newsletter in pdf format

 Views on France's appeal
Michael Porter, a colleague of mine, was the first to show that 4 parameters determine a country’s competitiveness: a high-quality domestic market, a developed infrastructure, the ability to offer companies a stable environment combining competition and cooperation and an excellent academic and scientific environment.
Viewed through this analytical prism, France is undoubtedly the single most attractive country in Europe and a world leader with enormous potential.
French consumers have long been known to be sophisticated and demanding of what some mockingly call “the French cultural exception,” but which could rather be used as an early indication of what is coming in global demand. It is no accident that world-beating companies like L’Oréal and Carrefour are from France. Their home market enabled them to develop skills that they subsequently transferred to other parts of the globe.
Similarly, there is no need to dwell on France’s choice location in Europe, just two and a half hours from London, under one and a half hour from Brussels, or to hold forth about our wonderful infrastructure. I will just say that French trains arrive on time, our national airline is a world leader and our roads give structure to a landscape where untouched spaces coexist alongside cities and towns that are still on a human scale. It is more useful to talk about the tremendous competitive advantages our economic environment can offer to companies based in France. We are well-know for our defence of the rule of law and our solid accounting standards. It is also a known fact that France has been exporting its constitutional and administrative expertise for decades.
But people are perhaps less aware of our taste for competition. An impressive number of our leading companies now rank among the world’s biggest, including Danone, PSA Peugeot, Citroën and Renault, as well as Axa and Sodexho in the services sector. The list goes on and on. France is famously structured along meritocratic lines. And while that means we view competition as a natural and valuable process, our tradition as a welcoming country, open to other people and cultures, has naturally led us to create the conditions for cooperation.
Grenoble, Toulouse and other less well-known cities are now centers of competition, providing homes for industrial sub-sectors, research centers and university groups. The number of these clusters is going to grow – this is a priority for France’s industrial policy- increasing still further the attractions of investing in France. Access to financial resources is another obvious advantage. The French banking system, which includes BNP Paribas and Crédit Agricole, is one of the most competitive in the world. Also, the savings rate in France is extremely high, which provides a vast pool of investment.
Modesty prevents me from talking at length about our many outstanding institutions of higher learning. Simply, I would point to France’s reputation for intellectual endeavour, for fine engineers and for its (occasionally excessive) efforts to form a national elite.
France has so many strengths that will stand it in good stead for the future, and all the more so because our research centers are organized to enable fundamental research while also promoting innovation. Witness the fact that we register more patents than any other European country except one.
All these factors explain France’s current attractiveness – we take in the second-most foreign investment of any country – and its future potential. But I have not yet touched upon the most essential thing, namely, France’s very special attachment to happiness. I do not think this is the same thing as laziness (our GDP per hour worked is the best in Europe and some 10% higher than that of the USA) or nostalgia, but rather it reflects a radical optimism. The birth rate in France is the highest in Europe. Our healthcare system is one of the finest in the world and one of the cheapest for patients. We value education, and our major cities are safer than many others in Europe. It is the joie de vivre displayed by all those who live in France, natives and foreigners alike, that is, I think, at the heart of our competitiveness. And it is this ability to base our development on human capital that will make France one of the most efficient democratic countries in the coming 20 years.
Taken from the book, France Means Business, Enterprising, Innovative, Surprising. Published by the Invest in France Agency.
• CEO week - Europe's top executives come to HEC
• The internationalization of HEC Grande Ecole (MSc in Management)
•Executive Education: HEC offers competitive programs in English
• HEC Foundation celebrates triple success
• MBAT 2005 -Tomorrow's leaders showcase sporting prowess
•"Santos Dumont": reinforcing links between France and Brazil
• VIP alumni: Philippe Charrier (H.78), CEO of Procter & Gamble France
• Jan Sorensen: from the Danish army to Morgan Stanley with the HEC MBA
• Hervé Crès appointed Associate Dean, HEC Ph.D. program
• European Constitution: former President Giscard d'Estaing appealed for a "yes" vote and Noëlle Lenoir reflects on "no" outcome
• Recent Publications: HEC • Everything you need to professors focus on law and know about the HEC Alumni Association
marketing
• Strategic planning and consumer habits: HEC professors share their findings
• Pr. Hervé Stolowy's research funded by the HEC Foundation
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> THE INTERNATIONALIZATION OF
HEC GRANDE ECOLE
(MSC IN MANAGEMENT)
Ciaran McGinley, who is now head
of his support staff as President of
the EPO in Munich.
> EXECUTIVE
EDUCATION: HEC OFFERS
COMPETITIVE
PROGRAMS IN ENGLISH
> HEC FOUNDATION
CELEBRATES TRIPLE
SUCCESS
> MBAT 2005 TOMORROW'S LEADERS
SHOWCASE SPORTING
PROWESS
> "SANTOS DUMONT":
REINFORCING LINKS
BETWEEN FRANCE AND
BRAZIL
With CEO week, HEC MBA
participants had the rare opportunity
to work with some of the best chief
executives in Europe. The event
brought together MBA participants
and business leaders for a week of
tackling tough issues related to
strategy and leadership - a
memorable experience for all
involved.
