Roubaix, France
Roubaix, France

EDHEC is a French “grande école” specialising in business and management, founded in 1906, and based in Lille. EDHEC Business School offers undergraduate, graduate, and executive education on its campuses in Lille, Nice, Paris, London, and Singapore.EDHEC Business School consistently ranks among the top-5 business schools in France, with excellent reputation in the area of finance research. EDHEC Business School offers the following academic programs:• The Masters’ Programme EDHEC Grande école • The Bachelor’s Programme Espeme • Master of Science Programmes• MBA Programmes • Executive education for managers • PhD in Finance• Research centresIt has 6,000 students enrolled in traditional graduate and undergraduate programmes, 10,000 in executive programmes, and an alumni base of roughly 24,000.EDHEC Business School is EQUIS accredited by the EFMD , and AMBA accredited for the EDHEC MBA and Part-Time Executive MBAs programmes. It is also accredited by the AACSB and the French Conférence des grandes écoles. Wikipedia.


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This article extends the understanding of oil-stock market relationships over the last turbulent decade. Unlike previous empirical investigations, which have largely focused on broad-based market indices (national and/or regional indices), we examine short-term linkages in the aggregate as well as sector by sector levels in Europe using different econometric techniques. Our main findings suggest that the reactions of stock returns to oil price changes differ greatly depending on the activity sector. In the out-of-sample analysis we show that introducing oil asset into a diversified portfolio of stocks allows to significantly improve its risk-return characteristics. © 2010 Elsevier Ltd.


Arouri M.E.H.,EDHEC Business School | Jouini J.,University of Carthage
Energy Economics | Year: 2012

The objective of this paper is to investigate the volatility spillovers between oil and stock markets in Europe. As not all industries are expected to be equally affected by oil price changes, we conduct our study at both the aggregate as well as sector levels. Empirically, we make use of a recently developed VAR-GARCH approach which allows for transmissions in volatilities. In addition, we analyze the optimal weights and hedge ratios for oil-stock portfolio holdings based on our results. On the whole, our findings show significant volatility spillovers between oil price and sector stock returns, and suggest that a better understanding of those links is crucial for portfolio management in the presence of oil price risk. © 2011 Elsevier B.V.


Arouri M.E.H.,EDHEC Business School | Ben Youssef A.,University of Nice Sophia Antipolis | M'henni H.,Manouba University | Rault C.,Toulouse Business School
Energy Policy | Year: 2012

This article extends the recent findings of Liu (2005), Ang (2007), Apergis et al. (2009) and Payne (2010) by implementing recent bootstrap panel unit root tests and cointegration techniques to investigate the relationship between carbon dioxide emissions, energy consumption, and real GDP for 12 Middle East and North African Countries (MENA) over the period 1981-2005. Our results show that in the long-run energy consumption has a positive significant impact on CO 2 emissions. More interestingly, we show that real GDP exhibits a quadratic relationship with CO 2 emissions for the region as a whole. However, although the estimated long-run coefficients of income and its square satisfy the EKC hypothesis in most studied countries, the turning points are very low in some cases and very high in other cases, hence providing poor evidence in support of the EKC hypothesis. CO 2 emission reductions per capita have been achieved in the MENA region, even while the region exhibited economic growth over the period 1981-2005. The econometric relationships derived in this paper suggest that future reductions in CO 2 emissions per capita might be achieved at the same time as GDP per capita in the MENA region continues to grow. © 2012 Elsevier Ltd.


Tang C.F.,University of Malaya | Shahbaz M.,COMSATS Institute of Information Technology | Arouri M.,EDHEC Business School
Energy Policy | Year: 2013

In the previous decades, a number of studies have been conducted to analyse the causal relationship between electricity consumption and economic growth in the Portuguese economy. However, the evidence remains controversial because the previous studies do not provide clear causality evidence. This might be attributed to the omitted variables bias because most previous studies only focus on the relationship between electricity consumption and economic growth in a bi-variate model. This paper attempts to re-investigate the relationship between electricity consumption and economic growth in Portugal using a multivariate model. Based on the bounds testing approach to cointegration and the Granger causality test within the vector error-correction model (VECM), our empirical results confirm the presence of cointegration among the variables. Moreover, there is evidence of bi-directional causality between electricity consumption and economic growth in the short- and long-run. This suggests that energy is an important source of economic growth in Portugal. Therefore, energy conservation policies should not be implemented because it would deteriorate the process of economic growth and development of the Portuguese economy. © 2013 Elsevier Ltd.


Roquilly C.,EDHEC Business School
MIS Quarterly: Management Information Systems | Year: 2011

Game companies use five components-four core components and one complementary one-in a 5Cs model to ensure the control and development of virtual worlds. A multidisciplinary review of the literature reveals that game companies make use of copyright, codes, creativity, and community to do this. They use the contract as a complementary component to reinforce their control over the four basic components and to compensate for the lacunae they present. In order to examine the extent to which game companies use the contract in this way, an analysis is performed of all contractual documents from a sample of 20 virtual worlds, providing evidence of general trends and emphasizing any differences between the virtual worlds in terms of the business and gaming models sought by each game company. An explanation is provided of why these contracts do not constitute a sustainable model for the game companies, given the high level of legal insecurity they present. Some basic recommendations can be made in order to improve the sustainability of the 5Cs model by modifying these contracts in such a way that they are enforceable and by matching their content with appropriate business and gaming models. This could lead to further studies aimed at providing answers to some of the intriguing issues affecting scholars and practitioners.


