Bio and Research Interests

Research interests

Market microstructure
Financial frictions
Limit order market
OTC markets
Insider trading
Financial analysts


Fany Declerck is Professor of Finance at the IAE School of Management (University of Toulouse 1 Capitole) and Research Fellow at the Toulouse School of Economics, and the Institut D’Economie Industrielle. She is currently visiting professor at the Tepper School of Business (Carnegie Mellon University). After her master in econometrics and a Phd in finance, she spent 3 months as Marie Curie fellow at the Centre for Studies in Economics and Finance (University of Salerno). She was on visiting position at the Banque de France (May 2014), the Haas School of Business at Berkeley University (May 2013), and Euronext Paris (1999-2000). Her research studies the microstructure of financial markets by relying on large stocks and bonds high-frequency databases. She has published in the Journal of Financial Markets and the Journal of Banking and Finance. She is involved in the “Trading and Post-trading” ERC obtained by Bruno Biais from TSE (Grant n° 295298). In 2014 she received a CNRS international mobility grant, in 2013 a research Prize EIF (Europlace Institute of Finance), and in 2007 a four-years grant from the French ministry of research. From 2006 to 2009 she was scientific adviser in charge of database for the French ministry of education and research. She teaches courses on corporate finance, empirical finance, and financial markets. She is currently director of the Ph.D. program in management science.

Current position

2005Professor of finance, Toulouse 1 Capitole University

Former positions

2014 - 2015Visiting professor, Tepper School of Business, Carnegie Mellon University, Pittsburgh
2014Visiting researcher, Banque de France, Paris
2013Visiting research, Haas School of Business, Berkeley
2003 - 2003Research fellow, Center for Studies in Economics and Finance, Universtity of Salerno
2001 - 2005Associate professor of finance, Toulouse School of Economics & IAE school of management (Toulouse 1 Capitole University)
1999 - 2000Associate researcher, Euronext Paris

Grants and awards

2017 - 2019Member of the Scientific Council of the French Autorité des Marchés Financiers (AMF).
2014International mobility grant for a 9-months stay in the USA (CNRS)
2013Research Prize EIF (Europlace Institute of Finance)
2007 - 2011Grant from the French ministry of research
2003Marie Curie grant from the "Trading and Mobility of Researchers" network of the European Union on the Industrial Organization of Banking and Financial Markets