François DERRIEN

Professor

Finance

derrien@hec.fr https://francoisderrien.com/

Biography

François Derrien is a Professor of Finance at HEC Paris. His research is in corporate finance, with a
focus on how the environment of firms affects their financing and investment decisions, and
ultimately, their performance and value. In that vein, he has studied the impact of security analysts
on corporate policies, as well as the effect of the horizon of investors on firms’ decisions. More
recently, his work has focused on understanding how local labor markets affect firms. In particular,
he has studied the impact of local demographics on the ability of firms to innovate and to grow.
He is also interested in how ESG regulations and ratings and their impact on investors affect firm
valuation and firm policies. His work has appeared in finance journals like the Journal of Finance,
the Review of Financial Studies, and the Journal of Financial Economics.

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Scientific articles

Online Reputation and Debt Capacity

Journal of Financial and Quantitative Analysis, May 2024, vol. 59, n° 3, pp 1100-1140, (in coll. with A. GAREL, A. ROMEC, J.-P. WEISSKOPF)

Labor force demographics and corporate innovation

Review of Financial Studies, July 2023, vol. 36, n° 7, pp 2797–2838, (in coll. with A. KECSKÉS, P.-A. NGUYEN)

Industry Asset Revaluations around Public and Private Acquisitions

Journal of Financial Economics, January 2023, vol. 147, n° 1, pp 243-269, (in coll. with L. FRÉSARD, V. SLABIK, P. VALTA)

The Unintended Consequences of Regulations in Emerging Financial Markets: Evidence from the Chinese IPO Market

Emerging Markets Finance and Trade, 2021, vol. 57, n° 9, pp 2583-2603, (in coll. with Y. ZHANG, X. WU, Q. ZENG)

The effects of investment bank rankings: Evidence from M&A league tables

Review of Finance, July 2018, vol. 22, n° 4, pp 1375-1411, (in coll. with O. DESSAINT)

Systemic Risk in Clearing Houses: Evidence from the European Repo Market

Journal of Financial Economics, September 2017, vol. 125, n° 3, pp 511-536, (in coll. with C. BOISSEL, E. ORS, D. THESMAR)

Information asymmetry, the cost of debt, and credit events: Evidence from quasi-random analyst disappearances

Journal of Corporate Finance, aout 2016, vol. 39, pp 295-311, (in coll. with A. KECSKÉS, S. A. MANSI)

Investor Horizons and Corporate Policies

Journal of Financial and Quantitative Analysis, february, 3 2013, vol. 48, n° 6, pp 1755-1780, (in coll. with A. Kecskès, D. THESMAR)

The Real Effects of Financial Shocks: Evidence from Exogenous Changes in Analyst Coverage

Journal of Finance (The), August 2013, vol. 68, n° 4, pp 1407-1440, (in coll. with A. KECSKÈS)

Auctioned IPOs: The U.S. Evidence

Journal of Financial Economics, November 2010, vol. 98, n° 2, pp 177-194, (in coll. with F. Degeorge, K. Womack)

Chapters in edited books

Initial Public Offerings

Behavioral Finance: Investors, Corporations, And Markets, H. Kent Baker, J. R. Nofsinger (Eds), John Wiley & Sons UK

Working papers

ESG News, Future Cash Flows, and Firm Value

Cahier de Recherche du Groupe HEC , 2021

Online Reputation and Debt Capacity

Cahier de Recherche du Groupe HEC , 2020

Demographics and Innovation

Cahier de Recherche du Groupe HEC , 2017

The Negative Effects of Mergers and Acquisitions on the Value of Rivals

Cahier de Recherche du Groupe HEC , 2017

The Unintended Consequences of Government Regulations in Emerging Financial Markets: Evidence from the Chinese IPO Market

Cahier de Recherche du Groupe HEC , 2016

Systemic Risk in Clearing Houses: Evidence from the European Repo Market

Cahier de Recherche du Groupe HEC , 2015

Do Analysts' Preferences Affect Corporate Policies?

