BREAKTHROUGHS

Yes, There Are More Sexes than Male and Female, Claims Study

Has there always been only two genders? Or have there been societies, including in the Western world, where additional genders were recognized? A recent study by Matteo Winkler shows that many cultures throughout history, including Western cultures, did not necessarily conceive of sex and gender as binary. This comes at a time when an Italian court dismissed a case demanding the recognition of one of its citizens as non-binary, saying that in the Italian legal system there is no sex or gender beyond male and female.

Top Finance Researcher Shows Why AI’s Hidden Bill Is About to Hit Everyone

AI may feel weightless, but Olivier Darmouni argues that its real-world costs are anything but virtual. In this episode of Breakthroughs, the HEC Paris professor explains when and where the boom in data centers could raise electricity prices in the future; and how these centers could reshape investment in power infrastructure and force Europe to think much harder about energy security. Olivier also reflects on his recent hearing at France’s National Assembly, the difference between productive finance and financial extraction, and why overcoming the financial barriers to sustainability means finding credible ways to crowd in private capital.

Have Banks Outsourced Financial Fragility?

When credit markets seize up in crisis periods, most people still blame the banks. But new research suggests the bigger pullback may come from nonbanks like those in the syndicated loan market. These have grown fast but remain fragile, cutting lending harder in times of stress – with negative consequences on employment. That shift could reshape how we think about crises, jobs and financial resilience. HEC Assistant Professor in Finance Quirin Fleckenstein explores these issues as part of his research into macro-finance, financial intermediation, and corporate finance.

Original research paper: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3629232 (open source), and the published article in the prestigious Review of Financial Studies (https://academic.oup.com/rfs/article/39/4/925/8114830)

How Oscar Nominations Influence Our Choices - SHORT PODCAST

The 98th Academy Awards are just days away, six weeks after the Academy listed the nominees. But what do Oscar nominations really do to moviegoers? According to Marketing professor Michelangelo Rossi, they don’t just guide what we watch, they can also raise expectations enough to change how much we enjoy a film. Michelangelo joins Breakthroughs to unpack his latest research, cosigned by Hi! PARIS academic Felix Schleff.

How Platform Architecture and Oscar Nominations Influence Our Choices

Marketing professor Michelangelo Rossi shares with Breakthroughs the research he and Hi! Paris academic Felix Schleff published on Oscar nominations and their impact on movie-goers’ expectations. On the eve of the 98th Academy Awards, Rossi describes the overlooked downside of such quality disclosures. He also shares his latest research on the impact that Europe’s Digital Markets Act (DMA) has had on consumers using Google Maps.

SHORT BREAKTHROUGHS: Digital Scorecards to Improve Sustainability

Digital Scorecards for Sustainability Disclosure

A bumper christmas edition of Breakthrough featuring Brian Hill. He's Research Director at the CNRS and HEC Professor in the Economics and Decision Sciences Department. Brian discusses his new policy paper which shifts the focus of disclosure rules from companies to products - in the name of sustainability. A timely exchange, coming as it does as Europe reaches a provisional agreement to simplify sustainability reporting and due diligence requirements. Could Brian's digital, standardized scorecard be the key to filling in information and data gaps in this drive for smart product-level disclosure Europe should be aiming for?

PUISSANTES by HEC - Rendez-vous en janvier

Puissantes by HEC est un podcast qui révèle des entrepreneuses qui ont bâti leur propre voie. Elles transforment une idée, un désir ou un manque en un projet qui leur ressemble profondément et racontent leur parcours, leur détermination et le déclic qui les a poussées à franchir le pas, jusqu'à la fierté d'être devenues des entrepreneures. Ce podcast est porté par HEC Stand Up, le programme qui accompagne les femmes qui souhaitent se lancer dans l’entrepreneuriat, qu’importe leur âge, leur parcours, ou leur horizon social.

