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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 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.

Scientific articles

Auctions vs. Book-building and the Control of Underpricing in Hot IPO Markets

Review of Financial Studies, Spring 2003, vol. 16, n° 1, pp 31-61,

Les déterminants de la performance à long terme des introductions en bourse: le cas français

Banque & Marchés, September 2001, vol. 55, pp 8-18,

Chapters edited in books

Working papers

Scientific articles

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,

Auctioned IPOs: The U.S. Evidence

Journal of Financial Economics, November 2010, vol. 98, n° 2, pp 177-194,

How Much Does Investor Sentiment Really Matter for Equity Issuance Activity ?

European Financial Management, September 2009, vol. 15, n° 4, pp 787-813,

Analyst Hype in IPOs: Explaining the Popularity of Bookbuilding

Review of Financial Studies, July 2007, vol. 20, n° 4, pp 1021-1058,

Chapters edited in books

Working papers

Do Analysts' Preferences Affect Corporate Policies?

Swiss Finance Institute (SFI) , 2013

Currying Favor to Win IPO mandates

Mimeo , 2020

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

Mimeo , 2020

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
  • M.Sc. in Economics, Ecole Normale Supérieure - France
  • Diplome Grande Ecole HEC Paris (Master Degree in Management), HEC Paris - France

Academic appointments

Academic responsabilities 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 (CNRS) 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