Contact information

  • Official HEC webpage: here
  • Address: Dpt of Finance, HEC, 1 rue de la Libération, 78351 Jouy en Josas
  • Phone-direct: (33) (0)1 39 67 95 69; Fax: (33) (0)1 39 67 70 85;
  • E.Mail : foucault (at) hec (dot) fr
  • SSRN Author page: http://ssrn.com/author=57561
  • Others: If you have troubles getting in touch with me, please contact Mrs Véronique Salat at: (33)(0)139679605


  • Summer School on Market Microstructure (June 2017)-Details (registration etc.): Here.
  • Market Microstructure: Confronting many viewpoints #4 (Dec 6 to 9 2016): Program here; Registration here.
  • 12th Annual central bank Conference on Microstructure of Financial Markets (Paris, 29 & 30 September 2016): Program: HereRegistration form here: Registration

I work on the determinants of financial markets liquidity and volatility, the industrial organization of these markets, and their effect on the real economy. My most recent papers are on the costs and benefits of high frequency trading, the determinants of stock price informativeness and its effect on firms’ decisions (investment, product choices etc.). See below.

Stock price informativeness and firms’ decisions

  • Ripple Effects of Noise on Corporate Investment” with Olivier Dessaint, Laurent Frésard, and Adrien Matray. December 2015.

  • Shows that non fundamental shocks to firms’ stock prices affects the real invstment of their product-market peers
  • Latest draft available (SSRN).
  • “Corporate Strategy, conformism, and the stock market” with Laurent Frésard. Revised: January 2016. To be presented at WFA meetings 2016.

  • Predicts and find evidence that firms are more likely to imitate their peers when they rely on stock prices as a source of information.
  • Latest draft available (SSRN).
  • Slides
  • On-line appendix
  • Vox article on our paper

High Frequency Trading