Biography
Thierry Foucault is Professor of Finance at HEC Paris where he hold a chair from the HEC Foundation and a research fellow of the Centre for Economic Policy (CEPR). His research focuses on the determinants of financial markets liquidity, the production of information in these markets, their industrial organization, and their effect on the real economy. It is published in leading scholarly journals such as Journal of Finance, Review of Financial Studies, or Journal of Financial Economics. In 2021, he received a grant from the European Research Council (ERC) to work on the effects of AI and big data on information production in financial markets. He has received research awards from the Louis Bachelier Institute, the HEC Foundation, and the Analysis Group award for the best paper on Financial Markets and Institutions presented at the 2009 Western Finance Association (WFA) meetings. He serves or served on the scientific committees of the Autorité des Marchés Financiers (AMF), the Norges Bank Academic Program (NBAP), the Research Foundation of the Banque de France, the Group of Economic Advisors of the Committee of Economic and Markets Analysis of the European Securities and Markets Authority (ESMA) and was a member the executive committee of the European Finance Association (EFA). He is currently co-managing editor of the Journal of Financial and Quantitative Analysis (JFQA) and an Associate Editor of the Journal of Economic Theory and the Journal of Finance, and a former Associate Editor of The Review of Financial Studies. He also served as co-editor of the Review of Finance from 2009 to 2013 and the Review of Asset Pricing Studies (RAPS). He co-authored, with Marco Pagano and Ailsa Röell, “Market Liquidity: Theory, Evidence and Policy” , a textbook on market liquidity published by Oxford University Press in 2013.
Scientific articles
Journal of Finance (The), Forthcoming, (in coll. with J. DUGAST)
Journal of Finance (The), Forthcoming, (in coll. with A. MENKVELD, A. DREBER, F. HOLZMEISTER, J. HUBER, M. JOHANNESSON, M. KIRCHLER, M. RAZEN, U. WEITZEL, J. E. COLLIARD, T. DUEVSKI, H. LANGLOIS-BERTRAND, C. PERIGNON, I. ROSU, ET AL.)
Journal of Finance (The), Forthcoming, (in coll. with O. DESSAINT, L. FRÉSARD)
Review of Financial Studies, July 2021, vol. 34, n° 7, pp 3403–3455, (in coll. with H. BENAMAR, C. VEGA)
Journal of Finance (The), October 2021, vol. 76, n° 5, pp 2199-2247, (in coll. with J. E. COLLIARD, P. HOFFMANN)
Review of Financial Studies, 1 March 2019, vol. 32, n° 3, pp 905–950, (in coll. with L. FRESARD)
Review of Financial Studies, July 2019, vol. 32, n° 7, pp 2625-2672, (in coll. with O. DESSAINT, L. FRESARD, A. MATRAY)
Journal of Financial Economics, November 2018, vol. 130, n° 2, pp 367-391, (in coll. with J. DUGAST)
Review of Financial Studies, April 2017, vol. 30, n° 4, pp 1053-1094, (in coll. with R. KOZHAN, W. W. THAM)
Journal of Finance (The), February 2016, vol. 71, n° 1, pp 335-382, (in coll. with J. HOMBERT, I. ROSU)
Books
Oxford University Press (in coll. with M. Pagano, A. Roëll)
Presses Universitaires de France (PUF) (in coll. with B. Biais, P. Hillion)
Chapters in edited books
Global Algorithmic Capital Markets: High Frequency Trading, Dark Pools, And Regulatory Challenges, W. Mattli, Oxford University Press, 1
Market Microstructure: Confronting Many Viewpoints, F. Abergel, J. P. Bouchaud, T. Foucault, C. Lehalle, M. Rosenbaum (Eds), John Wiley & Sons US
Réinventer L'Entreprise - Repères Pour Une Crise Qui Va Durer, B. Ramanantsoa, J. M. Le Roux (eds), Pearson - Collection Village Mondial
Encyclopedia Of Quantitative Finance, John Wiley & Sons US
Encyclopedia Of Quantitative Finance, John Wiley & Sons US
L'Art Du Management 3, HEC Paris, Dunod, 11-18
Best Execution - Executing Transactions In Securities Markets On Behalf Of Investors, e.a.m.a. (European Asset Management Association), 44-58
Proceedings
Proceedings de la conférence Global Equity Markets, Société des Bourses Françaises - New York Stock Exchange , 1999 , Paris (M. Demarchi)
Working papers
Cahier de Recherche du Groupe HEC , 2023
Cahier de Recherche du Groupe HEC , 2022
Cahier de Recherche du Groupe HEC , 2022
CEPR Discussion Series , 2021
Cahier de Recherche du Groupe HEC , 2020
Cahier de Recherche du Groupe HEC , 2020
Cahier de Recherche du Groupe HEC , 2018
Cahier de Recherche du Groupe HEC , 2018
TSE Working Papers , 2018
