David Thesmar

professeur de finances à HEC.

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CV de David Thesmar

EDUCATION
2000 Ecole des Hautes Etudes en Sciences Sociales, PhD in Economics - PhD Thesis: « Organization Change and the Rise in Uncertainty » - PhD Adviser: Daniel Cohen
1997 LSE, MPhil Economics
1996 ENSAE and Paris School of Economics, MSc Economics
1995 Ecole Polytechnique, BSc Economics and Physics

POSITIONS HELD
Since 2009 HEC School of Management, Professor of finance
2006 - 2009 HEC School of Management, Associate Professor of finance
2003 – 2006 Ecole Polytechnique, Associate Professor of Economics
2002 – 2005 ENSAE, lecturer in Economics
1999 – 2002 INSEE, Economist, Département de la conjuncture
1997 – 1999 CREST, Research fellow

RESEARCH
Research interests
Corporate Finance, Behavioural Economics, Financial Intermediation, Corporate governance &
organisation.

Journal Articles
“Bottom-Up Corporate Governance”, with D. Sraer and A. Landier, forthcoming Review of Finance
"Social Networks in the Boardroom ", with F. Kramarz, forthcoming Journal of the European Economic
Association
" The Collateral Channel: How Real Estate Shocks Affect Corporate Investment", with T. Chaney
and D. Sraer, forthcoming American Economic Review
“Stock Price Fragility”, with R. Greenwood, Journal of Financial Economics, oct 2011
"Contrasting Trends in Firm Volatility ", with Mathias Thoenig, American Economic Journal:
Macroeconomics, oct 2011
« Growth LBOs ”, with Quentin Boucly and David 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 2000.
“Evaluation d’une politique éducative: la montée de la scolarisation en France 1982-1993 ”, 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.
Papers under revision
"Limits of Limits of Arbitrage: Theory and Evidence”, with Johan Hombert, under revision for the
Journal of Financial Economics
“Politicians, Firms, and the Political Cycle”, with M. Bertrand, F. Kramarz, and A. Schoar, under
revision for the American Economic Journal: Applied Microeconomics
Working papers
"Investor Horizon and Corporate Policy”, with F. Derrien and A. Kecskes, submitted to a journal
“The WACC Fallacy”, with Augustin Landier & Philipp Krueger, submitted to a journal
"Vulnerable Banks", with Robin Greenwood and Augustin Landier
"The Risk Shifting Hypothesis: Evidence From Subprime Originations", with Landier and Sraer
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
FELLOWSHIPS, AWARDS AND OTHERS
2008 Manpower Prize, for “Le Grand Méchant Marché”
2007 Researcher of the Year 2007, given by the HEC Foundation
2007 Best Young French Economist Award, given by the French newspaper Le Monde
2007 HEC Foundation fellowship: “Chaining-up noise traders” (with T. Foucault)
2006 Grant from Institut Europlace de Finance: “Corporate Wealth Effect” (with D. Sraer)
2004 Banque de France foundation fellowship: “Social Networks in the Board Room” (with
F. Kramarz)
2002 Grant from the National Center for Scientific Research (CNRS): “Flexibility and
Uncertainty under the New Growth Regime” (with M. Thoenig)
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

PROFESSIONAL ACTIVITIES
Other academic Responsibilities at HEC
Finance PhD program, coordinator
BNP Hedge Fund Research Centre at HEC, Scientific Director
Other memberships
Member of the Conseil d’Analyse Economique (appointed by the French Prime Minister), 2008-2012
Membre du Cercle des Economistes depuis 2010.
Centre of European Policy Research, Research fellow
European Corporate Governance Institute, member
Conference Organization
Adam Smith Corporate Finance Conference, Oxford, March 2012
European Summer Symposium on Financial Markets, Gerzensee, 2006-2007 (organizer for the
corporate finance week)
Program committee – Editorial activity
Associate Editor – Review of Finance (2008-2012)
European Financial Association (2009, 2011)
European Economic Association Meetings (2002, 2003, 2008, 2011)
Member of the Economic Policy Panel (2007-2009)
Referee
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
Seminars and Conferences invitations
"The WACC fallacy", University of Mannheim (2011), NBER Behavioral Finance Meeting (2011),
American Finance Association Meeting 2012
"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
"Stock Price fragility", Imperial college (2009), SIFR conference on asset allocation (2010), Citigroup
global quantitative investment conference (2010)
"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)
NON ACADEMIC PUBLICATIONS
Official reports (in French)
"Protection du consommateur: Rationalité Limitée et Régulation", Rapport du Conseil d'Analyse
Economique, à paraître
" 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)
" 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
Media exposure
Aside from various I hold with Landier a monthly column in the French economic newspaper Les
Echos. I am part of the regular team of the radio show "L'économie en question", on France Culture