‪thierry Foucault‬ ‪google Scholar‬

I work on the determinants of financial markets liquidity and informativeness, the industrial organization of these markets, and their effect on the real economy. My most recent papers are on Big Data and new trading technologies, OTC markets, and the effects of stock markets on firms’ decisions (investment, product choices etc.). In 2021, I received a European Research Council (ERC) Advanced Grant for a five years research project on the impact of Big Data and Artificial Intelligence on financial markets and corporate investment. I am co-managing editor of the Journal of Financial and Quantitative Analysis (JFQA) since Sept 1, 2021. My working papers are available here and my published papers here. New: Effects of AI on Finance: “Barcelona 7: Artificial Intelligence in Finance” with L.Gambacorta, W.

Jiang and X. Vives. New Edition of “Market Liquidity: Theory, Evidence, and Policy.“ Does big data devalue traditional expertise? Evidence from Active Funds Managers. Shows that the introduction of alternative data on a stock reduces asset managers’ stock picking ability.

Algorithmic pricing and liquidity in securities markets. Analyzes how market makers using Q-learning algorithms behave in the presence of adverse selection.Conditionally accepted at Review of Financial Studies Thierry Foucault is Professor of Finance at HEC Paris where he hold a chair from the HEC Foundation and a research fellow of the Centre for Economic Policy (CEPR). His research focuses on the determinants of financial markets liquidity, the production of information in these markets, their industrial organization, and their effect on the real economy. It is published in leading scholarly journals such as Journal of Finance, Review of Financial Studies, or Journal of Financial Economics. In 2021, he received a grant from the European Research Council (ERC) to work on the effects of AI and big data on information production in financial markets.

He has received research awards from the Louis Bachelier Institute, the HEC Foundation, and the Analysis Group award for the best paper on Financial Markets and Institutions presented at the 2009 Western Finance Association... He serves or served on the scientific committees of the Autorité des Marchés Financiers (AMF), the Norges Bank Academic Program (NBAP), the Research Foundation of the Banque de France, the Group of Economic Advisors... He is currently co-managing editor of the Journal of Financial and Quantitative Analysis (JFQA) and an Associate Editor of the Journal of Economic Theory and the Journal of Finance, and a former Associate Editor... He also served as co-editor of the Review of Finance from 2009 to 2013 and the Review of Asset Pricing Studies (RAPS). He co-authored, with Marco Pagano and Ailsa Röell, “Market Liquidity: Theory, Evidence and Policy” , a textbook on market liquidity published by Oxford University Press in 2013. Journal of Finance, February 2025, vol.

80, n° 1, pp 211-258, (in coll. with J. DUGAST) Revue d'Économie Financière, September 2025, vol. 159, pp 91-104, Journal of Finance, June 2024, vol.

79, n° 3, pp 2237-2287, (in coll. with O. DESSAINT, L. FRÉSARD) Journal of Finance, June 2024, vol. 79, n° 3, pp 2339-2390, (in coll.

with A. MENKVELD, A. DREBER, F. HOLZMEISTER, J. HUBER, M. JOHANNESSON, M.

KIRCHLER, M. RAZEN, U. WEITZEL, J. E. COLLIARD, T. DUEVSKI, H.

LANGLOIS-BERTRAND, C. PERIGNON, I. ROSU, ET AL.)

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• Thierry Foucault | HEC Paris | 109 Publications | 4191 Citations ...