The event was divided into seminars
centered on 3 important
organizations: Thomson, Vivendi
and the European Patent Office
(EPO). These were complemented
by workshops during which
participants developed analyses
and strategies with a view to
challenging CEOs during open
debate.
Franck Dangeard, Chairman and
CEO of Thomson chose the role of
co-strategist rather than speaker,
working alongside MBA participants
to address the question: “Now that
Thompson has completed its
strategic repositioning out of the TV
business, is the current size of the
company in line with its strategy?”
The debates and strategic
responses that emerged, the result
of 3 days of group workshops,
stimulated and benefited
participants and CEO alike.
The series of workshops on “the
future of patenting” concluded with
a talk by Professor Alain
Pompidou, President of the
European Patent Office, who raised
critical issues in “the strategic
renewal of the EPO”. He also
pointed out that a recent HEC MBA
graduate,
The Vivendi seminars focused on
the inside story, with Professor
Nadine Benichou, also a lawyer in
M&A, a rich source of creative
insight in overcoming the financial,
legal and fiscal issues facing the
group. The seminar was also a
good opportunity to address and
confront ethical issues tied to
leadership, decision-making, and
executive pay. Jean-Louis
Constanza, CEO of Tele2 France,
complemented the seminar with a
special focus on the telecom
industry, and SFR Cegetel in
particular.
Two noteworthy “visions of
leadership” seminars were also held
in the course of the week. The first
seminar: “a private equity view on
leadership” by Monique Cohen,
Associate Director of venture capital
firm APAX Partners, focused on
analyzing one’s own leadership
skills and those of others.
Questioning leadership attitudes
and decisions, while testing your
own leadership potential, is a key
element in the HEC MBA curriculum,
and the seminar afforded
participants the opportunity to
interact with business leaders and
realistically discuss the difficulties,
pressure and stress of leadership.
This successful and
thought-provoking CEO week
closed with a seminar offering
insights into the many problems
faced by young CEOs. A panel
discussion with several senior
executives on “the early years of a
CEO” concluded the day. For the
HEC MBA attendees, these parting
thoughts were a motivating
conclusion to an intense week, and
precious advice for the future.
> CEO WEEK - EUROPE'S TOP
EXECUTIVES COME TO HEC
> EXECUTIVE EDUCATION: HEC
OFFERS COMPETITIVE
PROGRAMS IN ENGLISH
> HEC FOUNDATION
CELEBRATES TRIPLE SUCCESS
> MBAT 2005 - TOMORROW'S
LEADERS SHOWCASE
SPORTING PROWESS
> "SANTOS DUMONT":
REINFORCING LINKS BETWEEN
FRANCE AND BRAZIL
CEMS students
Echoing trends in the global economy,
the revamped HEC Grande Ecole MSc
in Management program requires
students to complete an international
experience. It must last at least 1
semester, and can be completed via
either an academic semester in a
partner university around the world
and/or as a training program within a
company abroad.
of Texas at Austin (US), Queen’s School
of Business (Canada) and University of
Edinburgh (UK)
Commenting on this, Michel Raimbault,
Associate Dean, HEC MSc in
Management, is enthusiastic, as
“nowadays, most students actually
combine both options and end up
spending a total of 12 months away
from France.”
As a result, the number of students who
can take part in one of these programs
has doubled over the last years, from
125 in the 2003 academic year, to 250 in
2006.
• Double-degree program
with 4 partner universities: RSM Erasmus
University (Rotterdam, Netherlands),
ESADE (Barcelona, Spain), University of
St Gallen (Switzerland), and Bocconi
(Milan, Italy)
He explains: “in order to help students
meet the school’s new expectations in
this regard, we have significantly
improved the number of training
programs offered to students abroad.
What is more, on the academic side, we
now have 4 programs for students to
spend a semester studying abroad:
The 2 traditional paths have been
strengthened:
• The CEMS-MIM degree for 60
students in the second year of the
Masters
• The PIM program for 50 students in
the second year of the Masters
And 2 new options were launched – the
first one 3 years ago and the second
one this year:
• International exchange programs
taking place during the first semester of
the first year of the Masters, offering
100 students the opportunity to go to
prestigious institutions such as
Wharton, University
Besides that, a large part of HEC MSc in
Management’s international exposure is
based on everyday interaction, with
international students welcomed on the
campus, either as exchange students or
as full participants in the whole program.
The degree-seeking students undergo
extremely selective procedures before
admission: next year, only 72 students
will join the MSc in Management, out of
640 applicants. Their average GMAT
score is 674 and a wide range of
nationalities are represented: British,
Chinese, Indian, Japanese, Lebanese,
Norwegian, Romanian, Spanish – coming
from institutions such as University of
Pennsylvania, Imperial College,
University of Oxford, University of
Tokyo, University of Chicago, Beijing
University and Universidad Politècnica de
Catalunya.
> CEO WEEK - EUROPE'S TOP
EXECUTIVES COME TO HEC
By applying concepts borrowed from the
social sciences to management theory,
we help our participants overcome
barriers to change
> THE INTERNATIONALIZATION OF HEC
GRANDE ECOLE (MSC IN
MANAGEMENT)
What short-term programs are offered
in English?
Currently, there are 4 successful
programs for those wishing to take
advantage of a more condensed format.
