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Thomas Philippon New York University, Stern School of Business Department of Finance, 44 West 4Th Street, Suite 9-190 New York, NY 10012-1126

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Thomas Philippon New York University, Stern School of Business Department of Finance, 44 West 4Th Street, Suite 9-190 New York, NY 10012-1126 Thomas Philippon New York University, Stern School of Business Department of Finance, 44 West 4th Street, Suite 9-190 New York, NY 10012-1126. Tel: (212) 998-0490, fax: (212) 995-4233 http://pages.stern.nyu.edu/~tphilipp/ Education MIT Ph.D. in Economics, June 2003 DELTA-EHESS Master in Economics, 1998 Ecole Polytechnique M.A. in Physics, 1994-1997 Academic Appointments New York University, Stern School of Business John L. Vogelstein Faculty Fellow, 2010-present Associate Professor of Finance, with Tenure, 2009-present Charles Schaefer Family Fellow, 2006-2009 Assistant Professor of Finance, 2003-2009 American Economic Journal: Macroeconomics Associate Editor, 2007-present National Bureau of Economic Research (NBER) Research Associate, Economic Fluctuations and Growth, Mai 2011-present Faculty Research Fellow, Economic Fluctuations and Growth, April 2005-April 2011 Center for Economic Policy Research (CEPR) Research Affiliate, International Macroeconomics, July 2004-present Research Interests Corporate Finance, Macroeconomics, Applied Theory Honors & Awards • Michael Brennan & BlackRock Award, Best Paper, Review of Financial Studies, 2010 • Excellence in Refereeing Award 2009, American Economic Review, 2009 • Global Economic Fellow 2009, Kiel Institute for the World Economyi, 2009 • Best Young French Economist, Cercle des économistes/ Le Monde, 2009 • Brattle Prize (First Prize), Best Paper in Corporate Finance, Journal of Finance, 2008 • Stylo d’Or, Best Book on Human Resources Management, ANDRH, 2007 • Charles Schaefer Family Fellow, NYU-Stern, 2006-2009 • Glucksman Prize Honorable Mention, Best Working Paper in Finance, 2006 • Robert M. Solow Prize for Excellence in Research and Teaching, MIT, 2003 • Review of Economic Studies Tour, 2003 • Center for European Studies Research Fellowship, 2002-2003 1 Published and Forthcoming Academic Articles “Efficient Recapitalization,” with Philipp Schnabl (2009), Journal of Finance (forthcoming) “Optimal Interventions in Markets with Adverse Selection,” with Vasiliki Skreta, American Economic Review (forthcoming) “Family firms, paternalism, and labor relations,” with Holger Mueller, American Economic Journal: Macroeconomics, April 2011, 3(2): 218–45 “Debt Overhang and Recapitalization in Closed and Open Economies,” IMF Economic Review (inaugural issue), 2010 “Financiers versus engineers: Should the financial sector be taxed or subsidized?’’ American Economic Journal: Macroeconomics, July 2010, 2(3): 158–82. “The bond market’s Q”, Quarterly Journal of Economics, August 2009, 124(3), 1011-56 “Estimating Risk-Adjusted Costs of Financial Distress,” with Heitor Almeida, Journal of Applied Corporate Finance, 2008 “The economics of fraudulent accounting,” with Simi Kedia, Review of Financial Studies, June 2009, 22(6): 2169-2199, Brennan Award 2010 “The risk-adjusted cost of financial distress,” with Heitor Almeida, Journal of Finance, December 2007, 62(6): 2557-86, Brattle Prize 2008 “Firms and aggregate dynamics,” with Francesco Franco, Review of Economics and Statistics, November 2007, 89(4): 587-600 “Corporate governance over the business cycle,” Journal of Economic Dynamics and Control, 2006, 30(11): 2117-41 “CEO incentives and earnings management,” with Daniel Bergstresser, Journal of Financial Economics, June 2006, 80(3): 511-29 “The rise in firm-level volatility: causes and consequences,” with Diego Comin, NBER Macroannuals, 2005 “The impact of differential payroll tax subsidies on minimum wage employment”, with Francis Kramarz Journal of Public Economics, 2001 Papers Submitted “Competing on Speed,” with Emiliano Pagnotta (2011) “Household Leverage and the Recession,” with Virgiliu Midrigan, (2010) “Wages and Human Capital in the U.S. Financial Industry: 1909-2006,” with Ariell Reshef (2008) Working Papers “Have Financial Markets Become More Informative?”, with Jennie Bai and Alexi Savov (2012) “Has the U.S. Finance Industry Become Less Efficient?” (2011) “Measuring Systemic Risk,” withViral Acharya, Lasse Pedersen, and Matthew Richardson (2010) “The Evolution of the US Financial Industry from 1860 to 2007: Theory and Evidence,’’ (2008) “Real options in a dynamic agency model,” with Yuliy Sannikov (2007) “The quality of labor relations and unemployment,” with Olivier Blanchard (2004) “Fiscal policy and the term structure of interest rates,” with Qiang Dai (2003) 2 Books “Le Capitalisme d’héritiers. La crise française du travail.” La République des Idées, Seuil, 2007 Other Papers “Finance vs. Wal-Mart: Why are Financial Services so Expensive?”, forthcoming in Economic Lessons from the Financial