Pdf Thierry Foucault Hec Foundation Chaired Professor Of Finance Hec P

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.) Thierry Foucault is HEC Foundation Chaired Professor of Finance at HEC, Paris and a research fellow of the Centre for Economic Policy (CEPR). His research focuses on the liquidity of financial markets, their industrial organization, and their effect on the real economy. He has received, in 2021, an Advanced European Research Council (ERC) grant for conducting research on the effects of big data and artificial intelligence on financial markets. His research is published in leading scholarly journals in financial economics, including the Journal of Finance, the Journal of Financial Economics, and the Review of Financial Studies. He is co-managing editor of the Journal of Financial and Quantitative Analysis and is an Associate editor of the Journal of Finance and the Journal of Economic Theory.

He previously served as co-editor of the Review of Finance and the Review of Asset Pricing Studies. He also serves on the scientific committees of the Autorité des Marchés Financiers (AMF) and the Norwegian Finance Initiative (NFI). He co-authored “Market Liquidity: Theory, Evidence, and Policy” published by Oxford University Press in 2013. Thierry Foucault is HEC Foundation Chaired Professor of Finance at HEC Paris. He studies how technologies like AI and big data transform financial markets. His research reveals how these shifts impact trading, asset management, and investment decisions - helping market professionals and policy makers navigate a rapidly evolving landscape.

Thierry Foucault explores how tech reshapes finance. For instance, his latest work shows AI boosts short-term market forecasts but makes long-term ones less reliable - potentially hurting long-term investment. He also studies how trading algorithms change how markets work and what risks they create. He is a recognized expert on the functioning of securities markets and their impact on firms’ decisions, with numerous publications in top-tier academic journals in finance, such as the Journal of Finance or the... He is the first European based co-editor of the Journal of Financial and Quantitative Analysis, one of the oldest peer-reviewed journals in financial economics. His work has also been published by medias such as The Conversation and VoxEU.

His courses at HEC Paris draw extensively on insights from his research, and his long-standing teaching experience in international institutions, including Carnegie Mellon (U.S.), Oxford (U.K.), Pompeu Fabra (Spain), and UNSW (Australia), reaching a... programs. His research informs both policy and practice. He has collaborated with policy makers and central banks, and currently chairs the scientific committee of the Norges Bank Academic Program. 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

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