Ulrich Hege is Associate Professor of Finance at HEC School of and the holder of the Fédération Bancaire Française Chair in Corporate Finance. In 2008, he is also a Visiting Associate Professor at New York University Stern School of Business. Previously, he was a faculty member at University and ESSEC , and visiting faculty at the . Ulrich Hege holds a Ph.D. from Princeton University and an M.A. from the University of Frankfurt. His focuses on Corporate Finance, and he has worked on questions related to venture capital and private equity, acquisitions and divestitures, joint ventures, corporate governance, bankruptcy, debt restructuring and credit risk. He also has a research interest in banking regulation and in and . A regular presenter at research seminars and academic conferences, his work has been published in leading academic journals such as the Review of Financial Studies, Journal of Business and the Rand Journal of Economics.

Ulrich Hege is a Research Affiliate at the European Corporate Governance Institute (ECGI) in Brussels, an Academic Fellow at Europlace Institute of Finance, and a member of the GREGHEC research laboratory jointly operated by CNRS and HEC. He is a member of the Executive Committee of the European Finance Association.

Ulrich Hege

Dept. of Finance & Economics Leonard N. Stern School of Business HEC Paris New York University 1 rue de la Libération KMC 9-84 78351 Jouy-en-Josas Cedex, 44 West 4th Street Phone +33 1 39 67 72 99 New York, NY 10012 e-mail [email protected] Phone: 212-998-0354 web http://campus.hec.fr/profs/hege

Academic Employment:

2008 Visiting Associate Professor, New York University since 2008 Fédération Bancaire Française Chair in Corporate Finance, HEC Paris

2007 Visiting Associate Professor, London Business School since 2001- Associate Professor, Department of Finance and Economics, HEC Paris

2000-2001 Associate Professor, Department of Finance, ESSEC Business School (France)

1997-2000 Assistant Professor, Department of Finance, Tilburg University ()

1994-1997 Assistant Professor, Department of Finance and Economics, HEC Paris

Education:

1994 Princeton University, USA, Ph.D., Economics

1992 Princeton University, USA, M.A., Economics

1989 University of Frankfurt, Germany, M.A. (Diplom), Economics

Research Interests:

Financial Economics, in particular Corporate Finance

Publications:

Refereed Journals:

“Equity and Cash in Intercorporate Asset Sales: Theory and Evidence” (joint with Stefano Lovo, Myron Slovin, Marie Sushka). Review of Financial Studies 2008 (forthcoming).

“The Financing of Innovation: Learning and Stopping.” (joint with Dirk Bergemann). The RAND Journal of Economics, Vol. 36 (4), 2005, pages 719-752 (lead article).

“The Law and Finance of Venture Capital Financing in Europe: Findings from the RICAFE Research Project” (joint with Marco Da Rin, Gerard Llobet and Uwe Walz). European Business Law Review, Vol. 7, 2006, pages 525-547.

“Repeated Dilution of Diffusely Held Debt.” (joint with Pierre Mella-Barral). Journal of Business, Vol. 78(3), 2005, pages 737-787 (lead article).

“Safety Monitoring, Capital Structure and Financial Responsibility.” (joint with Eberhard Feess). International Review of Law and Economics, Vol. 23 (3), 2003, pages 323–339.

“Workouts, Court-Supervised Reorganization and the Choice between Private and Public Debt.” Journal of Corporate Finance, Vol. 9 (1), 2003, pages 233-269.

“Safety Regulation and Monitor Liability.” (joint with Eberhard Feess). Review of Economic Design. Vol. 7 (2), 2002, pages 173-185.

“Evaluation et Financement des Start-Up Internet.” (Valuation and Financing of Internet Start-Ups) (in French). Revue Economique, Vol. 52 (Special Issue), 2001, pages 291-312.

“Environmental Harm and Financial Responsibility.” (joint with Eberhard Feess), Geneva Papers for Risk and Insurance. Issues and Practice. Vol. 25 (2), 2000, pages 203-217.

“Bargaining Power and Optimal Leverage.” (joint with Pierre Mella-Barral), Finance. Vol. 21 (2), 2000, pages 85-102.

“The Role of Insurance in the Adjudication of Multi-Party Accidents.” (joint with Eberhard Feess), International Review of Law and Economics, Vol. 19 (1), 1999, pages 69-85.

“Venture Capital Financing, Moral Hazard and Learning.” (joint with Dirk Bergemann), Journal of Banking and Finance, Vol. 22 (3), 1998, 703-735.

