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Publications

by members of

Départment de Finance et Économie
HEC Paris (École des Hautes Études Commerciales)
Jouy-en-Josas, France

(Department of Finance and Economics, HEC Business School))

These are publications listed in RePEc written by members of the above institution who are registered with the RePEc Author Service. Thus this compiles the works all those currently affiliated with this institutions, not those affilated at the time of publication. List of registered members. Register yourself. Find also a compilation of publications from alumni here.

This page is updated in the first days of each month.


| Working papers | Journal articles | Books |

Working papers

Undated material is listed at the end

2014

  1. Foucault, Thierry & Kozhan, Roman & Tham, Wing Wah, 2014. "Toxic Arbitrage," CEPR Discussion Papers, C.E.P.R. Discussion Papers 9925, C.E.P.R. Discussion Papers.
  2. Mengus, E., 2014. "Honoring Sovereign Debt or Bailing Out Domestic Residents: A Theory of Internal Costs of Default," Working papers, Banque de France 480, Banque de France.
  3. E. Mengus, 2014. "International Bailouts: Why Did Banks' Collective Bet Lead Europe to Rescue Greece?," Working papers, Banque de France 502, Banque de France.
  4. J.I.Lopez & V. Olivella Moppett, 2014. "Financial Shocks and the Cyclical Behavior of Skilled and Unskilled Unemployment," Working papers, Banque de France 496, Banque de France.

2013

  1. Biais, Bruno & Foucault, Thierry & Moinas, Sophie, 2013. "Equilibrium Fast Trading," TSE Working Papers, Toulouse School of Economics (TSE) 13-387, Toulouse School of Economics (TSE), revised Mar 2014.
  2. Foucault , Thierry & Hombert , Johan & Rosu, Ioanid, 2013. "News Trading and Speed," Les Cahiers de Recherche 975, HEC Paris.
  3. Ovtchinnikov , Alexei V., 2013. "Debt Decisions in Deregulated Industries," Les Cahiers de Recherche 1000, HEC Paris.

2012

  1. Eric Mengus, 2012. "Foreign Debt and the Ricardian Equivalence," 2012 Meeting Papers, Society for Economic Dynamics 412, Society for Economic Dynamics.
  2. Jose Lopez, 2012. "Labor Supply, Aggregation and the Labor Wedge," 2012 Meeting Papers, Society for Economic Dynamics 737, Society for Economic Dynamics.
  3. Virginia Olivella, 2012. "Expropriation Risk and Aggregate Productivity with Heterogeneous Firms," 2012 Meeting Papers, Society for Economic Dynamics 985, Society for Economic Dynamics.

2011

  1. Foucault, Thierry & Frésard, Laurent, 2011. "Cross-Listing, Investment Sensitivity to Stock Price and the Learning Hypothesis," CEPR Discussion Papers, C.E.P.R. Discussion Papers 8331, C.E.P.R. Discussion Papers.
  2. Cespa, Giovanni & Foucault, Thierry, 2011. "Learning from Prices, Liquidity Spillovers, and Market Segmentation," CEPR Discussion Papers, C.E.P.R. Discussion Papers 8350, C.E.P.R. Discussion Papers.
  3. Colliard, Jean-Edouard & Foucault, Thierry, 2011. "Trading Fees and Efficiency in Limit Order Markets," CEPR Discussion Papers, C.E.P.R. Discussion Papers 8395, C.E.P.R. Discussion Papers.
  4. Hege, Ulrich & Nuti, Alessandro, 2011. "The Private Equity Secondaries Market During the Financial Crisis and the “Valuation Gap”," MPRA Paper 39550, University Library of Munich, Germany.

2010

  1. Jose Ignacio Lopez & Roberto Fattal-Jaef, 2010. "Entry, Trade Costs and International Business Cycles," 2010 Meeting Papers, Society for Economic Dynamics 522, Society for Economic Dynamics.

