DAVID THESMAR. HEC Paris Tel: +33 (0) rue de la libération thesmar@hec.fr Jouy en Josas cedex, France

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1 DAVID THESMAR HEC Paris Tel: +33 (0) rue de la libération thesmar@hec.fr Jouy en Josas cedex, France PERSONNAL DATA Born 07/03/1972 in France French Citizen MAIN POSITIONS HELD HEC Paris Professor of Finance (2009-) Associate Professor of Finance ( ) INSEE (French statistical office) Lecturer & researcher at ENSAE ( ) Eurozone Economy, Macroeconomic Forecasting Division ( ) Researcher at CREST ( ) EDUCATION PhD in Economics, EHESS (Committee: P. Cahuc, C. Chamley, D. Cohen, P. Rey, F. Kramarz) MPhil in Economics, LSE MSc Economics, ENSAE and PSE BSc Economics and Physics, Ecole Polytechnique OTHER POSITIONS HELD Senior Research Consultant, CFM, Paris Member of the scientific board of ESMA (European Securities Markets Authority) Member of the scientific board of APCR (French Banking & Insurance Supervisor) Member of the scientific board of BPI (State-Owned Bank for SME lending) Member of the council of economic advisers (with the French Prime Minister) CEPR, Associate Researcher then Research Fellow

2 PUBLICATIONS Articles in peer-reviewed journals "Vulnerable Banks", with Robin Greenwood and Augustin Landier, forthcoming Journal of Financial Economics. The WACC Fallacy, with A. Landier & P. Krueger, forthcoming Journal of Finance "Overcoming Limits of Arbitrage: Theory and Evidence, with J. Hombert, Journal of Financial Economics, 2014 "Investor Horizon and Corporate Policy, with F. Derrien and A. Kecskes, Journal of Financial and Quantitative Analysis, 2014 "Social Networks in the Boardroom ", with F. Kramarz, Journal of the European Economic Association, 2013 Bottom-Up Corporate Governance, with D. Sraer and A. Landier, Review of Finance, 2012 "The Collateral Channel: How Real Estate Shocks Affect Corporate Investment", with T. Chaney and D. Sraer, American Economic Review, 2012 Stock Price Fragility, with R. Greenwood, Journal of Financial Economics, oct 2011 "Contrasting Trends in Firm Volatility", with M. Thoenig, American Economic Journal: Macroeconomics, oct 2011 «Growth LBOs, with Q. Boucly and D. Sraer, Journal of Financial Economics, November 2011 "Retail investors and volatility", with T. Foucault and D. Sraer, Journal of Finance, August 2011 Financial Risk Management: Why Did Independence Fail?, with D. Sraer and A. Landier, American Economic Review P&P, May 2009 Optimal Dissent in Organizations, with D. Sraer and A. Landier, Review of Economic Studies, March 2009 Financial Contracting with Optimistic Entrepreneurs: Theory and Evidence, with A. Landier, Review of Financial Studies, January 2009 Investigating Capitalism-Aversion, with A. Landier and M. Thoenig, Economic Policy, September 2008 Outsourcing and Volatility: New Theory and Evidence, with M. Thoenig, Journal of the European Economic Association, September 2007 Performance and Behavior of Family Firms: Evidence From the French Stock Market, with D. Sraer Journal of the European Economic Association, June 2007 Banking Deregulation and Industry Structure: Evidence From the French Banking Act of 1985, with M. Bertrand and A. Schoar, Journal of Finance, March 2007 Time Based Competition and Innovation, with P. Askenazy and M. Thoenig, Economic Journal, January 2006 Changes in the Functional Structure of Firms and the Demand for Skill, with E. Maurin, Journal of Labor Economics, July 2004 Identifying Dynamic Discrete Choice Models, with T. Magnac, Econometrica, March 2002 Creative Destruction and Organization Change, with M. Thoenig, The Quarterly Journal of Economics, November Evaluation d une politique éducative: la montée de la scolarisation en France , with T. Magnac, Annales d Economie et de Statistiques, March 2002 Choisir son Organisation dans un Environnement Instable : une Perspective Macro-économique, with M. Thoenig, Revue Economique, May 1999.

