Erwan Morellec
Full Professor
EPFL CDM SFI SFI-EM
EXTRA 210 (Extranef UNIL)
Quartier UNIL-Dorigny
CH-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/
Fields of expertise
Corporate Finance, Corporate Governance, Fintech, Sustainable Finance, and Banking.
Biography
ERWAN 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, sustainable finance, and banking and has taught several courses on these subjects to undergraduate, MBA, and doctoral students.PERSONAL WEBPAGE
Link to my personal webpagePublications
Infoscience publications
Publications
[1] Understanding Cash Flow Risk
Review Of Financial Studies. 2022-07-18. DOI : 10.1093/rfs/hhab127.[2] Can Corporate Debt Foster Innovation and Growth?
Review Of Financial Studies. 2022. DOI : 10.1093/rfs/hhab129.[3] Optimal financing with tokens
Journal Of Financial Economics. 2021-12-01. DOI : 10.1016/j.jfineco.2021.05.004.[4] Short-term debt and incentives for risk-taking
Journal Of Financial Economics. 2020-07-01. DOI : 10.1016/j.jfineco.2019.07.008.[5] 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.[6] Product Market Competition and Option Prices
Review Of Financial Studies. 2019-11-01. DOI : 10.1093/rfs/hhz027.[7] Agency conflicts around the world
Review of Financial Studies. 2018. DOI : 10.1093/rfs/hhy018.[8] Bank capital, liquid reserves, and insolvency risk
Journal of Financial Economics. 2017. DOI : 10.1016/j.jfineco.2017.05.006.[9] Corporate policies with permanent and transitory shocks
Review of Financial Studies. 2017. DOI : 10.1093/rfs/hhw078.[10] Debt enforcement, investment, and risk taking across countries
Journal of Financial Economics. 2017. DOI : 10.1016/j.jfineco.2016.09.002.[11] Financing Investment: The choice between bonds and bank loans
Management Science. 2015. DOI : 10.1287/mnsc.2014.2005.[12] Credit market frictions and capital structure dynamics
Journal of Economic Theory. 2015. DOI : 10.1016/j.jet.2014.09.021.[13] Capital supply uncertainty, cash holdings, and investment
Review of Financial Studies. 2015. DOI : 10.1093/rfs/hhu081.[14] Real options and risk aversion
Ambiguity, Real Options, Credit Risk and Insurance. 2012. DOI : 10.3233/978-1-61499-238-7-52.[15] Corporate governance and capital structure dynamics
Journal of Finance. 2012. DOI : 10.1111/j.1540-6261.2012.01735.x.[16] Corporate investment and financing under asymmetric information
Journal of Financial Economics. 2011. DOI : 10.1016/j.jfineco.2010.09.003.[17] Dynamic investment and financing under personal taxation
Review of Financial Studies. 2010. DOI : 10.1093/rfs/hhp062.[18] Closed-form solutions to stochastic switching problems
Journal of Mathematical Economics. 2008. DOI : 10.1016/j.jmateco.2007.09.002.[19] Stock returns in mergers and acquisitions
Journal of Finance. 2008. DOI : 10.1111/j.1540-6261.2008.01356.x.[20] Financing and takeovers
Journal of Financial Economics. 2008. DOI : 10.1016/j.jfineco.2007.01.006.[21] On the debt capacity of growth options
Journal of Business. 2006.[22] Capital structure, credit risk, and macroeconomic conditions
Journal of Financial Economics. 2006. DOI : 10.1016/j.jfineco.2005.10.003.[23] The dynamics of mergers and acquisitions
Journal of Financial Economics. 2005. DOI : 10.1016/j.jfineco.2004.10.009.[24] Irreversible investment with regime shifts
Journal of Economic Theory. 2005. DOI : 10.1016/j.jet.2004.04.005.[25] Capital structure and asset prices: Some effects of bankruptcy procedures
Journal of Business. 2004. DOI : 10.1086/381280.[26] Can managerial discretion explain observed leverage ratios
Review of Financial Studies. 2004. DOI : 10.1093/rfs/hhg036.[27] Asset liquidity, capital structure, and secured debt
Journal of Financial Economics. 2001. DOI : 10.1016/S0304-405X(01)00059-9.[28] Investment under uncertainty with implementation delay
New Developments and Applications in Real Options. 2000.[29] 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
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.