Biography
François Derrien is a Professor of Finance at HEC Paris. His research is in corporate finance, with a
focus on how the environment of firms affects their financing and investment decisions, and
ultimately, their performance and value. In that vein, he has studied the impact of security analysts
on corporate policies, as well as the effect of the horizon of investors on firms’ decisions. More
recently, his work has focused on understanding how local labor markets affect firms. In particular,
he has studied the impact of local demographics on the ability of firms to innovate and to grow.
He is also interested in how ESG regulations and ratings and their impact on investors affect firm
valuation and firm policies. His work has appeared in finance journals like the Journal of Finance,
the Review of Financial Studies, and the Journal of Financial Economics.
Scientific articles
Journal of Financial and Quantitative Analysis, May 2024, vol. 59, n° 3, pp 1100-1140, (in coll. with A. GAREL, A. ROMEC, J.-P. WEISSKOPF)
Review of Financial Studies, July 2023, vol. 36, n° 7, pp 2797–2838, (in coll. with A. KECSKÉS, P.-A. NGUYEN)
Journal of Financial Economics, January 2023, vol. 147, n° 1, pp 243-269, (in coll. with L. FRÉSARD, V. SLABIK, P. VALTA)
Emerging Markets Finance and Trade, 2021, vol. 57, n° 9, pp 2583-2603, (in coll. with Y. ZHANG, X. WU, Q. ZENG)
Review of Finance, July 2018, vol. 22, n° 4, pp 1375-1411, (in coll. with O. DESSAINT)
Journal of Financial Economics, September 2017, vol. 125, n° 3, pp 511-536, (in coll. with C. BOISSEL, E. ORS, D. THESMAR)
Journal of Corporate Finance, aout 2016, vol. 39, pp 295-311, (in coll. with A. KECSKÉS, S. A. MANSI)
Journal of Financial and Quantitative Analysis, february, 3 2013, vol. 48, n° 6, pp 1755-1780, (in coll. with A. Kecskès, D. THESMAR)
Journal of Finance, August 2013, vol. 68, n° 4, pp 1407-1440, (in coll. with A. KECSKÈS)
Journal of Financial Economics, November 2010, vol. 98, n° 2, pp 177-194, (in coll. with F. Degeorge, K. Womack)
Chapters in edited books
Behavioral Finance: Investors, Corporations, And Markets, H. Kent Baker, J. R. Nofsinger (Eds), John Wiley & Sons UK
Working papers
Cahier de Recherche , 2025
Cahier de Recherche du Groupe HEC , 2021
Cahier de Recherche du Groupe HEC , 2020
Cahier de Recherche du Groupe HEC , 2017
Cahier de Recherche du Groupe HEC , 2017
Cahier de Recherche du Groupe HEC , 2016
Cahier de Recherche du Groupe HEC , 2015
Swiss Finance Institute (SFI) , 2013
Mimeo , 2009
Mimeo , 2025
Scientific articles
Journal of Financial and Quantitative Analysis, May 2024, vol. 59, n° 3, pp 1100-1140, (in coll. with A. GAREL, A. ROMEC, J.-P. WEISSKOPF)
Journal of Financial Economics, January 2023, vol. 147, n° 1, pp 243-269, (in coll. with L. FRÉSARD, V. SLABIK, P. VALTA)
Review of Financial Studies, July 2023, vol. 36, n° 7, pp 2797–2838, (in coll. with A. KECSKÉS, P.-A. NGUYEN)
Emerging Markets Finance and Trade, 2021, vol. 57, n° 9, pp 2583-2603, (in coll. with Y. ZHANG, X. WU, Q. ZENG)
Chapters in edited books
Behavioral Finance: Investors, Corporations, And Markets, H. Kent Baker, J. R. Nofsinger (Eds), John Wiley & Sons UK
Working papers
Cahier de Recherche , 2025
Cahier de Recherche du Groupe HEC , 2021
Cahier de Recherche du Groupe HEC , 2020
Cahier de Recherche du Groupe HEC , 2017
Education
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Habilitation a diriger des recherches (Qualified Research Supervisor), Finance, Université Paris Dauphine - France
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Doctorat es Sciences de Gestion (Ph.D. in Finance), HEC Paris - France
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Visiting Scholar, Harvard University - USA
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Visiting Scholar, Darmouth College - USA
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M.Sc. in Economics, Ecole Normale Supérieure - France
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Diplome Grande Ecole HEC Paris (Master Degree in Management), HEC Paris - France
Scientific Activities
Membership in Academic or Professional Organisation
- Member, bureau de l'Association Francaise de Finance
Editorial activities
Conference organisation
Awards & honors
- 2013 Best young researcher award, the Europlace Institute of Finance
- 2009 Prix de la banque Privee Espirito Santo et du Swiss Finance Institute, 2009, pour Auctioned IPOS: The U.S. Evidence
- 2008 Fondation HEC researcher of the year award
- 2007 Martin and Lang Award for Research Excellence, Rotman School of Management
- 2006 Best paper award, 9th Conference of the Swiss Society for Financial Market Research, "Analyst Hype in IPOs: Explaining the Popularity of Bookbuilding"
- 2005 Excellence in teaching award, Commerce Program, University of Toronto
- 2004 Fondation HEC best thesis award
- 2001 Fondation HEC Ph.D. scholarship