Fany Declerck is Professor of Finance at the IAE Schoolof Management (Universityof Toulouse 1 Capitole) and Research Fellowat the Toulouse School of Economics, and the Institut d’économie.industrielle. After her master in econometrics and a Phd in finance, she spent 3 months as Marie Curie fello wat the Centre for Studies in Economics and Finance (University of Salerno). She was on visiting position at Carnegie Mellon University (2014-2015), 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. She is involved in the “Trading and Post-trading” ERC obtained by Bruno Biais from TSE. In 2014 she received a CNRS international mobility grant, in 2013 a research Prize EIF (Europlace Institute of Finance). She teaches about corporate finance, empirical finance, and financial markets. She is director of the Ph.D. program in management science