Fields of expertise
BiographyERWAN MORELLEC is Swiss Finance Institute Professor and Professor of Finance at the Ecole Polytechnique Fédérale de Lausanne (EPFL), Switzerland. He is also the Head of the SFI Léman Centre, the Head of the SFI nation-wide PhD Program, and a CEPR Research Fellow. Formerly on the faculties of the Simon School of Business of the University of Rochester (USA) and HEC Lausanne (Switzerland), he holds a Ph.D. in Finance from HEC Paris.
Professor Morellec is most active in the areas of corporate finance and banking and has taught several courses on these subjects to undergraduate, MBA, and doctoral students. His recent research examines the effects of prudential regulation on banks' insolvency risk or the effects of financial market imperfections on corporate investment, financing, and risk management decisions. His research has been presented at major academic conferences and seminar series around the world and is published in top rated academic journals such as the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, and the Journal of Economic Theory. He has received several research and teaching awards.
PERSONAL WEBPAGELink to my personal webpage
 Short-term debt and incentives for risk-takingJournal Of Financial Economics. 2020-07-01. DOI : 10.1016/j.jfineco.2019.07.008.
 Agency conflicts and short- versus long-termism in corporate policiesJournal Of Financial Economics. 2020-06-01. DOI : 10.1016/j.jfineco.2019.12.003.
 Product Market Competition and Option PricesReview Of Financial Studies. 2019-11-01. DOI : 10.1093/rfs/hhz027.
 Agency conflicts around the worldReview of Financial Studies. 2018. DOI : 10.1093/rfs/hhy018.
 Bank capital, liquid reserves, and insolvency riskJournal of Financial Economics. 2017. DOI : 10.1016/j.jfineco.2017.05.006.
 Corporate policies with permanent and transitory shocksReview of Financial Studies. 2017. DOI : 10.1093/rfs/hhw078.
 Debt enforcement, investment, and risk taking across countriesJournal of Financial Economics. 2017. DOI : 10.1016/j.jfineco.2016.09.002.
 Financing Investment: The choice between bonds and bank loansManagement Science. 2015. DOI : 10.1287/mnsc.2014.2005.
 Credit market frictions and capital structure dynamicsJournal of Economic Theory. 2015. DOI : 10.1016/j.jet.2014.09.021.
 Capital supply uncertainty, cash holdings, and investmentReview of Financial Studies. 2015. DOI : 10.1093/rfs/hhu081.
 Real options and risk aversionAmbiguity, Real Options, Credit Risk and Insurance. 2012. DOI : 10.3233/978-1-61499-238-7-52.
 Corporate governance and capital structure dynamicsJournal of Finance. 2012. DOI : 10.1111/j.1540-6261.2012.01735.x.
 Corporate investment and financing under asymmetric informationJournal of Financial Economics. 2011. DOI : 10.1016/j.jfineco.2010.09.003.
 Closed-form solutions to stochastic switching problemsJournal of Mathematical Economics. 2008. DOI : 10.1016/j.jmateco.2007.09.002.
 On the debt capacity of growth optionsJournal of Business. 2006.
 Irreversible investment with regime shiftsJournal of Economic Theory. 2005. DOI : 10.1016/j.jet.2004.04.005.
 Investment under uncertainty with implementation delayNew Developments and Applications in Real Options. 2000.
 Noisy information and investment decisions: A NoteFinance. 1999. DOI : 10.2139/ssrn.113189.
Teaching & PhD