Ulrich Hege Is Associate Professor of Finance at HEC School of Management Paris and the Holder of the Fédération Bancaire Française Chair in Corporate Finance
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Ulrich Hege is Associate Professor of Finance at HEC School of Management Paris 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 Tilburg University and ESSEC Business School, and visiting faculty at the London Business School. Ulrich Hege holds a Ph.D. from Princeton University and an M.A. from the University of Frankfurt. His research 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 law and economics. 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, France 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 (Netherlands) 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 Organization 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. 2 “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. 4 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