Matthias EFING

Associate Professor

Finance

Biography

Matthias Efing is an Associate Professor of Finance at HEC Paris. His research on financial intermediation, corporate finance, and governance has been published in the Review of Financial Studies, the Journal of Financial Economics, the Review of Finance, the Review of Corporate Finance Studies, and the Journal of International Economics. Professor Efing holds a PhD in finance from the Swiss Finance Institute and graduated as Diplomkaufmann from the University of Mannheim.

https://matthiasefing.com/

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Scientific articles

How Do Investors and Firms React to a Large, Unexpected Currency Appreciation Shock?

Review of Corporate Finance Studies, August 2023, vol. 12, n° 3, pp 488–538, (in coll. with R. FAHLENBRACH, C. HERPFER, P. KRUEGER)

Bank Bonus Pay as a Risk Sharing Contract

Review of Financial Studies, January 2023, vol. 36, n° 1, pp 235-280, (in coll. with H. HAU, P. KAMPKÖTTER, J.-C. ROCHET)

Freeze! Financial Sanctions and Bank Responses

Review of Financial Studies, November 2023, vol. 36, n° 11, pp 4417-4459, (in coll. with S. GOLDBACH, V. NITSCH)

Reaching for Yield in the ABS Market: Evidence from German Bank Investments

Review of Finance, August 2020, vol. 24, n° 4, pp 929-959,

Shareholder Bargaining Power and the Emergence of Empty Creditors

Journal of Financial Economics, November 2019, vol. 134, n° 2, pp 297-317, (in coll. with S. COLONNELLO, F. ZUCCHI)

Incentive pay and bank risk-taking: Evidence from Austrian, German, and Swiss banks

Journal of International Economics, July 2015, vol. 96, n° 1, pp 123-140, (in coll. with H. HAU, P. KAMPKÖTTER, J. STEINBRECHER)

Structured debt ratings: Evidence on conflicts of interest

Journal of Financial Economics, April 2015, vol. 116, n° 1, pp 46-60, (in coll. with H. HAU)

Working papers

All Hat and No Cattle? ESG Incentives in Executive Compensation

Cahier de Recherche du Groupe HEC , 2024

Risk Managers in Banks

Cahier de Recherche du Groupe HEC , 2020

Freeze! Financial sanctions and bank responses

CESifo_Center for Economic Studies and Ifo Institute for Economic Research , 2018

Bank Capital Regulation with an Opportunistic Rating Agency

Swiss Finance Institute (SFI) , 2015

Scientific articles

Bank Bonus Pay as a Risk Sharing Contract

Review of Financial Studies, January 2023, vol. 36, n° 1, pp 235-280, (in coll. with H. HAU, P. KAMPKÖTTER, J.-C. ROCHET)

Freeze! Financial Sanctions and Bank Responses

Review of Financial Studies, November 2023, vol. 36, n° 11, pp 4417-4459, (in coll. with S. GOLDBACH, V. NITSCH)

How Do Investors and Firms React to a Large, Unexpected Currency Appreciation Shock?

Review of Corporate Finance Studies, August 2023, vol. 12, n° 3, pp 488–538, (in coll. with R. FAHLENBRACH, C. HERPFER, P. KRUEGER)

Reaching for Yield in the ABS Market: Evidence from German Bank Investments

Review of Finance, August 2020, vol. 24, n° 4, pp 929-959,

Working papers

All Hat and No Cattle? ESG Incentives in Executive Compensation

Cahier de Recherche du Groupe HEC , 2024

Risk Managers in Banks

Cahier de Recherche du Groupe HEC , 2020

Freeze! Financial sanctions and bank responses

CESifo_Center for Economic Studies and Ifo Institute for Economic Research , 2018

Bank Capital Regulation with an Opportunistic Rating Agency

Swiss Finance Institute (SFI) , 2015

Education

2016
Ph.D., in Finance, Swiss Finance Institute University of Geneva (GFRI), Université de Genève - Switzerland
2010
Diplomkaufmann (German equivalent of MSc in Business Administration), University of Mannheim - Germany

Academic appointments

Academic Responsibilities at HEC

2023- Associate Professor, Finance HEC Paris
2016-2022 Assistant Professor, Finance HEC Paris
2016- Member of GREGHEC, the joint research laboratory CNRS-HEC Paris HEC Paris

Scientific Activities

Editorial activities

Ad-hoc Referee for Journal of Finance, Review of Financial Studies, Journal of Financial Economics, Review of Finance, Journal of Financial and Quantitative Analysis, Management Science, Journal of Banking and Finance, Journal of Financial Intermediation, Journal of Corporate Finance, Journal of Money, Credit and Banking, Journal of Business Economics, The Economics of Transition, Bundesbank Discussion Papers

Conference organisation

Conference committees / ad-hoc reviewer for FIRS, EFA, Paris December Finance Meeting, IWH-FIN-FIRE Workshop, DGF

Awards & honors

2019 Best Papers Award of the Paris December Finance Meeting
2019 SFS Cavalcade Award for the Best Paper in Corporate Finance (Asia-Pacific)
2018 Small research grant from Entrepreneurship group at NBER
2016 ESRB Research Prize in Memory of Ieke van den Burg
2015 Swiss Finance Institute Best Paper Doctoral Award
2015 Student Travel Grant for the EEA Annual Meeting
2013 Distinguished CESifo Affiliate Award
2007 SAP AG Foreign Exchange Scholarship
2007 German Academic Exchange Service, EU Excellence Program
2005 German National Merit Foundation Scholarship