Crisis edited by Alan Blinder, Andrew Lo, and Robert Solow “A Tax on Systemic Risk” with Viral Acharya, Lasse Pedersen, and Matthew Richardson, forthcoming in Quantifying Systemic Risk edited by Joe Haubrich and Andrew Lo. “Financing Europe’s Fast Movers,” with Nicolas Véron, Bruegel Policy Brief, January 2008 “La déclaration préalable: pour une prévention efficace du délit d'initié,” with Anne Fauchon, Bulletin Joly Sociétés, Mai 2008, and Bulletin Joly Bourse, Juin 2008 Other Academic Activities Visitor, Cowles Foundation, Yale University, February 2012 Visitor, Bendheim Center, Princeton University, Spring 2012 Referee for: American Economic Review, Journal of Political Economy, Quarterly Journal of Economics, Review of Economic Studies, Econometrica, Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Review of Finance, Journal of Monetary Economics, Journal of Public Economics, Journal of Economic Theory, Journal of the European Economic Association, National Science Foundation. Non Academic Activities Consultant, Federal Reserve Board of New York, Fall 2011 Invited Presentations and Seminars 2012: AEA, Princeton (macro and finance), Harvard (finance), Yale (macro and finance), Paris (finance), EBRD, European Central Bank, Deutsche Bundesbank, 2011: AEA Meetings Denver (3 papers), MIT (Macro), Chicago (Money & Banking), Stanford (Macro), Northwestern-Kellogg (Finance), Phildelphia Fed, New York Fed, Paris Corporate Finance Conference, IMF, CFR, NY Fed Money Conference, Banque de France 2010: AEA Meetings Atlanta (2 papers), London School of Economics (Paul Wooley Center Annual Conference), Ecole Polytechnique, Aix-en-Provence (Journées Gérard-Varet), Maryland, UCLA-Anderson (Finance), UCLA (Macro), New York Fed (NY Area Monetary Meetings), IMF 2009: Princeton, NBER Monetary Economics, Harvard (finance), Chicago-Booth (finance), Stanford (macro), Harvard (Kennedy School), IMF, New York Fed 2008: BRUEGEL, Brown University, Boston University, SED Boston, NBER CF 2008 Summer Institute, Harvard (labor) 2007: NBER Monetary Economics, Banco de Portugal Labor Conference, SED Prague, Minnesotta Worshop in Macro Theory, Duke University, Banque de France, CREI-UPF Barcelona, Paris School of Economics, London Business School, Ente Einaudi (Rome), University of Salerno, Toulouse University 3 2006: AFA, MIT Economics, Texas Finance Festival, IZA Cultural Economics, NBER CF, NBER Capital Market, Urbana-Champaign, Maryland, Yale Econ, Wharton, Harvard HBS 2005: AFA, UCLA, USC, NBER Macro annuals, Chicago GSB, NBER CF Meetings, CEPR ESSIM, Inflation Rates and Relative Prices in Florence, SED Budapest, NBER EFG, MIT Sloan, Bocconi, Amsterdam, Paris I, Imperial College London 2004: Northwestern, LSE, SED Florence, Toulouse, Carnegie Mellon, IIES Stockholm, Stockholm School of Economics, Norwegian School of Management, Norwegian School of Economics, Humboldt, European Central Bank, INSEAD, CREI-UPF Barcelona, HEC Paris. 2003: Review of Economic Studies Tour, NBER EFG in July, NBER EFCE in July. Comments and Discussions “Financial Intermediary Leverage and Value-at-Risk,” by Adrian and Shin, Sept 2010 “A Macro Model with a Financial Sector,” by Brunnermeier and Sannikov, Dec 2009 “Stock-based compensation and CEO (dis)incentives,” by Benmelech, Kandel and Veronesi, Jul 2009 “Groupthink: collective delusions in organizations and markets,” by Roland Bénabou, Jul 2009 “Bank Failures and the Cost of Systemic Risk,” by Kupiec and Ramirez, Nov 2008 “Taxes and Growth in a Financially Underdeveloped Country,” by Hsieh and Parker, May 2007 “Equilibrium Asset Prices under Imperfect Control,” by Dow, Gorton, and Krishnamurthy, Dec 2003 “No-Arbitrage Taylor Rules,” by Ang, Dong, and Piazzesi, Mar 2005 “Optimal Monetary Policy in a Sudden Stop,” by Braggion, Christiano and Roldos, Jun 2005 Op-Eds The Financial Times, Feb 2008, “Europe's saplings need financial fertilizer,” with Nicolas Véron VoxEu.org, Mar 2008 “Better finance for more enterprise growth in Europe,” with Nicolas Véron Les Echos, Jul 2007, “L’indépendance des Echos” Libération, Sep 2006, “Vive les primaires!” Le Monde, Aug 2006, “La vraie crise de la valeur travail” Le Monde, Jun 2005, “Les défis du futur patron du Medef” Le Monde, May 2002, “Un mode de scrutin malsain” Le Monde, Apr 2002, “Légitimité et démocratie” Media Coverage (partial list) Interviews on Financial Crisis and Financial Regulation • The Wall Street Journal, 2010 (Jan 12, Mar 26, Aug 21) • Le Monde, 2010 (Feb 12, Jul 15, Aug 21, Nov 9) “Wages and Human Capital in the U.S. Financial Industry” • Floyd Norris, The New York Times, Jan 22, 2009 • Martin Wolf, The Financial Times, Apr 14, 2009 4 • Paul Krugman, The New York Times, Apr 10, 2009 • Gillian Tett, The Financial Times, Apr 6, 2009 • John Cassidy, The New Yorker, Nov 29, 2010 “Why has the U.S. financial sector grown so much?” • The Wall Street Journal, Apr 28, 2008 • Les Echos, May 15, 2008 • Bloomberg.com,
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