“Efficient Liability Rules for Multi-Party Accidents with Moral Hazard.” (joint with Eberhard Feess), Journal of Institutional and Theoretical Economics, Vol. 154 (2), 1998, pages 422-450.

Non-refereed journals, Book Chapters, Other Publications:

“The Valuation and Financing of Internet Start-Ups” (joint with Sébastien Michenaud), in: E. Brousseau, N. Curien (eds.) Economics of the Internet, Cambridge University Press, 2006 (forthcoming).

“The Value of Benchmarking.” (joint with Dirk Bergemann), in: J.A. McCahery, L. Renneboog (eds.) Venture Capital Contracting and the Valuation of High Tech Firms, Oxford University Press, 2003, pages 83-107.

“Reorganization Law and Dilution Threats in Different Financial Systems.” (joint with Pierre Mella-Barral), in: J.A. McCahery, P. Moerland, T. Raaijmakers, L. Renneboog (eds.) Corporate Governance Regimes, Oxford University Press, 2002, pages 470-490.

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“Introduction to `Valuation and Corporate Finance'.” (joint with Pierre Mella-Barral), Finance. Vol. 21 (2), 2000, pages 9-14.

Papers under Review and Working Papers:

“Acquisition Values and Optimal Financial (In)Flexibility” (joint with Christopher Hennessy).

“Basel II and The Value of Bank Differentiation” (joint with Eberhard Feess).

“Ownership and Control in Joint Ventures: Theory and Evidence.” (joint with Robert Hauswald).

“Multiple Large Shareholders and Control Contests.” (joint with Francis Bloch).

“Venture Capital Performance: The Disparity Between Europe and the United States.” (joint with Frederic Palomino and Armin Schwienbacher).

“Bank Debt Renegotiation in Repeated Oligopolies.”

“Internal Capital Markets: The Insurance-Contagion Trade-off.” (joint with Lorand Ambrus- Lakatos).

“Contentious Contracts.” (joint with Pascale Viala).

Academic Affiliations:

Research Affiliate, European Corporate Governance Institute (ECGI), Brussels (since 2002) Academic Fellow, Europlace Institute of Finance, Paris (since 2003)

Research Grants and Stipends:

Europlace Institute of Finance, Grant 2006-2008 European Commission STREP Grant “RICAFE2”, Coordinator of the HEC node, 2006-2009. European Commission RTD Grant “RICAFE”, Coordinator of the HEC node, 2002-2005. Fondation Banque de France, Research Grant, 2001 – 2002 ACE Phare Grant P97-8154R, European Commission, 2000 – 2001 TMR Fellowship, European Commission, 1998 - 2000 ACE Phare Grant P96-6144R , European Commission, 1997 – 1999 Volkswagen-Stiftung, Germany, Research Grant, 1997 ACE Phare Grant P95-2063-R, European Commission, 1995 - 1997 Thyssen-Stiftung, Germany, Research Grant, 1995 Princeton University, Dissertation Fellowship, 1991 - 1994 German Academic Exchange Service (DAAD), Dissertation Fellowship, 1990 – 1992

Honors:

3 Fondation HEC, Top10 Researcher, 2006 and 2007. Iddo Sarnat Award 1999, Honorable Mention, Best Paper, Journal of Banking and Finance

Editorial Activities

Associate Editor, Finance, 2006 – Guest Editor, Special Issue of Finance, 2001 (joint with Pierre Mella-Barral)

Professional Service:

Service in Academic Associations: European Finance Association, Member of the Executive Committee, 2006-2008. Chairman, Subcommittee on membership Development, 2007-2008.

Program Committee Membership: European Finance Association: Berlin 2002, Glasgow 2003 (Track Chair), Maastricht 2004 (Track Chair), Moscow 2005, Zurich 2006 (Track Chair), Ljubljana 2007 (Track Chair) Econometric Society European Meeting: Berlin 1998, Madrid 2004, Vienna 2006, Budapest 2007. European Economic Association: Toulouse 1997 European Finance Association Doctoral Tutorial : Moscow 2005, Zurich 2006, Ljubljana 2007 RICAFE Conference: Torino 2005, London 2006 AFFI December Conference: Paris 2005, Paris 2006 AFFI June Conference: 2006 German Finance Association: Vienna 2001, Tübingen 2004 Financial Management Association European Meeting: Paris 2001

