Erwan Morellec
Full Professor
EPFL CDM SFI SFI-EM
EXTRA 210 (Extranef UNIL)
Quartier UNIL-Dorigny
1015 Lausanne
+41 21 693 01 16
+41 21 693 24 66
Office:
EXTRA 210
EPFL
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CDM
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SFI
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SFI-EM
Web site: Web site: https://www.epfl.ch/labs/sfi-em/
Web site: Web site: https://www.epfl.ch/schools/cdm/
Fields of expertise
Corporate Finance, Corporate Governance, Fintech, Sustainable Finance, and Banking.
Biography
ERWAN MORELLEC is is a Full Professor of Finance at the Swiss Finance Institute (SFI) @ EPFL and the holder of a Swiss Finance Institute senior chair. He is the Head of the SFI nation-wide PhD Program and a CEPR Research Fellow.Erwan is an expert in corporate finance, corporate governance, and sustainable finance and has taught courses on these subjects at EPFL, HEC Lausanne, MIT Sloan, and the University of Rochester. His research has been presented at major academic conferences and seminar series around the world and is published in the leading academic journals in finance such as the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, and Management Science. Erwan has received several research and teaching awards. He holds a PhD in Finance summa cum Laude from HEC Paris.
PERSONAL WEBPAGE
Link to my personal webpagePublications
Infoscience publications
Publications
[1] Asset life, leverage, and debt maturity matching
Journal Of Financial Economics. 2024-02-09. DOI : 10.1016/j.jfineco.2024.103796.[2] Takeover Protections and Asset Prices
Management Science. 2024-02-08. DOI : 10.1287/mnsc.2022.03111.[3] Understanding Cash Flow Risk
Review Of Financial Studies. 2022-07-18. DOI : 10.1093/rfs/hhab127.[4] Can Corporate Debt Foster Innovation and Growth?
Review Of Financial Studies. 2022. DOI : 10.1093/rfs/hhab129.[5] Optimal financing with tokens
Journal Of Financial Economics. 2021-12-01. DOI : 10.1016/j.jfineco.2021.05.004.[6] Short-term debt and incentives for risk-taking
Journal Of Financial Economics. 2020-07-01. DOI : 10.1016/j.jfineco.2019.07.008.[7] Agency conflicts and short- versus long-termism in corporate policies
Journal Of Financial Economics. 2020-06-01. DOI : 10.1016/j.jfineco.2019.12.003.[8] Product Market Competition and Option Prices
Review Of Financial Studies. 2019-11-01. DOI : 10.1093/rfs/hhz027.[9] Agency conflicts around the world
Review of Financial Studies. 2018. DOI : 10.1093/rfs/hhy018.[10] Bank capital, liquid reserves, and insolvency risk
Journal of Financial Economics. 2017. DOI : 10.1016/j.jfineco.2017.05.006.[11] Corporate policies with permanent and transitory shocks
Review of Financial Studies. 2017. DOI : 10.1093/rfs/hhw078.[12] Debt enforcement, investment, and risk taking across countries
Journal of Financial Economics. 2017. DOI : 10.1016/j.jfineco.2016.09.002.[13] Financing Investment: The choice between bonds and bank loans
Management Science. 2015. DOI : 10.1287/mnsc.2014.2005.[14] Credit market frictions and capital structure dynamics
Journal of Economic Theory. 2015. DOI : 10.1016/j.jet.2014.09.021.[15] Capital supply uncertainty, cash holdings, and investment
Review of Financial Studies. 2015. DOI : 10.1093/rfs/hhu081.[16] Real options and risk aversion
Ambiguity, Real Options, Credit Risk and Insurance. 2012. DOI : 10.3233/978-1-61499-238-7-52.[17] Corporate governance and capital structure dynamics
Journal of Finance. 2012. DOI : 10.1111/j.1540-6261.2012.01735.x.[18] Corporate investment and financing under asymmetric information
Journal of Financial Economics. 2011. DOI : 10.1016/j.jfineco.2010.09.003.[19] Dynamic investment and financing under personal taxation
Review of Financial Studies. 2010. DOI : 10.1093/rfs/hhp062.[20] Closed-form solutions to stochastic switching problems
Journal of Mathematical Economics. 2008. DOI : 10.1016/j.jmateco.2007.09.002.[21] Stock returns in mergers and acquisitions
Journal of Finance. 2008. DOI : 10.1111/j.1540-6261.2008.01356.x.[22] Financing and takeovers
Journal of Financial Economics. 2008. DOI : 10.1016/j.jfineco.2007.01.006.[23] On the debt capacity of growth options
Journal of Business. 2006.[24] Capital structure, credit risk, and macroeconomic conditions
Journal of Financial Economics. 2006. DOI : 10.1016/j.jfineco.2005.10.003.[25] The dynamics of mergers and acquisitions
Journal of Financial Economics. 2005. DOI : 10.1016/j.jfineco.2004.10.009.[26] Irreversible investment with regime shifts
Journal of Economic Theory. 2005. DOI : 10.1016/j.jet.2004.04.005.[27] Capital structure and asset prices: Some effects of bankruptcy procedures
Journal of Business. 2004. DOI : 10.1086/381280.[28] Can managerial discretion explain observed leverage ratios
Review of Financial Studies. 2004. DOI : 10.1093/rfs/hhg036.[29] Asset liquidity, capital structure, and secured debt
Journal of Financial Economics. 2001. DOI : 10.1016/S0304-405X(01)00059-9.[30] Investment under uncertainty with implementation delay
New Developments and Applications in Real Options. 2000.[31] Noisy information and investment decisions: A Note
Finance. 1999. DOI : 10.2139/ssrn.113189.Teaching & PhD
Teaching
Financial engineering
PhD Students
Perusset Florian Jean Charles, Rostova Natalia, Zhao Xuan,Past EPFL PhD Students
Colonnello Stefano , Geelen Thomas Antonius , Hoang Ngoc Giang , Klossner Damien Olivier , Sigrist Yalda , Valta Philip , Vissers Susanne Johanna Petronella Léonie , Zucchi Francesca Maria ,Courses
Introduction to finance
The course provides a market-oriented framework for analyzing the major financial decisions made by firms. It provides an introduction to valuation techniques, investment decisions, asset valuation, financing decisions, and sustainable finance.
Theoretical corporate finance
The aim of this course is to expose students to important topics in the literature on corporate finance. The objective of the course is to give students a working understanding of key papers and to expose students to solution techniques to be applied in their own research.
Principles of finance
The course provides a market-oriented framework for analyzing the major financial decisions made by firms. It provides an introduction to valuation techniques, investment decisions, asset valuation, financing decisions, and sustainable finance.