> HEC FOUNDATION CELEBRATES
TRIPLE SUCCESS
> MBAT 2005 - TOMORROW'S
LEADERS SHOWCASE SPORTING
PROWESS
> "SANTOS DUMONT":
REINFORCING LINKS BETWEEN
FRANCE AND BRAZIL
Ethics and Corporate Social
Responsibility helps business leaders
scrutinize the role of business in
society.
Sean Kilbride
Sean Kilbride, Admissions and
Recruitment Manager, HEC Executive
Education, describes Anglophone
programs geared toward senior-level
executives interested in an international
learning environment.
Which program is currently in demand
and what attracts prospective
participants?
Our highly competitive program in
Consulting and Coaching for Change,
run in partnership with Oxford and
already in its third year, has received a
lot of attention. Participants like the
unique structure of learning modules
divided between Oxford and HEC, and
the enriching classroom environment
created through the diversity and
seniority of participants. The average
age in the program is 43 with 19 years
of experience. Each group represents
over 10 different nationalities.
Why is “change” such a popular topic?
In today’s complex business
environment, one of the main challenges
of change is obtaining buy-in from
employees. Understanding the human
factor involved in change is precisely
the goal of our program.
Europe at Work, a seminar proposed by
the HEC European Institute, looks at
opportunities in the European arena by
studying EU policy, lobbying techniques
and tools for establishing relationships
with European institutions and
businesses.
Managing Change and Developing
Creativity encourages thinking outside
the box to achieve organizational
renewal.
Strategies for Competitive Success
offers instruction in alternative solutions
for optimizing growth.
What does the future hold for HEC
Executive Education?
TRIUM, our Global Executive MBA
program, in conjunction with NYU Stern
and the London School of Economics, is
expanding every year and may soon
offer 2 intakes per year. Our various
partnerships are growing and deepening
and we will continue to offer our
participants more ways to extend their
learning for both Open and Custom
programs.
Consulting and Coaching for Change graduates
“Consulting and Coaching for Change allowed me to overcome many strategic obstacles in
developing my company. The cross-cultural insight transformed my start-up into an award winning
business."
Charles Bark, Director General, ChinPass - www.chinpass.com
Recipient of the 2004 and 2005 French Prize for most innovative and creative enterprise, from the
Ministry of Research & Technology and the National Innovation Institute
> CEO WEEK - EUROPE'S TOP
EXECUTIVES COME TO HEC
> THE INTERNATIONALIZATION OF HEC
GRANDE ECOLE (MSC IN
MANAGEMENT)
> EXECUTIVE EDUCATION: HEC
OFFERS COMPETITIVE
PROGRAMS IN ENGLISH
> MBAT 2005 - TOMORROW'S
LEADERS SHOWCASE
SPORTING PROWESS
> "SANTOS DUMONT":
REINFORCING LINKS BETWEEN
FRANCE AND BRAZIL
From the left, second row: Pierre Simon, Donald Beyden, Henri Proglio, Pascal de Jenlis, Jean-Luc
Allavena and Henri de Castries
First row: Pierre-Antoine Gailly, Sylvain Hefes, Bernard Ramanantsoa, Pierre Bellon and Mercedes Erra
Jean-Luc Allavena, Chief Operating
Officer of Lagardère Media and
Chairman of the HEC Foundation,
discusses new Foundation members, the
recent alumni fundraising drive and this
year’s Class Gift.
Since 2004, membership of the HEC
Foundation has risen to well over 30
member companies. What accounts for
this rising interest?
For the newest members of the
Foundation such as Accor, Air France,
Alcatel, Reuters, SNCF and SUEZ,
having a stake in HEC’s strategic
planning is an ideal way to gain access
to the best and the brightest future
business leaders.
Another clear advantage is being
associated with the prestigious HEC
image. In addition, through shared data,
HEC’s renowned professors and
research teams provide member
companies with a competitive edge.
Given this success, our membership
could easily soar to over 50.
In what form does the Foundation
receive contributions from members,
and who decides how these resources
are spent?
Members can either choose to give cash
or goods in kind – Toshiba donated
computers, for example, and Reuters
funded materials for a financial market
course. Decision-making for channeling
funds is highly collaborative.
The Foundation board decides final
allocations after fully evaluating the
specific projects recommended by its 3
planning committees: Communications,
Pedagogy and Research.
On June 17, 2005 the Foundation
accepted €2 million from its first
alumni fundarising drive. How did
alumni react to the request for
donations?
Right from the start, back in February,
the response of alumni has been
overwhelmingly positive. As former
students, they are eager to invest in the
institution that shaped them and to
honor HEC as a key behind their
success today.
Alumni are extremely enthusiastic about
the Foundation’s projects. High on their
list of priorities is helping talented
students with insufficient resources.
Plans to finance new scientific research
and to develop teaching with top
technology are also of great interest.
Among the donors, 10 individuals gave
gifts of at least €150,000 each, in order
to set an example. This level of
acknowledgment speaks for itself, but
this is just a starting point. Plans for
year-long and anniversary drives are
already underway.
Another new source of successful
funding for the Foundation is the Class
Gift. What has been the response to
this concept?
