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, Business School))

Working papers

2009

1. Bilbiie, Florin Ovidiu, 2009. "Non-Separable Preferences and Frisch Labor Supply: One Solution to a Fiscal Policy Puzzle," CEPR Discussion Papers 7484, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
2. Bilbiie, Florin Ovidiu, 2009. "Delegating Optimal Monetary Policy Inertia," CEPR Discussion Papers 7482, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
3. Dirk Bergemann & Ulrich Hege & Liang Peng, 2009. "Venture Capital and Sequential Investments," Levine's Working Paper Archive 814577000000000046, David K. Levine. [Downloadable!]

2008

1. Giovanni Cespa & Thierry Foucault, 2008. "Insiders-Outsiders, Transparency and the Value of the Ticker," Working Papers 628, Queen Mary, University of London, Department of Economics. [Downloadable!]
2. Cespa, Giovanni & Foucault, Thierry, 2008. "Insiders-Outsiders, Transparency and the Value of the Ticker," CEPR Discussion Papers 6794, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
3. Foucault, Thierry & Sraer, David & Thesmar, David, 2008. "Individual Investors and Volatility," CEPR Discussion Papers 6915, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
4. Foucault, Thierry & Themar, David & Sraer, David, 2008. "Individual investors and volatility," Les Cahiers de Recherche 899, HEC Paris. [Downloadable!]
5. Foucault, Thierry & Cespa, Giovanni, 2008. "Insiders-outsiders, transparency and the value of the ticker," Les Cahiers de Recherche 892, HEC Paris. [Downloadable!]
6. Florin O. Bilbiie & Fabio Ghironi & Marc J. Melitz, 2008. "Monopoly Power and Endogenous Product Variety: Distortions and Remedies," NBER Working Papers 14383, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
7. Dirk Bergemann & Ulrich Hege & Liang Peng, 2008. "Venture Capital and Sequential Investments," Cowles Foundation Discussion Papers 1682, Cowles Foundation, Yale University, revised Nov 2008. [Downloadable!]
8. Dirk Bergemann & Ulrich Hege & Liang Peng, 2008. "Venture Capital and Sequential Investments," Cowles Foundation Discussion Papers 1682R, Cowles Foundation, Yale University, revised Mar 2009. [Downloadable!]

2007

1. Florin O. Bilbiie & Fabio Ghironi & Marc J. Melitz, 2007. "Monetary Policy and Business Cycles with Endogenous Entry and Product Variety," NBER Working Papers 13199, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
2. Florin Bilbiie & Fabio Ghironi & Marc J. Melitz, 2007. "Endogenous Entry, Product Variety, and Business Cycles," NBER Working Papers 13646, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
3. Hege, Ulrich & Feess, Eberhard, 2007. "Basel II and the Value of Bank Differentiation," Les Cahiers de Recherche 879, HEC Paris. [Downloadable!]
4. Hege, Ulrich & Hennessy, Christopher, 2007. "Acquisition Values and Optimal Financial (In)Flexibility," Les Cahiers de Recherche 878, HEC Paris. [Downloadable!]

2006

1. Foucault, Thierry & Gehrig, Thomas, 2006. "Stock price informativeness, cross-listings and investment decisions," Les Cahiers de Recherche 840, HEC Paris. [Downloadable!]
2. Foucault, Thierry & Gehrig, Thomas, 2006. "Stock Price Informativeness, Cross-Listings and Investment Decisions," CEPR Discussion Papers 5722, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
3. Foucault, Thierry & Menkveld, Albert J., 2006. "Competition for Order Flow and Smart Order Routing Systems," CEPR Discussion Papers 5523, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
4. Foucault, Thierry & Menkveld, Albert, 2006. "Competition for order flow and smart order routing systems," Les Cahiers de Recherche 831, HEC Paris. [Downloadable!]
5. Florin Ovidiu Bilbiie & André Meier & Gernot J. Müller, 2006. "Bank interest rate pass-through in the euro area: a cross country comparison," Working Paper Series 582, European Central Bank. [Downloadable!]
6. Roland Straub & Florin Bilbiie, 2006. "Asset Market Participation, Monetary Policy Rules, and the Great Inflation," IMF Working Papers 06/200, International Monetary Fund. [Downloadable!]
7. 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. [Downloadable!]

