Thomas Philippon
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Thomas Philippon (born May 1974) is a French economist and professor of finance at the
New York University Stern School of Business The Leonard N. Stern School of Business (also NYU Stern, Stern School of Business, or simply Stern) is the business school of New York University, a private research university based in New York City. Founded as the School of Commerce, Accounts ...
.


Career

Philippon earned a MA in Physics in 1997 from
École Polytechnique (, ; also known as Polytechnique or l'X ) is a ''grande école'' located in Palaiseau, France. It specializes in science and engineering and is a founding member of the Polytechnic Institute of Paris. The school was founded in 1794 by mat ...
, a Master in Economics in 1998 from the
Paris School of Economics The Paris School of Economics (PSE; French: ''École d'économie de Paris'') is a French research institute in the field of economics. It offers MPhil, MSc, and PhD level programmes in various fields of theoretical and applied economics, incl ...
, and a
PhD A Doctor of Philosophy (PhD, DPhil; or ) is a terminal degree that usually denotes the highest level of academic achievement in a given discipline and is awarded following a course of graduate study and original research. The name of the deg ...
in Economics in 2003 from
MIT The Massachusetts Institute of Technology (MIT) is a private research university in Cambridge, Massachusetts, United States. Established in 1861, MIT has played a significant role in the development of many areas of modern technology and sc ...
. In 2003 he was hired as an Assistant Professor of Finance at Stern, and he has been a Professor of Finance since 2014. In addition to his professorship at NYU, Philippon has held visiting positions at
Columbia University Columbia University in the City of New York, commonly referred to as Columbia University, is a Private university, private Ivy League research university in New York City. Established in 1754 as King's College on the grounds of Trinity Churc ...
, the
University of Chicago The University of Chicago (UChicago, Chicago, or UChi) is a Private university, private research university in Chicago, Illinois, United States. Its main campus is in the Hyde Park, Chicago, Hyde Park neighborhood on Chicago's South Side, Chic ...
,
Yale University Yale University is a Private university, private Ivy League research university in New Haven, Connecticut, United States. Founded in 1701, Yale is the List of Colonial Colleges, third-oldest institution of higher education in the United Stat ...
, and
Princeton University Princeton University is a private university, private Ivy League research university in Princeton, New Jersey, United States. Founded in 1746 in Elizabeth, New Jersey, Elizabeth as the College of New Jersey, Princeton is the List of Colonial ...
. He joined the Monetary Policy Advisory Panel at the
Federal Reserve Bank of New York The Federal Reserve Bank of New York is one of the 12 Federal Reserve Banks of the United States. It is responsible for the Second District of the Federal Reserve System, which encompasses the New York (state), State of New York, the 12 norther ...
in 2015. He also serves as the Scientific Committee Director at the French Prudential Supervisory Authority, as an associate editor of the American Economic Journal, and as a research associate at the
National Bureau of Economic Research The National Bureau of Economic Research (NBER) is an American private nonprofit research organization "committed to undertaking and disseminating unbiased economic research among public policymakers, business professionals, and the academic co ...
. Ahead of the
2012 French presidential election Presidential elections in France, Presidential elections were held in France on 22 April 2012 (or 21 April in some overseas departments and territories), with a second round Two-round system, run-off held on 6 May (or 5 May for those same territ ...
, Philippon co-signed an appeal of several economists in support of candidate
François Hollande François Gérard Georges Nicolas Hollande (; born 12 August 1954) is a French politician who served as President of France from 2012 to 2017. Before his presidency, he was First Secretary of the Socialist Party (France), First Secretary of th ...
. According to
Google Scholar Google Scholar is a freely accessible web search engine that indexes the full text or metadata of Academic publishing, scholarly literature across an array of publishing formats and disciplines. Released in Beta release, beta in November 2004, th ...
, Philippon's academic papers have been cited nearly 5000 times in the past 5 years. Most notably his paper "CEO Incentives and Earnings Management" has been referenced over 2000 times.


Awards

* He was named one of the ‘25 best economists under 45’ by the
International Monetary Fund The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 191 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of las ...
(IMF) in 2014. * Bernácer Prize in 2013 for promoting economic research in Europe and for the best European economist under 40 * Brattle Prize in 2008 for the best article on corporate finance: "The Risk-Adjusted Cost of Financial Distress" *
Michael Brennan Award ''The Review of Financial Studies'' is a peer-reviewed academic journal covering the field of finance. It is published by Oxford University Press on behalf of the Society for Financial Studies. It was established following discussions at the 1986 ...
in 2009 for the paper "The Economics of Fraudulent Accounting" *
Econometric Society The Econometric Society is an international society of academic economists interested in applying statistical tools in the practice of econometrics. It is an independent organization with no connections to societies of professional mathematicians o ...
fellow in 2020


Selected works

Books # "Le Capitalisme d'héritiers. La crise française du travail." La République des Idées, Seuil, 2007, Prize for Best Book on Human Resources Management # "The Great Reversal: How America Gave Up on Free Markets" Belknap Press, 2019, Amazon Best Sellers Academic Articles # "Has the U.S. Finance Industry Become Less Efficient?" (2014) (forthcoming in American Economic Review) # "Efficiency and Cost-Benefit Analysis of the Financial System", forthcoming in the Journal of Legal Studies # "An International Look at the Growth of Modern Finance" with Ariell Reshef, Journal of Economic Perspectives, 27(2), Spring 2013, pp. 73–96. # "Efficient Recapitalization," with Philipp Schnabl, Journal of Finance, February 2013, lead article # "Wages and Human Capital in the U.S. Financial Industry: 1909-2006," with Ariell Reshef, Quarterly Journal of Economics, November 2012, lead article # "Optimal Interventions in Markets with Adverse Selection," with Vasiliki Skreta, American Economic Review, February 2012, lead article # "Family Firms, Paternalism, and Labor Relations," with Holger Mueller, American Economic Journal: Macroeconomics, April 2011, 3(2): 218–45 # "Debt Overhang and Recapitalization in Closed and Open Economies," IMF Economic Review (inaugural issue), 2010 # "Financiers versus Engineers: Should the financial sector be taxed or subsidized?'' American Economic Journal: Macroeconomics, July 2010, 2(3): 158–82. # "The bond market's Q", Quarterly Journal of Economics, August 2009, 124(3), 1011–56 # "The economics of fraudulent accounting," with Simi Kedia, Review of Financial Studies, June 2009, Brennan & BlackRock Award 2010 # "Estimating Risk-Adjusted Costs of Financial Distress," with Heitor Almeida, Journal of Applied Corporate Finance, 2008 # "The risk-adjusted cost of financial distress," with Heitor Almeida, Journal of Finance, December 2007, lead article, Brattle Prize 2008 # "Firms and aggregate dynamics," with Francesco Franco, Review of Economics and Statistics, November 2007 # "Corporate governance over the business cycle," Journal of Economic Dynamics and Control, November 2006 # "CEO incentives and earnings management," with Daniel Bergstresser, Journal of Financial Economics, June 2006 # "The rise in firm-level volatility: causes and consequences," with Diego Comin, NBER Macroannuals, 2005 # "The impact of differential payroll tax subsidies on minimum wage employment", with Francis Kramarz Journal of Public Economics, 2001


References


External links


Thomas Philippon Profile
from NYU
"CEO Incentives and Earnings Management"
{{DEFAULTSORT:Philippon, Thomas Living people École Polytechnique alumni French emigrants to the United States MIT School of Humanities, Arts, and Social Sciences alumni New York University Stern School of Business faculty Financial economists 21st-century French economists Fellows of the Econometric Society 1974 births