2009

  1. Foucault, Thierry & Kadan, Ohad & Kandel, Eugene, 2009. "Liquidity cycles and make/take fees in electronic markets," CEPR Discussion Papers, C.E.P.R. Discussion Papers 7551, C.E.P.R. Discussion Papers.
  2. Hege, Ulrich & Lovo, Stefano & Slovin, Myron B. & Sushka, Marie E., 2009. "Asset sales and the role of buyers: strategic buyers versus private equity," MPRA Paper 39549, University Library of Munich, Germany, revised Feb 2012.
  3. Hege, Ulrich & Palomino, Frederic & Schwienbacher, Armin, 2009. "Venture capital performance: the disparity between Europe and the United States," MPRA Paper 39551, University Library of Munich, Germany.

2008

  1. Giovanni Cespa & Thierry Foucault, 2008. "Insiders-Outsiders, Transparency and the Value of the Ticker," Working Papers, Queen Mary, University of London, School of Economics and Finance 628, Queen Mary, University of London, School of Economics and Finance.
  2. Foucault, Thierry & Sraer, David & Thesmar, David, 2008. "Individual Investors and Volatility," CEPR Discussion Papers, C.E.P.R. Discussion Papers 6915, C.E.P.R. Discussion Papers.
  3. Dirk Bergemann & Ulrich Hege & Liang Peng, 2008. "Venture Capital and Sequential Investments," Cowles Foundation Discussion Papers, Cowles Foundation for Research in Economics, Yale University 1682, Cowles Foundation for Research in Economics, Yale University, revised Nov 2008.

2007

  1. Hege, Ulrich & Feess, Eberhard, 2007. "Basel II and the Value of Bank Differentiation," Les Cahiers de Recherche 879, HEC Paris.
  2. Hege, Ulrich & Hennessy, Christopher, 2007. "Acquisition Values and Optimal Financial (In)Flexibility," Les Cahiers de Recherche 878, HEC Paris.

2006

  1. Foucault, Thierry & Gehrig, Thomas, 2006. "Stock price informativeness, cross-listings and investment decisions," Les Cahiers de Recherche 840, HEC Paris.
  2. Foucault, Thierry & Menkveld, Albert J., 2006. "Competition for Order Flow and Smart Order Routing Systems," CEPR Discussion Papers, C.E.P.R. Discussion Papers 5523, C.E.P.R. Discussion Papers.
  3. Hege, Ulrich & Lovo, Stefano & Slovin, Myron & Sushka, Marie, 2006. "Equity and cash in intercorporate asset sales : theory and evidence," Les Cahiers de Recherche 859, HEC Paris.

2005

  1. Da Rin, Marco & Hege, Ulrich & Llobet, Gerard & Walz, Uwe, 2005. "The law and finance of venture capital financing in Europe: findings from the RICAFE research project," MPRA Paper 39552, University Library of Munich, Germany.

2004

  1. Foucault, Thierry & Moinas, Sophie & Theissen, Erik, 2004. "Does Anonymity Matter in Electronic Limit Order Markets?," Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University 3, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
  2. Fees, Eberhard & Hege, Ulrich, 2004. "The Basel II Accord: Internal ratings and bank defferentiation," CFS Working Paper Series 2004/25, Center for Financial Studies (CFS).

2003

  1. Thierry Foucault & Ohad Kadan & Eugene Kandel, 2003. "Limit Order Book as a Market for Liquidity," Discussion Paper Series, The Center for the Study of Rationality, Hebrew University, Jerusalem dp321, The Center for the Study of Rationality, Hebrew University, Jerusalem.
  2. Thierry, FOUCAULT & Stefano, LOVO, 2003. "Linkage principle, Multi-dimensional Signals and Blind Auctions," Les Cahiers de Recherche 785, HEC Paris.
  3. Bloch, Francis & Hege, Ulrich, 2003. "Multiple Shareholders and Control Contests," MPRA Paper 42286, University Library of Munich, Germany.

