Jean-Marie Meier

      Assistant Professor of Finance
      University of Texas at Dallas
      Jindal School of Management
      800 W. Campbell Road
Richardson, TX 75080

      Phone: 972-883-5867
      Twitter Profile

      Education: B.Sc. in Economics, University of Mannheim, 2009
                        M.Sc. in Finance, University of Mannheim, 2011
                        M. Res. in Finance, London Business School, 2013
                        Ph.D. in Finance, London Business School, 2017

       Assistant Professor of Finance at the University of Texas at Dallas since 2017

                                                                Curriculum Vitae (opens PDF in new window)


New paper on "The COVID-19 Bailouts". Project Homepage:

with Henri Servaes, 2019, Review of Financial Studies, 32(11), 4228–4270.    SSRN version is identical to RFS version except for formatting and copy editing.

Fire sales are not as bad as widely thought since buyers gain substantially from them and the externalities of fire sales for other stakeholders are limited.

Conferences: AFA, Christmas Meeting of German Economists Abroad, EFA, European Center for Corporate Control Studies Conference, IMF Annual Macro-Financial Research Conference, SFI Corporate Finance Workshop, TADC.

Abstract: Firms that buy assets in fire sales earn excess returns that are two percentage points higher than in regular acquisitions. The mechanism behind this result is the reduced bargaining power of the seller. We find no difference in real effects or in the combined returns for buyers and sellers between fire sales and regular acquisitions, suggesting that the quality of the match is similar in both types of transactions. The externalities of fire sales for other stakeholders are limited. These results indicate that the welfare losses associated with fire sales are smaller than previously thought.

Working Papers

"The COVID-19 Bailouts"

with Jake Smith.

This paper provides the empirical facts and a policy discussion on the COVID-19 bailouts in the US. For more information see First version: April 25, 2020

Abstract: US policy makers responded to the COVID-19 epidemic by providing $1.8 trillion in private sector bailouts. We collect data on all bailouts for publicly-listed firms. We document empirical facts of the bailout programs and discuss policy implications. A surprisingly large fraction of the bailout firms are start-up like firms, for which the bailouts appear to be a windfall. The effective tax rate of bailed out firms is 4%. This is the first paper to collect and analyze data on the COVID-19 bailouts.

with Alexander Donges and Rui C. SilvaRevise and Resubmit, Management Science

Inclusive institutions are a first-order determinant of innovation.

Grants and stipends: Deloitte Institute for Innovation and Entrepreneurship research grant
                                     Deloitte Institute for Innovation and Entrepreneurship stipend

Conferences: AEACAGE/HEDG, China International Conference in Finance, Cliometric Society ASSA Session, DIIE Research Symposium, EEA, EFA, EHA, EHS, GSWG, NFA, Summer Research Conference in Finance (Indian School of Business), SSHA, TADC, VfS, WFA, World Congress of Cliometrics.

Abstract: We study the impact of inclusive institutions on innovation using novel, hand-collected, county-level data for Imperial Germany. We use the timing and geography of the French occupation of different German regions after the French Revolution of 1789 as an instrument for institutional quality. We find that the number of patents per capita was more than twice as high in counties with the longest occupation as in unoccupied counties. The impact of institutions on innovation is stronger in counties with a highly developed financial sector, suggesting that financial development and inclusive institutions are important complements for the production of innovation. We show that the increase in patenting activity due to better institutions translates into higher economic growth. Our findings highlight inclusive institutions as a first order determinant of innovation.

Regulatory integration of international capital markets causes large increases in external financing, investment and employment.

Awards: - Klaus Liebscher Award by the Austrian Central Bank
               - Josseph de la Vega Prize (Special Mention) by the Federation of European Securities Exchanges
               - European Central Bank's Young Economist Award (Finalist)
               AQR Fellowship Award (Finalist)

Conferences*: Conference on "Banks, Systemic Risk, Measurement and Mitigation" (co-organised by RFS), Global Issues in Accounting Conference (organised by Chicago Booth), AEA, AFA, Barcelona GSE Summer Forum (Financial Intermediation and Risk workshop), Chicago Financial Institutions Conference, China International Conference in Finance, Christmas Meeting of German Economists Abroad, Conference on Capital Markets Union, European Winter Finance Summit, Federal Reserve Bank of Dallas Banking and Finance Workshop, MFA, NFA, North American Summer Meeting of the Econometric Society, 6th Financial Market Symposium, Public Authority and Finance: What is the Relevant Scale and Scope of Deregulation and Re-Regulation?.

Abstract: I examine the financial and real effects of regulatory integration of international capital markets using a unique policy plan by the European Union, which creates a common European market for financial services and capital, through, e.g., passporting rights. For identification, I exploit the bilateral and staggered nature of laws that are passed at the European level but are implemented by national governments. Over its implementation, regulatory integration leads to large increases in external financing, investment and employment for publicly listed firms. These results highlight the importance of regulatory integration of international capital markets for firms’ financing decisions and real outcomes.

"Cross-Border Institutions and the Globalization of Innovation"

with Bo Bian and Ting Xu.

Strong cross-border institutions are an important driver of the globalization of innovation.

Conferences*: 3rd Junior Entrepreneurial Finance and Innovation Workshop, EFA, FIRS, MFA, NFA, Northwestern Conference on Innovation Economics.

Abstract: We identify strong cross-border institutions as a driver of the globalization of innovation. Using 67 million patents from over 100 patent offices, we introduce novel measures of innovation diffusion and collaboration. Exploiting staggered bilateral investment treaties as shocks to cross-border property rights and contract enforcement, we show that signatory countries increase technology adoption and sourcing from each other; they also increase R&D collaborations. These interactions result in technological convergence. The effects are particularly strong for process innovation, and for countries that are technological laggards or have weak domestic institutions. The mobility of financial and human capital are the key channels.

"Tax Avoidance through Cross-Border Mergers and Acquisitions"

with Jake Smith.

We document a novel form of tax avoidance: Cross-border tax-haven mergers and acquisitions (M&A).

Abstract: We document a novel form of tax avoidance: Cross-border tax-haven mergers and acquisitions (M&A). Tax havens have $1.5 trillion in M&A deal value beyond what is predicted based on economic fundamentals. 18,310 tax-haven M&As result in $29.7 billion in annual tax avoidance. Non-haven cross-border M&A results in an additional $30.6 billion in annual tax avoidance. Our results provide the underlying mechanism for 30% of global corporate income tax avoidance. This is the first paper to document that tax havens not only affect capital flows on "paper," but also that tax havens affect real investment on a large scale. Moreover, we create an algorithm, available to others, to derive the tax residence of any company, provided the country of incorporation and headquarters are known.

For the global database on tax residence created for this paper see

Conferences*:  EEA, EIASM Conference on Current Research in Taxation.

* including scheduled conferences

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