Education Jocelyn Martel Professor, Department Finance Co-Director, Chair ESSEC - AMUNDI Chair on Asset & Risk Management Ph.D. Economics, University of Montreal, 1994 Field: Financial Economics Thesis: Bankruptcy and Financial Reorganization in Canada Doctoral Studies (A.B.D.) in Economics, University of British Columbia (U.B.C.), 1987 M.Sc. Economics, University of Montreal, 1985 B.A. Economics, Laval University, 1984 Research Areas Corporate restructuring, insolvency, bankruptcy. Publications Articles Academic Publications "Tax claims, governement priority, absolute priority and the resolution of financial distress" (J. Martel, T. Fisher, I. Gavious), International Review of Law and Economics, Sep 2016, Vol. 48, p. 50-58 Contact Mail: martel@essec.fr Avenue Bernard Hirsch. BP 50105 95021 Cergy Pontoise cedex FRANCE "Too Much of a Good Thing? The Impact of a New Bankruptcy Law in Canada" (T. Fisher, J. Martel), Finance, Dec 2015, Vol. 36, Issue 2, p. 37-66 "The Choice Between Informal and Formal Restructuring: The Case of French Banks Facing Distressed SMEs" (R. Blazy, J. Martel, N. Nigam), Journal of Banking and Finance, Apr 2014, Vol. 44, p. 248-263 "An Empirical Analysis of the Firm's Reorganization Decision " (T. Fisher, J. Martel), Finance, Jun 2009, Vol. 30, Issue 1, p. 121-149 "What Discount Rate Should Bankruptcy Judges Use? Estimates from Canadian Reorganization Data" (F. Bathélémy, T. Fisher, J. Martel), International Review of Law and Economics, Mar 2009, Vol. 29, Issue 1, p. 67-72 "Does it Matter how Bankruptcy Judges Evaluate the Creditors' Best-interests Test?" (T. Fisher, J. Martel), American Bankruptcy Law Journal, Dec 2007, Vol. 81, Issue 4, p. 497-514 " The Irrelevance of Direct Bankruptcy Costs to the Firm's Financial Reorganization Decision" (T. Fisher, J. Martel), Journal of Empirical Legal Studies, Mar 2005, Vol. 2, Issue 1, p. 151-170 "Empirical Estimates of Filtering Failures in Court-Supervised Reorganization" (T. Fisher, J. Martel), Journal of Empirical Legal Studies, Jan 2004, Vol. 1, Issue 1, p. 143-164 "Bank Financing Strategies, Diversification and Securitization" (J. Martel, M. Mokrane), Finance, Dec 2003, Vol. 24, Issue 2, p. 30-49 1/5
"The Information Content of Financial Reorganization Contracts " (J. Martel), Finance, Dec 2003, Vol. 24, Issue Hors sértie, p. 145-160 "The Effect of Bankruptcy Reform on the Number of Corporate Reorganization Proposals " (T. Fisher, J. Martel), Canadian Public Policy, Sep 2003, Vol. 29, Issue 3, p. 339-349 "Faillite et réorganisation financière : Comparaison internationale et évidence empirique" (J. Martel), Revue Internationale de Gestion, Sep 2000, Vol. 25, Issue 3, p. 111-118 "Should We Abolish Chapter 11? Evidence from Canada" (T. Fisher, J. Martel), Journal of Legal Studies, Jan 1999, Vol. 28, Issue 1, p. 233-257 "Impact anticipé de la réforme à la loi sur la faillite" (J. Martel), Actualité économique, Dec 1996, Vol. 72, Issue 4, p. 417-432 "Solutions au stress financier: Un survol de la littérature " (J. Martel), Actualité économique, Mar 1996, Vol. 72, Issue 1, p. 51-78 "Commercial Bankruptcy in Canada" (J. Martel), Canadian Business Economics, Jul 1995, Vol. 3, Issue 4, p. 53-64 "The Creditors' Financial Reorganization Decision: New Evidence from Canadian Data" (T. Fisher, J. Martel), Journal of Law, Economics and Organization, Apr 1995, Vol. 11, Issue 1, p. 113-126 "Financial Reorganization in Canada" (J. Martel), Canadian Business Economics, Dec 1994, Vol. 2, Issue 2, p. 54-66 "Will the Bankruptcy Reforms Work? An Empirical Analysis of Financial Reorganization in Canada" (T. Fisher, J. Martel), Canadian Public Policy, Sep 1994, Vol. 20, Issue 3, p. 265-277 "Les entreprises insolvables soumises à des procédures collectives: les solutions canadiennes" (J. Martel, H. Massüe-Monat), Droit des entreprises en difficultés, Jul 1992, p. 133-139 "Bankruptcy Law and the Canadian Experience: An Economic Appraisal" (J. Martel), Canadian Public Policy, Mar 1991, Vol. 17, Issue 1, p. 52-63 "Bankruptcy and Economic Fluctuations in Canada: 1976-1987" (J. Martel), Credit and Financial Journal, Apr 1989, p. 9-13 Working Papers "External Causes of Business Bankruptcies in Canadian Industries : 1981-2000 " (with T. Fisher). Université de Cergy-Pontoise, Apr 04. "A Proposal for Bankruptcy Reform in Canada" (with J. Robert). CIRANO, Apr 95. "Commercial Bankruptcy and Financial Reorganization in Canada" CIRANO, 94c-2 Sep 94. Other Publications Press Articles "Fausses vérités sur l'inefficience des marchés". La Tribune, 09 Feb 2011, p. 2/5
