bio
Until 2007, Hélène was at Princeton University, as Professor of Economics and International Affairs in the Economics Department and the Woodrow Wilson School.
Her research focuses on the determinants and consequences of external trade and financial imbalances, the theory of financial crises and the organisation of the international monetary system. She demonstrated in particular that countries gross external asset positions help predict current account adjustments and the exchange rate.
In 2005 she was awarded an Alfred P. Sloan Research Fellowship. She received the 2006 Bernácer Prize (best European economist working in macroeconomics and finance under the age of 40). In 2012 she received the inaugural Birgit Grodal Award of the European Economic Association honoring a European-based female economist who has made a significant contribution to the Economics profession. In 2013 she received the Yrjö Jahnsson Award (European economist under 45 years old who has made a contribution in theoretical and applied research that is significant to economics in Europe), shared with Thomas Piketty.
Professor Rey is a Fellow of the British Academy, of the Econometric Society and of the European Economic Association. She is on the board of the Review of Economic Studies and associate editor of the AEJ: Macroeconomics Journal. She is a CEPR Research Fellow and an NBER Research Associate. She is a member of the Haut Conseil de Stabilité Financière (French Macro Prudential Authority), of the Commission Economique de la Nation and of the Bellagio Group on the international economy.
Currently, Professor Rey was formerly one of the Academic Directors of the AQR Asset Management Institute at LBS. She was a member of the Conseil d’Analyse Economique until 2012, on the Board of the Board of the Autorité de Contrôle Prudentiel et de Résolution (2010-2014). She writes a regular column for the French newspaper Les Echos.
Hélène Rey received her undergraduate degree from ENSAE, a Master in Engineering Economic Systems from Stanford University and her PhDs from the London School of Economics and the Ecole des Hautes Etudes en Sciences Sociales.
Publications
The Anatomy of Cyber Risk
Abstract
We construct novel text-based measures of firm-level cyber risk exposure based on quarterly earnings calls of 12,000+ firms from 85 countries over 20+ years. We categorize each cyber-related discussion into topics that capture sentiment, monetary loss, country names, etc. We document new facts on the worldwide rise of cyber risk and its industrial and geographical composition. We characterize most affected firms and show that our indices can predict future cyberattacks. Cyber risk exposure has significant direct and contagion effects on stock returns. Finally, there is a factor structure in our firm-level measures and shocks to the common factor are priced.