Cahier de Recherche du Groupe HEC , 2016
Scientific articles
Review of Financial Studies, July 2021, vol. 34, n° 7, pp 3403–3455, (in coll. with H. BENAMAR, C. VEGA)
Journal of Finance (The), October 2021, vol. 76, n° 5, pp 2199-2247, (in coll. with J. E. COLLIARD, P. HOFFMANN)
Review of Financial Studies, 1 March 2019, vol. 32, n° 3, pp 905–950, (in coll. with L. FRESARD)
Review of Financial Studies, July 2019, vol. 32, n° 7, pp 2625-2672, (in coll. with O. DESSAINT, L. FRESARD, A. MATRAY)
Books
Oxford University Press (in coll. with M. Pagano, A. Roëll)
Presses Universitaires de France (PUF) (in coll. with B. Biais, P. Hillion)
Chapters in edited books
Global Algorithmic Capital Markets: High Frequency Trading, Dark Pools, And Regulatory Challenges, W. Mattli, Oxford University Press, 1
Market Microstructure: Confronting Many Viewpoints, F. Abergel, J. P. Bouchaud, T. Foucault, C. Lehalle, M. Rosenbaum (Eds), John Wiley & Sons US
Réinventer L'Entreprise - Repères Pour Une Crise Qui Va Durer, B. Ramanantsoa, J. M. Le Roux (eds), Pearson - Collection Village Mondial
Encyclopedia Of Quantitative Finance, John Wiley & Sons US
Proceedings
Proceedings de la conférence Global Equity Markets, Société des Bourses Françaises - New York Stock Exchange , 1999 , Paris (M. Demarchi)
Working papers
Cahier de Recherche du Groupe HEC , 2023
Cahier de Recherche du Groupe HEC , 2022
Cahier de Recherche du Groupe HEC , 2022
CEPR Discussion Series , 2021
Education
-
Habilitation a diriger des recherches (Qualified Research Supervisor), Finance, Université Paris Dauphine - France
-
Doctorat es Sciences de Gestion, HEC Paris - France
-
DEA de Finance, magistere Banque/Finance/Assurance, Université Paris Dauphine - France
Academic appointments
Academic Responsibilities at HEC
- 2007- Professor, Finance HEC Paris
- 2001-2007 Associate Professor HEC Paris
- 2003-2005 Associate Dean for Research HEC Paris
- 2004- Member of GREGHEC, the joint research laboratory CNRS-HEC Paris HEC Paris
- 1998-2001 Assistant Professor HEC Paris
External Academic Responsibilities
- 1997-1998 Visiting Professor, cours de finance d'entreprise (MBA et Maîtrise) Carnegie Mellon University
- 1994-1997 Assistant Professor University Pompeu Fabra
Scientific Activities
Membership in Academic or Professional Organisation
- CEPR Research Affiliate
- Member, European Finance Association
- Member, Western Finance Association
- Member, American Finance Association
- Member, French Finance Association
- Since 2003 Senior Research Fellow, Europlace Institute of Finance
- Since 2004 Member of Scientific Committees of AMF ("Autorite des Marches Financiers" - French SEC)
- Since 2006 Member of Scientific Committee of the Banque de France research Foundation
- Since 2008 Member of the steering Committee of the "pole d'innovation financiere", Paris Europlace
- Member of Scientific Committee of the research chair: "Chaine de valeur des marches financiers et banques d'investissement"
- Depuis 2010 Membre du conseil scientifique de MTS Spa
- Since 2009 Member, Comite Executif, European Finance Association
- Depuis 2010, membre du comite executif de la European Finance Association
- Membre du comite de l'ESMA
Editorial activities
Conference organisation
Awards & honors
- 2017 2017 Review of Financial Studies Referee of the year Award
- 2016 Institut Europlace de Finance Les Echos Award for the best article on a topical issue for the paper Equilibrium Fast Trading, Bruno Biais, Thierry Foucault, Sophie Moinas, published in Journal of Financial Economics
- 2014 Prix du meilleur article utilisant les donnees Eurofidai ("Individual Investors and Volatility", Journal of Finance, 2011) in coll. with D. Thesmar
- 2013 Prix du Chercheur de l'annee 2013, Fondation HEC
- 2009 Prix du meilleur article en finance de l'EIF (Europlace Institute of Finance)
- 2009 Prix du Chercheur de l'annee 2009, Fondation HEC
- 2009 Analysis Group Award for the Best Paper on Financial Institutions and Markets
- 2006 Research Prize of the HEC Foundation
- 2005 Best Young French Researcher Award in Finance Award, granted by the scientific committee of the Europlace Institute of Finance
- 1995 Prize of "La Societe des Bourses Francaises" (SBF) for a research on transaction costs and information revelation in financial markets
- 1991 Laureate of the "Prix de these de la Societe des Bourses Francaises", for the doctoral dissertation