DAURES-LESCOURRET Laurence

Laurence Daures (formerly Lescourret) is associate professor of Finance. 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, 2020) , 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

• 2003 : Doctorat en Finance (HEC Paris, France)
• 1999 : M.Sc. en Economie (APE) (EHESS - École des hautes études en sciences sociales, France)
• 1997 : M.Sc. (Recherche) en Finance (Université Paris-Dauphine, PSL University, France)
• 1996 : Master en Management (EDHEC Business School, France)

Positions académiques principales

• 2008 - présent : Professeur associé (ESSEC Business School, France)
• 2004 - 2008 : Professeur assistant (ESSEC Business School, France)

Autres positions académiques

• 2016 - 2018 : Directrice du Centre d'Excellence de l'ESSEC "Capital Markets and Regulation" (ESSEC Business School, France)
• 2010 - 2011 : Directrice du Département Finance (ESSEC Business School, France)
• 2007 - 2010 : Co-directrice du département Finance (avec José Miguel Gaspar) (ESSEC Business School, France)
• 2004 - présent : Chercheur (Centre de recherche en économie et statistique (CREST), France)
• 2016 - présent : Chercheur visitant (Bundesbank, Allemagne)
• 2011 : Professeur visitant (Imperial College Business School, Royaume-Uni)
• 2000 - 2010 : Chargée de cours en "Microstructure of Financial Markets" (L'École nationale de la statistique et de l'administration économique (ENSAE), France)
• 1999 - 2004 : Membre d'une équipe de recherche (Centre de recherche en économie et statistique (CREST), France)
• 2002 - 2004 : ATER ("Financial markets", "Introduction to Microeconomics") (Université de Cergy-Pontoise, France)
• 1999 - 2000 : Moniteur (Introduction to Financial Theory - Undergrade) (HEC Paris, France)

Positions professionnelles

• 1997 - 1998 : Consultante, Middle Office (SGCIB, Afrique du Sud)

• 2021 : Projet Blanc - Fondation ESSEC (France)
• 2015 : Best Paper Award on Derivatives (sponsorisé par l'IFSID, Montreal Institute of Structured Finance and Derivatives), décerné lors du meeting annuel de la Northern Finance Association, pour leur papier "Transparency Regime Initiatives and Liquidity in the CDS Market."
• 2013 : Prix De la Vega en 2013, décerné par la Federation of European Securities Exchanges pour son article “Liquidity Supply across Multiple Trading Venues” (avec S. Moinas).
• 2004 : Lauréate du "Prix de Thèse FNEGE-AFFI 2004" pour la dissertation doctorale (Fondation Nationale pour l'Enseignement de la Gestion des Entreprises (FNEGE), France)

• 2020 : Bourse de recherche IEF (Institut Europlace en Finance) pour un projet sur les Credit default swaps (avec A. Fulop et Y. Gündüz)
• 2018 : Bourse de recherche INEX (Initiative d'Excellence)
• 2011 : Bourse de recherche JCJC (Jeunes Chercheuses Jeunes Chercheurs) (Agence Nationale pour la Recherche (ANR), France)
• 2010 : Bourse de recherche IEF (Institut Europlace en Finance) pour un projet de recherche sur " inventory management across different trading platforms" (avec S. Moinas) (France)
• 2008 : Bourse de recherche IEF (Institut Europlace en Finance) pour un projet de recherche sur les externalités de la liquidité (avec JM Gaspar)
• 2007 : Bourse de recherche d'Euronext Paris pour un projet de recheche sur le marché des "Credit Default Swap", (avec A. Fulop)

• DAURES-LESCOURRET, L. and FULOP, A. (2022). Standardization, transparency initiatives, and liquidity in the CDS market. Journal of Financial Markets, 59, Part A, pp. 100718.
• DAURES-LESCOURRET, L. and MOINAS, S. (2022). Fragmentation and Strategic Market-Making. Journal of Financial and Quantitative Analysis, In press.
• LESCOURRET, L. (2017). Cold Case File? Inventory Risk and Information Sharing during the pre-1997 NASDAQ. European Financial Management, 23(4), pp. 761–806.
• DECLERCK, F. and LESCOURRET, L. (2015). Dark pools et trading haute fréquence : une évolution utile? Revue d'Économie Financière, (120), pp. 113-126.
• LESCOURRET, L. and ROBERT, C.Y. (2011). Transparency matters: Price formation in the presence of order preferencing. Journal of Financial Markets, 14(2), pp. 227-258.
• LESCOURRET, L. and ROBERT, C.Y. (2006). Extreme Dependence of Multivariate Catastrophic Losses. Scandinavian Actuarial Journal, pp. 203-225.
• LESCOURRET, L. and FOUCAULT, T. (2003). Information Sharing, Liquidity and Transaction Costs in Floor-Based Trading Systems. Finance, 24, pp. 45-78.

