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
Review of Financial Studies, April 2017, vol. 30, n° 4, pp 1053-1094, (in coll. with R. KOZHAN, W. W. THAM)
Journal of Finance, February 2016, vol. 71, n° 1, pp 335-382, (in coll. with J. HOMBERT, I. ROSU)
Journal of Financial Economics, May 2015, vol. 116, n° 2, pp 292-313, (in coll. with B. BIAIS, S. MOINAS)
Management Science, January 2014, vol. 60, n° 1, pp 148-165, (in coll. with G. Cespa)
Review of Financial Studies, June 2014, vol. 27, n° 6, pp 1615-1660, (in coll. with G. CESPA)
Journal of Financial Economics, July 2014, vol. 111, n° 3, pp 554-577, (in coll. with L. FRESARD)
Bankers, Markets & Investors (ex-Banque & Marchés), January-February 2014, n° 128, pp 5-19, (in coll. with B. BIAIS)
Journal of Finance, February 2013, vol. 68, n° 1, pp 299-341, (in coll. with E. Kandel, O. Kadan)
Review of Financial Studies, November 2012, vol. 25, n° 11, pp 3305-3350, (in coll. with L. FRESARD)
Review of Financial Studies, November 2012, vol. 25, n° 11, pp 3389-3421, (in coll. with J. E. COLLIARD)
Books
Chapters in edited books
Consolidation Mondiale Des Bourses, Rapport Du Conseil D’analyse Economique Et Social, La Documentation Française, Paris, 67 , 103-128
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
Working papers
Cahier de Recherche du Groupe HEC , 2015
Cahier de Recherche du Groupe HEC , 2014
Cahier de Recherche du Groupe HEC , 2014
Centre for Economic Policy Research , 2011
Centre for Economic Policy Research , 2011
Centre for Economic Policy Research , 2011
Cahier de Recherche du Groupe HEC , 2008
Cahier de Recherche du Groupe HEC , 2008
Cahier de Recherche du Groupe HEC , 2006
Cahier de Recherche du Groupe HEC , 2006
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, 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
Chapters in edited books
Market Microstructure: Confronting Many Viewpoints, F. Abergel, J. P. Bouchaud, T. Foucault, C. Lehalle, M. Rosenbaum (Eds), John Wiley & Sons US
Foresight: The Future Of Computer Trading In Financial Markets, The Government Office for Science, 13
Foresight: The Future Of Computer Trading In Financial Markets, The Government Office for Science, 18
Réinventer L'Entreprise - Repères Pour Une Crise Qui Va Durer, B. Ramanantsoa, J. M. Le Roux (eds), Pearson - Collection Village Mondial
Proceedings
Working papers
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
Education
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Habilitation a diriger des recherches (Qualified Research Supervisor), Finance, Université Paris Dauphine - France
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Doctorat es Sciences de Gestion, HEC Paris - France
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DEA de Finance, magistere Banque/Finance/Assurance, Université Paris Dauphine - France
Academic appointments
External Academic Responsibilities
- 2007- Member of Scientific Committee of the Banque de France research Foundation Banque de France
Scientific Activities
Membership in Academic or Professional Organisation
- Member of the Scientific Committee, 4Nations Conference
- Member of the Western Finance Association, the American Finance Association, the American Economic Association, the European Finance Association and the French Finance Association
- CEPR Research Affiliate
- 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
- 2021 European Research Council (ERC) Advanced Grant for conducting research on the effects of AI and Data Abundance on financial markets
- 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