Refereeing: Journal of Finance, Review of Financial Studies, American Economic Review, Review of Economic Studies, Rand Journal of Economics, Management Science, International Economic Review, Journal of Financial Intermediation, Review of Finance. Journal of the European Economic Association, Journal of Law, Economics and Organization, International Journal of Industrial Organization, Economic Journal, Journal of Economics and Management Strategy, European Economic Review, Journal of Banking and Finance, Journal of Corporate Finance, Journal of Empirical Finance, Finance, European Financial Management, Journal of Industrial Economics, Journal of Economic Dynamics and Control, Journal of Environmental Economics and Management, European Journal of Operational Research, Oxford Economic Papers, Journal of Institutional and Theoretical Economics, Annales d’Economie et de Statistique, Recherches Economiques de Louvain, Actualité Economique, Zeitschrift für Betriebswirtschaft.

Refereeing of Books: Academic Press, Blackwell, Cambridge University Press, Oxford University Press, Wiley.

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Conference Presentations:

2008: American Finance Association (New Orleans). 2007: European Winter Finance Conference (Andermatt), German Finance Association (Dresden, 2 papers), AFFI December Conference (Paris). 2006: Gutmann Center Symposium “Real Assets and Portfolio Management” (Vienna). 2005: Western Finance Association (Portland), AFFI December Conference (Paris), University of Exeter Xfi, Mergers&Acquisitions Conference (Exeter). 2004: American Finance Association (San Diego), European Finance Association (Maastricht), FIRS Conference on Banking, Insurance and Intermediation (Capri), University of Toulouse Inaugural Conference, Master in Finance (Toulouse). 2003: Western Finance Association (Los Cabos), European Finance Association (Glasgow), Copenhagen Business School “Dynamic Corporate Finance& Incentives” (Copenhagen), Journées of the Fondation Banque de France (Paris), First RICAFE Conference, London School of Economics FMG (London). 2002: European Finance Association (Berlin) (2 papers), Symposium Money, Finance, Banking, Insurance (Karlsruhe), CEPR Conference “Understanding Financial Architecture” (Madrid). 2001: European Finance Association (Barcelona), German Finance Association (Vienna), AFFI (Namur), CEPR Conference “The Firm and Its Stakeholders” (Courmayeur). 2000: European Finance Association (London), German Finance Association (Constance), Tilburg University “Legal and Valuation Issues in E-Business” (Tilburg), CEPR Conference “Banking and Finance” (Manresa), European Financial Management Association (Athens). 1999: European Finance Association (Helsinki), Econometric Society, North American Winter Meeting (New York), Tilburg University “Convergence and Diversity in Corporate Governance Regimes and Capital Markets” (Eindhoven), CEPR European Summer Symposium in Financial Markets (Gerzensee), CEPR Conference “Capital Markets: Pricing, Regulation and Market Structure” (Louvain-la-Neuve), Joint Conference of EALE and Geneva Association (Rotterdam), ZEW “Financing Entrepreneurship in Science-Based Industries” (Mannheim). 1998: Western Finance Association (Monterey), American Finance Association (Chicago), European Finance Association (Fontainebleau), Econometric Society, European Meeting (Berlin), London School of Economics “Start-Up Financing and Venture Capital” (London), CEPR Conference “International Workshop in Transition Economics” (Prague). 1997: American Finance Association (New Orleans), European Finance Association (Vienna), Econometric Society North-American Summer Meeting (Pasadena), European Economic Association (Toulouse), New York University Stern School Conference “Small Business Finance” (New York), Stanford University/Stanford GSB “The Economic Foundations of Venture Capital” (Stanford), CEPR European Summer Symposium in Financial Markets (Gerzensee). 1996: American Finance Association (San Francisco), Econometric Society, North American Winter Meeting (San Francisco), Econometric Society, European Meeting (Istanbul), Symposium Money, Finance, Banking, Insurance (Karlsruhe), Verein für Socialpolitik (Kassel), AFFI (Geneva). 1995: Econometric Society, 7th World Congress (Tokyo), European Economic Association (Prague), Verein für Socialpolitik (Linz), AFFI (Bordeaux). 1994: European Economic Association (Maastricht).

More than 40 conference paper discussions, 1995-2007.