I was certain that this idea, a
longstanding tradition at American
institutions, would take off at HEC, but I
had no idea just how soon. The MBA
class began the tradition in 2002, and
the Grande Ecole is giving this year for
the very first time. On June 16, other
student associations, such as Carrefour
HEC, joined the Grande Ecole and MBA
class of 2005 in presenting a gift of
100,000€. I am thrilled to see these
young professionals embark on their
careers with the assurance that their
education was top-notch and with pride
in their alma mater.
> CEO WEEK - EUROPE'S
TOP EXECUTIVES COME
TO HEC
delegation coordinator from LBS.
As the world’s largest gathering of
MBA's, the tournament provided a
matchless opportunity to meet
future clients and partners, thanks
to the relaxed atmosphere and
professional orchestration of the
event.
> THE INTERNATIONALIZATION OF HEC
GRANDE ECOLE (MSC IN
MANAGEMENT)
> EXECUTIVE EDUCATION:
HEC OFFERS
COMPETITIVE PROGRAMS
IN ENGLISH
> HEC FOUNDATION
CELEBRATES TRIPLE
SUCCESS
> "SANTOS DUMONT":
REINFORING LINKS
BETWEEN FRANCE AND
BRAZIL
Guy Forget at the MBAT 2005
“Unforgettable”, “perfect”, and
“professional” were just some of the
adjectives used by participants to
describe the HEC annual MBA
Tournament. Glorious sunshine
bathed the beautiful 300-acre
campus during this year’s MBAT, a
unique 3-day sporting and
networking event which brought
together more than 2,000 MBA
participants from 14 leading
business schools.
The overall champions of this 15th
annual MBA tournament were IESE,
LBS and HEC finishing in a very
respectable third place. Competition
was fierce in the 30 different
sporting activities, but as Valérie
Gauthier, Associate Dean of the
HEC MBA, highlighted in her
opening speech, the emphasis of
the competition was not on winning,
but on fair play. Everyone involved
in the tournament demonstrated an
admirable commitment to that
philosophy.
Seven months of hard work reaped
great rewards with every event
flowing smoothly thanks to the work
of over 150 tireless MBAs – who
organized the whole event.
Participants representing 5
continents and over 70 nationalities
were unanimous in their praise.“I
can’t tell you how many comments I
received from London Business
School participants about how much
fun they were having exclaimed
Matt Turner, the
First-time MBAT-ers from Cambridge,
New York Stern and KOÇ in Turkey
were more than satisfied by the
positive and productive business
atmosphere surrounding the event,
promising to return in 2006.
Competitors were enthralled by a
breathtaking display of excellence
on the tournament’s final day, as
tennis stars Guy Forget (captain of
the French Davis Cup team) and
Guillaume Raoux showcased their
on-court skills, and participated in a
fascinating question and answer
session.
As well as giving 2,000 MBA
students 3 days to remember, the
tournament also donated all profits
to “Les Enfants de La Terre,” a
charity which helps deprived
children, run by tennis legend and
patron of the event, Yannick Noah.
> CEO WEEK - EUROPE'S
TOP EXECUTIVES COME
TO HEC
> THE INTERNATIONALIZATION OF
HEC GRANDE ECOLE
(MSC IN MANAGEMENT)
> EXECUTIVE
EDUCATION: HEC OFFERS
COMPETITIVE
PROGRAMS IN ENGLISH
> HEC FOUNDATION
CELEBRATES TRIPLE
SUCCESS
> MBAT 2005
TOMORROW'S LEADERS
SHOWCASE SPORTING
PROWESS
program offers an enviable
opportunity to learn more about
sophisticated European business
models. For their part, French
students will be given an exciting
insight into a high-potential
emerging economy, with the added
opportunity of forging contacts in a
From left to right: Michel Raimbault
nation with vast business and
(HEC), HE the ambassador of Brazil in
France, and Fernando S. Meirelles (Dean management possibilities. As
of FGV-EAESP)
Emmanuel de Saizieu, who majored
in Partnership in International
A new agreement between HEC
Management (PIM) at FGV-EAESP
and la Escola de Administração de this year, explained: "The ‘Santos
Empresas de São Paulo Dumont’ program, without a doubt,
Fundação Getulio Vargas
opens many doors to great future
(FGV-EAESP) in Brazil allows
opportunities.”
students to broaden their
management studies and gain
Participants can be sure that they
some business experience on
are part of a long tradition of
another continent.
success. Over 3 decades 100
students from each institution –
To celebrate France-Brazil year and FGV-EAESP and HEC – have
to further strengthen their 30-year
benefited from similar exchange
productive relationship, HEC and
programs. The program also offers
FGV-EAESP have launched a joint an unparalleled network of support.
international management initiative: As an official part of the
the “Santos Dumont” program,
France-Brazil year, the governments
named in honor of one of the
of both countries have pledged their
fathers of modern aviation.
assistance, as have both nations’
top companies.
Equipped with the some of the best
management training in the world
and with the vibrant life experience
provided by the program,
High-flying students from both
participants will soon find
institutions are being given a unique themselves ready to follow Santos
opportunity to earn a double
Dumont, soaring into a bright future!
diploma. Beginning in August, HEC
students will follow a specialized,
intensive, 4-week course in São
Paulo focusing on “International
Management: Brazil-Mercosul”. They
will then put theory into practice
during a 6-month internship in one
of the foremost companies in
France (for FGV-EAESP students)
or Brazil (for HEC students). The
following March, fresh from these
experiences, participants will gather
in Paris for a lively exchange of
ideas and theory at an international
seminar, “International
Management: Brazil – Europe”.