3 Book chapters Regulating Systemic Risk Through Transparency: Tradeoffs in Making the Data Public, with Augustin Landier, NBER book on Systemic Risk, Markus Brunnermeier and Arvind Krishnamurthy Eds Credit Constraints and Entrepreneurship: Evidence From the French Loan Guarantee Program, with Claire Lelarge and David Sraer, NBER book on Small Business Finance Around the World, Josh Lerner and Antoinette Schoar Eds Official reports (in French) "Les enjeux économiques du droit des faillites", avec Guillaume Plantin et Jean Tirole, Rapport du Conseil d'analyse Economique, 2013 "Protection du consommateur: Rationalité Limitée et Régulation", avec Xavier Gabaix et Augustin Landier, Rapport du Conseil d'analyse Economique, 2012 " Mieux valoriser le patrimoine culturel de la France" avec Françoise Benhamou, Rapport du Conseil d'analyse Economique, 2011 "Epargner à long terme et maîtriser les risques financiers", avec Olivier Garnier, Rapport du Conseil d'analyse Economique, 2008 Books (in French) "Dix idées qui coulent la France", Flammarion, Septembre 2013, avec A. Landier "La société translucide: pour en finir avec le mythe de l'etat bienveillant", Fayard, Mai 2010, avec A. Landier «Le grand méchant marché: Décryptage d'un fantasme français», Flammarion, janvier 2007, avec A. Landier Newspaper articles I have been holding since 2007 a monthly column in the French economic newspaper les Echos, with Augustin Landier. We have produced approximately 60 papers for the wider audience on various economic topics.

4 PROJECTS AND WORKING PAPERS Working papers "Can Unemployment Insurance Spur Entrepreneurship? Evidence From France", with Hombert, Schoar and Sraer, under revision for the Journal of Political Economy. "Housing Collateral and Entrepreneurship", with Schmalz and Sraer, under revision for the Journal of Finance "Banks' Exposure to Interest Rate Risk and the Transmission of Monetary Policy", with Landier and Sraer, under revision for the Journal of Finance (reject and resubmit) Politicians, Firms, and the Political Cycle, with M. Bertrand, F. Kramarz, and A. Schoar, under revision for the American Economic Journal: Applied Microeconomics "Bank Financing and Sovereign Crises: Evidence from the Repo Market", with Boissel, Derrien and Ors. "The Real Effects of Bank Capital Requirements", with Fraisse and Lé "Collateral and Labor Demand", with Chaney, Huang, and Sraer "Banking Integration and House Price Comovement", with Landier and Sraer "The Risk Shifting Hypothesis: Evidence From Subprime Originations", with Landier and Sraer

5 TEACHING EXPERIENCE Hedge Funds, Master in Finance, HEC Growth and Development, PhD, Paris School of Economics Macroeconomic Fluctuations, Undergraduate, ENSAE and Ecole Polytechnique Corporate Finance, Undergraduate, HEC and Ecole Polytechnique Corporate Finance Theory, PhD, Paris School of Economics Empirical Corporate Finance, PhD, Paris School of Economics and LSE AWARDS Turgot prize for La société translucide (2012) Manpower Prize, for Le Grand Méchant Marché (2008) Researcher of the Year, HEC Foundation (2007) Best Young French Economist Award, Le Monde & Cercle des économistes (2007) MEMBERSHIPS Research fellow, CEPR since 2008 Membre du Cercle des Economistes since Adam Smith Corporate Finance Conference, organizer: 2012, 2013, 2014 European Summer Symposium on Financial Markets, organizer: European Financial Association (2009, 2011, 2013) European Economic Association Meetings (2002, 2003, 2008, 2011) Member of the Economic Policy Panel ( ) EDITORIAL ACTIVITY Associate Editor - Journal of Finance (2012-) Associate Editor Review of Finance (2008-) Ad-hoc referee for American Economic Review, Annales d Economie et de Statistique, Econometrica, Economic Journal, Economic Research, European Economic Review, Journal of Economic Growth, Journal of the European Economic Association, Journal of Finance, Journal of Financial Economics, Journal of Political Economy, Journal of Public Economics, Management Science, Oxford Bulletin of Economics and Statistics, Quarterly Journal of Economics, Rand Journal of Economics, Review of Economic Studies, Review of Financial Studies, Revue Economique SEMINAR AND CONFERENCE INVITATIONS "Can Unemployment Insurance Spur Entrepreneurship? Evidence From France", NBER SI Productivity & Entrepreneurship (2013), IDC (2014), Stockhom (2014), "Collateral and Labor Demand", Capri (2013) "Banks' Exposure to Interest Rate Risk and the Transmission of Monetary Policy", St Gallen (2012), Humboldt University (2013), Bank of England (2013), AFA Meetings (2014) "Housing Collateral and Entrepreneurship", University of Amsterdam (2013), AFA Meetings (2014) "Banking Integration and House Price Comovement", Swiss Banking Conference (2013), McGill (2013), UBC (2013), University of Alberta (2013), INSEAD (2013), IMF (2013), Duke-Fuqua (2013), Bank of Austria (2013), "Categorization Bias and the Stock Market", Cass business School (2012), Nova (2012), Stockholm School of Economics (2012), Pompeu Fabra (2012), University of Vienna (2012) "Vulnerable Banks", NBER International finance (2012), NBER Banking (2012), ECB (2012), LSE (2013), ECB (2014) "The WACC fallacy", University of Mannheim (2011), NBER Behavioral Finance Meeting (2011), American Finance Association Meeting 2012

