Thibaut Morillon
Associate Professor of Finance
Department: Finance
Email: tmorillon@elon.edu
Phone number: (336) 278-6605
News & Notes
Education
Ph.D. (Finance) University of Missouri (Columbia, MO), 2019
MBA (Finance) Southeast Missouri State University (Cape Girardeau, MO), 2015
M.A (Management & Strategy) University of Versailles (Versailles, France), 2011
B.B.A (Managerial Economics) University of Versailles (Versailles, France), 2009
Courses Taught
FIN 3030: Introduction to Finance
FIN 4130: Advanced Managerial Finance
FIN 4230: Financial Modeling with Excel
FIN 4770: Finance and Blockchain
FIN 4780: SIE Prep Course
FIN 4973: Blockchain and Emerging Financial Technologies
BUS 4999: Independent Research
HNR 4998: Honors Thesis
MBA 6991: MBA Independent Study
Publications
“NAV Ratios and REIT Takeovers: The role of Public and Private Deal Premiums”
with Ryan G. Chacon, Journal of Real Estate Research, pp.1-30 (2024)
“CEO International Background and Cross-border M&As”
with Busra Agcayazi and Ann Marie Hibbert, Journal of Banking and Finance Vol. 164 (2024)
“The Impact of Intangible Assets on Capital Structure in Asia”
with Chris Harris and Zhe Li, Journal of Accounting & Finance Vol. 24 no.2 (2024), pp. 203
“Economies of Scale in the Real Estate Mutual Fund Industry”
with Ryan G. Chacon and Pratik Kothari, The Journal of Real Estate Finance and Economics Vol. 69 no.2 (2024), pp.228-252.
“The Impact of Exchange Listing on Corporate Governance: Evidence from Direct Listings”
with Dan W. French, Adam S. Yore and Andy Kern, Financial Review Vol. 58 no. 2 (2023), pp. 197-234.
Media mention: Columbia Law School Blue Skyblog
“Will the Reddit Rebellion Take you to the Moon? Evidence from WallStreetBets”
with Ryan G. Chacon and Ruixiang Wang, Financial Markets and Portfolio Management Vol. 37 no.1 (2023), pp.1-25.
Media mention: Alpha Architect
“Dissecting The Stock to Flow Model for Bitcoin”
with Ryan G. Chacon, Studies in Economics and Finance Vol. 39 No. 3 (2022), pp.506-523.
Award: Emerald Literati Outstanding Paper Award (2023)
“Bitcoin's Value Proposition: Shorting Expansionary Policies”
Studies in Economics and Finance Vol. 39 No. 1 (2022), pp. 20-44.
“Intangible Assets and Trade Credit Policy”
with Sarah T. Hartsema, Chris Harris, and Zhe Li, Managerial Finance Vol. 47 No. 9 (2021), pp. 1286-1299.
“Serial Acquirers & Decreasing Returns: Do Bidders’ Acquisition Patterns Matter?”
Financial Review Vol. 56 no. 3 (2021), pp. 407-432.
“Do Mergers and Acquisitions Affect Information Asymmetry in the Banking Sector?”
with John S. Howe, Managerial Finance Vol. 46 No. 12 (2020), pp. 1521-1547.
Award: Emerald Literati Outstanding Paper Award (2021)
“Mutual Fund Efficiency and Tradeoffs in the Production of Risk and Return”
with Michael Devaney and William L. Weber, Managerial Finance Vol. 42.3 (2016), pp. 225-243.
