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François DERRIEN

Professor

Finance

 Profile picture

Biography

François Derrien is a Professor of Finance at HEC Paris. His research is in corporate finance, with a
focus on how the environment of firms affects their financing and investment decisions, and
ultimately, their performance and value. In that vein, he has studied the impact of security analysts
on corporate policies, as well as the effect of the horizon of investors on firms’ decisions. More
recently, his work has focused on understanding how local labor markets affect firms. In particular,
he has studied the impact of local demographics on the ability of firms to innovate and to grow.
He is also interested in how ESG regulations and ratings and their impact on investors affect firm
valuation and firm policies. His work has appeared in finance journals like the Journal of Finance,
the Review of Financial Studies, and the Journal of Financial Economics.

Scientific articles

Online Reputation and Debt Capacity

Journal of Financial and Quantitative Analysis, May 2024, vol. 59, n° 3, pp 1100-1140, (in coll. with A. GAREL, A. ROMEC, J.-P. WEISSKOPF)

Labor force demographics and corporate innovation

Review of Financial Studies, July 2023, vol. 36, n° 7, pp 2797–2838, (in coll. with A. KECSKÉS, P.-A. NGUYEN)

Industry Asset Revaluations around Public and Private Acquisitions

Journal of Financial Economics, January 2023, vol. 147, n° 1, pp 243-269, (in coll. with L. FRÉSARD, V. SLABIK, P. VALTA)

The Unintended Consequences of Regulations in Emerging Financial Markets: Evidence from the Chinese IPO Market

Emerging Markets Finance and Trade, 2021, vol. 57, n° 9, pp 2583-2603, (in coll. with Y. ZHANG, X. WU, Q. ZENG)

The effects of investment bank rankings: Evidence from M&A league tables

Review of Finance, July 2018, vol. 22, n° 4, pp 1375-1411, (in coll. with O. DESSAINT)

Systemic Risk in Clearing Houses: Evidence from the European Repo Market

Journal of Financial Economics, September 2017, vol. 125, n° 3, pp 511-536, (in coll. with C. BOISSEL, E. ORS, D. THESMAR)

Information asymmetry, the cost of debt, and credit events: Evidence from quasi-random analyst disappearances

Journal of Corporate Finance, aout 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, february, 3 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

Journal of Finance (The), 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)

Chapters in edited books

Initial Public Offerings

Behavioral Finance: Investors, Corporations, And Markets, H. Kent Baker, J. R. Nofsinger (Eds), John Wiley & Sons UK

Working papers

ESG News, Future Cash Flows, and Firm Value

Cahier de Recherche du Groupe HEC , 2021

Online Reputation and Debt Capacity

Cahier de Recherche du Groupe HEC , 2020

Demographics and Innovation

Cahier de Recherche du Groupe HEC , 2017

Do Analysts' Preferences Affect Corporate Policies?

Swiss Finance Institute (SFI) , 2013

Investor Horizons and Corporate Policies

Mimeo , 2009

Currying Favor to Win IPO mandates

Mimeo , 2024

Analyst Following, Underwriting Relationships and the Stock Price Performance of Initial Public Offerings

Mimeo , 2024

Scientific articles

Online Reputation and Debt Capacity

Journal of Financial and Quantitative Analysis, May 2024, vol. 59, n° 3, pp 1100-1140, (in coll. with A. GAREL, A. ROMEC, J.-P. WEISSKOPF)

Industry Asset Revaluations around Public and Private Acquisitions

Journal of Financial Economics, January 2023, vol. 147, n° 1, pp 243-269, (in coll. with L. FRÉSARD, V. SLABIK, P. VALTA)

Labor force demographics and corporate innovation

Review of Financial Studies, July 2023, vol. 36, n° 7, pp 2797–2838, (in coll. with A. KECSKÉS, P.-A. NGUYEN)

The Unintended Consequences of Regulations in Emerging Financial Markets: Evidence from the Chinese IPO Market

Emerging Markets Finance and Trade, 2021, vol. 57, n° 9, pp 2583-2603, (in coll. with Y. ZHANG, X. WU, Q. ZENG)

Chapters in edited books

Initial Public Offerings

Behavioral Finance: Investors, Corporations, And Markets, H. Kent Baker, J. R. Nofsinger (Eds), John Wiley & Sons UK

Working papers

ESG News, Future Cash Flows, and Firm Value

Cahier de Recherche du Groupe HEC , 2021

Online Reputation and Debt Capacity

Cahier de Recherche du Groupe HEC , 2020

Demographics and Innovation

Cahier de Recherche du Groupe HEC , 2017

Education

  • Habilitation a diriger des recherches (Qualified Research Supervisor), Finance, Université Paris Dauphine - France
  • Doctorat es Sciences de Gestion (Ph.D. in Finance), HEC Paris - France
  • Visiting Scholar, Harvard University - USA
  • Visiting Scholar, Darmouth College - USA
  • M.Sc. in Economics, Ecole Normale Supérieure - France
  • Diplome Grande Ecole HEC Paris (Master Degree in Management), HEC Paris - France

Academic appointments

Academic Responsibilities at HEC

  • 2009-2013 Head, Finance Department HEC Paris
  • 2010- Professor HEC Paris
  • 2007-2009 Head of the recruiting committee, HEC Paris HEC Paris
  • 2007-2008 Finance Seminar Organizer, HEC Paris HEC Paris
  • 2007- Member of GREGHEC, the joint research laboratory CNRS-HEC Paris HEC Paris

Scientific Activities

Membership in Academic or Professional Organisation

  • Member, bureau de l'Association Francaise de Finance

Editorial activities

  • 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
  • Editor, Revue Finance

  • Conference organisation

  • 2014-2014 Co-organizer, Labex Ecodec Workshop on Finance
  • 2009-2012 Organization committee member, Paris Spring Corporate Finance Conference
  • 2009-2010 Organization committee member, AFFI conference
  • 2005- Organization committee member, EFA conference
  • Awards & honors

    • 2013 Best young researcher award, the Europlace Institute of Finance
    • 2009 Prix de la banque Privee 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