Thierry Foucault

Thierry Foucault


HEC Paris

Thierry Foucault, Professor of Finance, teaches a core course on market liquidity in the HEC MIF. Thierry won the Europlace prize for Best French Researcher in Finance under the age of 40 in 2005 and more recently the award for best research paper on financial markets and institutions by the Western Finance Association. He is an associate editor for the Journal of Finance.

  • Can you tell us a little about the work that led to your winning the Europlace prize?

It was research about the impact of market organization on its liquidity and volatility. Among other things, I established, along with various coauthors, that the orders placed on the Paris Stock Exchange contain information about future volatility. This is an important result for valuation of financial products such as options, not yet established for the American markets due to lack of adequate data.

  • What courses do you teach in the HEC MIF?

I teach a course on the causes of financial market illiquidity and the strategies devised by traders and portfolio managers to minimize the impact of illiquidity on their performance. This is a subject of utmost importance for brokers, traders and portfolio managers. It is right at the heart of current debates in the financial industry.

  • What advice would you give a student who wants to work in the world of finance?

Choose a finance program that gives a broad view of the conceptual and technical knowledge required to work in finance. The training must deal with the techniques of financial asset valuation, but must also cover those of corporate finance (issues, mergers and acquisitions…), the economics of the banking and insurance sector, etc. It is precisely this overview that the MIF offers.