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Member of CNRS-GREGHEC Research Group
François Derrien obtained his PhD from HEC Paris in 2002. He then spent 5 years as an assistant professor at the Rotman School of Management, University of Toronto. He returned to HEC Paris in 2007, first as an associate professor, and since 2010 as a full professor. His research focuses on corporate finance, and his areas of interest include initial public offerings, the behavior of security analysts, the role of financial intermediaries, and the impact of investor horizon on firm policies. François Derrien's work has appeared in finance journals like the Journal of Finance, the Review of Financial Studies and the Journal of Financial Economics.
"Systemic Risk in Clearing Houses: Evidence from the European Repo Market", Forthcoming, Journal of Financial Economics, (in coll. with C. BOISSEL, E. ORS, D. THESMAR).
"The effects of investment bank rankings: Evidence from M&A league tables", Forthcoming, Review of Finance, (in coll. with O. DESSAINT).
"Information asymmetry, the cost of debt, and credit events: Evidence from quasi-random analyst disappearances", Journal of Corporate Finance: Contracting, Governance and Organization, 2016, vol. 39, pp. 295-311 (in coll. with A. KECSKÉS, S. A. MANSI).
"Investor Horizons and Corporate Policies ", Journal of Financial and Quantitative Analysis, December 2013, vol. 48, n° 6, pp. 1755-1780 (in coll. with A. Kecskès, D. THESMAR).
"The Real Effects of Financial Shocks: Evidence from Exogenous Changes in Analyst Coverage ", The Journal of Finance, August 2013, vol. 68, n° 4, pp. 1407-1440 (in coll. with A. KECSKÈS ).
"Auctioned IPOs: The U.S. Evidence", Journal of Financial Economics, November 2010, vol. 98, n° 2, pp. 177-194 (in coll. with F. Degeorge, K. Womack).
"How Much Does Investor Sentiment Really Matter for Equity Issuance Activity ?", European Financial Management, September 2009, vol. 15, n° 4, pp. 787-813 (in coll. with A. Kecskès).
"Analyst Hype in IPOs: Explaining the Popularity of Bookbuilding", Review of Financial Studies, July 2007, vol. 20, n° 4, pp. 1021-1058 (in coll. with F. Degeorge, K. Womack).
"The Initial Public Offerings of Listed Firms", The Journal of Finance, February 2007, vol. 62, n° 1, pp. 447-479 (in coll. with A. Kecskès).
"IPO Pricing in "Hot" Market Conditions: Who Leaves Money on the Table?", The Journal of Finance, February 2005, vol. 60, n° 1, pp. 487-521.
"Auctions vs. Book-building and the Control of Underpricing in Hot IPO Markets", Review of Financial Studies, Spring 2003, vol. 16, n° 1, pp. 31-61 (in coll. with K. Womack).
"Les déterminants de la performance à long terme des introductions en bourse: le cas français", Revue Banque et Marchés, September 2001, vol. 55, pp. 8-18 (in coll. with F. Degeorge).
Chapters in Edited Books
"Initial Public Offerings", in Behavioral Finance: Investors, Corporations, and Markets, H. Kent Baker, J. R. Nofsinger (Eds), Wiley, Chichester, 2010.
"Analyst Following, Underwriting Relationships and the Stock Price Performance of Initial Public Offerings", Mimeo, (in coll. with F. Degeorge).
"The Unintended Consequences of Government Regulations in Emerging Financial Markets: Evidence from the Chinese IPO Market", Cahier de Recherche du Groupe HEC, 2016 (in coll. with Xiaohui WU, Qi ZENG, Yan ZHANG).
"Systemic Risk in Clearing Houses: Evidence from the European Repo Market", Cahier de Recherche du Groupe HEC, 2015 (in coll. with C. BOISSEL, E. ORS, D. THESMAR).
Employment Date: 2007
Main courses taught at HEC
Introduction to finance
Corporate Finance, Master in Quantitative Economics and Finance, HEC Paris/Ecole Polytechnique
Corporate finance, MS Finance internationale, HEC Paris
2009 Habilitation à diriger des recherches (Qualified Research Supervisor), Finance, Université Paris - Dauphine, France.
2000 Visiting Scholar, Harvard University, USA.
1999 Visiting Scholar, Darmouth College, USA.
1997 M.Sc. in Economics, Ecole Normale Supérieure, France.
Academic responsibilities at HEC
2009-2013 Head, Finance Department.
2007- Member of GREGHEC (CNRS).
2007-2009 Head of the recruiting committee, HEC Paris.
2007-2008 Finance Seminar Organizer, HEC Paris.
Membership in Academic or Professional Organisation
Member, bureau de l'Association Française de Finance.
Editor, Revue Finance.
Reviewer for Revue Finance, Canadian Journal of Administrative Science, Journal of Banking and Finance, Financial Management, Journal of Finance, Review of Finance, Journal of Corporate Finance, International Journal of Managerial Finance, Management Science, Journal of Financial Intermediation, Review of Economic Studies, Review of Financial Studies, Journal of Empirical Corporate Finance.
Co-organizer, Labex Ecodec Workshop on Finance.
Organization committee member, Paris Spring Corporate Finance Conference.
Organization committee member, AFFI conference.
Organization committee member, EFA conference.
Awards & Honors
2013 Best young researcher award, the Europlace Institute of Finance.
2009 Prix de la banque Privée Espirito Santo et du Swiss Finance Institute, 2009, pour Auctioned IPOS: The U.S. Evidence.
2008 Fondation HEC researcher of the year award.
2007 Martin and Lang Award for Research Excellence, Rotman School of Management.
2006 Best paper award, 9th Conference of the Swiss Society for Financial Market Research, "Analyst Hype in IPOs: Explaining the Popularity of Bookbuilding".
2005 Excellence in teaching award, Commerce Program, University of Toronto.
2004 Fondation HEC best thesis award.
2001 Fondation HEC Ph.D. scholarship.
Initial Public Offerings