Du Jardin P.,EDHEC Business School | Severin E.,Lille University of Science and Technology
Decision Support Systems | Year: 2011

The aim of this study is to show how a Kohonen map can be used to increase the forecasting horizon of a financial failure model. Indeed, most prediction models fail to forecast accurately the occurrence of failure beyond 1 year, and their accuracy tends to fall as the prediction horizon recedes. So we propose a new way of using a Kohonen map to improve model reliability. Our results demonstrate that the generalization error achieved with a Kohonen map remains stable over the period studied, unlike that of other methods, such as discriminant analysis, logistic regression, neural networks and survival analysis, traditionally used for this kind of task. © 2011 Elsevier B.V. All rights reserved.


Lioui A.,EDHEC Business School | Sharma Z.,Long Island University
Ecological Economics | Year: 2012

This paper assesses the impact of environmental corporate social responsibility (ECSR) on Corporate Financial Performance (CFP) measured by ROA and Tobin's Q. We show that the relationship between firms' return on assets (ROA) and ECSR, strengths and concerns, is negative and statistically significant. We also show that firms' Tobin Q and ECSR, strengths and concerns, are negatively correlated in a statistically significant way. However, accounting for the interaction between firms' environmental efforts and R&D yields a different perspective: while the direct impact of ECSR on CFP is still negative, the interaction of ECSR and R&D has a positive and significant impact on it. ECSR strengths and concerns harm CFP since they are perceived as a potential cost. However, this CSR activity fosters R & D efforts of firms which generates additional value (indirect effect). © 2012 Elsevier B.V.


Nappi-Choulet I.,France Business School | Maury T.-P.,EDHEC Business School
Journal of Regional Science | Year: 2011

This original study examines the potential of a spatiotemporal autoregressive Local (LSTAR) approach in modeling transaction prices for the housing market in inner Paris. We use a data set from the Paris Region notary office (Chambre des notaires d'Île-de-France) which consists of approximately 250,000 transactions units between the first quarter of 1990 and the end of 2005. We use the exact X-Y coordinates and transaction date to spatially and temporally sort each transaction. We first choose to use the STAR approach proposed by Pace et al., 1998. This method incorporates a spatiotemporal filtering process into the conventional hedonic function and attempts to correct for spatial and temporal correlative effects. We find significant estimates of spatial dependence effects. Moreover, using an original methodology, we find evidence of a strong presence of both spatial and temporal heterogeneity in the model. It suggests that spatial and temporal drifts in households socio-economic profiles and local housing market structure effects are certainly major determinants of the price level for the Paris Housing Market. © 2011, Wiley Periodicals, Inc.


We evaluate the prediction accuracy of models designed using different classification methods depending on the technique used to select variables, and we study the relationship between the structure of the models and their ability to correctly predict financial failure. We show that a neural network based model using a set of variables selected with a criterion that it is adapted to the network leads to better results than a set chosen with criteria used in the financial literature. We also show that the way in which a set of variables may represent the financial profiles of healthy companies plays a role in Type I error reduction. © 2010 Elsevier B.V.


News Article | March 3, 2017
Site: www.fastcompany.com

Michael Carter* knew his friendship with his boss had gotten a little too close when his boss confided that he was cheating on his wife. Before he worked for this fortysomething oversharer, Carter worked in recruitment for a large, well-known tech company when he realized there weren’t many growth opportunities in his division. At 27, Carter landed a job with much more responsibility at a startup where he was one of six employees. The open office and the size of the staff made it easy for people–even introverts like Carter–to get close quickly. That included Carter’s boss. “He wanted to be everybody’s friend,” Carter recalls. “He would often just start talking about his kids, his family, Formula One, make a few jokes.” But things started to get awkward when his boss insisted that the whole staff go out for drinks together every couple of weeks. “Some Fridays after work I just want to go home,” Carter says. “But he wanted to be friends, and he was my boss and signed my paychecks, so I felt obligated to be friends and go for a beer with him, even if sometimes it was exhausting.” Not to mention that it created the kind of tipsy intimacy that would lead to the boss confiding to one of his junior employees that he was having an affair. Having a friend at work can make us feel happier and more motivated to get stuff done. So being chummy with your manager could have additional benefits. “If you are closely connected to someone at a higher level in the organization, they may be able to promote you, spread your reputation, [or] provide you with access to information that is useful,” said Monique Valcour, a professor of management at EDHEC Business School in France in a previous interview with the Harvard Business Review. But that’s exactly what put Carter in a tough spot: In his mind, his salary was inexorably tied to his relationship with his boss, so he had to maintain a friendship he was less than comfortable with. While great bosses use emotional intelligence to bring teams together, surface talent, and resolve conflicts, others have trouble setting healthy boundaries. That’s what happened to Jessica Harris* when she was 22 and working at a large media nonprofit. She and her manager, a 35-year-old man, started working together more closely during a really stressful project. “We vented to each other a lot and commiserated, which brought us closer together,” she says. But, says Harris, “in hindsight it was a really unhealthy relationship.” She recognized it when he asked Harris to accompany him to a strip club to entertain an important client. She went, but acknowledges it was “so inappropriate.” There was no way to reestablish a professional boundary after that, Harris admits, but she was able to move to another department. “He resented me for it,” she recalls. “We stopped being friendly after that.”

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