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Faculty Seminar Presentations:

2008: CFS-Goethe University (Frankfurt), University of Colorado-Boulder, American University. 2007: London Business School, University of Zurich, Brunel University. 2006: Aachen Technical University, CERAM Sophia-Antipolis. 2005: Oxford University, University of Exeter, Erasmus University Rotterdam, Queen’s University Belfast. 2004: , University of Zurich, University of Lugano. 2002: INSEAD, Aarhus University, University Paris-Dauphine, Aachen Technical University. 2001: University of Toulouse, Seminaire Bachelier Paris, University of Freiburg, Leuven University, Namur University, University of Louvain-la-Neuve, University Paris- Marne-la-Vallée, University of -Pontoise. 2000: ESSEC, WHU Koblenz, CEMFI Madrid, University of Vienna, Erasmus University Rotterdam. 1999: Erasmus University Rotterdam, Odense University, Aarhus University, , University of Frankfurt. 1998: INSEAD, , , , University of Basel, CERGE-EI Prague. 1997: Oxford University, , Stockholm School of Economics, University of Frankfurt. 1996: University of Maryland, Séminaire Fourgeaud Paris. 1995: University of Basel, CERGE-EI Prague. 1994: (job market) McGill University, University of Montreal, Birkbeck College, University of Southampton, Warwick University, HEC Paris, Universitat Pompeu Fabra, Institut d'Analisis Economica Barcelona.

Ph.D. students:

Supervisor

Sébastien Michenaud (HEC) Bang Nguyen Dang (Ph.D. HEC, 2006), co-supervisor, first job: Chinese University of Hong Kong Grzegorz Trojanowski (Ph.D. Tilburg 2004), co-supervisor, first job: University of Exeter Armin Schwienbacher (Ph.D. University of Namur 2002), first job: University of Amsterdam Miguel Rosellon-Cifuentes (Ph.D. Tilburg 2000), first job: Erasmus University Rotterdam

Member of Ph.D. committee

Nikolas Rokkanen, Swedisch School of Economics, 2008 (external examiner). Sana Elouaer (Ph.D. Aix-Marseille-2 2007) Bertrand Djemblissi (Ph.D. Toulouse-I 2007) Romain Bouis (Ph.D. Dauphine 2005) Rim Zaabar (Ph.D. Toulouse-I 2004), first job: CERAM Sophia-Antipolis Grzegorz Pawlina (Ph.D. Tilburg 2003), first job: Lancaster University

6 Francois Derrien (Ph.D. HEC 2002), first job: University of Toronto Peter Roosenboom (Ph.D. Tilburg 2002), first job: Erasmus University Rotterdam Silvia Rossetto (Ph.D. University of Amsterdam 2002), first job:

Academic Experience prior to Ph.D.:

Teaching Assistant, Princeton University, Economics, 1992-1994 Researcher (full-time), European Business School, Oestrich-Winkel (Germany), 1990 Researcher (full-time), University of Frankfurt (Germany), 1986 - 1987 Teaching Assistant, University of Frankfurt (Germany), 1985 - 1986

Teaching Experience:

Corporate Finance, New York University-Stern School, 07/08. Advanced Corporate Finance, Master in International Finance, HEC, 04/05, 05/06, 06/07 Corporate Finance Theory, Majeure Finance, HEC, 03/04, 04/05, 05/06.06/07, 07/08. Corporate Finance (Ph.D.), Research Master X-HEC, 06/07 Corporate Finance (Ph.D.), DELTA, 03/04, 05/06 Corporate Finance (Ph.D.), HEC, 01/02, 02/03, 03/04 Introduction to Finance, HEC, 01/02, 02/03, 03/04 Corporate Finance, HEC, 01/02, 02/03, 03/04, 04/05, 05/06 Theory of Corporate Finance, ESSEC, 00/01 Long-Term Corporate Finance, ESSEC, 00/01 Introduction to Financial Markets, ESSEC, 00/01 Corporate Finance (undergraduate), Tilburg University, 97/98, 98/99, 99/00 Advanced Corporate Finance (graduate/undergraduate), Tilburg University, 97/98, 98/99, 99/00 Advanced Topics in Finance (graduate), Tilburg University, 97/98, 98/99, 99/00 Theory of Financial Markets (undergraduate), HEC, 94/95, 95/96, 96/97 Financial Contracting and Corporate Finance (graduate), DELTA, 94/95, 95/96,96/97 Corporate Finance (undergraduate), HEC , 94/95, 95/96, 96/97 Game Theory (graduate/undergraduate), HEC, 95/96, 96/97, 97/98 Macroeconomics (undergraduate), HEC, 94/95, 95/96, 96/97

ITP (International Teacher’s Program), Stockholm School of Economics, 2004.

Last updated: January 2008

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