David Thesmar

professeur de finances à HEC
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Biographie de David Thesmar

professeur de finances à HEC.

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 Cohen1997 LSE, MPhil Economics1996 ENSAE and Paris School of Economics, MSc Economics1995 Ecole Polytechnique, BSc Economics and Physics

POSITIONS HELD Since 2009 HEC School of Management, Professor of finance2006 - 2009 HEC School of Management, Associate Professor of finance2003 – 2006 Ecole Polytechnique, Associate Professor of Economics2002 – 2005 ENSAE, lecturer in Economics1999 – 2002 INSEE, Economist, Département de la conjuncture1997 – 1999 CREST, Research fellow

RESEARCH Research interestsCorporate 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 EconomicAssociation" The Collateral Channel: How Real Estate Shocks Affect Corporate Investment", with T. Chaneyand 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, November2011"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. LandierAmerican Economic Review P&P, May 2009“Optimal Dissent in Organizations”, with D. Sraer and A. LandierReview of Economic Studies, March 2009“Financial Contracting with Optimistic Entrepreneurs: Theory and Evidence”, with A. LandierReview of Financial Studies, January 2009“Investigating Capitalism-Aversion”, with A. Landier and M. Thoenig, Economic Policy, September2008“Outsourcing and Volatility: New Theory and Evidence”, with M. ThoenigJournal of the European Economic Association, September 2007“Performance and Behavior of Family Firms: Evidence From the French Stock Market”, with D. SraerJournal of the European Economic Association, June 2007“Banking Deregulation and Industry Structure: Evidence From the French Banking Act of 1985”, withM. Bertrand and A. SchoarJournal of Finance, March 2007“Time Based Competition and Innovation”, with P. Askenazy and M. ThoenigEconomic Journal, January 2006“Changes in the Functional Structure of Firms and the Demand for Skill”, with E. MaurinJournal of Labor Economics, July 2004“Identifying Dynamic Discrete Choice Models”, with T. MagnacEconometrica, March 2002“Creative Destruction and Organization Change”, with M. ThoenigThe Quarterly Journal of Economics, November 2000.“Evaluation d’une politique éducative: la montée de la scolarisation en France 1982-1993 ”, with T.MagnacAnnales d’Economie et de Statistiques, March 2002“Choisir son Organisation dans un Environnement Instable : une Perspective Macro-économique ”,with M. ThoenigRevue Economique, May 1999.Papers under revision"Limits of Limits of Arbitrage: Theory and Evidence”, with Johan Hombert, under revision for theJournal of Financial Economics“Politicians, Firms, and the Political Cycle”, with M. Bertrand, F. Kramarz, and A. Schoar, underrevision for the American Economic Journal: Applied MicroeconomicsWorking 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 SraerBook Chapters“Regulating Systemic Risk Through Transparency: Tradeoffs in Making the Data Public”, with AugustinLandier, NBER book on Systemic Risk, Markus Brunnermeier and Arvind Krishnamurthy Eds“Credit Constraints and Entrepreneurship: Evidence From the French Loan Guarantee Program”, withClaire Lelarge and David Sraer, NBER book on Small Business Finance Around the World, JoshLerner and Antoinette Schoar EdsFELLOWSHIPS, AWARDS AND OTHERS2008 Manpower Prize, for “Le Grand Méchant Marché”2007 Researcher of the Year 2007, given by the HEC Foundation2007 Best Young French Economist Award, given by the French newspaper Le Monde2007 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” (withF. Kramarz)2002 Grant from the National Center for Scientific Research (CNRS): “Flexibility andUncertainty under the New Growth Regime” (with M. Thoenig)TEACHING EXPERIENCEHedge Funds, Master in Finance, HECGrowth and Development, PhD, Paris School of EconomicsMacroeconomic Fluctuations, Undergraduate, ENSAE and Ecole PolytechniqueCorporate Finance, Undergraduate, HEC and Ecole PolytechniqueCorporate Finance Theory, PhD, Paris School of EconomicsEmpirical Corporate Finance, PhD, Paris School of Economics and LSE

