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Jacques OLIVIER

Professor

Finance

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Biography

Jacques Olivier is Professor of Finance at HEC Paris. He received his Ph.D. from the University of Pennsylvania in 1996. His research interests range from macroeconomics and growth theory to capital markets. His most recent article, in collaboration with Olivier Dessaint (Insead), Clemens Otto (Singapore Management University) and David Thesmar (MIT), looks at the stock price impact of improper use of CAPM-based valuation methods in the context of M&As. The article was published in the Review of Financial Studies in 2021 and received the Michael J. Brennan award in 2022.

Jacques Olivier was the coordinator of the Finance and Economics Department from 2003 to 2006 and was in charge of Finance master programs from 2007 to 2015. He served as the HEC Dean of Faculty and Research for two mandates, from 2016 to 2022. He received the Pierre Vernimmen - HEC - BNP Paribas teaching award in 1998. He serves as Board Member for the GENES since 2017.

Scientific articles

CAPM-Based Company (Mis)valuations

Review of Financial Studies, January 2021, vol. 34, n° 1, pp 1-66, (in coll. with O. DESSAINT, C. OTTO, D. THESMAR)

Product-Based Cultural Change: Is the Village Global?

Journal of International Economics, March 2014, vol. 92, n° 2, pp 212-230, (in coll. with N. MAYSTRE, M. THOENIG, T. VERDIER)

Globalization and the dynamics of cultural identity

Journal of International Economics, february, 3 2008, vol. 76, n° 2, pp 356-370, (in coll. with M. THOENIG, T. VERDIER)

The Dog that Did not Bark: Insider Trading and Crashes

Journal of Finance, October 2008, vol. 63, n° 5, pp 2429-2476, (in coll. with J. MARIN)

Financing Decisions of Firms and Central Bank Policy

Journal of International Money and Finance, November-December 2004, vol. 23, n° 7-8, pp 1187-1207, (in coll. with A.-T. GOH)

On the impact of leverage constraints on asset prices and trading volume

Spanish Economic Review, 2003, vol. 5, n° 2, pp 123-132, (in coll. with J. Marin)

Optimal Patent Protection in a Two-Sector Economy

International Economic Review, November 2002, vol. 43, n° 4, pp 1191-1214, (in coll. with A.-T. GOH)

Learning by Doing, Trade in Capital Goods and Growth

Journal of International Economics, March 2002, vol. 56, n° 2, pp 411-444, (in coll. with A.-T. GOH)

Growth-enhancing Bubbles

International Economic Review, February 2000, vol. 41, n° 1, pp 133-152,

Chapters in edited books

Faire évoluer l'enseignement de la finance

Réinventer L'Entreprise - Repères Pour Une Crise Qui Va Durer, B. Ramanantsoa, J. M. Le Roux (eds), Pearson - Collection Village Mondial

Working papers

CAPM-Based Company (Mis)valuations

Cahier de Recherche du Groupe HEC , 2017

Scientific articles

CAPM-Based Company (Mis)valuations

Review of Financial Studies, January 2021, vol. 34, n° 1, pp 1-66, (in coll. with O. DESSAINT, C. OTTO, D. THESMAR)

Product-Based Cultural Change: Is the Village Global?

Journal of International Economics, March 2014, vol. 92, n° 2, pp 212-230, (in coll. with N. MAYSTRE, M. THOENIG, T. VERDIER)

Globalization and the dynamics of cultural identity

Journal of International Economics, february, 3 2008, vol. 76, n° 2, pp 356-370, (in coll. with M. THOENIG, T. VERDIER)

The Dog that Did not Bark: Insider Trading and Crashes

Journal of Finance, October 2008, vol. 63, n° 5, pp 2429-2476, (in coll. with J. MARIN)

Chapters in edited books

Faire évoluer l'enseignement de la finance

Réinventer L'Entreprise - Repères Pour Une Crise Qui Va Durer, B. Ramanantsoa, J. M. Le Roux (eds), Pearson - Collection Village Mondial

Working papers

CAPM-Based Company (Mis)valuations

Cahier de Recherche du Groupe HEC , 2017

Education

  • Ph.D. in Economics, University of Pennsylvania - USA
  • M.A. in Economics, University of Pennsylvania - USA
  • Diplome Grande Ecole (Master Degree in Management), ESSEC Business School, Cergy-Pontoise - France

Academic appointments

Academic Responsibilities at HEC

  • 2008-2015 Director, HEC MSc International Finance HEC Paris

Scientific Activities

Membership in Academic or Professional Organisation

  • Member, American Finance Association

Editorial activities

  • Reviewer, Econometrica, Journal of Political Economy, American Economic Review, Review of Economic Studies, Management Science, Review of Financial Studies, International Economic Review, Journal of International Economics, Journal of the European Economic Association, Journal of Economic Dynamics and Control, Review of Economic Dynamics, BE Journal of Economic Analysis and Policy, Japanese Economic Review, Economic Bulletins, International Finance, Finance, Annales d'Economie et de Statistique, Revue Economique de Louvain

  • Awards & honors

    • 1998 BNP Paribas Pierre Vernimmen Teaching Award
    • 1996 Nominated for Best Ph.D. Thesis Award, Department of Economics, University of Pennsylvania