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 Thierry Foucault, HEC Foundation Chaired Professor of Finance


Research: SSRN Author page, Google scholar; IDEAS/RePEc; CV: Here; Profile: Here; HEC Paris Finance dpt: Here

I work on the determinants of financial markets liquidity and informativeness, the industrial organization of these markets, and their effect on the real economy. My most recent papers are on Big Data and new trading technologies, OTC markets,  and the effects of stock markets on firms’ decisions (investment, product choices etc.). In 2021, I received a European Research Council (ERC)  Advanced Grant for a five years research project on the impact of Big Data and Artificial Intelligence on financial markets and corporate investment. I am co-managing editor of the Journal of Financial and Quantitative Analysis (JFQA) since Sept 1, 2021. I am visiting CEMFI in Madrid from January to June 2022.

My working papers are available here and my published papers here.

2023 Market Microstructure Summer School: Registration and details here.

2022, Artificial Intelligence and Financial Markets Workshop,  Oxford-Man Institute: Program and Registration.
 

Recent publications:


  • There is a lively debate about a Consolidated Tape for European Capital Markets. See here. My paper with Giovanni Cespa: “Sale of price information by exchanges: Does it improve price discovery?, (Management Science, 2014)  highlights the benefits of fast dissemination of post trade data (a fast consolidated tape) and reasons why trading platforms lack incentives to do so.