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Thierry Foucault is Professor of Finance at HEC, Paris and a research fellow of the Centre for Economic Policy (CEPR). He has a Ph.D in Finance from HEC, Paris and he has taught in various institutions, e.g., Universitat Pompeu Fabra (Spain), Carnegie Mellon University (USA), Ecole Polytechnique Fédérale de Lausanne (Switzerland), Studienzentrum Gerzensee (Switzerland), Saïd Business School at Oxford, the Tinbergen Institute (Netherlands). His research focuses on the determinants of financial markets liquidity, the industrial organization of these markets, and their effect on the real economy. It is published in top-tier academic journals such as Journal of FinanceReview of Financial Studies, or Journal of Financial Economics. He has received research awards from the Europlace Institute of Finance, 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 has served on the scientific committees of the Autorité des Marchés Financiers (AMF), 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 an Associate Editor of the Journal of Finance, The Review of Financial Studies, and the Review of Asset Pricing Studies. He also was co-editor of the Review of Finance from 2009 to 2013. 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

Liquidity Cycles and Make/Take Fees in Electronic Markets

Journal of Finance (The), February 2013, vol. 68, n° 1, pp 299-341, (in coll. with O. Kadan, E. Kandel)

Trading fees and efficiency in limit order markets

Review of Financial Studies, November 2012, vol. 25, n° 11, pp 3389-3421, (in coll. with J. E. COLLIARD)

Cross-Listing, Investment Sensitivity to Stock Price and the Learning Hypothesis

Review of Financial Studies, November 2012, vol. 25, n° 11, pp 3305-3350, (in coll. with L. FRESARD)

Individual Investors and Volatility

Journal of Finance (The), August 2011, vol. 66, n° 4, pp 1369-1406, (in coll. with D. SRAER, D. THESMAR)

Competition for Order Flow Smart Order Routing Systems

Journal of Finance (The), February 2008, vol. 63, n° 1, pp 119-158, (in coll. with A.J. Menkveld)

Stock price informativeness, cross-listings and investment decisions

Journal of Financial Economics, April 2008, vol. 88, n° 1, pp 146-168, (in coll. with T. Gehrig)

Consolidation et Fragmentation des Marchés Financiers: Coûts et Bénéfices

La Documentation Française, August 2007, vol. 67, pp 103-128,

Does anonymity matter in electronic limit order markets ?

Review of Financial Studies, September 2007, vol. 20, n° 5, pp 1707-1747, (in coll. with S. Moinas, E. Theissen)

Liquidité, Coût du capital et organisation de la négociation des valeurs mobilières

Revue d'Économie Financière, 2006, n° 82, pp 123-138,

Limit Order Book as a Market for Liquidity

Review of Financial Studies, Winter 2005, vol. 18, n° 4, pp 1171-1217, (in coll. with O. Kadan, E. Kandel)


Chapters edited in books


Working papers

Individual Investors and Volatility (ex Chaining up noise traders)

Cahier de Recherche du Groupe HEC , 2008

Insiders-Outsiders, Transparency and the Value of the Ticker

Cahier de Recherche du Groupe HEC , 2008

Competition for Order Flow Smart Order Routing Systems

Cahier de Recherche du Groupe HEC , 2006

Stock Price Informativeness, Cross-Listings and Investment Decisions

Cahier de Recherche du Groupe HEC , 2006

Does anonymity matter in electronic limit order markets ?

Cahier de Recherche du Groupe HEC , 2003

Linkage Principle, Multi-dimensional Signals and Blind Auctions

Cahier de Recherche du Groupe HEC , 2003

Information sharing, liquidity and transaction costs in Floor-based Trading Systems

Cahier de Recherche du Groupe HEC , 2001

Limit Order Book as a Market for Liquidity

Cahier de Recherche du Groupe HEC et CEPR Discussion Series , 2001

Price Improvements in Financial Markets

Cahier de Recherche du Groupe HEC , 2000

Competition for Listings

Cahier de Recherche du Groupe HEC et CEPR Discussion Series , 1999

Scientific articles

News Trading and Speed

Journal of Finance (The), February 2016, vol. 71, n° 1, pp 335-382, (in coll. with J. HOMBERT, I. ROSU)

Equilibrium fast trading

Journal of Financial Economics, May 2015, vol. 116, n° 2, pp 292-313, (in coll. with B. BIAIS, S. MOINAS)

