Laurence Lescourret
Associate Professor, Finance Department

Photo de Laurence Lescourret
General Information Research Areas Publications Other Activities
Education Finance - HEC School of Management - 2003
M.Sc. in Economics - EHESS, Paris - 1999
M.A. in Finance - University Paris IX-Dauphine - 1997
B.A. (Major: Corporate Finance) - EDHEC Business School - 1996

Laurence (Daures) Lescourret is associate professor of Finance and is currently heading the ESSEC Center of Excellence "Capital Markets and Regulation". Her research lies in the area of microstructure of financial markets. Laurence received the PhD Thesis Award in 2004 from the French Finance Association and the National Foundation for Companies Management Academic Education (FNEGE), the "Joseph de la Vega Prize" in 2013 and the IFSID award for the best paper on Derivatives in 2015. She received several research grants from Euronext Paris (2007) , EIF (2008, 2010) , the French National Research Agency (JCJC, 2011) and INEX (Initiative d'Excellence, 2018).

She serves on the Board of Directors of Dassault Systèmes and of LCL (Le Credit Lyonnais). She sits in the audit committee of Dassault Systèmes (DS) and chairs the compensation and nomination committee of DS. She sits in the risk committee of LCL and chairs the audit committee of LCL.

Laurence holds a PhD in Finance from HEC Paris.

 Personal Homepage

Research Areas
Microstructure of Financial Markets

Academic Publications
  "Cold Case File? Inventory Risk and Information Sharing during the pre-1997 NASDAQ" (L. Lescourret), European Financial Management, Oct 2017, Vol.  23, Issue  4, p.  761‑ 806
  "Dark pools et trading haute fréquence : une évolution utile? " (L. Lescourret, F. Declerck), Revue d'Economie Financière, Dec 2015, Issue 120, p. 113‑125
  "Transparency matters: Price formation in the presence of order preferencing" (L. Lescourret, C. Robert), Journal of Financial Markets, May 2011, Vol. 14, Issue 2, p. 227‑258 ( )
  "Extreme dependence of multivariate catastrophic losses" (L. Lescourret, C. Robert), Scandinavian Actuarial Journal, Jul 2006, Vol. 2006 , Issue 4, p. 203‑225
  "Les bourses face au défi de l'internalisation" (L. Lescourret), Problèmes Economiques, Dec 2005, Issue 2.888, p. 25‑27
  "Information Sharing, Liquidity and Transaction Costs in Floor-Based Trading Systems" (T. Foucault), Finance, Dec 2003, Vol. 24, p. 45‑78

  Microstructure des marchés. In: Encyclopaedia Universalis (with S. Vandelanoite). Paris (France) : Encyclopaedia Universalis S.A., 2014, p. -
  A first look at the microstructure of CDS markets. In: Proceedings of the 1st International Financial Research Forum (with A. Fulop). : Economica, Monique Jeanblanc. 2008, p. -

Working papers
  "Information barter and floor trading" (with T. Foucault). HEC , CR 742/2001 Dec 20.
  "Liquidity Supply Across Multiple Trading Venues" (L. Lescourret, S. Moinas). Essec Research Center, DR‑1505 Mar 15.
  "Non-Fundamental Information and Market-Makers'Behavior during the NASDAQ Preopening Session" (L. Lescourret). Essec Research Center, DR‑ 1212 Dec 12. (
  "Preferencing, Internalization and Dealer Inventory - Paper and Proofs" (L. Lescourret). Essec Research Center, DR‑06017 Oct 06.

Other Publications
Articles published in conference proceedings
  "Liquidity externalities and buyout delisting activity", With JM. Gaspar. In : SSRN, European Finance Association. Frankfurt (Germany) : EFA, 2010 ( )
  "How liquid is the CDS market?", With A. Fulop. In : EFA 2008 ATHENS MEETINGS, EFA conference. Athens (Greece) : SSRN, 2008
  "Transparency matters: Price formation in presence of order preferencing", With C. Robert. In : 2nd WORKSHOP ON FINANCIAL MARKET QUALITY, 2nd NYSE-Euronexy/ Dauphine Workshop on financial market quality. Paris (France) : NYSE-Euronext / Dauphine, 2008
  "Liquidity supply in multiple markets", With S. Moinas. In : EFMA 2006 , EFMA 2006 . Madrid (Espagne) : EFMA, 2006
  "Preferencing, Internalization and Dealer Inventory", With C. Robert. In : Proceedings of International Conference on New Financial Market Structures,. Montréal (Canada) : HEC Montréal, 2005
  "Why is there heterogeneity among dealers' behavior during the Nasdaq preopening session? ", With C. Robert. In : EFMA Basel Meeting Paper, EFMA Basel Meeting. ? (?) : SSRN, 2003

Awards and Distinctions


IFSID (Montreal Institute of Structured Finance and Derivatives) Award for the best paper on Derivatives presented at the 2015 Northern Finance Association (NFA) meeting

Winner of the De La Vega Prize 2013  

Winner of the "Prix de Thèse FNEGE-AFFI 2004" for the doctoral dissertation

Scientific Activities
Conference Presentations
Co-founder of the "Women in Microstructure" meeting

Affiliations and Academic Responsibilities

Head of the ESSEC Center of Excellence "Capital Markets and Regulation"

European Finance Association, EFA 

French Finance Association, AFFI 


Consulting & Other Activities
Professor Lescourret serves on the Board of Directors of Dassault Systèmes and of LCL (Le Crédit Lyonnais). 

Professional Experience
Research fellow at the Center for Research in Economics and Statistics (CREST, Paris), (1999-current position).

Lecturer in "Microstructure of Financial Markets", ENSAE (France), (2000-current position).
Instructor in "Financial markets" and "Introduction to Microeconomics", Univ. of Cergy (France), (2002-2004)

Co-organizer of the French Association in Finance - AFFI Paris (December, 2001)
Useful Links
Personal Links
Personal Homepage

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

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