreneurship and Development
  • 2014-2014 Organizer, 5th HEC Workshop on Entrepreneurial Finance
  • 2013-2013 Organizer 4th HEC Entrepreneurship Workshop on Crowdfunding
  • 2012-2012 Organizer, 3rd HEC Entrepreneurship Workshop on Student Entrepreneurship
  • 2011- Membre du Comité Organisation du Workshop 2011 de SEI (Strategy, Entrepreneurship and Innovation)
  • 2010-2010 Organizer 2nd HEC Entrepreneurship workshop on Academic Entrepreneurship
  • 2009-2009 Organizer 1st HEC Entrepreneurship workshop on Entrepreneurial Entry
  • Awards & honors

    • 2016 Best Empirical Paper, AoM Entrepreneurship Division, AoM conference
    • 2016 Chair of Excellence
    • 2015 Finalist, Prix Academique de la Recherche en Management
    • 2014 Management Science Distinguished Service Award
    • 2003 Best Paper: Administrative Association of Canada, Technology and Innovation Management Division.
    • 2001 National Award: 2nd place - Most Promising Technology, Awarded by the Innovations Foundation, University of Toronto
    • 1999 Best Paper, Runner Up: Canadian Council on Small Business and Entrepreneurship Conference
    • 1995 National Award: NSERC/SSHRC/CIBC Associate Chair in Management of Technological Change.
    • 1991 1994 - National Scholarship: Jan Wallander and Tom Hedelius Foundation for Research in the Social Sciences
    • 1991 National Scholarship: The Sweden-America Foundation.
    • 1989 Scholarship: The Institute for Management of Innovation and Technology, Sweden, 10 year Jubilee Stipend.
    • 1988 Scholarship: Arvid Lindmans Memorial Foundation
    • 1988 National Scholarship: The Swedish Natural Science Research Council.