2002

  1. Desgranges, Gabriel & Foucault, Thierry, 2002. "Reputation-Based Pricing and Price Improvements in Dealership Markets," CEPR Discussion Papers, C.E.P.R. Discussion Papers 3359, C.E.P.R. Discussion Papers.
  2. Dirk Bergemann & Ulrich Hege, 2002. "The Value of Benchmarking," Cowles Foundation Discussion Papers, Cowles Foundation for Research in Economics, Yale University 1379, Cowles Foundation for Research in Economics, Yale University, revised Oct 2002.
  3. HEGE, Ulrich & HAUSWALD, Robert, 2002. "Ownership and control in joint ventures: theory and evidence," Les Cahiers de Recherche 750, HEC Paris.
  4. HEGE, Ulrich & MELLA-BARRAL, Pierre, 2002. "Repeated dilution of diffusely held debt," Les Cahiers de Recherche 751, HEC Paris.

2001

  1. G. Desgranges & T. Foucault, 2001. "Price Improvements in Financial Markets as a Screening Device," THEMA Working Papers 2001-06, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise.
  2. FOUCAULT, Thierry & LESCOURRET, Laurence, 2001. "Information sharing, liquidity and transaction costs in floor-based trading systems," Les Cahiers de Recherche 742, HEC Paris.
  3. Bergemann, Dirk & Hege, Ulrich, 2001. "The Financing of Innovation: Learning and Stopping," CEPR Discussion Papers, C.E.P.R. Discussion Papers 2763, C.E.P.R. Discussion Papers.

2000

  1. FOUCAULT, Thierry & RÖELL, Ailsa & SANDAS, Patrik, 2000. "Market Making with Costly Monitoring : An Analysis of the SOES Controversy," Les Cahiers de Recherche 702, HEC Paris.
  2. Feess, E. & Hege, U., 2000. "Safety Monitoring, Capital Structure, and "Financial Responsibility"," Discussion Paper, Tilburg University, Center for Economic Research 2000-33, Tilburg University, Center for Economic Research.
  3. Hege, U. & Mella-Barral, P., 2000. "Reorganization Law and Dilution Threats in Different Financial Systems," Discussion Paper, Tilburg University, Center for Economic Research 2000-50, Tilburg University, Center for Economic Research.
  4. Pierre Mella-Barral & Ulrich Hege, 2000. "Collateral, Renegotiation and the Value of Diffusely Held Debt," FMG Discussion Papers, Financial Markets Group dp339, Financial Markets Group.
  5. Feess, E. & Hege, U., 2000. "Environmental harm and financial responsibility," Open Access publications from Tilburg University urn:nbn:nl:ui:12-85388, Tilburg University.

1999

  1. Foucault, Thierry & Röell, Ailsa A & Sandås, Patrik, 1999. "Imperfect Market Monitoring and SOES Trading," CEPR Discussion Papers, C.E.P.R. Discussion Papers 2265, C.E.P.R. Discussion Papers.

1998

  1. Foucault, Thierry, 1998. "Order Flow Composition and Trading Costs in Dynamic Limit Order Markets," CEPR Discussion Papers, C.E.P.R. Discussion Papers 1817, C.E.P.R. Discussion Papers.
  2. FOUCAULT, Thierry & DEMARCHI, Marianne, 1998. "Equity Trading Systems in Europe - A survey of recent changes," Les Cahiers de Recherche 663, HEC Paris.
  3. Hege, Ulrich & Viala, Pascale, 1998. "Contentious Contracts," CEPR Discussion Papers, C.E.P.R. Discussion Papers 1910, C.E.P.R. Discussion Papers.
  4. Lorand Ambrus-Lakatos & Ulrich Hege, 1998. "Delegation and Delay in Bank Privatization," William Davidson Institute Working Papers Series 181, William Davidson Institute at the University of Michigan.
  5. Hege, U. & Feess, E., 1998. "Efficient liability rules for multi-party accidents with moral hazard," Open Access publications from Tilburg University urn:nbn:nl:ui:12-78736, Tilburg University.
  6. Hege, U., 1998. "Bank Debt and Publicly Traded Debt in Repeated Oligopolies," Discussion Paper, Tilburg University, Center for Economic Research 1998-71, Tilburg University, Center for Economic Research.

