Thierry Foucault

Thierry Foucault is a Professor of Finance at HEC Paris and holds a chair from the HEC Foundation. He is a Senior Research Fellow at the Centre for Economic Policy Research (CEPR). His research focuses on financial markets liquidity, information production, industrial organization, and their impact on the real economy. His work appears in top journals like the Journal of Finance and Review of Financial Studies. He received an ERC Advanced Grant (2021) to study AI and big data's effects on financial markets. Foucault serves on scientific committees for institutions like the Autorité des Marchés Financiers (AMF), the Banque de France, and ESMA. He is co-managing editor of the Journal of Financial and Quantitative Analysis, and has authored influential textbooks including Market Liquidity: Theory, Evidence, and Policy (Oxford UP, 2013/2023).

Education: Habilitation à diriger des recherches (2000) and PhD (1994) from Université Paris Dauphine, and DEA in Finance from HEC Paris (1990). His awards include the ERC Advanced Grant (2021), Review of Financial Studies Referee of the Year (2017), and multiple HEC Foundation prizes. He has organized conferences on financial technology, big data, and market microstructure, and collaborates internationally with institutions like the IMF and central banks.

Research interests emphasize algorithmic trading, data-driven finance, liquidity dynamics, and regulatory frameworks. His recent work examines how AI and alternative data reshape financial markets. Foucault’s editorial leadership spans major journals, ensuring academic rigor while bridging theory and policy.