Presentations
(scheduled presentations in italics)
- MIT Symposium on Technology & Real Estate, 2025 (Boston, MA)
- "Commercial Real Estate AI Text-Evaluation (CREATE): News-Based Signals for Predicting REIT Returns” (with Ryan G. Chacon, Pratik Kothari, and Cayman Seagraves) - Real Estate Day AI in Finance Conference, 2025 (Montreal, Canada)
- "Artificially Intelligent Sentiment in Commercial Real Estate: A Large Language Model (LLM) Approach” (with Ryan G. Chacon, Pratik Kothari, and Sugata Ray) - Financial Management Association, 2025 (Vancouver, Canada)
- "When Dividends Deceive: Mispricing in Public Real Estate Markets” (with Ryan G. Chacon, Pratik Kothari, and Cayman Seagraves) - American Real Estate Society (ARES) Fall Research Symposium, 2024 (Denver, CO)
- "Behavioral Biases and Pricing Disparities: Unraveling the Public-Private Real Estate Gap” (with Ryan G. Chacon and Pratik Kothari) - American Real Estate Society (ARES), 2024 (Orlando, FL)
- "How the Free Money Fallacy Contributes to Public and Private Pricing Divergence in Real Estate” (with Ryan G. Chacon and Pratik Kothari) - American Real Estate and Urban Economics Association (AREUEA), 2024 (San Antonio, TX)
- "What Performance Measures do Investors Chase? Evidence from Real Estate Mutual Funds" (with Ryan G. Chacon and Pratik Kothari) - Florida Gulf Coast University Seminar, 2023 (Fort Myers, FL)
- "What Performance Measures do Investors Chase? Evidence from Real Estate Mutual Funds" (with Ryan G. Chacon and Pratik Kothari) - Financial Management Association Diversity Emerging Scholar Initiative (FMA - DESI), 2023 (Chicago, IL)
- "What Performance Measures do Investors Chase? Evidence from Real Estate Mutual Funds" (with Ryan G. Chacon and Pratik Kothari) - American Real Estate Society (ARES), 2023 (San Antonio, TX)
- "What Performance Measures do Investors Chase? Evidence from Real Estate Mutual Funds" (with Ryan G. Chacon and Pratik Kothari) - American Economic Association (ASSA), 2022 (Virtual)
- "CEO International Exposure and Cross-Border M&As" (with Busra Agcayazi and Ann Marie Hibbert) - Financial Management Association (FMA), 2021 (Denver, CO)
- "NAV Ratios and REIT Takeovers: The role of Public and Private Deal Premiums" (with Ryan G. Chacon)
- "CEO International Exposure and Cross-Border M&As" (with Busra Agcayazi and Ann Marie Hibbert) - Western Finance Assiciation (WFA), 2021* (Virtual)
- "NAV Ratios and REIT Takeovers: The role of Public and Private Deal Premiums" (with Ryan G. Chacon) - American Real Estate Society (ARES), 2021* (Virtual)
- "Economies of Scale in the Real Estate Mutual Fund Industry" (with Ryan G. Chacon and Pratik Kothari) - Midwestern Finance Association (MFA), 2021* (Virtual)
- "CEO International Exposure and Cross-Border M&As" (with Busra Agcayazi and Ann Marie Hibbert) - American Real Estate and Urban Economics Association (AREUEA), 2021* (Chicago, IL)
- "NAV Ratios and REIT Takeovers: The role of Public and Private Deal Premiums" (with Ryan G. Chacon) - International Corporate Governance Society (ICGS), 2020* (Norfolk, VA)
- "CEO International Exposure and Cross-Border M&As" (with Busra Agcayazi and Ann Marie Hibbert) - Southern Finance Association (SFA), 2020 (Palm Springs, CA)
- "CEO Cultural Gap and Cross-border M&As" (with Adam S. Yore)
- "CEO International Exposure and Cross-Border M&As" (with Busra Agcayazi and Ann Marie Hibbert) - American Real Estate Society (ARES), 2020 (Naples, FL) - Canceled due to COVID-19
- "REITs as Takeover Targets: the Role of Parallel Asset Markets" (with Ryan G. Chacon) - Southwestern Finance Association (SWFA), 2020* (San Antonio, TX) - Canceled due to COVID-19
- "CEO International Exposure and Cross-Border M&As" (with Busra Agcayazi and Ann Marie Hibbert) - New Zealand Finance Meeting, 2019* (Auckland, New Zealand)
- "Do Mergers and Acquisitions Affect Information Asymmetry in the Banking Sector?" (with John S. Howe) - Financial Management Association (FMA), Asia/Pacific, 2019* (Ho Chi Minh City, Vietnam)
- "Do Mergers and Acquisitions Affect Information Asymmetry in the Banking Sector?" (with John S. Howe) - Eastern Finance Association (EFA), 2019 (Miami, FL)
- "Serial Acquirers & Decreasing Returns: Do Bidders’ Acquisition Patterns Matter?"