SHORT BREAKTHROUGHS: Gaza Humanitarian Foundation Challenges UN Bodies and International Law

SHORT BREAKTHROUGHS: Gaza Humanitarian Foundation Challenges UN Bodies and International Law

While the GHF has closed its doors, could its controversial approach to humanitarian aid be a blueprint for the administrating of Gaza? Law academic Julia Emtseva analyzes this US-Israel initiative and its possible implications for a territory shattered by violence and famine. This is a condensed version of the Breakthroughs first broadcast on November 25.

Private Gaza Humanitarian Foundation Challenges UN Bodies and International Law

When the Gaza Humanitarian Foundation (the GHF) began operating in late May 2025, much public debate centered on its immediate humanitarian record: the shootings, the chaos near distribution sites, the opaque role of private security companies. But what of the GHF’s impact on international law and conventions, core obligations of an occupying power and very notion of politicizing humanitarian aid? HEC Assistant Professor of Law Julia Emtseva explores these issues as part of her research into private actors in international law and transitional justice. We also hear the opinions of HEC students on these questions.

SHORT BREAKTHROUGHS: Crisis Partnerships: Genuine Change or Corporate Spin?

Short of time? Here's an abridged version of the Breakthroughs podcast exchange with HEC strategy professor Aline Gatignon. Her research focuses on the ripple effect of corruption, tracking how scandals reshape cross-sector partnerships between nonprofits and multinationals. The lessons are urgent for any leader whose organization touches public trust, whether in emerging markets or in Western capitals. Often, multinationals turn to nonprofits in times of crisis, funding environmental or social causes to show they’re part of the solution. But are these partnerships real, or just spin? Hear more from Aline as she gives advice to both parties on how to work together. Her research is a story about power, legitimacy, and the resilience of civil society.

Crisis Partnerships: Genuine Change or Corporate Spin?

When a corporate scandal explodes, like Volkswagen’s Dieselgate or BP’s oil spill, companies scramble to save their reputations. Often, they turn to nonprofits, funding environmental or social causes to show they’re part of the solution. But are these partnerships real, or just spin? Strategy professor Aline Gatignon suggests answers. Her new study uncovers how crises change the way corporations and nonprofits work together - and how nonprofits sometimes resist being used as PR cover. Her research is a story about power, legitimacy, and the resilience of civil society.

From Huxley to Frankl: Research Academics Pinpoint Their Novel Inspirations

SHORT LISTEN: Not Just Parrots: How Middle Managers Communicate Purpose

Why should employees articulate your company’s purpose - and not just the firm’s CEO? In this SHORT LISTEN Breakthroughs speaks with Pauline Asmar, a doctoral researcher at HEC Paris, whose groundbreaking work reframes how purpose actually works inside companies. Drawing on data from nearly 60,000 employees across 469 firms, Asmar reveals that it's the middle managers who translate abstract mission statements into daily motivation - not the top brass. We discuss why this “purpose dialogue” at management/worker level is emerging as a vital new lever for team commitment, how companies can fail despite having purpose statements, and what happens when leaders just parrot slogans instead of listening. Plus, how purpose-washing creates skepticism, and what can be done about it. For the full version, go to https://shows.acast.com/knowledgehec/episodes/not-just-parrots-how-middle-managers-bring-purpose-to-life.

Not Just Parrots: How Middle Managers Bring Purpose to Life

Why should employees articulate your company’s purpose - and not just the firm’s CEO? In this episode of Breakthroughs, we speak with Pauline Asmar, a doctoral researcher at HEC Paris, whose work reframes how purpose works inside companies, at the level of the teams. The research is co-authored by HEC Professor and Purpose Chair director Rodolphe Durand. Drawing on data from nearly 60,000 employees across 469 firms, Asmar reveals that it's the everyday managers who translate abstract purpose statements by the top brass into daily motivation. We discuss why this “purpose dialogue” at management/worker level is emerging as a vital new lever of team commitment, how companies can fail despite having purpose statements, and what happens when leaders just parrot slogans instead of listening and engaging. We also discuss how purpose-washing creates skepticism, and what can be done about it.

SHORT LISTEN: Challenging the Research Approach to Sustainability

This month’s HEC Breakthroughs podcast features the insights by KU Leuven professor Frank Wijen who challenges fellow researchers in sustainability to go deeper and to have greater impact. Here are some of the key points taken from our 30-minute exchange on what Wijen calls “engaged research”.

