Essec\Faculty\Model\Profile {#2220
#_index: "academ_cv"
#_id: "B00827951"
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"slug" => "akey-patrick"
"fullName" => "Patrick AKEY"
"lastName" => "AKEY"
"firstName" => "Patrick"
"title" => array:2 [
"fr" => "Professeur associé"
"en" => "Associate Professor"
]
"email" => "b00827951@essec.edu"
"status" => "ACTIF"
"campus" => "Campus de Cergy"
"departments" => []
"phone" => ""
"sites" => []
"facNumber" => 36285
"externalCvUrl" => "https://faculty.essec.edu/en/cv/akey-patrick/pdf"
"googleScholarUrl" => ""
"facOrcId" => "https://orcid.org/0009-0007-2097-7061"
"career" => array:1 [
0 => Essec\Faculty\Model\CareerItem {#2225
#_index: null
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"fr" => "ESSEC Business School"
"en" => "ESSEC Business School"
]
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"fr" => "France"
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]
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+"parent": Essec\Faculty\Model\Profile {#2220}
}
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"diplomes" => array:1 [
0 => Essec\Faculty\Model\Diplome {#2223
#_index: null
#_id: null
#_source: array:6 [
"diplome" => "DIPLOMA"
"type" => array:2 [
"fr" => "Diplômes"
"en" => "Diplomas"
]
"year" => "2015"
"label" => array:2 [
"en" => "Doctor of Philosophy, Business administration, Finance"
"fr" => "Doctor of Philosophy, Sciences de Gestion, Finance"
]
"institution" => array:2 [
"fr" => "London Business School"
"en" => "London Business School"
]
"country" => array:2 [
"fr" => "Royaume-Uni"
"en" => "United Kingdom"
]
]
+lang: "en"
+"parent": Essec\Faculty\Model\Profile {#2220}
}
]
"bio" => array:2 [
"fr" => "<p>Pat Akey est professeur associé à l'ESSEC Business School, où il occupe la CY Chaire d'Excellence pour l'Innovation Financière. Il est membre de l'European Corporate Governance Institute et a obtenu son doctorat en finance en 2014 à la London Business School. Ses recherches portent principalement sur l'économie politique appliquée à la finance et sur les incitations des entreprises à adopter des comportements pro-sociaux. Ses travaux ont été présentés lors de nombreuses conférences académiques et professionnelles majeures et ont été publiés dans des revues telles que le <i>Journal of Finance</i>, le <i>Journal of Financial Economics</i> et la <i>Review of Financial Studies</i>. Il a reçu en 2016 le Rising Scholar Award pour le meilleur article d’un jeune chercheur publié dans la <i>Review of Financial Studies</i>, ainsi que l'un des 2021 Brattle Prize Distinguished Paper Awards pour l'un des meilleurs articles en Finance d'entreprise publié dans le <i>Journal of Finance</i>. Ses travaux ont été cités dans des médias de renom comme The Economist, Bloomberg et National Public Radio. Auparavant, il a enseigné à l'Université de Toronto et à l’INSEAD.</p>\n"
"en" => "<p>Pat Akey is Associate Professor at ESSEC Business School where he holds Chair of Excellence for Financial Innovation. He is a member of the European Corporate Governance Institute. He completed his PhD in Finance in 2014 from the London Business School. His research focuses on the political economy of finance and the incentives of firms to engage in pro-social behavior. He has presented his research at numerous major academic and practitioner conferences and published in the Journal of Finance, the Journal of Financial Economics, and the Review of Financial Studies. He was awarded the 2016 Rising Scholar Award for the best paper by a young researcher published in the Review of Financial Studies and one of the 2021 Brattle Prize Distinguished Paper Awards for one of the best papers in Corporate Finance published in the Journal of Finance. Major media outlets such as The Economist, Bloomberg, and National Public Radio have cited his work. He was previously on the faculties of the University of Toronto and INSEAD.</p>\n"
]
"department" => array:2 [
"fr" => "Finance"
"en" => "Finance"
]
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"indexedAt" => "2026-06-04T11:23:00.000Z"
"contributions" => array:2 [
0 => Essec\Faculty\Model\Contribution {#2226
#_index: "academ_contributions"
#_id: "16180"
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"slug" => "16180-noisy-factors-the-retroactive-impact-of-methodological-changes-on-the-fama-french-factors"
"yearMonth" => "2026-01"
"year" => 2026
"title" => "Noisy Factors? The Retroactive Impact of Methodological Changes on the Fama-French Factors"
"description" => "AKEY, P., ROBERTSON, A. et SIMUTIN, M. (2026). Noisy Factors? The Retroactive Impact of Methodological Changes on the Fama-French Factors. <i>Review of Finance</i>, In press."
