Emmanuel Pezier

About

Overview

Emmanuel Pezier has 25 years’ experience in investment banking having worked for Goldman Sachs, HSBC and Bear Stearns in London and New York as Head of Syndicate, Head of Convertible Origination, Head of ECM, and latterly in specialty finance coverage. He is now a Senior Advisor at STJ Advisors in London. His expertise spans IPOs, follow-ons, rights issues, blocks, SPACs, permanent capital vehicles, convertibles, hybrid offerings, private placements and equity derivatives, having raised over $100bn in equity capital for diverse clients since 1991. He holds a B.A. (First Class) from Magdalen College, Oxford where he represented the university at rugby and rowing. He lives in Sussex with his wife and four children.

Qualifications

1. B.A. (Hons) First Class, University of Oxford, Oxford, United Kingdom, 1988 – 1991

Employment

1. Fellow in Finance, University of Sussex, Brighton, 2013 – 2016

Research

Title of Thesis: IPO Pilot Fish: Safe to swim?

Sep 2017 – Sep 2019

Summary of Research

IPO pilot fish are responsible for early information production and benefit from favoured allocations as a result. With private data, we examine if incentives are optimal and test for collusion between banks and their preferred clients.

Title of Thesis: Independent IPO advisers: Spot the difference?

Sep 2017 – Sep 2018

Summary of Research

We examine the treatment effects of independent IPO advisers. We also test for collusion between advisers and underwriters. With private data on contracts, we propose a distinction between advising and monitoring and find evidence that discretionary fees and monitoring impact underpricing. Since multi-task advisory firms dominate and contracting is undisclosed, we cannot reject the hypothesis that incentives are optimal. It is likely, however, that first-time issuers are disadvantaged given asymmetric information.

Title of Thesis: UK small-cap activism: Who dares wins?

Sep 2017 – Sep 2019

Summary of Research

With private data, we examine the treatment effects of a UK activist fund providing liquidity to institutions in UK small-cap stocks.