1997

  1. Cordella, Tito & Foucault, Thierry, 1997. "Minimum Price Variations, Time Priority and Quote Dynamics," CEPR Discussion Papers, C.E.P.R. Discussion Papers 1717, C.E.P.R. Discussion Papers.
  2. Bergemann, Dirk & Hege, Ulrich, 1997. "Venture Capital Financing, Moral Hazard and Learning," CEPR Discussion Papers, C.E.P.R. Discussion Papers 1738, C.E.P.R. Discussion Papers.

1995

  1. Bruno Biais & Thierry Foucault & François Salani, 1995. "Implicit collusion on wide spreads," Economics Working Papers, Department of Economics and Business, Universitat Pompeu Fabra 153, Department of Economics and Business, Universitat Pompeu Fabra.

1994

  1. Thierry Foucault, 1994. "Price formation and order placement strategies in a dynamic order driven market," Economics Working Papers, Department of Economics and Business, Universitat Pompeu Fabra 99, Department of Economics and Business, Universitat Pompeu Fabra.

Undated

  1. Thierry Foucault & Christine a Parlour, . "Competition for Listings," GSIA Working Papers, Carnegie Mellon University, Tepper School of Business 2000-E11, Carnegie Mellon University, Tepper School of Business.
  2. Michel A. HABIB & Ulrich HEGE & Pierre MELLA-BARRAL, . "Entrepreneurial Spawning and Firm Characteristics," Swiss Finance Institute Research Paper Series, Swiss Finance Institute 11-01, Swiss Finance Institute.

Journal articles

2014

  1. Foucault, Thierry & Fresard, Laurent, 2014. "Learning from peers' stock prices and corporate investment," Journal of Financial Economics, Elsevier, Elsevier, vol. 111(3), pages 554-577.

2013

  1. Thierry Foucault & Ohad Kadan & Eugene Kandel, 2013. "Liquidity Cycles and Make/Take Fees in Electronic Markets," Journal of Finance, American Finance Association, American Finance Association, vol. 68(1), pages 299-341, 02.
  2. Ovtchinnikov, Alexei V., 2013. "Merger waves following industry deregulation," Journal of Corporate Finance, Elsevier, Elsevier, vol. 21(C), pages 51-76.

2012

  1. Jean-Edouard Colliard & Thierry Foucault, 2012. "Trading Fees and Efficiency in Limit Order Markets," Review of Financial Studies, Society for Financial Studies, Society for Financial Studies, vol. 25(11), pages 3389-3421.
  2. Thierry Foucault & Laurent Frésard, 2012. "Cross-Listing, Investment Sensitivity to Stock Price, and the Learning Hypothesis," Review of Financial Studies, Society for Financial Studies, Society for Financial Studies, vol. 25(11), pages 3305-3350.
  3. Eberhard Feess & Ulrich Hege, 2012. "The Basel Accord and the Value of Bank Differentiation," Review of Finance, European Finance Association, European Finance Association, vol. 16(4), pages 1043-1092.
  4. Ovtchinnikov, Alexei V. & Pantaleoni, Eva, 2012. "Individual political contributions and firm performance," Journal of Financial Economics, Elsevier, Elsevier, vol. 105(2), pages 367-392.

2011

  1. Thierry Foucault & David Sraer & David J. Thesmar, 2011. "Individual Investors and Volatility," Journal of Finance, American Finance Association, American Finance Association, vol. 66(4), pages 1369-1406, 08.