- "The Impact of Exchange Listing on Corporate Governance: Evidence from Non-Listed REITs" (with Dan W. French, Andrew E. Kern and Adam S. Yore) - Eastern Finance Association (EFA), 2018 (Philadelphia, PA)
- "CEO Cultural Gap and Cross-border M&As" - Paris Financial Management Conference, 2017* (Paris, France)
- "The Impact of Exchange Listing on Corporate Governance: Evidence from Non-Listed REITs" (with Dan W. French, Andrew E. Kern and Adam S. Yore) - Financial Management Association (FMA), 2017 (Boston, MA)
- "Financial and Corporate Governance Changes in Public Firms Transitioning from Non-Traded To Exchange-Listed Status: A Clinical Study of REITS" (with Dan W. French, Andrew E. Kern and Adam S. Yore) - European Real Estate Society, 2017* (Delft, Netherlands)
- "Financial and Corporate Governance Changes in Public Firms Transitioning from Non-Traded To Exchange-Listed Status: A Clinical Study of REITS" (with Dan W. French, Andrew E. Kern and Adam S. Yore) - American Real Estate Society (ARES), 2017 (San Diego, CA)
- "Non-traded REITs: Corporate Governance and Dividend Policy" (with Dan W. French, Andrew E. Kern and Adam S. Yore) - Southwestern Finance Association (SWFA), 2017 (Little Rock, AR)
- "Non-traded REITs: Corporate Governance and Dividend Policy" (with Dan W. French, Andrew E. Kern and Adam S. Yore)
Service Activities
- Elon Blockchain Club Advisor (2020 - Present)
- Moodle Advisory Group (2019 - Present)
- Dean Search Committee (2024)
- Faculty Search Committee (2020, 2022, 2023)
- Honors Thesis Committee Member (2020 - Present)
- NEH grant writing team (2021)
Awards
- Love Faculty Excellence Fellow Program (2025 - 2027)
- LSB Summer Research Award (Summer 2025) for "Measuring Commercial Real Estate Sentiment with Large Language Models (LLMs)"
- Glenn Mueller Real Estate Cycle and Sustainability Fund Award (Spring 2025) for "Measuring Commercial Real Estate Sentiment with Large Language Models (LLMs)"
- Emerald Literati Outstanding Paper Award (Fall 2023) for "Dissecting the Stock to Flow Model for Bitcoin"
- Grant for Innovative Teaching and Learning Practices (Summer 2023)
- Beta Gamma Sigma Professor of the Year (Spring 2023)
- ARES Best Practitioner Research Prize (Spring 2022) for “NAV Ratios and REIT Takeover: The Role of Public and Private Deal Premiums”
- LSB Dean's Award for Excellence in Scholarship (Spring 2022)
- Emerald Literati Outstanding Paper Award (Fall 2021) for "Do Merger and Acquisitions Affect Information Asymmetry in the Banking Sector? "
- LSB Summer Research Award (Summer 2021) for "NAV Ratios and REIT Takeovers: The role of Public and Private Deal Premiums"
- Emerald/EFMD Outstanding Doctoral Research Award (Fall 2019) for "Three Essays in Mergers and Acquisitions" doctoral thesis
- Eastern Finance Association's Outstanding Empirical Doctoral Paper Award (EFA 2018) for "CEO Cultural Gap and Cross-border M&As"
- Winemiller Excellence in Quantitative and Analytic Research Award (2018) for "Do Mergers and Acquisitions Affect Information Asymmetry in the Banking Sector?" with John S. Howe