For Brazilian participants this
> JAN SORENSEN:
FROM THE DANISH
ARMY TO MORGAN
STANLEY WITH THE
HEC MBA
> HERVE CRES
APPOINTED
ASSOCIATE DEAN, HEC
PH.D. PROGRAM
> EUROPEAN
CONSTITUTION:
FORMER PRESIDENT
GISCARD D'ESTAING
APPEALED FOR A
"YES" VOTE AND
NOELLE LENOIR
REFLECTS ON "NO"
OUTCOME
After graduating from HEC in 1978, Philippe Charrier started his
career with P&G, the company he has remained faithful to and
has been managing in France since 1999. Over the years, he
has held various international positions in the group, in France,
Morocco and the US. An interview looks at the way this graduate
has put his HEC education into practice.
P&G has existed in France for over 50 years. What will be its
main areas for development in the years to come?
Through its brands and in several product categories, P&G has
been working since 1954 to improve French people’s quality of
life on a daily basis. We were among the very first to pioneer
diapers, compact detergents, 2-in-1 shampoos or therapeutic
treatments for osteoporosis. Passing the 50-year milestone, we
commissioned an IPSOS institute survey showing that almost
80% of French people still consider innovation in their daily life
as important, or essential. This is not that surprising given that
French households today spend more time on housework than
leisure! Consequently, we will continue to innovate in 4 main
categories: fabric and home care, beauty care, health care and
baby care.
You said “The true boss is the consumer”: what does that
mean?
Our IPSOS survey indicates that 50% of French people feel that
their opinion is not sufficiently considered. To show greater
empathy, we are increasing contacts with consumers and
putting them at the heart of our decisions. I regularly meet with
consumers in their homes, and accompany them as they shop,
so as to better figure out their frustrations and desires. We have
changed our innovation assessment criteria: we no longer
measure solely the technological performance of a new
product, but also its real value perception by consumers.
Recently, this process has allowed us to successfully launch
the Pampers Kandoo wipes or the Mr. Propre’s magic eraser.
You worked on the French Environmental Charter, recently
appended to the French constitution. What was your
contribution? What was its objective?
For a long time, P&G has been at the forefront of eco-efficiency
that aims to better meet consumers’ needs by using fewer
natural resources. We have thus reduced the weight of our
Pampers diapers by 40% and of our washing powders by over
half. Furthermore, we are long-term partners of the
Conservatoire du Littoral (Coastline Conservation Society) via
our corporate foundation for coastline protection. In light of all
these actions, we were asked by the French Republic President
to sit on the commission responsible for drafting the
Environmental Charter in 2003. Our main purpose was to define
the citizens’ rights and obligations as regards the environment.
One of P&G’s contributions was to organize discussion groups
with ordinary citizens so as to better understand their needs and
proposals concerning these rights and duties.
What advice would you give a student who would want to
occupy a managerial position in an international group one
day?
For me, the most important thing is to choose your first
company wisely: one that will allow you to complete your
management training by giving you practical opportunities to
exercise your taste for entrepreneurship and your sense of
responsibility. You must also speak from your heart and choose
an activity sector you feel passionate about. Finally, in the long
term, you are much more successful in a company whose
values and mission you share deeply. I felt it was important to
choose a company that saw its actions in a longer-term
perspective, beyond the quarterly financial results that are
necessary but not sufficient.
What did your HEC studies bring you and what links have you
kept with the HEC community?
Above all else, HEC gave me high-quality management training,
thanks to its faculty with whom I still have regular exchanges 25
years after leaving campus. I was also fortunate enough to
make many friends there, whom I still see with pleasure both
personally and professionally. I am pleased to still keep very
strong ties to HEC, via the HEC Foundation and the CEMS
(Community of European Management Schools). Through this
associative commitment, I strive to give back a little of what the
HEC community gave me throughout my education and career.
> VIP ALUMNI: PHILIPPE
CHARRIER (H.78), CEO OF
PROCTER & GAMBLE
FRANCE
enormous international skill and a
very cosmopolitan student body.
The HEC Bilingual Track proves to a
company that you make the effort to
understand different cultures. If you
want to do business internationally,
it’s a clear advantage, especially if
combined with HEC’s
double-degree.
> HERVE CRES
APPOINTED ASSOCIATE
DEAN, HEC PH.D.
PROGRAM
> EUROPEAN
CONSTITUTION: FORMER
PRESIDENT GISCARD
D'ESTAING APPEALED FOR
A "YES" VOTE AND
NOELLE LENOIR
REFLECTS ON "NO"
OUTCOME
Jan Sorensen, from Denmark, was a
Captain in his national army before
deciding to move into international
finance. He is currently on a summer
internship with Morgan Stanley in
London, before returning to finish
his Master of Arts in Law and
Diplomacy (MALD) course in the
United States this fall.
What led you to change careers?
After spending 10 years with the
Danish army, I felt my professional
life was becoming a little
monotonous. I was missing the
challenges of the early days, so I
decided on a complete change and
set myself a new objective: to work
in international finance.
