BREAKTHROUGHS

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)

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.

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.

What if we put standardized barcodes on products we buy which inform us of their sustainability, supply chain, human rights records, etc? That’s the proposal of HEC & CNRS researcher Brian Hill. In his recent policy paper, he maps out an efficient way of shifting disclosure rules from companies to products - in the name of sustainability. This is a timely exchange, coming as it does as Europe reached an agreement last month 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? This ten-minute compact version of our monthly podcast discusses the essential points of his breakthrough research.

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 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 LawWhile 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.

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 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.