"authors" => array:3 [
0 => array:3 [
"name" => "AKEY Patrick"
"bid" => "B00827951"
"slug" => "akey-patrick"
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1 => array:1 [
"name" => "ROBERTSON Adriana"
]
2 => array:1 [
"name" => "SIMUTIN Mikhail"
]
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"updatedAt" => "2026-01-29 11:28:01"
"publicationUrl" => "https://doi.org/10.1093/rof/rfag002"
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"abstract" => array:2 [
"fr" => "The Fama-French factors are ubiquitous in empirical finance. We find that factor returns differ substantially depending on when the data were downloaded. A large portion of these retroactive changes appear to be driven by modifications to the factor construction methodology rather than by revisions to the underlying data. Changes to the factors have large effects in two widely-studied contexts: mutual fund performance and cross-sectional equity pricing. Model evaluation tests suggest that more recent vintages do not perform better."
"en" => "The Fama-French factors are ubiquitous in empirical finance. We find that factor returns differ substantially depending on when the data were downloaded. A large portion of these retroactive changes appear to be driven by modifications to the factor construction methodology rather than by revisions to the underlying data. Changes to the factors have large effects in two widely-studied contexts: mutual fund performance and cross-sectional equity pricing. Model evaluation tests suggest that more recent vintages do not perform better."
]
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1 => Essec\Faculty\Model\Contribution {#2224
#_index: "academ_contributions"
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"id" => 16462
"slug" => "16462-hacking-corporate-reputations"
"yearMonth" => "2026-05"
"year" => 2026
"title" => "Hacking corporate reputations"
"description" => "AKEY, P., LEWELLEN, S., LISKOVICH, I. et SCHILLER, C. (2026). Hacking corporate reputations. <i>Review of Finance</i>, 30(3), pp. 795–862."
"authors" => array:4 [
0 => array:3 [
"name" => "AKEY Patrick"
"bid" => "B00827951"
"slug" => "akey-patrick"
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1 => array:1 [
"name" => "LEWELLEN Stefan"
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2 => array:1 [
"name" => "LISKOVICH Inessa"
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3 => array:1 [
"name" => "SCHILLER Christoph"
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"ouvrage" => ""
"keywords" => array:5 [
0 => "Financing Policy"
1 => "Financial Risk and Risk Management"
2 => "Capital and Ownership Structure"
3 => "Value of Firms"
4 => "Goodwill"
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"updatedAt" => "2026-06-02 13:47:17"
"publicationUrl" => "https://doi.org/10.1093/rof/rfag009"
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"abstract" => array:2 [
"fr" => "We exploit unexpected corporate data breaches to study the loss and repair of corporate reputation. Reputation loss decreases equity and brand values, increases customer churn, and prompts more negative media coverage. Firms repair their reputation by increasing their charitable donations and have CSR scores that are more than 0.5 standard deviations higher. They increase political contributions, employee wages, and IT investment. These actions are targeted to stakeholders that are particularly important or in situations that are particularly salient to their stakeholders. We observe similar dynamics of reputation loss and repair following the release of negative news about firms’ social behaviors."
"en" => "We exploit unexpected corporate data breaches to study the loss and repair of corporate reputation. Reputation loss decreases equity and brand values, increases customer churn, and prompts more negative media coverage. Firms repair their reputation by increasing their charitable donations and have CSR scores that are more than 0.5 standard deviations higher. They increase political contributions, employee wages, and IT investment. These actions are targeted to stakeholders that are particularly important or in situations that are particularly salient to their stakeholders. We observe similar dynamics of reputation loss and repair following the release of negative news about firms’ social behaviors."
]
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"fr" => "Finance"
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"docTitle" => "Patrick AKEY"
"docSubtitle" => "Associate Professor"
"docDescription" => "Department: Finance<br>Campus de Cergy"
"docType" => "cv"
"docPreview" => "<img src="https://faculty.essec.edu/wp-content/uploads/avatars/B00827951.jpg"><span><span>Patrick AKEY</span><span>B00827951</span></span>"
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