However, because of my uncommon
background, I felt I needed extra
qualifications to appeal to potential
employers.
Why did you choose HEC for your
MBA?
HEC is very highly regarded
internationally, and the Bilingual
Track appealed to me. Every
language spoken gives you an
edge, so it was a good opportunity
to learn French, differentiating
myself from many other MBAs on
the market. In this, HEC has been
absolutely perfect – they have
How does the double-degree
system work?
The double-degree allows you to
follow part of your course at HEC in
Paris, and part in another institution
abroad. I chose the Fletcher School
of Law and Diplomacy in
Massachusetts. The course is
longer, but once completed you are
awarded both the HEC MBA and a
Masters/MBA from your second
institution. That’s quite a
qualification!
You followed a bilingual and
double-degree in HEC?
Although the double-degree was
not part of my original plan, it has
turned out to be a really important
factor in my MBA, adding even more
depth to an already very complete
program. It has been a lot of work
(and I still haven’t finished!), but the
extra time has really helped me
draw the most from my HEC learning
and put it into practice.
What are your plans for the future?
My time with HEC has certainly
created many options for me. I still
have to finish my course at Fletcher
after the internship with Morgan
Stanley, but I’m looking forward to
the next few years. We’ll see
whether business really is tougher
than the army!
> VIP ALUMNI: PHILIPPE
CHARRIER (H.78), CEO OF
PROCTER & GAMBLE
FRANCE
> JAN SORENSEN: FROM
THE DANISH ARMY TO
MORGAN STANLEY WITH
THE HEC MBA
> EUROPEAN
CONSTITUTION: FORMER
PRESIDENT GISCARD
D'ESTAING APPEALED FOR
A "YES" VOTE AND
NOELLE LENOIR
REFLECTS ON "NO"
OUTCOME
Professor of Economics at the HEC
School of Management since 1997,
Hervé Crès has recently been
appointed Associate Dean of the
HEC Ph.D. program.
Hervé Crès graduated from the
Ecole Normale Supérieure and the
Institut d’Etudes Politiques in Paris.
He holds a Ph.D. in Mathematics
from the University of Paris I and a
Ph.D. in Economics from the
University of Geneva.
His research, mostly in the fields of
general equilibrium and the theory
of social choice, focuses on the
interactions between market
mechanisms and voting procedures
in the allocation of resources.
Hervé Crès started his career at the
University of Pennsylvania, and has
taught in various universities in
France, Denmark, Switzerland and
Turkey.
He is Associate Editor of the Journal
of Economic Dynamics and Control
and Mathematical Social Sciences.
How important is the Ph.D.
program at HEC?
It is a fundamental strategic tool for
the scientific presence of HEC
throughout the world.
What are your main objectives for
the Ph.D. program in the coming
years?
In line with my predecessor, my aim
is to help our doctors find great
research and teaching positions in
prominent international institutions,
particularly in the English-speaking
world.
In recent years, our placement
records have been extremely
encouraging, with HEC doctors
joining prestigious institutions like
Berkeley, LSE, Caltech, HEC
Lausanne or HEC Montréal.
To further improve placement, we
encourage students to submit
papers to the best journals in the
world during their studies, and to
visit international conferences that
constitute a crucial opportunity for
first contacts with potential future
employers.
I also would like to improve
financing facilities offered to the
very best Ph.D. students, and foster
students writing their theses
relatively quickly (the target being 4
years).
What is the profile of HEC Ph.D.
students?
They’re high-level graduates with
degrees from prominent business
and engineering schools. Their
background is progressively
changing: although most of them
are francophone, we are
encouraging applications from
prospective researchers who are
non French-speaking. Now, many
theses defended follow the modern
“three essays on…” format – large
parts of which can be actually
written in English.
We are setting up numerous
research seminars focusing on the
main departments carrying out
research: accounting, finance,
human resources, marketing and
strategy.
> VIP ALUMNI: PHILIPPE
CHARRIER (H.78), CEO OF
PROCTER & GAMBLE FRANCE
> JAN SORENSEN: FROM THE
DANISH ARMY TO MORGAN
STANLEY WITH THE HEC MBA
> HERVE CRES APPOINTED
ASSOCIATE DEAN, HEC PH.D.
PROGRAM.
From the left: Pr. Bertrand Moingeon, HEC Dean Bernard Ramanantsoa, Pierre Simon (CCIP President), former
French President Valéry Giscard d’Estaing, Noëlle Lenoir and Nicolas Jacquet (CCIP Managing Director)
Several days before the referendum
took place, former French President and
President of the European Convention
Valéry Giscard d’Estaing gave a lecture
on the HEC campus in favor of the
European Constitution, in a climate of
mounting anxiety.
Mrs. Noëlle Lenoir, former French
European Affairs Minister, who chairs
the HEC European Institute, comments
on the referendum results.
What is your interpretation of the
recent French vote in France against
the European constitution?
The dialogue that took place between
Mr. Giscard d’Estaing and HEC students
showed their strong interest in Europe.
I am convinced a vote organized on the
campus would have shown much more
positive results. The French did not
reject the Constitution itself but
expressed a growing fear about the
future.
Europe seems to have become the
target of people’s dissatisfaction, but
paradoxically, France, an EU-founding
state, has greatly benefited from its
agricultural policy.
