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François DERRIEN

Professor

Finance

 Profile picture

Biography

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.

Scientific articles

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)

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)

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

Journal of Corporate Finance: Contracting, Governance and Organization, 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, 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

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)

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

Journal of Finance (The), 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?

Journal of Finance (The), February 2005, vol. 60, n° 1, pp 487-521,

Chapters edited in books

Initial Public Offerings

Behavioral Finance: Investors, Corporations, And Markets, H. Kent Baker, J. R. Nofsinger (Eds), Wiley, Chichester

Working papers

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

Mimeo

Demographics and Innovation

Cahier de Recherche du Groupe HEC , 2017

Do Analysts' Preferences Affect Corporate Policies?

Swiss Finance Institute (SFI) , 2013

Currying Favor to Win IPO mandates

Mimeo

Scientific articles

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)

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)

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

Journal of Corporate Finance: Contracting, Governance and Organization, 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, December 2013, vol. 48, n° 6, pp 1755-1780, (in coll. with A. Kecskès, D. THESMAR)

Chapters edited in books

Initial Public Offerings

Behavioral Finance: Investors, Corporations, And Markets, H. Kent Baker, J. R. Nofsinger (Eds), Wiley, Chichester

Working papers

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

Mimeo

Demographics and Innovation

Cahier de Recherche du Groupe HEC , 2017

Education

  • Habilitation a diriger des recherches (Qualified Research Supervisor), Finance , Université Paris Dauphine - France
  • Visiting Scholar , Harvard University - USA
  • M.Sc. in Economics , Ecole Normale Supérieure - France

Academic appointments

Academic responsabilities at HEC

  • 2010- Professor
  • 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

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

    Membership in Academic or Professional Organisation

    • 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