Swiss Finance Institute (SFI) , 2013

Investor Horizons and Corporate Policies

Mimeo , 2009

Currying Favor to Win IPO mandates

Mimeo , 2024

Analyst Following, Underwriting Relationships and the Stock Price Performance of Initial Public Offerings

Mimeo , 2024

Scientific articles

Online Reputation and Debt Capacity

Journal of Financial and Quantitative Analysis, May 2024, vol. 59, n° 3, pp 1100-1140, (in coll. with A. GAREL, A. ROMEC, J.-P. WEISSKOPF)

Industry Asset Revaluations around Public and Private Acquisitions

Journal of Financial Economics, January 2023, vol. 147, n° 1, pp 243-269, (in coll. with L. FRÉSARD, V. SLABIK, P. VALTA)

Labor force demographics and corporate innovation

Review of Financial Studies, July 2023, vol. 36, n° 7, pp 2797–2838, (in coll. with A. KECSKÉS, P.-A. NGUYEN)

The Unintended Consequences of Regulations in Emerging Financial Markets: Evidence from the Chinese IPO Market

Emerging Markets Finance and Trade, 2021, vol. 57, n° 9, pp 2583-2603, (in coll. with Y. ZHANG, X. WU, Q. ZENG)

Chapters in edited books

Initial Public Offerings

Behavioral Finance: Investors, Corporations, And Markets, H. Kent Baker, J. R. Nofsinger (Eds), John Wiley & Sons UK

Working papers

ESG News, Future Cash Flows, and Firm Value

Cahier de Recherche du Groupe HEC , 2021

Online Reputation and Debt Capacity

Cahier de Recherche du Groupe HEC , 2020

Demographics and Innovation

Cahier de Recherche du Groupe HEC , 2017

The Negative Effects of Mergers and Acquisitions on the Value of Rivals

Cahier de Recherche du Groupe HEC , 2017

Education

2009
Habilitation a diriger des recherches (Qualified Research Supervisor), Finance, Université Paris Dauphine - France
2002
Doctorat es Sciences de Gestion (Ph.D. in Finance), HEC Paris - France
2000
Visiting Scholar, Harvard University - USA
1999
Visiting Scholar, Darmouth College - USA
1997
M.Sc. in Economics, Ecole Normale Supérieure - France
1996
Diplome Grande Ecole HEC Paris (Master Degree in Management), HEC Paris - France

Academic appointments

Academic Responsibilities at HEC

2009-2013 Head, Finance Department HEC Paris
2010- Professor HEC Paris
2007-2009 Head of the recruiting committee, HEC Paris HEC Paris
2007-2008 Finance Seminar Organizer, HEC Paris HEC Paris
2007- Member of GREGHEC, the joint research laboratory CNRS-HEC Paris HEC Paris

Scientific Activities

Membership in Academic or Professional Organisation

Member, bureau de l'Association Francaise de Finance

Editorial activities

Reviewer for Revue Finance, Canadian Journal of Administrative Science, Journal of Banking and Finance, Financial Management, Journal of Finance, Review of Finance, Journal of Corporate Finance, International Journal of Managerial Finance, Management Science, Journal of Financial Intermediation, Review of Economic Studies, Review of Financial Studies, Journal of Empirical Corporate Finance

Editor, Revue Finance

Conference organisation

2014-2014 Co-organizer, Labex Ecodec Workshop on Finance

2009-2012 Organization committee member, Paris Spring Corporate Finance Conference

2009-2010 Organization committee member, AFFI conference

2005- Organization committee member, EFA conference

Awards & honors

2013 Best young researcher award, the Europlace Institute of Finance
2009 Prix de la banque Privee Espirito Santo et du Swiss Finance Institute, 2009, pour Auctioned IPOS: The U.S. Evidence
2008 Fondation HEC researcher of the year award
2007 Martin and Lang Award for Research Excellence, Rotman School of Management
2006 Best paper award, 9th Conference of the Swiss Society for Financial Market Research, "Analyst Hype in IPOs: Explaining the Popularity of Bookbuilding"
2005 Excellence in teaching award, Commerce Program, University of Toronto
2004 Fondation HEC best thesis award
2001 Fondation HEC Ph.D. scholarship