The team

Thierry Foucault


Thierry Foucault is HEC Foundation chaired Professor of Finance at HEC, Paris and a research fellow of the Centre for Economic Policy (CEPR). He has taught in various institutions, including Universitat Pompeu Fabra, Carnegie Mellon University, EPFL, Studienzentrum Gerzensee, Saïd Business School in Oxford, and the Tinbergen Institute. His research focuses on the determinants of financial markets liquidity, the industrial organization of these markets, and their effect on the real economy. He serves or served on the scientific committees of the Autorité des Marchés Financiers (AMF), the Norwegian Finance Initiative (NFI), the Research Foundation of the Banque de France, the Group of Economic Advisors of the Committee of Economic and Markets Analysis of the European Securities and Markets Authority (ESMA). He is currently an Editor of the Review of Asset Pricing Studies, and an Associate Editor of the Journal of Economic Theory, the Journal of Finance, and the Review of Financial Studies. He was co-editor of the Review of Finance from 2009 to 2013. 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.

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