2005

1. Florin Bilbiie & Fabio Ghironi & Marc J. Melitz, 2005. "Business Cycles and Firm Dynamics," 2005 Meeting Papers 842, Society for Economic Dynamics. [Downloadable!]
2. Florin Bilbiie, 2005. "The Utopia of Implementing Monetary Policy Cooperation through Domestic Institutions," Economics Papers 2005-W13, Economics Group, Nuffield College, University of Oxford. [Downloadable!]
3. Florin Bilbiie, 2005. "Fiscal Contracts for a Monetary Union," Economics Papers 2005-W11, Economics Group, Nuffield College, University of Oxford. [Downloadable!]
4. Florin Bilbiie, 2005. "Limited Asset Markets Participation, Monetary Policy and (Inverted) Keynesian Logic," Economics Papers 2005-W09, Economics Group, Nuffield College, University of Oxford. [Downloadable!]
5. Florin Bilbiie & David Stasavage, 2005. "Incomplete Fiscal Rules with Imperfect Enforcement," Economics Papers 2005-W12, Economics Group, Nuffield College, University of Oxford. [Downloadable!]
6. Florin Bilbiie, 2005. "Deus ex machina wanted: time inconsistency of time consistency solutions in monetary policy," Economics Papers 2005-W10, Economics Group, Nuffield College, University of Oxford. [Downloadable!]

2004

1. Thierry Foucault & Sophie Moinas & Erik Theissen, 2004. "Does Anonymity Matter in Electronic Limit Order Markets?," Discussion Papers 3, 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 of Munich. [Downloadable!]
2. Florin O. Bilbiie, 2004. "The great inflation, limited asset markets participation and aggregate demand: FED policy was better than you think," Working Paper Series 408, European Central Bank. [Downloadable!]
3. Florin O. Bilbiie & Roland Straub, 2004. "Fiscal Policy, Business Cycles and Labor-Market Fluctuations," MNB Working Papers 2004/6, Magyar Nemzeti Bank (The Central Bank of Hungary). [Downloadable!]
4. Eberhard Feess & Ulrich Hege, 2004. "The Basel II Accord: Internal Ratings and Bank Differentiation," CFS Working Paper Series 2004/25, Center for Financial Studies. [Downloadable!]

2003

1. Thierry Foucault & Ohad Kadan & Eugene Kandel, 2003. "Limit Order Book as a Market for Liquidity," Discussion Paper Series dp321, Center for Rationality and Interactive Decision Theory, Hebrew University, Jerusalem. [Downloadable!]
2. Thierry, FOUCAULT & Stefano, LOVO, 2003. "Linkage principle, Multi-dimensional Signals and Blind Auctions," Les Cahiers de Recherche 785, HEC Paris. [Downloadable!]
3. Foucault, Thierry & Moinas, Sophie & Theissen, Erik, 2003. "Does Anonymity Matter in Electronic Limit Order Markets?," CEPR Discussion Papers 4091, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
4. Thierry, FOUCAULT & Sophie, MOINAS & Erik, THEISSEN, 2003. "Does anonymity matter in electronic limit order markets ?," Les Cahiers de Recherche 784, HEC Paris. [Downloadable!]
5. Hauswald, Robert & Hege, Ulrich, 2003. "Ownership and Control in Joint Ventures: Theory and Evidence," CEPR Discussion Papers 4056, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)

2002

1. Desgranges, Gabriel & Foucault, Thierry, 2002. "Reputation-Based Pricing and Price Improvements in Dealership Markets," CEPR Discussion Papers 3359, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
2. Dirk Bergemann & Ulrich Hege, 2002. "The Value of Benchmarking," Cowles Foundation Discussion Papers 1379, Cowles Foundation, Yale University, revised Oct 2002. [Downloadable!]
3. HEGE, Ulrich & HAUSWALD, Robert, 2002. "Ownership and control in joint ventures: theory and evidence," Les Cahiers de Recherche 750, HEC Paris. [Downloadable!]
4. HEGE, Ulrich & MELLA-BARRAL, Pierre, 2002. "Repeated dilution of diffusely held debt," Les Cahiers de Recherche 751, HEC Paris. [Downloadable!]
5. HEGE, Ulrich & BERGEMANN, Dirk, 2002. "The value of benchmarking," Les Cahiers de Recherche 752, HEC Paris. [Downloadable!]