What could be the consequences of
this negative vote?
In the short term, the French result
might puzzle its long-time partners. The
credibility of the EU may waver in terms
of its ability to build a significant and
unified market as well as affect growth.
The only way to take advantage of the
no vote is to capitalize on the current
crisis and to deeply reinvent our way of
thinking about EU construction.
How will the HEC European Institute
take this new context into account?
We will stick to our original credo of an
international business school committed
to explaining and promoting the stakes
related to Europe, as well as
strengthening the awareness of
business decision-makers. Our
“meetings of Europe”, which allow
participants to discuss European issues
with major CEOs and politicians, will go
on.
So will seminars for MBA students, with
an increased focus on operational
aspects (growth, competitiveness,
social and intercultural dialogue, etc.).
We wish to help executives understand
how the EU works and how it supports
the different member states.
Among our projects is the development
of new ties with top international
business schools, in order to organize
joint programs and seminars on topics
such as corporate governance or
currency issues. Our aim is to
demonstrate that France’s borders
remain open.
Let’s face it: the real problem is
employment, i.e. competitiveness. It can
be enhanced by increasing investments
in research and technology. The current
French employment system needs to be
more flexible for employers.
Also, our social and economic model
should take into account new
competitors such as China and India.
For more information:
click here
> STRATEGIC PLANNING
AND CONSUMER HABITS:
HEC PROFESSORS SHARE
THIER FINDINGS
> PR. HERVE STOLOWY'S
RESEARCH FUNDED BY
THE HEC FOUNDATION
Three books by influential
HEC professors offer
up-to-the-minute insight on new
concepts in marketing and law.
In “Le dirigeant et la planète
consommateurs, les réalités du
marketing mondial” (Leaders and
the Consumer Planet) Jean-Noël
Kapferer, world-renowned Professor
of Marketing, and Claude
Boutineau, ask the question which
perplexes every leader looking to
implant a business or a brand in a
new market – does a global
consumer really exist? The authors
offer enlightening advice on taking
the first risky steps toward the
international market. Readers are
steered around potential pitfalls with
historical overviews of globalization
theories and trends, profiles of
consumer habits and reflections on
the “post-global brand”. While the
global consumer may be elusive,
three fascinating approaches
restore confidence in the possibility
of matching a business offer to the
perfect international audience.
Nicole Ferry-Maccario, Professor
of Business Law and Taxation,
takes an interdisciplinary approach
in “Droit du marketing” (Marketing
Law) by providing marketing
managers and team leaders with
vital tools for understanding the
legal impact
of their actions.
The book covers legal aspects of
classic marketing themes such as
advertising, identity protection and
promotional sales. Based on the
courses developed at HEC,
including many examples and
helpful tables, this highly instructive
book prepares the ground for fruitful
collaboration between legal and
marketing professionals.
“International Commercial Arbitration
in Latin America, Regulation and
Practice in MERCOSUR and the
Associated Countries,” by Jan
Kleinheisterkamp, Professor of
Business Law, is a must for
understanding international
commercial arbitration in Latin
America. This comprehensive
handbook provides quick access to
and in-depth analysis of the often
complex national laws and regional
international treaties. Interviews with
nearly 100 local professionals
assure that the actual practice is
well reflected. Its clear structure and
comparative approach, as well as a
helpful bilingual annex with English
translations of all relevant
legislation, make this book a most
valuable tool for both practitioners
and scholars.
HEC’s high-profile professors
continue to inspire us, pushing the
boundaries of knowledge with their
outstanding works.
> RECENT PUBLICATIONS:
HEC PROFESSORS FOCUS
ON LAW AND MARKETING
Rather, they show that the
phenomenon is most likely linked to
factors involved in aging such as
biological and cognitive decline,
socio-emotional selectivity and
aversion to change.
> PR. HERVE STOLOWY'S
RESEARCH FUNDED BY
THE HEC FOUNDATION
Gilles Laurent
From understanding the habits of
elderly consumer to avoiding narrow
focus in employees, HEC professors
publish the results of their research
in top business journals.
“Repeat Purchasing of New
Automobiles by Older Consumers:
Empirical Evidence and
Interpretations”, Journal of
Marketing, April 2005.
Gilles Laurent, Carrefour Professor
of Marketing at HEC has
co-authored a paper on the
purchase behavior of older
consumers – a large, growing
segment that often escapes
attention. Studying a very large
sample (30,000) of new car buyers
in France, the authors show that the
behavior of older consumers (above
60, and especially above 75) differs
from that of other consumer groups.
They consider fewer options prior to
purchase, and they are more likely
to make a repeat purchase of the
same brand from the same dealer.
When they happen to switch
brands, they tend to choose
another one of the largest,
long-established French
manufacturers. The study discusses
the possible theoretical causes of
this behavior, ruling out potential
explanations such as reduced
interest in cars, lack of expertise,
preference for national brands or
gender.
“Strategic Planning as an
Integrative Device”,
Administrative Science Quarterly,
September 2004.
