Jocelyn Martel
Professor, Finance Department
Co-Director, Chair ESSEC - AMUNDI Chair on Asset & Risk Management

Photo de Jocelyn Martel
Curriculum Vitae (pdf)
General Information Research Areas Publications Teaching Other Activities

Ph.D. Economics, University of Montreal, 1994

Field:   Financial Economics

Thesis: Bankruptcy and Financial Reorganization in Canada 

Doctoral Studies (A.B.D.) in Economics, University of British Columbia (U.B.C.), 1987 

M.Sc. Economics, University of Montreal, 1985 

B.A. Economics, Laval University, 1984

Research Areas

Corporate restructuring, insolvency, bankruptcy.


Academic Publications
  "Earnings Management in Chapter 11 Bankruptcy" (T. Fisher, I. Gavious, J. Martel), Abacus, Jun 2019, Vol. 55, Issue 2, p. 273‑305
  "Tax claims, governement priority, absolute priority and the resolution of financial distress" (J. Martel, T. Fisher, I. Gavious), International Review of Law and Economics, Sep 2016, Vol. 48, p. 50‑58
  "Too Much of a Good Thing? The Impact of a New Bankruptcy Law in Canada" (T. Fisher, J. Martel), Finance, Dec 2015, Vol. 36, Issue 2, p. 37‑66
  "The Choice Between Informal and Formal Restructuring: The Case of French Banks Facing Distressed SMEs" (R. Blazy, J. Martel, N. Nigam), Journal of Banking and Finance, Apr 2014, Vol. 44, p. 248‑263
  "An Empirical Analysis of the Firm's Reorganization Decision " (T. Fisher, J. Martel), Finance, Jun 2009, Vol. 30, Issue 1, p. 121‑149
  "What Discount Rate Should Bankruptcy Judges Use? Estimates from Canadian Reorganization Data" (F. Bathélémy, T. Fisher, J. Martel), International Review of Law and Economics, Mar 2009, Vol. 29, Issue 1, p. 67‑72
  "Does it Matter how Bankruptcy Judges Evaluate the Creditors' Best-interests Test?" (T. Fisher, J. Martel), American Bankruptcy Law Journal, Dec 2007, Vol. 81, Issue 4, p. 497‑514
  " The Irrelevance of Direct Bankruptcy Costs to the Firm's Financial Reorganization Decision" (T. Fisher, J. Martel), Journal of Empirical Legal Studies, Mar 2005, Vol. 2 , Issue 1, p. 151‑170
  "Empirical Estimates of Filtering Failures in Court-Supervised Reorganization" (T. Fisher, J. Martel), Journal of Empirical Legal Studies, Jan 2004, Vol. 1, Issue 1, p. 143‑164
  "Bank Financing Strategies, Diversification and Securitization" (J. Martel, M. Mokrane), Finance, Dec 2003, Vol. 24, Issue 2, p. 30‑49
  "The Information Content of Financial Reorganization Contracts " (J. Martel), Finance, Dec 2003, Vol. 24, Issue Hors sértie, p. 145‑160
  "The Effect of Bankruptcy Reform on the Number of Corporate Reorganization Proposals " (T. Fisher, J. Martel), Canadian Public Policy, Sep 2003, Vol. 29, Issue 3, p. 339‑349
  "Faillite et réorganisation financière : Comparaison internationale et évidence empirique" (J. Martel), Revue Internationale de Gestion, Sep 2000, Vol. 25, Issue 3, p. 111‑118
  "Should We Abolish Chapter 11 ? Evidence from Canada" (T. Fisher, J. Martel), Journal of Legal Studies, Jan 1999, Vol. 28, Issue 1, p. 233‑257
  "Impact anticipé de la réforme à la loi sur la faillite" (J. Martel), Actualité économique, Dec 1996, Vol. 72, Issue 4, p. 417‑432
  "Solutions au stress financier: Un survol de la littérature " (J. Martel), Actualité économique, Mar 1996, Vol. 72, Issue 1, p. 51‑78
  "Commercial Bankruptcy in Canada" (J. Martel), Canadian Business Economics, Jul 1995, Vol. 3, Issue 4, p. 53‑64
  "The Creditors' Financial Reorganization Decision: New Evidence from Canadian Data" (T. Fisher, J. Martel), Journal of Law, Economics and Organization, Apr 1995, Vol. 11, Issue 1, p. 113‑126
  "Financial Reorganization in Canada" (J. Martel), Canadian Business Economics, Dec 1994, Vol. 2, Issue 2, p. 54‑66
  "Will the Bankruptcy Reforms Work? An Empirical Analysis of Financial Reorganization in Canada" (T. Fisher, J. Martel), Canadian Public Policy, Sep 1994, Vol. 20, Issue 3, p. 265‑277
  "Les entreprises insolvables soumises à des procédures collectives: les solutions canadiennes" (J. Martel, H. Massüe‑Monat), Droit des entreprises en difficultés, Jul 1992, p. 133‑139
  "Bankruptcy Law and the Canadian Experience: An Economic Appraisal" (J. Martel), Canadian Public Policy, Mar 1991, Vol. 17, Issue 1, p. 52‑63
  "Bankruptcy and Economic Fluctuations in Canada: 1976-1987" (J. Martel), Credit and Financial Journal, Apr 1989, p. 9‑13

Working papers
  "External Causes of Business Bankruptcies in Canadian Industries : 1981-2000 " (with T. Fisher). Université de Cergy-Pontoise, Apr 04.
  "A Proposal for Bankruptcy Reform in Canada" (with J. Robert). CIRANO, Apr 95.
  "Commercial Bankruptcy and Financial Reorganization in Canada" CIRANO, 94c-2 Sep 94.

