Jean-Marie A. Meier

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

Office: 14.312
      Phone: 972-883-5867

      Interests: Empirical research in Corporate Finance, International Finance, Political Economy.

      Curriculum Vitae


with Henri Servaes; accepted for publication by the Review of Financial Studies.

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

Summary: Fire sales are not as bad as widely thought since buyers gain substantially from them.

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.

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).

Conferences: Conference on "Banks, Systemic Risk, Measurement and Mitigation" (co-organised by RFS), Global Issues in Accounting Conference (organised by Chicago Booth), AEA, AFA (scheduled)Christmas Meeting of German Economists Abroad (scheduled), European Winter Finance Summit, Federal Reserve Bank of Dallas Banking and Finance Workshop, MFA (scheduled), NFA, Public Authority and Finance: What is the Relevant Scale and Scope of Deregulation and Re-Regulation?.

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

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.

"The Impact of Institutions on Innovation"

with Alexander Donges and Rui C. Silva.

Conferences: AEACAGE/HEDG, Cliometric Society ASSA Session, DIIE Research Symposium, EEA, EFA, EHA, EHS, GSWG, NFA, SSHA, TADC, VfS, WFA, World Congress of Cliometrics.

Summary: Inclusive institutions are a first-order determinant of innovation.

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 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 amplified in counties with a developed banking sector, suggesting that financial development and inclusive institutions are complements in the production of innovation.

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