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
  • Curriculum Vitae: CV

  • Textbook: “Market Liquidity:  Theory, Evidence, and Policy” (material for instructors: slides, exercises with solutions, MCQ etc.: here

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 implications of new ways to produce and share financial information, and the determinants of stock price informativeness and its effect on firms’ decisions (investment, product choices etc.). See below.

Stock Price Informativeness and Firms’ Decisions

Noisy Stock Prices and Corporate Investment” with Olivier Dessaint, Laurent Frésard, and Adrien Matray. February 2018. Presented at the NBER Corporate Finance Meeting and American Finance Association Meetings, 2017. 

  • Shows that non fundamental shocks to firms’ stock prices affects corporate investment because managers use stock prices a signals and have limited ability to filter out the noise in these signals
  • Latest draft available (SSRN).

“Corporate Strategy, conformism, and the stock market” with Laurent Frésard. Accepted for publication in the Review of Financial Studies. Last revised: June 2017. 

Information Production in Financial Markets

“Data Abundance and Asset Price Informativeness”,  with Jérôme Dugast, Forthcoming in the Journal of Financial Economics. Last Revised: August 2017. 

“Demand for information, macroeconomic uncertainty and the response of U.S. treasury securities to news”,  with Hedi Benamar and Clara Vega. Last Revised: April 2018.

High Frequency Trading

  • Discussion of “Competing on Speed” by Emiliano Pagnotta and Thomas Phillipon at the 2017 American Economic Association Meetings: