Joël BESSIS Professor. Blaise ALLAZ Professor EDUCATION EDUCATION FORMER INSTITUTIONAL APPOINTMENT SELECTED PUBLICATIONS NON-ACADEMIC EXPERIENCE

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1 Finance

2 Blaise ALLAZ Professor Joël BESSIS Professor Ph.D. in Economics, Princeton University, USA Master in Economics, Queen s University, Kingston, Canada FORMER INSTITUTIONAL APPOINTMENT Dean for Faculty and Research, HEC Paris Journal of Economic Theory, International Journal of Industrial Organization. Books Financial Securities : Market Equilibrium and Pricing Methods, Chapman & Hall, 1996 (in coll. with B. Dumas). Financial Markets, International Finance Doctorat d'etat en Sciences de Gestion (Ph.D. in Management), Université Paris IX-Dauphine, France Diplôme du Programme Doctoral HEC Paris (Ph.D.), France Doctorat de 3e cycle en sciences des organisations (Ph.D.), Université de Paris IX- Dauphine, France DES de Sciences Economiques, Université de Paris I-Sorbonne, France MBA, Columbia University, New-York, USA Diplôme d Ingénieur, Ecole Centrale de Paris, France NON-ACADEMIC EXPERIENCE Scientific Director, Fitch Ratings Head of validation, Risk Department, Ixis (Holding Company of Ixis Coporate and Investment Bank) Consultant to Industrial Firms, Banks and Financial Institutions Engineer, Nuclear Energy Department, Villacoublay Economist, Louis Berger, Inc., USA Books Risk Management in Banking, 3rd ed. 2009, John Wiley & Sons. Financial Engineering, Financial Institutions and Markets 52

3 Laurent E. CALVET Professor Ph.D. in Economics, Yale University, USA Ingénieur en Chef du Corps des Ponts et Chaussées, Paris, France Diplôme d'ingénieur, Ecole Polytechnique, France 2005 Agence Nationale de la Recherche, Chaire d Excellence Assistant Professor, Department of Economics, Harvard University John L. Loeb of the Social Sciences, Department of Economics, Harvard University "Multifrequency Jump-Diffusions: An Equilibrium Approach", Journal of Mathematical Economics, January 2008, vol. 44, n 2, pp (in coll. with A. Fisher). "Multifrequency News and Stock Returns", Journal of Financial Economics, October 2007, vol. 86, n 1, pp (in coll. with J. A. Fisher). "Down or out: Assessing the Welfare Costs of Household Investment Mistakes", Journal of Political Economy, October 2007, vol. 115 (in coll. with J. Campbell, P. Sodini). Books Multifractal Volatility: Theory, Forecasting and Pricing, Academic Press, 2008 (in coll. with A. Fisher). Asset Pricing and Volatility Modelling Journal of Monetary Economics, Journal of Economic Theory, Journal of Econometrics, Review of Economics and Statistics, Journal of Financial and Quantitative Analysis, Journal of Mathematical Economics, American Economic Review, Quarterly Journal of Economics, Journal of Financial Economics, Journal of Political Economy. "Measuring the Financial Sophistication of Households", American Economic Review, American Economic Review papers and Proceedings, May 2009, vol. 99, n 2, pp (in coll. with J. Campbell and P. Sodini). "Fight or Flight? Portfolio Rebalancing by Individual Investors", Quarterly Journal of Economics, February 2009, vol. 124, n 1, pp (in coll. with J. Campbell, P. Sodini). 53

4 François DERRIEN Doctorat en Sciences de Gestion (Ph.D. in Finance), HEC Paris, France M.Sc in Economics, Ecole Normale Supérieure, Paris, France Diplôme Grande École HEC Paris (Master Degree in Management), France "The Initial Public Offerings of Listed Firms", Journal of Finance, 2007, vol. 62, n 1, pp (in coll. with A. Kecskés). Underwriting Relationships and the Stock Price Performance of Initial Public Offerings 2008 HEC Foundation Researcher of the Year Award 2006 Best paper award, 9th Conference of the Swiss Society for Financial Market Research Assistant Professor of Finance, University of Toronto Visiting scholar, Harvard University, USA Visiting scholar, Amos Tuck School, Dartmouth College, USA Review of Financial Studies, Journal of Finance, Journal of Financial Economics. "Auctioned IPOs: The U.S. Evidence", forthcoming, Journal of Financial Economics (in coll. with F. Degeorge, K.Womack). "How Much Does Investor Sentiment Really Matter for Equity Issuance Activity?", European Financial Management, 2009, vol. 15, n 4, pp (in coll. with A. Kecskés). "Analyst Hype in IPOs: Explaining the Popularity of Bookbuilding", Review of Financial Studies, 2007, vol. 20, n 4, pp (in coll. with F. Degeorge, K. Womack). 54

5 Thierry FOUCAULT Professor Doctorat en Sciences de Gestion (Ph.D. in Finance), HEC Paris, France Habilitation à Diriger des Recherches (Qualified Research Supervisor), Université Paris IX- Dauphine, France DEA en Finance, magistère Banque/Finance/Assurance, Université Paris IX- Dauphine, France M.A. Economics and Finance, University of Paris- Dauphine, France B.A. Economics, University of Paris-Dauphine, France 2009 Europlace Institute of Finance (EIF) Best Paper Published in Finance (for two articles) 2009 and 2006 HEC Foundation Researcher of the Year Award 2009 Analysis Group Award for the Best Paper on Financial Institutions and Markets 2005 Best Young French Researcher Award in Finance, Granted by the Scientific Committee of the Institute Paris Europlace 1995 Prize of "La Société des Bourses Françaises" (SBF) for Research on Transaction Costs and Information Revelation in Financial Markets Laureate of the "Prix de thèse de la Société des Bourses Françaises", for the Doctoral Dissertation. Assistant Professor, Universitat Pompeu Fabra, Visiting Assistant Professor, Carnegie Mellon University FORMER INSTITUTIONAL APPOINTMENT Associate Dean for Research, HEC Paris Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Financial Intermediation, Rand Journal of Economics. "Stock Price Informativeness, Cross-listings and Investment Decisions", Journal of Financial Economics, April 2008, vol. 88, n 1, pp (in coll. with T. Gehrig). "Competition for Order Flow and Smart Order Routing Systems", Journal of Finance, February 2008, vol. 3, n 1, pp (in coll. with A. J. Menkveld). "Does Anonymity Matter in Electronic Limit Order Markets?", Review of Financial Studies, September 2007, vol. 20, n 5, pp (in coll. with S. Moinas, E. Theissen). Books Microstructure des Marchés Financiers: Institutions, Modèles et Tests Empiriques, Presses Universitaires de France, 1997 (in coll. with B. Biais, P. Hillion). Market Microstructure, Behavioral Finance, Information Economics 55

6 Laurent FRÉSARD Assistant Professor Ph.D. in Finance, University of Neuchâtel, Switzerland MSc. in Economics, University of Lausanne, Switzerland BA. in Economics, University of Neuchâtel, Switzerland 2008 Chicago Quantitative Alliance (CQA) Prize for the Best PhD Paper presented at the European Finance Association Meeting in Athens Lecturer, University of Geneva, Switzerland Lecturer, HEG School of Management, Neuchâtel, Switzerland The Journal of Finance, Journal of Financial Economics. "Financial Strength and Product Market Behavior: The Real Effects of Corporate Cash Holdings", forthcoming, The Journal of Finance. "The Value of Excess Cash and Corporate Governance: Evidence from U.S. Cross-listings", forthcoming, Journal of Financial Economics (in coll. with C. Salva). Corporate Finance, International Finance 56

7 Ulrich HEGE Fédération Bancaire Française Université Paris Dauphine HEC Chair Ph.D. in Economics, Princeton University, USA M.A., Economics, Princeton University, USA M.A. (Diplom), Economics, University of Frankfurt, Germany 1999 Iddo Sarnat Memorial Award, Honorable Mention for Best Paper in the Journal of Banking and Finance, vol. 22, ESSEC Assistant Professor, Tilburg University Visiting, London Business School Visiting, New York University "Equity and Cash in Intercorporate Asset Sales: Theory and Evidence", Review of Financial Studies, February 2009, vol. 22, n 2, pp (in coll. with S. Lovo, M. Slovin, M. Sushka). "Repeated Dilution and Diffusely Held Debt", Journal of Business, May 2005, vol. 78, n 3, pp (in coll. with P. Mella-Barral). "The Financing of Innovation: Learning and Stopping", RAND Journal of Economics, Winter 2005, vol. 36, n 4 (in coll. with D. Bergemann). Corporate Finance, on Issues Including Bankruptcy, Debt Renegotiation and Debt Valuation, Venture Capital, Corporate Governance, Joint Ventures, Product Market Impact of Financial Strategies, Contract Theory, Industrial Organization and Law and Economics Review of Financial Studies, Rand Journal of Economics, Journal of Business, Journal of Corporate Finance, Harvard Business Review, Finance. "Acquisition Values and Optimal Financial (In)Flexibility", forthcoming, Review of Financial Studies (in coll. with C. Hennessy). "Venture Capital Performance: The Disparity Between Europe and the United States / Performances du capital risque : Les disparités entre l'europe et les États-Unis", Finance, 2009, vol. 30, n 1, pp (in coll. with F. Palomino, A. Schwienbacher). "Equity or Cash? The Signal Sent by the Way You Pay", Harvard Business Review, May 2009, vol. 87, n 5, pp. 22 (in coll. with M. E. Sushka). 57

8 Johan HOMBERT Assistant Professor Antoine HYAFIL Deloitte Société Générale Chair Doctorat d'economie (Ph.D. in Economics), Université des Sciences Sociales, Toulouse I, and Ecole des Hautes Etudes en Sciences Sociales (EHESS), Paris, France Diplôme de Statisticien-Economiste (Graduate Diploma in Economics and Statistics), Ecole Nationale de la Statistique et de l'administration Economique (ENSAE), France Master d'economie (M.A. in Economics), Ecole d'economie de Paris, France Diplôme d Ingénieur de l Ecole Polytechnique, France Teaching Assistant in Macroeconomics, ENSAE, Paris, France. Corporate Finance, Industrial Organization Doctorat de 3e cycle en monnaie et finance (Ph.D.), Université d'orléans, France Diplôme du Programme Doctoral HEC Paris (Ph.D. in Finance), France MBA, INSEAD, France Diplôme de l Institut d'etudes Politiques de Paris, France FORMER INSTITUTIONAL APPOINTMENT Dean of Faculty and Research, HEC Paris NON-ACADEMIC EXPERIENCE Assistant Manager, First National Bank of Chicago, Paris Academic in Residence, Merrill Lynch M&A Department, Paris Revue Française de Gestion, Géoéconomie. "La crise économique et financière : conséquences sur les grands équilibres et les prix de l'énergie", Géoéconomie, Fall 2009, pp Agency Theory, Transaction Cost Theory, Contract Theory, Applications to Finance and Corporate Planning, Carbon Finance, Energy Economics, Competitiveness in a Carbon Concerned Economy 58

9 Ali LAZRAK Doctorat en Mathématiques (Ph.D. in Mathematics), Université des Sciences Sociales, Toulouse I, France Maîtrise de probabilité et statistiques, Université de Jussieu, France Maîtrise de mathématiques économiques, Université Paris I - Sorbonne, France Diplôme de Statisticien-Economiste (Graduate Diploma in Economics and Statistics), Ecole Nationale de la Statistique et de l'administration Economique (ENSAE), France Asset Pricing and Portfolio Selection Theory, Preference Theory under Uncertainty, Portfolio Performance Measure, Corporate Finance., Sauder School of Business, University of British Columbia, Canada Economic Theory, International Journal of Theoretical and Applied Finance, Mathematics of Operation Research, Quantitative Finance, Journal of Mathematical Economics, Annals of Applied Probability, Review of Financial Studies, Journal of Economics and Dynamic Control. "Leverage Choice and Credit Spread when Managers Risk Shift", forthcoming, Journal of Finance (in coll. With M. Carlson). "Dynamic Portfolio Choice with Parameter Uncertainty and the Economic Value of Analysts' Recommendations", Review of Financial Studies, 2006, vol. 19, n 4, pp (in coll. with J. Cvitanic, L. Martellini, F. Zapatero). "Sharpe ratio as a performance measure in a multi-period model", Journal of Economics and Dynamic Control, 2008, vol. 32, n 5, pp (in coll. with J. Cvitanic, T. Wang). 59

10 Stefano LOVO Ph.D., Center for Operation Research and Econometrics (CORE), Université Catholique de Louvain, Belgium Master of Arts in Economics, Université Catholique de Louvain, Belgium 1999 PAI-UAP "First Price for Young Researcher" for the paper on "Bid-Ask Price Competition with Asymmetric Information between Market Makers" Teaching Assistant, Università degli studi di Torino, Italy Teaching Assistant, Université Catholique de Louvain, Belgium Researcher, Fondazione Luigi Einaudi, CORE, Université Catholique de Louvain. Research Assistant at CORE, Université Catholique de Louvain, Belgium Post Doc, Institut d'economie Industrielle, Université des Sciences Sociales de Toulouse I, France "Belief Free Equilibria in Games of Incomplete Information", Econometrica, 2009, vol. 77, n 2, pp (in coll. with J. Hörner). "Equity and Cash in Intercorporate Asset Sales: Theory and Evidence", Review of Financial Studies, 2009, vol. 22, n 2, pp (in coll. with U. Hege, M. Slovin, M. Sushka). "Bid-Ask Price Competition with Asymmetric Information between Market Makers", Review of Economic Studies, 2006, vol. 73, n 2, pp (in coll. with R. Calcagno). Information Economics, Financial Economics, Game Theory, Financial Markets Microstructure, Corporate Finance, Auction Theory NON-ACADEMIC EXPERIENCE Teaching and Research Activity, Dianos s.r.l. (Derivative Asset Pricing Methods and Software Implementation) Econometrica, The Review of Economic Studies, Review of Financial Studies, Journal of Mathematical Economics, Economic Theory, Economics Letters, Annales d Economie et Statistique, The Geneva Papers on Risk and Insurance Theory, The Review of Economic Design. 60

11 Jacques OLIVIER Professor Evren ÖRS Ph.D. in Economics, University of Pennsylvania, USA M.A., Economics, University of Pennsylvania, USA Diplôme Grande École ESSEC, France (Master Degree in Management) 1998 Teaching award Pierre Vernimmen - BNP Paribas 1996 Nominated for Best Ph.D. Thesis, Department of Economics, University of Pennsylvania Assistant Professor, National University of Singapore, Singapore Journal of Finance, Journal of International Economics, International Economic Review, Journal of International Money and Finance, Spanish Economic Review. "Globalization and the Dynamics of Cultural Identity ", Journal of International Economics, December 2008, vol. 76, n 2, pp (in coll. with M. Thoenig, T. Verdier). "The Dog that Did not Bark: Insider Trading and Crashes", Journal of Finance, October 2008, vol. 63, n 5, pp (in coll. with J. Marin). Speculative Bubbles and Volatility of Financial Markets, Mutual Funds, Socially Responsible Investment, International Trade, Growth and Development Ph.D. in Finance, Carroll Graduate School of Management, Boston College, USA M.S., Finance, Carroll Graduate School of Management, Boston College, USA M.B.A., Middle East Technical University (M.E.T.U.), Ankara, Turkey B.S., Mechanical Eng., Middle East Technical University (M.E.T.U.) Ankara, Turkey NON-ACADEMIC EXPERIENCE Privatisation Specialist, Public Participation Administration, Ankara, Turkey Journal of Finance, Journal of Banking & Finance, Journal of Corporate Finance, Review of Financial Economics, Journal of Fixed Income. "The Competitive Dynamics of Geographic Deregulation in Banking: Implications for Productive Efficiency", Journal of Money, Credit and Banking, August 2008, vol. 40, n 5, pp (in coll. with D. D. Evanoff). "Margin Regulation and Market Quality: A Microstructure Analysis", Journal of Corporate Finance, September 2004, vol. 10, n 4, pp (in coll. with G. J. Alexander, M. Peterson, P. Jo. Seguin). "Post Mortem on Federal Reserve's Functional Cost Analysis Program: How Useful Was the FCA?", Review of Financial Economics, 2004, vol. 13, n 1-2, pp Financial Institutions and Financial Intermediation 61

12 Christophe PÉRIGNON Ph.D. in Finance, Swiss Finance Institute, Switzerland M.A. and B.A. in Economics and Finance, University of Geneva, Switzerland 2009 Award for the Best Paper in Risk Management, Midwest Finance Association Conference, Chicago Assistant Professor, Simon Fraser University, Canada "A New Approach to Comparing VaR Estimation Methods", Journal of Derivatives, 2008, vol. 16, n 2, pp (in coll. with D. Smith). "Do Banks Overstate their Value-at-Risk?", Journal of Banking and Finance, 2008, vol. 32, n 5, pp (in coll. with Z. Deng and Z. Wang). Books Marchés financiers: gestion de portefeuilles et des risques, Dunod, 5th ed (in coll. with B. Jacquillat and B. Solnik). Clearing of Derivatives Securities, Organization of Derivatives Exchanges, Development of New Risk Measures, Risk Disclosure by Commercial Banks, Risk Model Validation Techniques Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Journal of Business, Review of Finance, Journal of Banking and Finance, Journal of Derivatives, Journal of International Money and Finance, European Financial Management. "The Level and Quality of Value-at-Risk Disclosure by Commercial Banks", Journal of Banking and Finance, 2010, vol. 34, n 2, pp (in coll. with D. Smith). "Diversification and Value-at-Risk", Journal of Banking and Finance, 2010, vol. 34, n 1, pp (in coll. with D. Smith). "Commonality in Liquidity: A Global Perspective", Journal of Financial and Quantitative Analysis, 2009, vol. 44, n 4, pp (in coll. with P. Brockman and D. Chung). "How Common are Common Return Factors across Nyse and Nasdaq? ", Journal of Financial Economics, 2008, vol. 90, n 3, pp (in coll. with A. Goyal and C. Villa). 62

13 David THESMAR Professor Doctorat d Economie (Ph.D. in Economics), Ecole des Hautes Etudes en Sciences Sociales (EHESS), Paris, France Habilitation à diriger des recherches (Qualified Research Supervisor), Université des Sciences Sociales Toulouse I, France Masters degree in Economics, DELTA and Paris School of Economics, France Master of Philosophy in Economics, London School of Economics (London), United Kingdom Diplôme d Ingénieur, Ecole Polytechnique, France Manpower Prize, for Le Grand Méchant Marché 2007 HEC Foundation Researcher of the Year Award 2007 Best Young French Economist Award, given by the French newspaper Le Monde Professor of Economics, Ecole Nationale de la Statistique et de l Administration Economique (ENSAE), Paris of Economics, Ecole Polytechnique of Economics, ENSAE INSEE Research Fellow, Macroeconomics forecasting division, CREST American Economic Review, Econometrica, Economic Journal, Journal of Finance, Journal of Labor Economics, Quarterly Journal of Economics, Review of Economic Studies, Review of Financial Studies "Financial Risk Management: When Does Independence Fail?", American Economic Review (Papers and Proceedings), May 2009, vol. 99, n 2, pp (in coll. with A. Landier, D. Sraer). "Optimal Dissent in Organizations", Review of Economic Studies, April 2009, vol. 76, n 2, pp (in coll. with A. Landier, D. Sraer). "Financial Contracting with Optimistic Entrepreneurs: Theory and Evidence", Review of Financial Studies, January 2009, vol. 22, n 1, pp (in coll. with A. Landier). "Investigating Capitalism Aversion", Economic Policy, July 2008, vol. 23, n 55, pp (in coll. with A. Landier, M. Thoenig). "Banking deregulation and Industry Structure: Evidence From the French Banking Act of 1985", The Journal of Finance, April 2007, vol. 62, n 2, pp (in coll. with M. Bertrand, A. Schoar). Long Run Macroeconomics, Organization of the Firm, Corporate Finance, Behavioral Economics, Corporate Governance INSTITUTIONAL APPOINTMENT Scientific Director BNP Paribas Hedge Fund Centre at HEC 63