2010

  1. Ulrich Hege, 2010. "Acquisition Values and Optimal Financial (In)Flexibility," Review of Financial Studies, Society for Financial Studies, Society for Financial Studies, vol. 23(7), pages 2865-2899, July.
  2. Michael J. Cooper & Huseyin Gulen & Alexei V. Ovtchinnikov, 2010. "Corporate Political Contributions and Stock Returns," Journal of Finance, American Finance Association, American Finance Association, vol. 65(2), pages 687-724, 04.
  3. Ovtchinnikov, Alexei V., 2010. "Capital structure decisions: Evidence from deregulated industries," Journal of Financial Economics, Elsevier, Elsevier, vol. 95(2), pages 249-274, February.

2009

  1. Ulrich Hege & Stefano Lovo & Myron B. Slovin & Marie E. Sushka, 2009. "Equity and Cash in Intercorporate Asset Sales: Theory and Evidence," Review of Financial Studies, Society for Financial Studies, Society for Financial Studies, vol. 22(2), pages 681-714, February.
  2. Ovtchinnikov, Alexei V. & McConnell, John J., 2009. "Capital Market Imperfections and the Sensitivity of Investment to Stock Prices," Journal of Financial and Quantitative Analysis, Cambridge University Press, Cambridge University Press, vol. 44(03), pages 551-578, June.

2008

  1. Foucault, Thierry & Gehrig, Thomas, 2008. "Stock price informativeness, cross-listings, and investment decisions," Journal of Financial Economics, Elsevier, Elsevier, vol. 88(1), pages 146-168, April.
  2. Thierry Foucault & Albert J. Menkveld, 2008. "Competition for Order Flow and Smart Order Routing Systems," Journal of Finance, American Finance Association, American Finance Association, vol. 63(1), pages 119-158, 02.

2007

  1. Thierry Foucault & Sophie Moinas & Erik Theissen, 2007. "Does Anonymity Matter in Electronic Limit Order Markets?," Review of Financial Studies, Society for Financial Studies, Society for Financial Studies, vol. 20(5), pages 1707-1747, 2007 28.

2006

  1. Thierry Foucault, 2006. "Liquidité, coût du capital et organisation de la négociation des valeurs boursières," Revue d'Économie Financière, Programme National Persée, Programme National Persée, vol. 82(1), pages 123-138.
  2. Thierry Foucault, 2006. "Liquidity, cost of capital and the organization of trading in stock markets," Revue d'Économie Financière, Programme National Persée, Programme National Persée, vol. 82(1), pages 113-123.
  3. Cooper, Michael J. & McConnell, John J. & Ovtchinnikov, Alexei V., 2006. "The other January effect," Journal of Financial Economics, Elsevier, Elsevier, vol. 82(2), pages 315-341, November.

2005

  1. Thierry Foucault & Ohad Kadan & Eugene Kandel, 2005. "Limit Order Book as a Market for Liquidity," Review of Financial Studies, Society for Financial Studies, Society for Financial Studies, vol. 18(4), pages 1171-1217.
  2. Desgranges, Gabriel & Foucault, Thierry, 2005. "Reputation-based pricing and price improvements," Journal of Economics and Business, Elsevier, Elsevier, vol. 57(6), pages 493-527.
  3. Dirk Bergemann & Ulrigh Hege, 2005. "The Financing of Innovation: Learning and Stopping," RAND Journal of Economics, The RAND Corporation, vol. 36(4), pages 719-752, Winter.
  4. Ulrich Hege & Pierre Mella-Barral, 2005. "Repeated Dilution of Diffusely Held Debt," The Journal of Business, University of Chicago Press, University of Chicago Press, vol. 78(3), pages 737-786, May.

2004

  1. Thierry Foucault & Christine A. Parlour, 2004. "Competition for Listings," RAND Journal of Economics, The RAND Corporation, vol. 35(2), pages 329-355, Summer.