Co-authored by Xavier Castañer,
Assistant Professor of Strategy and
Business Policy at HEC and Mikko
Ketokivi (HUT, Finland), this article
investigates whether strategic
planning can reduce people’s
“position bias” – a tendency to
define goals only in terms of one’s
own function. It examines the
hypothesis that involving employees
in the strategic planning process
and communicating agreed-upon
priorities enhances goal
convergence and improves the
extent to which employees focus on
the overall goals and priorities of
their organization. The study
involved a sample of 164
manufacturing plants from five
countries and three industries, in
which middle-level managers were
asked to assess the importance of
various goals. The results show that
participation and communication
have a complementary function,
jointly reducing managerial position
bias.
Xavier Castañer
> RECENT PUBLICATIONS:
HEC PROFFESORS FOCUS
ON LAW AND MARKETING
> STRATEGIC PLANNING
AND CONSUMER HABITS:
HEC PROFESSORS SHARE
THEIR FINDINGS
Every year, the HEC Foundation
funds innovative research projects
led by HEC professors.
Supported projects are carefully
selected by the HEC academic
research committee chaired by the
Dean of Research as well as the
Foundation research committee
comprising many prominent
business leaders. Professors then
defend their projects orally before
the committee, which makes
comments and constructive
suggestions.
Where do your research interests
lie?
With the help of the Foundation,
within a project on R&D which
started in 2001, I published the
findings of research I carried out with
Y. Ding and G. Entwistle:
“International Differences in R&D
Reporting Practices: a French and
Canadian Comparison.”
More recently, I have started
working with Y. Ding and T.
Jeanjean on another ongoing
research project about
cross-national variations in financial
reporting. Our goal is to
demonstrate that cultural values can
account for differences between
local accounting standards and
International Accounting Standards
(IAS/IFRS).
Hervé Stolowy
Professor of Accounting Hervé
Stolowy, who recently benefited
from the Foundation’s support,
explains.
What is the nature of the help
provided by the Foundation?
A project usually takes 2 to 3 years
to develop and complete, and
Foundation funding goes a long
way toward accomplishing the
necessary research.
Upon publication, the Foundation
also encourages supported
professors to present their findings
to alumni, academics and
executives during Foundation
breakfast meetings.
Yuan Ding
Thomas Jeanjean
We are also researching the impact
of economic and institutional values
(such as the legal system or the
country’s development level) on
accounting regulations.
You were recently granted a
research budget by IBM to study
“accounting and financial
information”. What will this
research entail?
Within this project, I am looking at
the financial competency of
directors of French listed companies
in order to investigate a possible link
between this competency and
earnings management.
Mercedes Erra (H.81) has just been elected President of the HEC Alumni Association. The Association’s General Manager, Christophe Labarde, tells us more about its mission...
Can you introduce the Association to us?
The HEC Association is the biggest association of alumni from the French Grandes Ecoles. It was created at the same time as the HEC School (1883) and today comprises some 26,000 alumni, over half of whom are contributing members. It is organized into some 500 informal or professional structures (classes by year, professional groupings, regional groups and those abroad, informal clubs, etc.). Present in every country, every region and every profession, its headquarters is today located in the heart of Paris, on the Champs-Elysées. Its budget is around €2.5 million. On a day-to-day basis, it is organized by some 20 permanent staff and around 100 volunteers. It is a “real SME” at the service of the degree and the graduates.
What are the Association’s missions?
Its primary mission is to give continued support to the values we are attached to, like solidarity, excellence, openness, the company spirit, openness to other people or places, since our alumni are the foremost ambassadors of the degree’s image. In addition, we have 3 broad missions:
• developing our network everywhere we can
• developing the services we offer all alumni
• “promoting” the HEC brand
I would add a final mission: helping HEC to develop, namely on an international level, through our Foundation which, in some ways, is our true “firepower”. In practical terms, what services are graduates offered?
All contributors to the Association have the benefit of personalized career management, right from arrival on campus if desired (it is never too early!). We are European leaders in this area, and we help all those going through “transitional” periods (change of job, transition between Campus and first job, preparation for retirement, etc.) as well as all those who wonder about their career path.
How can alumni contribute to the Association?
Oh, there is so much to do that there are no rules! Or rather, the number one rule is to do what you want to do. My motto is that it is precisely because we are able to give a lot that we will get a lot back in return. That is why we always say to future volunteers: “Don’t ask what your Association can do for you, but rather what you can do for your Association”.
On a day-to-day basis, what does the President’s work consist of? Who is s/he in contact with?
The President “embodies” the alumni community and is at the heart of all decisions concerning it, a crucial role in relations with our main partners. S/he is also very visible in the field, speaking at each of the large-scale events organized by the Association. S/he attends some of the 500 yearly events held by our network, in France and abroad. In practice, s/he is helped by a central management committee of 8 members chosen from the 24 members of our wider Committee.
What are the future evolutions planned in the Association’s life?
The main evolution, over the past few years, has been to build an “online” association at in addition to the existing “physical” one.Today we have launched a series of “wikis” on our site, that is to say specialized IT areas in which every member will be able to fit in, in terms of interests, be they personal or professional. This is a very important evolution since more and more alumni are now based abroad.
We have also developed the job site “manageurs.com” with French institutions Ecole Polytechnique, Ecole Centrale and ENSAE, which we are in the process of opening up to the best schools and universities abroad to offer alumni a new “plus point” in terms of career management. We are to strengthen our graduate base by creating closer links with the CPA’s graduate association.