Other Publications
Press articles
  "Fausses vérités sur l'inefficience des marchés". La Tribune, 09 Feb 2011, p. 30

Teaching at ESSEC

M.Sc. Management: Principles of Finance, Firm Valuation, Long Term Financial Management, Financial Management

Master in Finance: Financial Theory, Firm Valuation 

MS SMIB: Corporate Finance, Firm Valuation

Other Teaching Activities

Université de Cergy-Pontoise: Microeconomics, Corporate Finance, Financial Markets, Insolvency Theory, Firm Valuation and Mergers & Acquisitions

Lecturer: HEC Montreal, University of Montreal, Sherbrooke University

Awards and Distinctions

Post-doctoral Fellowship, Centre Interuniversitaire en Analyse des Organisations (CIRANO), 1994-96

Doctoral Fellowship, CRDE, University of Montreal, 1992-94

Doctoral Fellowrship, Fonds FCAR (Québec), 1985-87

Scientific Activities
Editorial Board Membership
  Journal of Empirical Legal Studies, Wiley

Conference Presentations

Recent conferences: Annual Meeting of the French Finance Association (2016, 2015, 2011), Multinational Finance Society (June 2014, 2011), European Financial Management Association: Symposium on Alternative Investment, Toronto (April 2011).

Seminars: Industry Canada (Ottawa), CREST, HEC Paris, HEC Montreal, HEC Geneva, INRA, IDEI, Laurentian University, OECD, Université of Cergy-Pontoise,  University of Lille 3, University of Paris X - Nanterre, Université du Québec à Montréal (UQAM)

Affiliations and Academic Responsibilities

Co-President, Paris December Finance Meeting

Head, Finance Department, Dec. 2011- Sept. 2016

Program Designer and Director, MSc in Finance, ESSEC Business School, Aug. 2013 - Sept. 2014

Assistant Academic Advisor, Masters in Financial Techniques and Finance - Asset Management, ESSEC Business School, Sept. 2003 - Aug. 2014


Member of the International Editorial Advisory Board of the Journal of Empirical Studies

 Referee: Annals of Operations Research, Bankers, Markets and Investors, Economic Modelling, Journal of Business, Finance and Accounting, International Journal of Economic Sciences and Applied Research, Recherches Economiques de Louvain, Finance, Actualité économique, Revue française de gestion, revue Finance.


Ph.D. Supervisor:

Rim Ayadi, U. Cergy-Pontoise


Ph.D. thesis member:

Nicolae Stef, Université de Strasbourg/Université du Luxembourg (2014) 

Agnes Fimayer, Strasbourg University/Luxemburg University (2011)

Nirjahr Nigam, Strasbourg University/ Luxemburg University (2011)

Anis Mnejja, Cergy-Pontoise University (2009) 

Gilles Recasens, Toulouse I University (1997)


Invited professor: University of Sydney (annually), Université du Québec à Montréal (UQAM), University of Montreal 

Consulting & Other Activities

International expert in charge of evaluating the project "Rehabilitating insolvent firms: law and economics", K. Schoors & M. Tisons for the Belgian Science Policy.

Recognized as "Expert" in Quebec Superior Court in the area of economics, insolvency and firm valuation.

Research contracts

"On the Effect of Changing the Priority of Long Term Disability Claims in the BIA", Industry Canada, July 2010 (co-author: T. Fisher)

"On the Effect of Changing the Priority of Pension Claims in the Bankruptcy and Insolvency Act", Industry Canada, March 2010 (co-author: T. Fisher)

"The Economics of Financial Reorganization", Industry Canada, March 2005 (co-author: T. Fisher)

"Bankruptcy, Efficiency and the Knowledge-Based Economy", Industry Canada, Dec. 1988 (co-author: T. Fisher)

"Estimation des recettes pour le réseau de bus de Cergy-Pontoise", STIVO, July 1997 (co-author: A. de Palma and O. Mekkaoui)

Professional Experience

Associate Professor (6th grade), Université de Cergy-Pontoise, Sept. 1996 - Aug. 2009

Director, Master in Finance - International Program, University of Cergy-Pontoise, Sept. 2004 - Aug. 2009

Director, School of Finance, University of Cergy-Pontoise, Sept. 1997 - Aug. 2002

President of the network IUP Banque - Finance and Insurance France, Sept. 2000 - Aug. 2002

Visiting Professor, ESSEC Business School, Jan. 1997 - Aug. 2009

Post-doctoral researcher, CIIRANO, Sept. 1994 - Aug. 1996

Lecturer: HEC Montreal, University of Montreal, Sherbrooke University

Economist and Project Leader, Transport Canada, Sept. 1990 - Aug. 1992

Economist and Policy Assistant, Consumer and Corporate Affairs Canada, May 1988 - Sept. 1990


Useful Links
Tel: 01 34 43 33 21
Fax: 01 34 43 32 12

ESSEC Business School
Av. Bernard Hirsch
B.P. 50105
95021 Cergy Pontoise Cedex

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