2003

  1. Thierry Foucault & Ailsa Röell & Patrik Sandås, 2003. "Market Making with Costly Monitoring: An Analysis of the SOES Controversy," Review of Financial Studies, Society for Financial Studies, Society for Financial Studies, vol. 16(2), pages 345-384.
  2. Feess, Eberhard & Hege, Ulrich, 2003. "Safety monitoring, capital structure, and "financial responsibility"," International Review of Law and Economics, Elsevier, Elsevier, vol. 23(3), pages 323-339, September.
  3. Hege, Ulrich, 2003. "Workouts, court-supervised reorganization and the choice between private and public debt," Journal of Corporate Finance, Elsevier, Elsevier, vol. 9(2), pages 233-269, March.
  4. Diane K. Denis & John J. McConnell & Alexei V. Ovtchinnikov & Yun Yu, 2003. "S&P 500 Index Additions and Earnings Expectations," Journal of Finance, American Finance Association, American Finance Association, vol. 58(5), pages 1821-1840, October.

2002

  1. Ulrich Hege & Eberhard Feess, 2002. "original papers : Safety regulation and monitor liability," Review of Economic Design, Springer, Springer, vol. 7(2), pages 173-185.

2001

  1. Ulrich Hege, 2001. "L'évaluation et le financement des start-up Internet," Revue économique, Presses de Sciences-Po, Presses de Sciences-Po, vol. 52(7), pages 291-312.

2000

  1. Marianne DEMARCHI & Thierry FOUCAULT, 2000. "Equity Trading Systems in Europe: A Survey of Recent Changes," Annales d'Economie et de Statistique, ENSAE, issue 60, pages 73-115.
  2. Luc BAUWENS & Pierre GIOT, 2000. "The Logarithmic ACD Model: An Application to the Bid-Ask Quote Process of Three NYSE Stocks," Annales d'Economie et de Statistique, ENSAE, issue 60, pages 117-149.
  3. Eberhard Feess & Ulrich Hege, 2000. "Environmental Harm and Financial Responsibility*," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan, vol. 25(2), pages 220-234, April.

1999

  1. Cordella, Tito & Foucault, Thierry, 1999. "Minimum Price Variations, Time Priority, and Quote Dynamics," Journal of Financial Intermediation, Elsevier, Elsevier, vol. 8(3), pages 141-173, July.
  2. Foucault, Thierry, 1999. "Order flow composition and trading costs in a dynamic limit order market1," Journal of Financial Markets, Elsevier, Elsevier, vol. 2(2), pages 99-134, May.
  3. Feess, Eberhard & Hege, Ulrich, 1999. "The role of insurance in the adjudication of multiparty accidents," International Review of Law and Economics, Elsevier, Elsevier, vol. 19(1), pages 69-85, March.

1998

  1. Biais, Bruno & Foucault, Thierry & Salanie, Francois, 1998. "Floors, dealer markets and limit order markets," Journal of Financial Markets, Elsevier, Elsevier, vol. 1(3-4), pages 253-284, September.
  2. Bergemann, Dirk & Hege, Ulrich, 1998. "Venture capital financing, moral hazard, and learning," Journal of Banking & Finance, Elsevier, Elsevier, vol. 22(6-8), pages 703-735, August.
  3. Eberhard Feess & Ulrich Hege, 1998. "Efficient Liability Rules for Multi-Party Accidents With Moral Hazard," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, Mohr Siebeck, Tübingen, vol. 154(2), pages 422-450, June.

1993

  1. Biais, Bruno & Foucault, Thierry, 1993. "Asymétrie d’information et marchés financiers : une synthèse de la littérature récente," L'Actualité Economique, Société Canadienne de Science Economique, Société Canadienne de Science Economique, vol. 69(1), pages 8-44, mars.

Books

2013

  1. Foucault, Thierry & Pagano, Marco & Roell, Ailsa, 2013. "Market Liquidity: Theory, Evidence, and Policy," OUP Catalogue, Oxford University Press, Oxford University Press, number 9780199936243, October.