2001

1. Foucault, Thierry & Kadan, Ohad & Kandel, Eugene, 2001. "Limit Order Book as a Market for Liquidity," CEPR Discussion Papers 2889, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
2. FOUCAULT, Thierry & KADAN, Ohad & KANDEL, Eugene, 2001. "Limit order book as a market for liquidity," Les Cahiers de Recherche 728, HEC Paris. [Downloadable!]
3. 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. [Downloadable!]
4. FOUCAULT, Thierry & LESCOURRET, Laurence, 2001. "Information sharing, liquidity and transaction costs in floor-based trading systems," Les Cahiers de Recherche 742, HEC Paris. [Downloadable!]
5. Laurence Lescourret ; Thierry Foucault, 2001. "Information Sharing Liquidity and Transaction Costs in Floor-Based Trading Systems," Working Papers 2001-18, Centre de Recherche en Economie et Statistique. [Downloadable!]
6. Florin Ovidiu BILBIIE, 2001. "Inflation Contracts, Targets and Strategic Incentives for Delegation in International Monetary Policy Games," Economics Working Papers ECO2001/16, European University Institute. [Downloadable!]
7. Florin Ovidiu BILBIIE, 2001. "Delegation and Coordination in Fiscal-Monetary Policy Games: Implementation of the Best Feasible Equilibrium," Economics Working Papers ECO2001/13, European University Institute. [Downloadable!]
8. Bergemann, Dirk & Hege, Ulrich, 2001. "The Financing of Innovation: Learning and Stopping," CEPR Discussion Papers 2763, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
9. Dirk Bergemann & Ulrich Hege, 2001. "The Financing of Innovation: Learning and Stopping," Cowles Foundation Discussion Papers 1292R, Cowles Foundation, Yale University, revised Oct 2004. [Downloadable!]
10. Dirk Bergemann & Ulrich Hege, 2001. "The Financing of Innovation: Learning and Stopping," Cowles Foundation Discussion Papers 1292, Cowles Foundation, Yale University. [Downloadable!]
11. Bergemann, D. & Hege, U., 2001. "The financing of innovation : learning and stopping," Discussion Paper 16, Tilburg University, Center for Economic Research. [Downloadable!]

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. [Downloadable!]
2. DESGRANGES, Gabriel & FOUCAULT, Thierry, 2000. "Reputation-based pricing and price improvements in dealership markets," Les Cahiers de Recherche 716, HEC Paris, revised 01 Mar 2002. [Downloadable!]
3. Feess, E. & Hege, U., 2000. "Safety monitoring, capital structure, and "financial responsibility"," Discussion Paper 33, Tilburg University, Center for Economic Research. [Downloadable!]
4. Hege, U. & Mella-Barral, P., 2000. "Reorganization law and dilution threats in different financial systems," Discussion Paper 50, Tilburg University, Center for Economic Research. [Downloadable!]
5. Pierre Mella-Barral & Ulrich Hege, 2000. "Collateral, Renegotiation and the Value of Diffusely Held Debt," FMG Discussion Papers dp339, Financial Markets Group. [Downloadable!] (restricted)
6. Hege, Ulrich & Mella-Barral, Pierre, 2000. "Collateral, Renegotiation And The Value Of Diffusely Held Debt," CEPR Discussion Papers 2417, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)

1999

1. Foucault, Thierry & Parlour, Christine A, 1999. "Competition for Listings," CEPR Discussion Papers 2222, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
2. Foucault, Thierry & Röell, Ailsa A & Sandås, Patrik, 1999. "Imperfect Market Monitoring and SOES Trading," CEPR Discussion Papers 2265, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
3. FOUCAULT, Thierry & PARLOUR, Christine A., 1999. "Competition for Listings," Les Cahiers de Recherche 666, HEC Paris. [Downloadable!]
4. FOUCAULT, Thierry & RÖELL, Ailsa & SANDAS, Patrik, 1999. "Imperfect Market Monitoring and SOES Trading," Les Cahiers de Recherche 671, HEC Paris. [Downloadable!]
5. Hege, U. & Mella-Barral, P., 1999. "Collateral, renegotiation and the value of diffusely held debt," Discussion Paper 94, Tilburg University, Center for Economic Research. [Downloadable!]

1998

1. Foucault, Thierry, 1998. "Order Flow Composition and Trading Costs in Dynamic Limit Order Markets," CEPR Discussion Papers 1817, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
2. FOUCAULT, Thierry & DEMARCHI, Marianne, 1998. "Equity Trading Systems in Europe - A survey of recent changes," Les Cahiers de Recherche 663, HEC Paris. [Downloadable!]
3. Hege, Ulrich & Viala, Pascale, 1998. "Contentious Contracts," CEPR Discussion Papers 1910, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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 Stephen M. Ross Business School. [Downloadable!]

1997

1. Cordella, Tito & Foucault, Thierry, 1997. "Minimum Price Variations, Time Priority and Quote Dynamics," CEPR Discussion Papers 1717, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
2. Bergemann, Dirk & Hege, Ulrich, 1997. "Venture Capital Financing, Moral Hazard and Learning," CEPR Discussion Papers 1738, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
3. HEGE, Ulrich & VIALA, Pascale, 1997. "Contentious Contracts," Cahiers de recherche 9711, Universite de Montreal, Departement de sciences economiques. [Downloadable!]
4. Hege, U. & Viala, P., 1997. "Contentious contracts," Discussion Paper 109, Tilburg University, Center for Economic Research. [Downloadable!]
5. Bergemann, D. & Hege, U., 1997. "Venture capital financing, moral hazard, and learning," Discussion Paper 108, Tilburg University, Center for Economic Research. [Downloadable!]

