Camille Hebert

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

Primary fields of research: 


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

Abstract: I document a significant gender gap in how entrepreneurs obtain early-stage equity financing. Using administrative data on French startup firms, I show that female entrepreneurs are 22\% less likely to use financing with external equity or venture capital. Highly skilled and motivated female entrepreneurs whose firms operate in male-dominated sectors are particularly less likely to obtain such financing, whereas the gender gap closes in female-dominated sectors. Moreover, evidence suggests that female-founded startups outperform when provided with VC. Selection into high-growth entrepreneurship does not explain my findings, suggesting that gender stereotypes are the most likely driver of the equity gender gap.  

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.

Presentations:  WEFI webinar (2021), NBER entrepreneurship (2021), MFA (2022), NFA (2022), RCFS Winter conference (2022), CEPR Endless Summer (2022)

Abstract: Using a large sample of entrepreneurs' expectations about the future of their company matched to administrative data, I study the relationship between forecast errors, subsequent updates, and startups' survival to determine whether and how entrepreneurs learn from their past errors. I find evidence of two types of learning: Some entrepreneurs become better at entrepreneurship over time, while others exit after realizing that their ability is poor. A substantial part of overall learning from errors is explained by optimistic entrepreneurs who exit. Entrepreneurs who continue to revise their forecasts, adjust their business plans and make fewer errors over time. Entrepreneurs often cite funding challenges and product market competition as the primary reasons for not meeting their initial objectives. Understanding these learning dynamics sheds light on the motivations behind starting new businesses despite high chances of failure and low returns.

Abstract: Is there a gender gap in the serial founding of VC-backed startups? We address this question by introducing a new empirical design that exploits differences in future funding outcomes for men and women who cofounded the same startup. We find substantial gender gaps, both on average and following failure or success of the current startup. Following failure, our estimates imply that women are 22.5 percent less likely to found another VC-backed startup compared to their cofounders who are men. Among those who do found another VC-backed firm, women raise 24.6 percent less capital. Moreover, the results of an outcome test show no gender difference in the success probabilities of subsequent startups, despite the large funding gap. The gender gaps that we observe appear to be driven by unequal treatment by investors and not by gender differences in quality or founder preferences. In fact, our analysis of potential supply-side channels reveals striking negative spillovers following investors’ experiences with other women-founded startups. 

Presentations:  NYU WAPFIN (2022)

Abstract: We study the job market outcomes and career paths of MBA graduates from the University of Toronto between 2010 to 2019, depending on their immigration status. The first salary of an international MBA graduate is, on average $4,208–$12,358 lower than that of a Canadian citizen within the same cohort and after controlling for language, abilities and other determinants of wages. We find evidence that international students self-select into different occupations and industries than Canadians. Using LinkedIn and Glassdoor, we track the careers after graduation and estimate their long-term salaries. The immigration wage gap widens over time, consistent with path dependency in MBA graduates’ careers.

Resting Papers:

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. 

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.

I co-organize the Workshop on Entrepreneurial Finance and Innovation (WEFI), a bi-weekly virtual workshop featuring research in entrepreneurial finance and innovation, alongside Michael Ewens, Song Ma, and Melanie Wallskog.