Skip to main content
About HEC About HEC
Summer School Summer School
Faculty & Research Faculty & Research
Purpose Day Purpose Day
Master’s programs Master’s programs
Bachelor Programs Bachelor Programs
MBA Programs MBA Programs
PhD Program PhD Program
Executive Education Executive Education
HEC Online HEC Online
About HEC
Overview Overview
Who
We Are
Who
We Are
Egalité des chances Egalité des chances
HEC Talents HEC Talents
International International
Campus
Life
Campus
Life
Sustainability Sustainability
Diversity
& Inclusion
Diversity
& Inclusion
Stories Stories
The HEC
Foundation
The HEC
Foundation
Summer School
Youth Programs Youth Programs
Summer programs Summer programs
Online Programs Online Programs
Faculty & Research
Overview Overview
Faculty Directory Faculty Directory
Departments Departments
Centers Centers
Chairs Chairs
Grants Grants
Knowledge@HEC Knowledge@HEC
Master’s programs
Master in
Management
Master in
Management
Master's
Programs
Master's
Programs
Double Degree
Programs
Double Degree
Programs
Bachelor
Programs
Bachelor
Programs
Summer
Programs
Summer
Programs
Exchange
students
Exchange
students
Student
Life
Student
Life
Our
Difference
Our
Difference
Bachelor Programs
Overview Overview
Course content Course content
Admissions Admissions
Fees and Financing Fees and Financing
MBA Programs
MBA MBA
Executive MBA Executive MBA
TRIUM EMBA TRIUM EMBA
PhD Program
Overview Overview
HEC Difference HEC Difference
Program details Program details
Research areas Research areas
HEC Community HEC Community
Placement Placement
Job Market Job Market
Admissions Admissions
Financing Financing
Executive Education
Home Home
About us About us
Management topics Management topics
Open Programs Open Programs
Custom Programs Custom Programs
Events/News Events/News
Contacts Contacts
HEC Online
Overview Overview
Degree Program Degree Program
Executive certificates Executive certificates
MOOCs MOOCs
Summer Programs Summer Programs
Youth programs Youth programs
PhD Program

AQR Top Finance Graduate Award recognizes HEC PhD Noémie Pinardon-Touati amongst the most promising finance PhD graduates in 2022

Congratulations to Noémie Pinardon-Touati, one of the 6 winners of the 2022 AQR (Applied Quantitative Research) Top Finance Graduate Award. This prestigious prize rewards the six best students in finance in the world selected by a jury of absolutely top academics in the field of financial economics. 

Noémie Pinardon-Touati, HEC PhD Finance 2022

 

Noémie will will present her paper "The Crowding Out Effect of Local Government Debt: Micro- and Macro-Estimates research" on June 9, 2022, at the at the Royal Danish Academy of Science and Letters in Copenhagen.

Her research shows that local government debt crowds out corporate credit and investment. This crowding out effect significantly reduces the output multiplier of debt-financed local government spending.

Noémie has also recently been selected to participate in the REStud North American Tour 2022 where she will present the same paper. 

Abstract: Local government expenditures are increasingly financed by debt, mostly consisting of bank loans. I study the crowding out effect of these loans on corporate credit, investment, employment, and output, using French administrative data over 2006-2018. Exploiting plausibly exogenous variation in local government credit growth across banks, I show that when a local government borrows an additional €1 from a bank, this bank reduces corporate credit by €0.5, with significant effects on firm-level investment. Combining these reduced-form effects and a model, I show that crowding out reduces the output multiplier of debt-financed local government spending by 0.3. This is large compared to government spending multiplier estimates. Crowding out is driven by banks’ limited ability to expand their credit supply. These results show that constraints on financing supply reduce the stimulus effect of debt-financed government spending.
 

On June 20 she will defend her dissertation "Three essays on government intervention and corporate behavior" under the supervision of Professor Johan Hombert and will join the Department of Economics at Columbia University as Assistant Professor in July 2022. 

 

PhD - image AQR award 2022

Winners 2022: (top row, left to right): Antonio Coppola, PhD from Harvard University, Diego Känzig, PhD from London Business School, and Francesca Bastianello, PhD from Harvard University, and (bottom row, left to right) Kerry Siani, PhD from Columbia Business School, Noémie Pinardon-Touati, PhD from HEC Paris, and Paul Fontanier, PhD from Harvard University.

 

About the award:
This award recognizes the most promising finance PhD graduates in 2022. Specifically, the award recognizes the graduates specializing in financial economics pursuing degrees in any field of study, e.g. business or economics, whose dissertation and broader research potential carry the greatest promise of making an impact on the finance practice and academia. See more here