Challenging the Research Approach to Sustainability

SHORT LISTEN: Diversity Is Not What You Think It Is

We’ve heard it a thousand times: diversity is good for business. But what if that familiar line doesn’t stand up to scrutiny or serious research – and, to cap it all, it’s counterproductive? In this SHORT LISTEN version of the HEC Breakthroughs podcast, HEC Paris professor and best-selling author Olivier Sibony explains why the “business case” for diversity may be leading us astray. If we want fairer, smarter organizations, we need to stop trying to change minds - and start redesigning the systems that shape them.

Diversity Is Not What You Think It Is

We’ve heard it a thousand times: diversity is good for business. But what if that familiar line doesn’t stand up to scrutiny or serious research – and, to cap it all, it’s counterproductive? In this latest HEC Breakthroughs episode, HEC Paris professor and best-selling author Olivier Sibony explains why the “business case” for diversity may be leading us astray. If we want fairer, smarter organizations, we need to stop trying to change minds - and start redesigning the systems that shape them.

DEI in the 21st century and Why It’s Dividing the World

President Donald Trump’s dismantling of American Diversity, Equity, and Inclusion (DEI) programs is happening at breakneck speed. His Executive Orders label DEI policies as "illegal and immoral forms of discrimination”. HEC scholars Matteo Winkler and Marcelle Laliberté scrutinize this shift of narrative which is challenging certain constitutional rights. They share their research on this seismic shift which, they say, could undermine the very essence of American - and by ricochet, European – societies and their notion of equal rights.

The Challenges of Retirement in Japan and the USA: a Case Study on the Big Four

Japan’s “super-aged society” (over 28% of its population aged 65 or above) and the US’ “aged society” (around 16% over 65) pose new challenges to the retirement period. And they’re set to rise. Just how do these two countries answer them? HEC professor Lisa Baudot plunges us into her new research through the eyes of CEO retirees from accounting’s Big Four.

‘Fire-in-the-belly’ Books Fueling Research at HEC Paris

“I just make the time to read a book and it gives me this burst of fire in the belly to give me another two or three hours of creativity or productivity.” This cry of passion by author Robin Sharma is a call to arms four HEC researchers have heard throughout their respective careers. Gilles Deleuze, Norbert Elias, Sherry Turkle and E.O. Wilson are so many references inspiring our academics in their devotion to further their disciplines. They share their passion for books in this first Breakthroughs podcast of 2025.

Research on the Enigma of Merit and Monopoly of Academic English

The questions of language, culture and merit have long intrigued researchers. HEC accounting professors Daniel Martinez and Keith Robson share the challenges these issues pose for diversity and equity. Professor Robson describes the cultural notions like language that favor the progression of elite groups in service firms in the UK. Whilst Associate Professor Martinez joins with fellow-researchers Javier Husillos and Carlos Larranaga to challenge the monolingual hegemony of English in academic publishing. This, he claims, affects non-native speaking academics’ very identity and puts them in a position of subservience.

How Awe is Transforming Sustainability, Health and Marketing

HEC research academic Craig Anderson has been exploring the impact of “awe” on Corporate Social Responsibility, CSR, and well-being for over a decade. The specialist in affective science recently published a paper on culture and awe, comparing the emotional approach of Americans and Chinese to this phenomenon. Anderson’s research was at the heart of a 2023 National Geographic documentary “Operation Artic Cure” which traces the use of awe to alleviate PTSD in veteran soldiers. The American academic shares his insights into a new science reshaping policies in sustainability, marketing and health.

How Online Violence Grows Into Clan Abuse and Popular Justice

This summer’s eruption of violence in the UK has renewed searching questions on the role social media plays in our society. It has also accelerated calls for new or revamped regulation of the country’s social media platforms, encapsuled in the UK’s Online Safety Act. But online violence does not confine itself to politicized and stigmatized communities. For the past 12 years, HEC Professor Kristine de Valck has explored the presence of direct, cultural and structural violence in an online community that few researchers would imagine: the British electronic dance music community. Kristine shares her decade-long research on such leisure-oriented communities, also observed on Reddit, Twitch and Discord platforms, and suggests ways to mitigate such brutalization of online consumers.

