Camille Hebert

I am an Assistant Professor of Finance at the University of Toronto.

Primary fields of research:

  • Corporate Finance

  • Entrepreneurship

  • Labor and Finance


Curriculum Vitae | SSRN | Google Scholar

Contact information:

Rotman School of Management

105 St. George Street

Toronto, ON, M5S 2E8, Canada

Working Papers:

Best Paper Award at the Miami Behavioral Finance Conference 2019

Cubist Systematic Strategies PhD Candidate Award for Outstanding Research, WFA 2019

Selected presentations: FIRS (2018), Colorado Finance Summit (2018), WFA (2019), EFA (2019), Miami Behavioral Finance (2019), NBER SI (2020), AFA (2021), AEA (2022)

Abstract: I examine gender differences in external equity financing using administrative data on the population of start-ups in France. Female-founded start-ups are 27% less likely to raise external equity including venture capital. However, the gender funding gap reverses in female-dominated sectors, where female entrepreneurs are more likely to raise funding than male entrepreneurs. Moreover, I show that conditional on being backed with equity, entrepreneurs outperform in gender-incongruent sectors, suggesting that requirements for funding are higher for entrepreneurs that are minority in gender-incongruent sectors. The evidence is consistent with the existence of context-dependent stereotypes among investors.

Presentations: WEFI webinar (2021), ECBE conference (2021), HEC entrepreneurship (2021), NBER entrepreneurship (2021)

Abstract: I use administrative and survey-based micro data to study the relationship between expectation errors, belief updates, and subsequent corporate decisions of a representative sample of French entrepreneurs. After overestimating their development and hiring prospects, optimistic entrepreneurs update downward, entrepreneurs who underestimate their prospects update upward. Although optimistic and pessimistic types are persistent over time, I show that expectation errors decline over time within individuals, suggesting that entrepreneurs learn from their past errors over time. Making errors and learning from them have real effects. The ability to correctly forecast growth and update after an error lead to better start-ups' performance.

Selected presentations: Mitsui Labor and Finance Symposium (2018), AFA (2020), SFS Cavalcade (2020), MFA (2021), FIRS(2021)

Best Student Paper Award, 5th ECGC workshop on Governance and Control (2018)

Abstract: Why do some firms enter a new sector by building on their resources (``build'') while others buy an existing company (``buy'')? Using French administrative data, we propose a measure of human capital distance between a firm and a sector of entry. We show that firms build in close sectors and buy in distant sectors in terms of human capital. We establish causality using a shift-share instrument. Firms build by hiring new workers, which is more costly in distant sectors because it requires more organizational skills. Hence, firms buy in distant sectors to acquire already operational human capital.

Larry Lang Best Corporate Finance Paper Award, European Financial Management Association conference (2018)

Abstract: We examine market reactions to earnings announcements within a parent-subsidiary ownership structure. Parents’ investors react to all announcements within the group either immediately or with delay, whereas subsidiaries’ investors only react to their own firm’s announcements, ignoring predictive information released by the parent. Multiple announcements within a group lead to enhanced transparency for parents’ investors. In contrast, subsidiaries’ investors appear unaware of ownership links, and behave as inattentive investors. Inattention is worsened by geographical diversification and indirect ownership, but is explained by strategic timing of the disclosure of earnings surprises, day-of-the-week effect, internal capital markets, or synergy-related explanations across industries.

Work in Progress:

Presentations: Labor and Finance group (2019)

Abstract: We estimate the impact of acquisitions on firm performance and employment. We use a novel dataset merging administrative matched employer-employee data in France and a dataset of M&A deals occurring between 2006 and 2011. Comparing targets with firms similar in terms of size, age, and industry, we find that going through an acquisition boosts firm total employment, with target firms experiencing higher net employment growth (2.7 percentage points) over the three years following the acquisition. Job creation is concentrated among diversified deals and essentially benefits low-skilled workers and workers in technical occupations. By contrast, top executives and managers are more likely to be laid-off. Moreover, we show that intra-group reallocation is an important driver of M&A gains and employment dynamics.