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 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 OTC markets, 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.

OTC Markets

“Inventory Management, Dealers’ Connections and Prices in OTC Markets” with Jean-Edouard Colliard and Peter Hoffman. Last revised: July 2018

  • Predicts that the distribution of aggregate inventories between core and peripheral dealers affect the distribution of transaction prices and bid-ask spreads in OTC markets.
  • Latest draft (SSRN) available here.

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.

Stock Price Informativeness and Firms’ Decisions

Noisy Stock Prices and Corporate Investment” with Olivier Dessaint, Laurent Frésard, and Adrien Matray. July 2018. Accepted for publication in the Review of Financial Studies. 

  • 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 here (SSRN).

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