Comprendre et réinventer l’économie du sport : interview avec prof. Luc Arrondel sur le programme « Sport & Business »

Notre série du podcast Breakthroughs fête ce mois-ci les événements sportifs de l’été avec un programme hors-série dédié au lancement d’un nouvel électif sport et commerce pour les étudiants. Intitulé « Sport & Business », ce programme de six mois comprend un travail théorique, puis de terrain en partenariat avec le club de football professionnel Racing Club de Lens (présidé par Joseph Oughourlian, un alumnus d’HEC). Le professeur Luc Arrondel dirige les contenus académiques de l’électif. Ce chercheur partage avec nous son approche pédagogique centrés sur l’économie du foot. Puis, dans la deuxième partie du podcast, nous suivons le premier rassemblement de l’Economie du Sport dans lequel HEC Paris, Bpifrance et EY ont uni les acteurs clés de l’écosystème sportif. Etaient présents pour HEC, des dirigeants, des étudiants et des alumni pour des séances dédiées à la recherche, à l’enseignement et à l’action de l’école de commerce dans ce secteur florissant.

Adolescence and Social Media: the Slippery Sands of Research on a Global Phenomenon

HEC Paris Honors Pioneer of Stakeholder Theory with Honorary Doctorate

Ever since he published “Strategic Management”, Edward Freeman has been at the forefront of a theory that stakeholders are interconnected. For his collective body of work, the economist from Darden School, Virginia, received an Honorary Doctorate from HEC Paris, adding his name to the 48 illustrious scholars on the HEC Honoris Causa list. The March 4 ceremony was followed by several thousand spectators, both live and on line. Freeman’s visit to the Jouy-en-Josas campus was the occasion to discuss his stakeholder vision with a prism of the 21st century. This is an exceptional Breakthroughs podcast, recorded for Knowledge@HEC.

AI Can Level Global Playing Field

Decisions Under Uncertainty: Lessons for Future Black Swans

When trying to figure out the outcome of a given situation, or the fallout of a sudden event, is it better to reason by analogies and resort to past experience or to think ahead and apply probabilistic reasoning? Researchers present a new mathematical model on making decisions in uncertain circumstances, which takes into account both modes of reasoning.

New Odyssey 3.14 Adds Social Rights and Sustainability to Business Model

HEC Professors Laurence Lehmann Ortega and Hélène Musikas have been working together for over 15 years on a business framework they call Odyssey 3.14. This strategy helps guide companies to better invest in business models that promote innovation and sustainability. The result is a book which entered its third edition in September, entitled “(Re)invent Your Business Model with Odyssey 3.14”. The two academics describe these three pillars and 14 directions which have evolved significantly in the past decades.

New Research Underlines Great Divide between E.U. and its Citizens

How can the E.U. respond to the growing clamor for more citizen participation in its institutions? In a wide-ranging podcast, the Jean Monnet Professor in EU Law, Alberto Alemanno, proposes a permanent European Citizens Assembly to bring E.U. voters and their representatives closer together. The HEC professor also explores how lobbies can become a force for promoting social change. He also points out structural problems within the E.U. which are stymying the continent’s youth. Finally, Alemanno’s research with fellow academic Elie Sung pinpoints the oft-neglected impact of lobbies on judicial courts by interest groups– which are having devastating effects on societal issues like women’s and LBGTQI+ rights. 

FTX Scandal Reflects Complex Dance between Off-Chain Practices and Blockchain Accounting

Creative Destruction Lab Tackles AI, Geopolitics and Ethics in Historic Toronto Session

Around 1,200 participants congregated in Toronto for the first in-person CDL Super Session in four years. The two-day event featured intense exchanges between startups from the 24 CDL streams, mentors, researchers and academics. There were equally hard-hitting exchanges on AI, geopolitical shifts in innovation and the advancement of humanlike intelligence. HEC Paris sent a strong delegation to Canada to exchange on its growing involvement in this objective-based program for massively scalable, seed-stage companies. A Breakthroughs special brings you an extended program highlighting the key exchanges during this third in-person Super Session.

