Erwan Morellec

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 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.

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Unités associées (1)

Cours enseignés par cette personne (3)

Domaines de recherche associés (23)

Publications associées (37)

Agency conflicts and short- versus long-termism in corporate policies

Erwan Morellec

We build a dynamic agency model in which the agent controls both current earnings via short-term investment and firm growth via long-term investment. Under the optimal contract, agency conflicts can i

ELSEVIER SCIENCE SA2020

Short-term debt and incentives for risk-taking

Erwan Morellec, Francesca Maria Zucchi

We challenge the view that short-term debt curbs moral hazard and demonstrate that, in a world with financing frictions and fair debt pricing, short-term debt generates incentives for risk-taking. To

ELSEVIER SCIENCE SA2020

Most firms face some form of competition in product markets. The degree of competition a firm faces feeds back into its cash flows and affects the values of the securities it issues. Through its effec

OXFORD UNIV PRESS INC2019

Capital structure

In corporate finance, capital structure refers to the mix of various forms of external funds, known as capital, used to finance a business. It consists of shareholders' equity, debt (borrowed funds), and preferred stock, and is detailed in the company's balance sheet. The larger the debt component is in relation to the other sources of capital, the greater financial leverage (or gearing, in the United Kingdom) the firm is said to have.

Finance

La finance renvoie à un domaine d'activité , aujourd'hui mondialisé, qui consiste à fournir ou trouver l'argent ou les « produits financiers » nécessaire à la réalisation d'une opération économique. La finance permet de faire transiter des capitaux des agents économiques excédentaires (qui disposent d'une épargne à faire fructifier) aux agents économiques déficitaires, qui en ont besoin (pour se financer, croître, etc.) La finance regroupe à la fois le système financier et les opérations financières qui ont lieu dans ce système.

Finance d'entreprise

La finance d'entreprise ou gestion financière, est le champ de la finance relatif aux décisions financières des entreprises. Son objet essentiel est l’analyse et la « maximisation de la valeur de la firme pour ses actionnaires envisagée sur une longue période » . En termes plus précis, l'enjeu consiste à optimiser la valeur de la séquence des profits monétaires futurs (relativement à un horizon de référence) sous la contrainte de la limitation des risques courus.

FIN-401: 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, f

MGT-482: Principles of finance

FIN-601: 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 ex