30 Teaching Teaching at ESSEC M.Sc. Management: Principles of Finance, Long Term Financial Management, Financial Management Master in Finance: Financial Theory, Firm Valuation MS SMIB: Corporate Finance, Firm Valuation Other Teaching Activities Université de Cergy-Pontoise: Microeconomics, Corporate Finance, Financial Markets, Insolvency Theory, Firm Valuation and Mergers & Acquisitions Lecturer: HEC Montreal, University of Montreal, Sherbrooke University Other Activities Awards and Distinctions Post-doctoral Fellowship, Centre Interuniversitaire en Analyse des Organisations (CIRANO), 1994-96 Doctoral Fellowship, CRDE, University of Montreal, 1992-94 Doctoral Fellowrship, Fonds FCAR (Québec), 1985-87 Scientific Activities Conference Presentations Recent conferences: Annual Meeting of the French Finance Association (2016, 2015, 2011), Multinational Finance Society (June 2014, 2011), European Financial Management Association: Symposium on Alternative Investment, Toronto (April 2011). Seminars: Industry Canada (Ottawa), CREST, HEC Paris, HEC Montreal, HEC Geneva, INRA, IDEI, Laurentian University, OECD, Université of Cergy-Pontoise, University of Lille 3, University of Paris X - Nanterre, Université du Québec à Montréal (UQAM) Affiliations and Academic Responsibilities Head, Finance Department, Dec. 2011- Sept. 2016 Program Designer and Director, MSc in Finance, ESSEC Business School, Aug. 2013 - Sept. 2014 Assistant Academic Advisor, Masters in Financial Techniques and Finance - Asset Management, ESSEC Business School, Sept. 2003 - Aug. 2014 Tutoring: ESSEC MBA, MS TF-FAM and MS SMIB 3/5
Member of the International Editorial Advisory Board of the Journal of Empirical Studies Referee: Annals of Operations Research, Bankers, Markets and Investors, Economic Modelling, Journal of Business, Finance and Accounting, International Journal of Economic Sciences and Applied Research, Recherches Economiques de Louvain, Finance, Actualité économique, Revue française de gestion. Ph.D. Superviser: Rim Ayadi, U. Cergy-Pontoise Ph.D. thesis member: Nicolae Stef, Université de Strasbourg/Université du Luxembourg (2014) Agnes Fimayer, Strasbourg University/Luxemburg University (2011) Nirjahr Nigam, Strasbourg University/ Luxemburg University (2011) Anis Mnejja, Cergy-Pontoise University (2009) Gilles Recasens, Toulouse I University (1997) Invited professor: University of Sydney (annually), Université du Québec à Montréal (UQAM), University of Montreal Consulting and Other Activities International expert in charge of evaluating the project "Rehabilitating insolvent firms: law and economics", K. Schoors & M. Tisons for the Belgian Science Policy. Recognized as "Expert" in Quebec Superior Court in the area of economics, insolvency and firm valuation. Research contracts "On the Effect of Changing the Priority of Long Term Disability Claims in the BIA", Industry Canada, July 2010 (co-author: T. Fisher) "On the Effect of Changing the Priority of Pension Claims in the Bankruptcy and Insolvency Act", Industry Canada, March 2010 (co-author: T. Fisher) "The Economics of Financial Reorganization", Industry Canada, March 2005 (co-author: T. Fisher) "Bankruptcy, Efficiency and the Knowledge-Based Economy", Industry Canada, Dec. 1988 (co-author: T. Fisher) "Estimation des recettes pour le réseau de bus de Cergy-Pontoise", STIVO, July 1997 (co-author: A. de Palma and O. Mekkaoui) Professional Experience Associate Professor (6th grade), Université de Cergy-Pontoise, Sept. 1996 - Aug. 2009 Director, Master in Finance - International Program, University of Cergy-Pontoise, Sept. 2004 - Aug. 2009 Director, School of Finance, University of Cergy-Pontoise, Sept. 1997 - Aug. 2002 President of the network IUP Banque - Finance and Insurance France, Sept. 2000 - Aug. 2002 Visiting Professor, ESSEC Business School, Jan. 1997 - Aug. 2009 Post-doctoral researcher, CIIRANO, Sept. 1994 - Aug. 1996 4/5
Lecturer: HEC Montreal, University of Montreal, Sherbrooke University Economist and Project Leader, Transport Canada, Sept. 1990 - Aug. 1992 Economist and Policy Assistant, Consumer and Corporate Affairs Canada, May 1988 - Sept. 1990 5/5