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Luc PAUGAM

Associate Professor

Accounting and Management Control

paugam@hec.fr
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Biography

Luc Paugam is the holder of the Mazars chair Purposeful Governance. He obtained a Ph.D. in financial accounting and a MSc in Finance from Université Paris Dauphine. Luc graduated from ENS Paris-Saclay and is a CFA charterholder. His research focuses on issues surrounding financial reporting of M&As (goodwill, intangible assets), corporate whistleblowing, CSR, and bank reporting. Luc has published in several academic journals including Accounting, Organizations & Society, Abacus, Comptabilité Contrôle Audit, Contemporary Accounting Research, European Accounting Review, Journal of Accounting and Public Policy, Journal of Business Law, Journal of Business Finance & Accounting, and Strategic Management Journal. Books co-authored by Luc include Brand Valuation (Routledge), Evaluation Financière et Normes IFRS (Economica) and Evaluation Financière de la Marque (Economica). Luc teaches financial accounting in the Grande Ecole and MBA programs. Prior to joining HEC Paris, Luc has been a consultant in corporate finance, an associate professor at ESSEC Business School and a visiting scholar at the University of Houston. Luc is an associate editor of European Accounting Review and a board member of the Journal of Business Finance & Accounting, Accounting and Business Research, Accounting in Europe, Accounting Forum and a member of CFA France. He received the ESSEC foundation teaching award in 2016.

Scientific articles

Grabbing Investor Attention with Limited Resources: A Study of Small Cap Firms’ Communication Channels

European Accounting Review, Forthcoming, (in coll. with R. Boulland, A. Filip, A. Ghio)

Breaking Incommensurability Boundaries? On the Production and Publication of Inter-Paradigmatic Research

Qualitative Research in Accounting and Management, Forthcoming, (in coll. with Y. GENDRON, H. STOLOWY)

Sustainability reporting: Is convergence possible?

Accounting in Europe, 2023, vol. 20, n° 2, pp 139-165, (in coll. with H. STOLOWY)

Disclosures about key value drivers in M&A announcement press releases: An exploratory study

Abacus, March 2022, vol. 58, n° 1, pp 62-104, (in coll. with A. FILIP, G. J. LOBO, H. STOLOWY)

Competing for narrative authority in capital markets: Activist short sellers vs. financial analysts

Accounting, Organizations and Society, July 2022, vol. 100, n° 101334, (in coll. with H. STOLOWY, Y. GENDRON)

Managerial Discretion to Delay the Recognition of Goodwill Impairment: The Role of Enforcement

Journal of Business Finance & Accounting, January-February 2021, vol. 48, n° 1-2, pp 36-69, (in coll. with A. FILIP, G. J. LOBO)

Accounting Information in Innovative Small Cap Firms: Evidence from London's Alternative Investment Market

Accounting and Business Research, 2021, vol. 51, n° 4, pp 421-456, (in coll. with A. FILIP, A. GHIO)

Deploying narrative economics to understand financial market dynamics: an analysis of activist short sellers’ rhetoric

Contemporary Accounting Research, Fall 2021, vol. 38, n° 3, pp 1809-1848, (in coll. with H. STOLOWY, Y. GENDRON)

Implications of the Joint Provision of CSR Assurance and Financial Audit for Auditors’ Assessment of Going Concern Risk

Contemporary Accounting Research, Summer 2020, vol. 37, n° 2, pp 1248-1289, (in coll. with L. DAL MASO, G. J. LOBO, F. MAZZI)

Do investors pay sufficient attention to banks’ unrealized gains and losses on available-for-sale securities?

European Accounting Review, December 2019, vol. 28, n° 5, pp 819-848, (in coll. with Romain BOULLAND, Gerald LOBO)

Books

财务报告与分析：一种国际化视角 (Cai wu bao gao yu fen xi: yi zhong guo ji hua shi ye) (Chinese adaptation of “Financial Accounting and Reporting – A Global Persp

CEIBS Publishing (in coll. with H. STOLOWY, Y. DING)

Financial accounting and reporting - A global perspective

Cengage (in coll. with H. STOLOWY, Y. DING)

Brand Valuation

Routledge, London (in coll. with P. ANDRÉ, H. PHILIPPE, R. HARFOUCHE)

Evaluation financière de la marque

Editions Economica (in coll. with H. PHILIPPE, D. AGUILAR)

Evaluation financière et normes IFRS

Editions Economica (in coll. with O. RAMOND, J.-F. CASTA, L. BATSCH)

Working papers

Pessimistic Target Prices by Short Sellers

Cahier de Recherche du Groupe HEC , 2021

Deploying Narrative Economics to Understand Financial Market Dynamics: An Analysis of Activist Short Sellers’ Rhetoric