6 "The Risk Shifting Hypothesis: Evidence From Subprime Originations", University of Mannheim (2010), HKUST conference on asset pricing and asset management (2010), HEC Lausanne (2011), Bergen (2011), University of Piraeus (2011), University of Lausanne (2011), American Finance Association Meeting 2012, AEA Meeting 2012, IMF Jack Polack conference (2011), MIT Sloan (2012) "Stock Price fragility", Imperial college (2009), SIFR conference on asset allocation (2010), Citigroup global quantitative investment conference (2010), JP Morgan Cazenove (2011) "Long term investors and corporate policies", INSEAD (2010), Helsinki School of Economics (2010), BI Oslo (2010) Limits of Limits of Arbitrage: Theory and Evidence, Pompeu Fabra (2009), Harvard Business School (2009), University of Zurich (2009), European Central Bank (2009), University of Lugano (2009), University of Cagliari (2009), University of Toulouse (2009) Financial Risk Management: Why Did Independence Fail?, American Economic Association Meetings (2009) Chaining Up Noise Traders, Bocconi University (2008), American Finance Association Meetings (2009) How Do firm react to balance sheet shocks?, University of Amsterdam (2006), London Business School (2006), Saïd School of Business (Oxford, 2006), Bocconi University (Milan, 2006), European University Institute (Florence, 2006), Toulouse University (Toulouse, 2007), Princeton University (2007), University of Naples (2007), CEMFI (Madrid, 2007), AFA New Orleans Meetings (2008) Financial Contracting with Optimistic Entrepreneurs: Theory and Evidence : NBER corporate finance (2003), INSEAD (2003), AFA San Diego meetings (2004), CEPR conference on Economics and Psychology (Toulouse, 2005) Banking Deregulation and Industry Structure: Evidence From the French Banking Act of 1985 : CEPR conference on Banking (Brussels, 2005), CEPR ESSFM (Gerzensee, 2004), NBER corporate finance (2003), London School of Economics (2003), Stockholm School of Economics (2003) "Financial Development and The Rise in Firm Level Uncertainty ": MIT Macro seminar (2005), Columbia Business School (2004), NBER Growth and Inequality (2004) Bottom-Up Corporate Governance : Fondacion Ramon Aceres, Madrid (2008), AFA Boston meetings (2006), Toulouse Microeconomics (2006), CEPR ESSFM (Gerzensee, 2005), SIFR conference on corporate governance (Stockholm, 2005), ISB conference on Corporate Governance (Hyderabad, 2006) Performance and Behavior of Family Firms: Evidence from the French Market : Conference on Corporate Governance in Family/Unlisted Firms, 15 juin 2006, Thun, Suisse. Political Connections and Corporate Performance: An analysis on French CEOs : ESSFM (Gerzensee, 2006), University College London (2006), AFA Boston meetings (2006), NBER corporate finance (2005), NYU-Stern (2007) Social Networks in the Board Room, Ente Luigi Enaudi (Rome, 2006), NBER Growth and Inequality (2005), University of Amsterdam (2005), Stockholm School of Economics (2004) Creative Destruction and Organizational Change, SED meetings (Philadelphia, 1998), NBER Growth and Inequality (1999), European Meeting of the Econometric Society (Berlin, 1998), Universitat Pompeu Fabra (1998)

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