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Jessica JEFFERS

Associate Professor

Finance

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Biography

Jessica studies empirical corporate finance, with a special interest in labor and finance, entrepreneurship, law, and sustainability. She is a founding member of the Impact Finance Research Consortium. She also co-organizes the Labor & Finance Online Seminar (LFOS) with Tania Babina (Columbia), David Matsa (Kellogg), and Elena Simintzi (UNC).

Jessica earned her PhD in finance from The Wharton School, University of Pennsylvania. She has received prizes including the AQR Top Finance Graduate Award, the Kauffman Dissertation Fellowship for entrepreneurship studies, and the Investment for Impact Research Prize. Prior to academia, she worked in management consulting for the financial industry. She holds a BA in economics & mathematics from Yale University.

Scientific articles

The Impact of Restricting Labor Mobility on Corporate Investment and Entrepreneurship

Review of Financial Studies, January 2024, vol. 37, n° 1, pp 1-44,

The risk and return of impact investing funds

Journal of Financial Economics, November 2024, vol. 161, n° 103928, (in coll. with T. Lyu, K. Posenau)

Shadow Contracts

University of Chicago Business Law Review, Spring 2022, vol. 1, n° 1, (in coll. with A. M. TUCKER)

Contracts with (Social) benefits: The implementation of impact investing

Journal of Financial Economics, November 2021, vol. 142, n° 2, pp 697-718, (in coll. with C. Geczy, D. K. Musto, A. M. Tucker)

In Pursuit of Good & Gold: Data Observations of Employee Ownership & Impact Investment

Seattle University Law Review, 2017, vol. 40, n° 2, (in coll. with C. GECZY, D. K. MUSTO, A. M. TUCKER)

Institutional Investment When Shareholders Are Not Supreme

Harvard Business Law Review, 2015, vol. 5, n° 1, pp 75-139, (in coll. with C. GECZY, D. K. MUSTO, A. M. TUCKER)

Working papers

Collusion through Common Leadership

NBER Working Paper Series - National Bureau of Economic Research , 2025

Antitrust Enforcement Increases Economic Activity

Cahier de Recherche du Groupe HEC , 2023

The Risk and Return of Impact Investing Funds

Proceedings of Paris December 2021 Finance Meeting EUROFIDAI - ESSEC , 2021

Scientific articles

The Impact of Restricting Labor Mobility on Corporate Investment and Entrepreneurship

Review of Financial Studies, January 2024, vol. 37, n° 1, pp 1-44,

The risk and return of impact investing funds

Journal of Financial Economics, November 2024, vol. 161, n° 103928, (in coll. with T. Lyu, K. Posenau)

Shadow Contracts

University of Chicago Business Law Review, Spring 2022, vol. 1, n° 1, (in coll. with A. M. TUCKER)

Contracts with (Social) benefits: The implementation of impact investing

Journal of Financial Economics, November 2021, vol. 142, n° 2, pp 697-718, (in coll. with C. Geczy, D. K. Musto, A. M. Tucker)

Working papers

Collusion through Common Leadership

NBER Working Paper Series - National Bureau of Economic Research , 2025

Antitrust Enforcement Increases Economic Activity

Cahier de Recherche du Groupe HEC , 2023

The Risk and Return of Impact Investing Funds

Proceedings of Paris December 2021 Finance Meeting EUROFIDAI - ESSEC , 2021

Education

  • Ph.D., in Finance, The Wharton School, University of Pennsylvania - USA

Academic appointments

Academic Responsibilities at HEC

  • 2022- Associate Professor, Finance HEC Paris
  • 2022- Member of GREGHEC, the joint research laboratory CNRS-HEC Paris, GREGHEC HEC Paris

External Academic Responsibilities

  • 2017-2022 Assistant Professor University of Chicago

Scientific Activities

Membership in Academic or Professional Organisation

  • Impact Finance Research Consortium (founding member)

Editorial activities

  • Referee: Review of Financial Studies Journal of Finance Review of Finance Management Science Journal of Law Economics Review of Economics and Statistics Journal of Business Ethics Review of Corporate Finance Studies Journal of the European Economic Association