Cahier de Recherche du Groupe HEC , 2020

Managerial Discretion to Delay the Recognition of Goodwill Impairment: The Role of Enforcement

Cahier de Recherche du Groupe HEC , 2020

Do Investors Actually Value Sustainability Indices? Replication, Development, and New Evidence on CSR Visibility

Cahier de Recherche du Groupe HEC , 2019

Implications of the Joint Provision of CSR Assurance and Financial Audit for Auditors’ Assessment of Going Concern Risk

Cahier de Recherche du Groupe HEC , 2019

Building the Legitimacy of Whistleblowers: A Multi-Case Discourse Analysis

Cahier de Recherche du Groupe HEC , 2018

Do Investors Pay Sufficient Attention to Banks’ Unrealized Gains and Losses on Available-for-Sale Securities?

Cahier de Recherche du Groupe HEC , 2018

The Expansion of Non-Financial Reporting: An Exploratory Study

Cahier de Recherche du Groupe HEC , 2018

Empirical Evidence on Earnings Management Strategies and Their Consequences in Innovative Small and Medium Entities

Cahier de Recherche du Groupe HEC , 2017

Non-Additivity in Accounting Valuation: Theory and Applications

Cahier de Recherche du Groupe HEC , 2017

Case Studies

Schneider Electric's Pay-as-you-go Solar Home Systems Fund in Kenya

2021

Scientific articles

Sustainability reporting: Is convergence possible?

Accounting in Europe, 2023, vol. 20, n° 2, pp 139-165, (in coll. with H. STOLOWY)

Competing for narrative authority in capital markets: Activist short sellers vs. financial analysts

Accounting, Organizations and Society, July 2022, vol. 100, n° 101334, (in coll. with H. STOLOWY, Y. GENDRON)

Disclosures about key value drivers in M&A announcement press releases: An exploratory study

Abacus, March 2022, vol. 58, n° 1, pp 62-104, (in coll. with A. FILIP, G. J. LOBO, H. STOLOWY)

Accounting Information in Innovative Small Cap Firms: Evidence from London's Alternative Investment Market

Accounting and Business Research, 2021, vol. 51, n° 4, pp 421-456, (in coll. with A. FILIP, A. GHIO)

Books

财务报告与分析：一种国际化视角 (Cai wu bao gao yu fen xi: yi zhong guo ji hua shi ye) (Chinese adaptation of “Financial Accounting and Reporting – A Global Persp

CEIBS Publishing (in coll. with H. STOLOWY, Y. DING)

Financial accounting and reporting - A global perspective

Cengage (in coll. with H. STOLOWY, Y. DING)

Brand Valuation

Routledge, London (in coll. with P. ANDRÉ, H. PHILIPPE, R. HARFOUCHE)

Evaluation financière de la marque

Editions Economica (in coll. with H. PHILIPPE, D. AGUILAR)

Working papers

Pessimistic Target Prices by Short Sellers

Cahier de Recherche du Groupe HEC , 2021

Deploying Narrative Economics to Understand Financial Market Dynamics: An Analysis of Activist Short Sellers’ Rhetoric

Cahier de Recherche du Groupe HEC , 2020

Managerial Discretion to Delay the Recognition of Goodwill Impairment: The Role of Enforcement

Cahier de Recherche du Groupe HEC , 2020

Do Investors Actually Value Sustainability Indices? Replication, Development, and New Evidence on CSR Visibility

Cahier de Recherche du Groupe HEC , 2019

Case Studies

Schneider Electric's Pay-as-you-go Solar Home Systems Fund in Kenya

2021

Education

  • Habilitation to conduct research, Université Paris Dauphine - France
  • CFA Charterholder, CFA Institute USA - USA
  • Ph.D., in Business Administration, Financial Accounting, Université Paris Dauphine - France
  • MSc in Finance, Université Paris Dauphine - France
  • Bachelor, Economics, Ecole Normale Supérieure de Cachan - France
  • Agregation, Economics and Management, Ecole Normale Supérieure de Cachan - France

Academic appointments

Academic Responsibilities at HEC

  • 2016- Associate Professor, Accounting and Management Control HEC Paris
  • 2016- Member of GREGHEC, the joint research laboratory CNRS-HEC Paris HEC Paris

Awards & honors

  • 2018 Best Paper Award: "Accounting Information in Innovative Small and Medium Entities" 13th World Congress of Accounting Educators and Researchers, Sydney November 2018, The University of Sydney, IAAER (in collaboration with Andrei Filip and Alessandro Ghio)