PROFESSIONAL ACTIVITIES Other academic Responsibilities at HECFinance PhD program, coordinatorBNP Hedge Fund Research Centre at HEC, Scientific DirectorOther membershipsMember of the Conseil d’Analyse Economique (appointed by the French Prime Minister), 2008-2012Membre du Cercle des Economistes depuis 2010.Centre of European Policy Research, Research fellowEuropean Corporate Governance Institute, memberConference OrganizationAdam Smith Corporate Finance Conference, Oxford, March 2012European Summer Symposium on Financial Markets, Gerzensee, 2006-2007 (organizer for thecorporate finance week)Program committee – Editorial activityAssociate 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)RefereeAmerican Economic Review, Annales d’Economie et de Statistique, Econometrica, Economic Journal,Economic Research, European Economic Review, Journal of Economic Growth, Journal of theEuropean Economic Association, Journal of Finance, Journal of Financial Economics, Journal ofPolitical Economy, Journal of Public Economics, Management Science, Oxford Bulletin of Economicsand Statistics, Quarterly Journal of Economics, Rand Journal of Economics, Review of EconomicStudies, Review of Financial Studies, Revue EconomiqueSeminars 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 FinanceAssociation Meeting 2012, AEA Meeting 2012"Stock Price fragility", Imperial college (2009), SIFR conference on asset allocation (2010), Citigroupglobal quantitative investment conference (2010)"Long term investors and corporate policies", INSEAD (2010), Helsinki School of Economics (2010), BIOslo (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 AssociationMeetings (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 BusinessSchool (2006), Saïd School of Business (Oxford, 2006), Bocconi University (Milan, 2006), EuropeanUniversity 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 andPsychology (Toulouse, 2005)“Banking Deregulation and Industry Structure: Evidence From the French Banking Act of 1985”: CEPRconference 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 oncorporate governance (Stockholm, 2005), ISB conference on Corporate Governance (Hyderabad,2006)“Performance and Behavior of Family Firms: Evidence from the French Market”: Conference onCorporate 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 corporatefinance (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 Growthand Inequality (1999), European Meeting of the Econometric Society (Berlin, 1998), UniversitatPompeu Fabra (1998)NON ACADEMIC PUBLICATIONSOfficial reports (in French)"Protection du consommateur: Rationalité Limitée et Régulation", Rapport du Conseil d'AnalyseEconomique, à paraître" Mieux valoriser le patrimoine culturel de la France" avec Françoise Benhamou, Rapport du Conseild'Analyse Economique, 2011" Epargner à long terme et maîtriser les risques financiers", avec Olivier Garnier, Rapport du Conseild'Analyse Economique, 2008Books (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.LandierMedia exposureAside from various I hold with Landier a monthly column in the French economic newspaper LesEchos. I am part of the regular team of the radio show "L'économie en question", on France Culture

Dernières publications sur David Thesmar


France : la reprise est là, mais où est l'emploi ?/La révolution numérique, menaces ou promesses ?

L'Économie en questions


Chômage : la formation professionnelle en échec / Espagne, Italie : comment vont nos voisins ?

L'Économie en questions


France : qui viendra au secours d'Areva ?/Le pétrole devient-il la "malédiction" des pays exportateurs ?

L'Économie en questions


Adoption de la loi Macron : Savons-nous réformer ? / International : L'économie mondiale face au numérique

L'Économie en questions


BCE : les enjeux du plan d'action de Mario Draghi/Que s'est-il passé avec le franc suisse ?

L'Économie en questions


Les économistes dans le débat public/Actualité internationale de la semaine

L'Économie en questions


Bilan de la politique sociale en 2014/Comment taxer et réguler les grandes entreprises Internet ?

L'Économie en questions


France, actualité autour des impôts/Les banques centrales dans l’économie mondiale

L'Économie en questions


Projet de loi santé/Jean Tirole, prix Nobel d'économie 2014

L'Économie en questions


Planète endettée, comment en sortir ?/Enseignement supérieur, formation : quelle place pour la France ?

L'Économie en questions


France : la transition énergétique/Rebond de la croissance aux Etats-Unis : succès et ratés

L'Économie en questions


France : offre ou demande, l’introuvable retour de la croissance ?/UE : nouvelles nominations pour autre poltique économique ?

L'Économie en questions


L'affaire BNP-Paribas versus Etats-Unis / France : la croissance du PIB dans la tourmente

L'Économie en questions


A qui profite l'économie numérique ?/Objets connectés-villes intelligentes, le déploiement d'Internet à l'échelle mondiale

L'Économie en questions


Y a-t-il des limites à la concurrence?

Du Grain à moudre

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