François DERRIEN

Professor

Finance

derrien@hec.fr https://francoisderrien.com/

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 studies the impact of local demographics on the ability of firms to innovate and to grow. His work has appeared in top finance journals like the Journal of Finance, the Review of Financial Studies, and the Journal of Financial Economics.

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Scientific articles

Online Reputation and Debt Capacity

Journal of Financial and Quantitative Analysis, Forthcoming, (in coll. with A. GAREL, A. PETIT-ROMEC, J.-P. WEISSKOPF)

Labor force demographics and corporate innovation

Review of Financial Studies, Forthcoming, (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

The Negative Effects of Mergers and Acquisitions on the Value of Rivals

Cahier de Recherche du Groupe HEC , 2017

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

Cahier de Recherche du Groupe HEC , 2016

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

Cahier de Recherche du Groupe HEC , 2015

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 , 2023

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