HFT and Market Quality

Bankers, Markets & Investors (ex-Banque & Marchés), January-February 2014, n° 128, pp 5-19, (in coll. with B. BIAIS)

Illiquidity Contagion and Liquidity Crashes

Review of Financial Studies, June 2014, vol. 27, n° 6, pp 1615-1660, (in coll. with G. CESPA)


Chapters edited in books

Enseignement de la gestion : l'apport de la recherche

L'Art Du Management 3, HEC Paris, Dunod, 11-18

Best Execution and Competition between Trading Venues

Best Execution - Executing Transactions In Securities Markets On Behalf Of Investors, e.a.m.a. (European Asset Management Association), 44-58


Working papers

Corporate Strategy, Conformism, and the Stock Market

Cahier de Recherche du Groupe HEC , 2015

Data Abundance and Asset Price Informativeness

Cahier de Recherche du Groupe HEC , 2014

Toxic Arbitrage

Cahier de Recherche du Groupe HEC , 2014

Cross-Listing, Investment Sensitivity to Stock Price and the Learning Hypothesis

Centre for Economic Policy Research, Londres , 2011


  • 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 responsabilities 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 (CNRS) HEC Paris
  • 1998-2001 Assistant Professor HEC Paris

External Academic Responsabilities

  • 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

  • July 2014- Associate Editor, Review of Financial Studies
  • 2012- Associate Editor, The Journal of Finance
  • 2010- Associate Editor, Review of Asset Pricing Studies
  • 2009- Co-Editor, Review of Finance (Journal of the European Finance Association)
  • 2008- Associate Editor, European Financial Management
  • 2006- Associate Editor, Finance
  • Reviewer, The Review of Financial Studies, The Journal of Finance, Journal of Financial Economics, Journal of Financial and Quantitative Analysis, The Journal of Financial Intermediation, The Journal of Financial Markets, The Review of Finance, La Revue Economique, Journal of the European Economic Association (JEEA) , Journal of Economic Dynamics and Control, European Financial Management, Quantitative Finance, FWO, Econometrica, American Economic Review, The Review of Economic Studies, The Journal of Empirical Finance, The European Economics Review, Finance, International Review of Finance, The Economics Journal, L'Actualite Economique, Annales dEconomie et Statistiques, Journal of Business Finance Accounting, Recherches Economiques de Louvain, ANR

  • Conference organisation

  • 2013-2013 Member of the Scientific Committee, 4Nations Conference
  • 2012-2012 Co-organisation de la conférence: "Market Microstructure: Confronting many viewpoints", Paris
  • 2012-2012 Co-organisateur de la conference « On the microstructure of equity and currency markets » organisée par la Banque Centrale Canadienne
  • 2010-2010 Organisation scientifique du workshop «Feedback effects between real and financial markets», animé par Kathy Yuan, Professeur visitant HEC
  • 2007-2008 2007-2008 EFMA Meetings Scientific Committee
  • 2007-2008 German Finance Association Meetings, Scientific Committee
  • Organisation de l'atelier « Trading and market microstructure », en collaboration avec Charles-Albert Lehalle (Cheuvreux) au collège de France, 10 décembre 2008 et octobre 2009
  • Co.Organiser: The Paul Wooley Centre for the Study of Capital Market Dysfunctionality
  • Track-Chair, European Finance Association Conference
  • Member of the Scientific Committee of the conferences on the interactions of market and credit risk organized by the Bank for International Settlement (BIS, 2007) and The Industrial Organisation of Securities Markets (CFS, E-Finance lab and Deutsche Börse AG, 2008)
  • Member of the scientific committee for the workshop on the ¿Microstructure of Equity and Currency markets¿ organized by Norges Bank and the Norwegian School of Management, (September 2005) , Central bank of Canada (October, 2006), Central bank of Hungary (September 2007), Hong Kong Monetary Authority (September 2008) and Swiss National Bank (September 2009)
  • European Finance Association Scientific Committee (1997, 1999, 2000, 2001, 2003, 2004-present)
  • French Finance Association Finance Conference Scientific Committee (1997,1998, 2001, 2003, - 2009)
  • 1999-2002 / 2008-2009-2010, 2012 Western Finance Association, Program Committee
  • American Finance Association (2009), Session Chair
  • Organisation scientifique du workshop «Market microstructure and financial intermediation », animé par Eugene Kandel (Professeur visitant HEC) dans le cadre du GREGHEC-GIS
  • Organisation de la conférence: "Market Microstructure: Confronting many viewpoints", Paris
  • 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