Decisions Under Uncertainty: Lessons for Future Black Swans

On the eve of the 11th annual D-Tea (promoting Dialogues between Theory, Experimental findings and Applications of decision-making, hence the acronym), we talk to its co-organizer Professor Itzhak Gilboa. Last year, Itzhak was ranked by Stanford University in the world’s top six theoretical economists. His main interest is in decision under uncertainty and decision models whereby uncertainty can’t be quantified. That is called non-Bayesian decision models – as opposed to the Bayesian approach which assigns probabilities based on experience or best guesses. Itzhak questions these axioms, or self-evident truths. He believes his research can help answer unforeseen crises, called black swans, like the war in Ukraine, health pandemics or the climate crisis.

How the Global Shipping Industry Evades Corporate Responsibilities in the 2.0 Age

HEC Associate Professor Guillaume Vuillemey explores how the maritime shipping industry has evolved in the past 40 years to systematically evade its corporate responsibilities. In his groundbreaking research Vuillemey reveals how this industry – which handles over 80% of global trade flows – uses flags of convenience and limited liability to flout international and moral law. This has repercussions on the environment and basic human rights. In a long interview, Vuillemey outlines his approach of this industry and its links to what some are calling the “dark side of globalization”. The exchange is followed by an on-the-ground report from ChangeNOW 2023 Summit on its analysis to the shipping sector.

HEC PhD Graduate Revolutionizes Health Practices in D.R.C.

Doctor Anicet Fangwa's work on health centers and stillbirths in the Democratic Republic of Congo could save millions of lives by better managing health practices throughout Africa. The PhD graduate from HEC Paris describes the managerial tools he's been using to transform treatment in health centers in remote parts of the DRC.

#MeToo and the American Boardroom

It’s been over five years since #MeToo began to draw global attention to the sexual abuse and harassment women have been subjected to in the workplace. But just what impact has this protest movement had on US companies and their boards of directors? HEC Paris Assistant Professor Crystal Shi examined the behavior of over 2,000 American firms to gauge the evolution in policy and attitude of investors and board members in their respective companies. Shi and two fellow academics at New York’s Stern School of Business identified 37 MeToo events in the year after the Harvey Weinstein scandal. They then looked for any abnormal market return based on the boardrooms’ gender structure and culture. Finally, the researchers studied the costs of the companies’ gender-inclusive or -exclusive cultures.

Pourquoi l’apprentissage du savoir-être à l’école peut transformer la vie

Et si, en enseignant l’empathie et la coopération à de jeunes garçons, l’école pouvait transformer des vies ? Dans une recherche cosignée par Yann Algan, professeur d'économie et doyen associé de l'ensemble des programmes pré-expérience à HEC Paris, les résultats sont sans appel. Ce spécialiste du bien-être au sein des organisations nous livre le bilan d’une recherche unique qu’il a menée pendant 33 ans auprès d’enfants à risque de décrochage venant de quartiers pauvres de Montréal.

Devenir un leader de l'ESG : le chemin parcouru par Schneider Electric

What Social Factors Get Measured in Corporate ESG Frameworks?

Research and Policymaking: Conference Debates Governance in Crisis Period

Top personalities from the political and academic worlds, including Pascal Lamy, Peter Altmaier, John Denton and Merit Janow, were amongst the 17 speakers at a September 29 conference at HEC Paris on constitutionalism. Over three intense sessions, the policy-makers and professors of law explored reforms in governance of public goods.

As COP27 Gears Up, an HEC Student and an Academic Confront Points of View

Creating Social Value Through Hybridization

Efficacy of Citizen Mobilization for Refugees – from Middle East to Ukraine

HEC Research Points to AI Solutions to Prevent Miscarriages of Justice

Ukraine/Russia: the Energy Factor

Meta/Facebook and Data Privacy: a Clash of Cultures & Generations

Activist Short Sellers and their Narratives: Bringing Down Business Giants With Aristotle

Research Points to Gender Diversity as Motor for Innovation and Growth