• LESCOURRET, L. and VANDELANOITE, S. (2014). Microstructure des marchés. In: Encyclopaedia Universalis. 1st ed. Encyclopædia Britannica, Inc.
• FULOP, A. and LESCOURRET, L. (2009). A First Look at the Microstructure of the CDS Market. In: Financial Risks. New Developments in Structured Product & Credit Derivatives. 1st ed. Economica, pp. 133-141.

• LESCOURRET, L. and FULOP, A. (2008). How liquid is the CDS market? In: EFA 2008 ATHENS Proceedings. SSRN.
• FULOP, A. and LESCOURRET, L. (2008). How Liquid is the CDS Market? In: 4th Central Bank Workshop on the Microstructure of Financial Markets. Hong Kong Institute for Monetary Research.
• LESCOURRET, L. and ROBERT, C. (2008). Transparency Matters: Price Formation in Presence of Order Preferencing. In: Proceedings of the 2nd NYSE-Euronexy/ Dauphine Workshop on Financial Market Quality. NYSE-Euronext & Dauphine.
• LESCOURRET, L. and MOINAS, S. (2006). Liquidity Supply in Multiple Markets? In: EFMA 2006. European Financial Management Association (EFMA).
• LESCOURRET, L. and ROBERT, C.Y. (2005). Preferencing, Internalization and Dealer Inventory. In: Proceedings of International Conference on New Financial Market Structures. HEC Montreal, pp. 1-50.
• LESCOURRET, L. and ROBERT, C. (2003). Why is there heterogeneity among dealers' behavior during the Nasdaq preopening session? In: EFMA Basel Meeting. SSRN.

• BOUSSETTA, S., LESCOURRET, L. and MOINAS, S. (2018). The Role of Pre-opening Mechanisms in Fragmented Markets. In: Northern Finance Association (NFA) 2018 Annual Conference.
• BOUSSETA, S., LESCOURRET, L. and MOINAS, S. (2016). The Role of Preopening Mechanisms in Fragmented Markets. In: Market Microstructure: Sharing many Viewpoints #4.
• FULOP, A. and LESCOURRET, L. (2016). Transparency Regime Initiatives and Liquidity in the CDS Market. In: 9th Annual Society for Financial Econometrics (SoFiE) Conference.
• FULOP, A. and LESCOURRET, L. (2016). Transparency Regime Initiatives and Liquidity in the CDS Market. In: 2016 Financial Intermediation Research Society (FIRS) Conference.
• LESCOURRET, L. and FULOP, A. (2015). Transparency Regime Initiatives and Liquidity in the CDS Market. In: 7th International Conference of the The International Finance and Banking Society (IFABS): The Future of Financial Institutions and Markets: Navigating the Challenges Ahead.
• FULOP, A. and LESCOURRET, L. (2015). Transparency Regime Initiatives and Liquidity in the CDS Market. In: 2015 Financial Management Association (FMA) Annual Meeting.
• FULOP, A. and LESCOURRET, L. (2015). Transparency Regime Initiatives and Liquidity in the CDS Market. In: 42nd Annual Meeting of the European Finance Association.
• FULOP, A. and LESCOURRET, L. (2015). Transparency Regime Initiatives and Liquidity in the CDS Market. In: 2015 Northern Finance Association (NFA) Conference.
• LESCOURRET, L. and MOINAS, S. (2014). Liquidity Supply across Multiple Trading Venues. In: 2014 Midwest Finance Association (MFA) Annual Meeting.
• LESCOURRET, L. and MOINAS, S. (2014). Liquidity Supply Across Multiple Trading Venues. In: 2014 Annual Meeting of the Financial Management Association.
• LESCOURRET, L. and MOINAS, S. (2014). Liquidity Supply Across Multiple Trading Venues. In: 2014 European Financial Management Association Annual Meeting.
• LESCOURRET, L. and MOINAS, S. (2014). Liquidity Supply Across Multiple Trading Venues. In: 26th Annual NFA Conference.
• LESCOURRET, L. and FULOP, A. (2014). Transparency Regimes and Liquidity in the CDS Market. In: 68th European Meeting of the Econometric Society.
• LESCOURRET, L. and MOINAS, S. (2013). Liquidity Supply Across Multiple Trading. In: 30th International Conference of the French Finance Association.
• LESCOURRET, L. and MOINAS, S. (2013). Liquidity Supply Across Multiple Trading Venues. In: 2013 FMA European Conference.
• LESCOURRET, L. and FULOP, A. (2008). How Liquid is the CDS Market?

• LESCOURRET, L. and MOINAS, S. (2015). Liquidity Supply Across Multiple Trading Venues. ESSEC Business School.
• LESCOURRET, L. (2012). Non-fundamental Information and Market-makers' Behavior during the NASDAQ Preopening Session. ESSEC Business School.
• LESCOURRET, L. and ROBERT, Y. (2006). Preferencing, Internalization and Inventory Position. ESSEC Business School.

• JENY, A. and LESCOURRET, L. (2016). Bowie, l’homme immatériel. Les Echos.
• LESCOURRET, L. (2005). Les bourses face au défi de l’internalisation. Problèmes économiques, pp. 25-27.