1996

1. Tito Cordella & Thierry Foucault, 1996. "Minimum Price Variations, Time Priority and Quotes Dynamics," Economics Working Papers 182, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]

1995

1. Bruno Biais & Thierry Foucault & François Salani, 1995. "Implicit Collusion on Wide Spreads," Economics Working Papers 153, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]

1994

1. Thierry Foucault, 1994. "Price Formation and Order Placement Strategies in a Dynamic Order Driven Market," Economics Working Papers 99, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]

Undated

1. Thierry Foucault & Christine a Parlour, . "Competition for Listings," GSIA Working Papers 2000-E11, Carnegie Mellon University, Tepper School of Business. [Downloadable!]

Journal articles

2009

1. Florin O. Bilbiie, 2009. "Nonseparable Preferences, Fiscal Policy Puzzles, and Inferior Goods," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 41(2-3), pages 443-450, 03. [Downloadable!] (restricted)
2. 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, Oxford University Press for Society for Financial Studies, vol. 22(2), pages 681-714, February. [Downloadable!] (restricted)

2008

1. Foucault, Thierry & Gehrig, Thomas, 2008. "Stock price informativeness, cross-listings, and investment decisions," Journal of Financial Economics, Elsevier, vol. 88(1), pages 146-168, April. [Downloadable!] (restricted)
2. Thierry Foucault & Albert J. Menkveld, 2008. "Competition for Order Flow and Smart Order Routing Systems," Journal of Finance, American Finance Association, vol. 63(1), pages 119-158, 02. [Downloadable!] (restricted)
3. Bilbiie, Florin O., 2008. "Limited asset markets participation, monetary policy and (inverted) aggregate demand logic," Journal of Economic Theory, Elsevier, vol. 140(1), pages 162-196, May. [Downloadable!] (restricted)
4. Florin O. Bilbiie & André Meier & Gernot J. Müller, 2008. "What Accounts for the Changes in U.S. Fiscal Policy Transmission?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 40(7), pages 1439-1470, October. [Downloadable!] (restricted)

2007

1. Thierry Foucault & Sophie Moinas & Erik Theissen, 2007. "Does Anonymity Matter in Electronic Limit Order Markets?," Review of Financial Studies, Oxford University Press for Society for Financial Studies, vol. 20(5), pages 1707-1747, <. [Downloadable!] (restricted)

2005

1. Thierry Foucault & Ohad Kadan & Eugene Kandel, 2005. "Limit Order Book as a Market for Liquidity," Review of Financial Studies, Oxford University Press for Society for Financial Studies, vol. 18(4), pages 1171-1217. [Downloadable!] (restricted)
2. Desgranges, Gabriel & Foucault, Thierry, 2005. "Reputation-based pricing and price improvements," Journal of Economics and Business, Elsevier, vol. 57(6), pages 493-527. [Downloadable!] (restricted)
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," Journal of Business, University of Chicago Press, vol. 78(3), pages 737-786, May. [Downloadable!]

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, Oxford University Press for Society for Financial Studies, vol. 16(2), pages 345-384. [Downloadable!] (restricted)
2. Feess, Eberhard & Hege, Ulrich, 2003. "Safety monitoring, capital structure, and "financial responsibility"," International Review of Law and Economics, Elsevier, vol. 23(3), pages 323-339, September. [Downloadable!] (restricted)
3. Hege, Ulrich, 2003. "Workouts, court-supervised reorganization and the choice between private and public debt," Journal of Corporate Finance, Elsevier, vol. 9(2), pages 233-269, March. [Downloadable!] (restricted)

2002

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

2000

1. Marianne Demarchi & Thierry Foucault, 2000. "Equity Trading Systems in Europe: A Survey of Recent Changes," Annales d'Economie et de Statistique, ADRES, issue 60, pages 05, Octobre-D. [Downloadable!]
2. Eberhard Feess & Ulrich Hege, 2000. "Environmental Harm and Financial Responsibility*," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan Journals, vol. 25(2), pages 220-234, April. [Downloadable!] (restricted)

1999

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

1998

1. Biais, Bruno & Foucault, Thierry & Salanie, Francois, 1998. "Floors, dealer markets and limit order markets," Journal of Financial Markets, Elsevier, vol. 1(3-4), pages 253-284, September. [Downloadable!] (restricted)
2. Bergemann, Dirk & Hege, Ulrich, 1998. "Venture capital financing, moral hazard, and learning," Journal of Banking & Finance, Elsevier, vol. 22(6-8), pages 703-735, August. [Downloadable!] (restricted)
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, vol. 154(2), pages 422-, June.

Chapters

2007

1. Florin Bilbiie & Fabio Ghironi & Marc Melitz, 2007. "Monetary Policy and Business Cycles with Endogenous Entry and Product Variety," NBER Chapters, in: NBER Macroeconomics Annual 2007, Volume 22, pages 299-353 National Bureau of Economic Research, Inc.

This page was last updated on 2009-12-2.