Johan HOMBERT Professor of Finance, Associate Dean PhD Director, HEC Paris Email: hombert@hec.fr Curriculum Vitae Blog: I write short articles connecting ideas learned in finance classes and real-world problems. Read my blog here New: I have been awarded an ERC Consolidator grant to conduct research on European life insurers. Submit a paper to the HEC Paris Entrepreneurship Workshop! Submission deadline on October 10 2022. [Submission link] Submit a paper to the Adam Smith Workshop 2023! Submission deadline on November 21 2022. [Submission link]

Publications

Incentive Constrained Risk Sharing, Segmentation, and Asset Pricing with Bruno Biais and Pierre-Olivier Weill American Economic Review, 2021 When imperfect asset pledgeability creates endogenous borrowing constraints, asset markets are endogenously segmented, assets trade at a discount relative to replicating portfolios of derivatives, and expected excess returns are concave in beta. [pdf] [supplementary appendix] Can Unemployment Insurance Spur Entrepreneurial Activity? Evidence from France with Antoinette Schoar, David Sraer and David Thesmar Journal of Finance, 2020 Giving unemployment benefits to entrepreneurs leads to the entry of small firms which eventually grow, and fosters creative destruction. [pdf] [supplementary appendix] Anticompetitive Vertical Mergers Waves with Jerome Pouyet and Nicolas Schutz Journal of Industrial Economics, 2019 Vertical mergers relax competition. [pdf] [supplementary appendix] Can Innovation Help U.S. Manufacturing Firms Escape Import Competition from China? with Adrien Matray Journal of Finance, 2018 U.S. manufacturing firms that have invested in R&D are more resilient to trade shocks. [pdf] [supplementary appendix] The Competitive Effect of a Bank Megamerger on Credit Supply with Henri Fraisse and Mathias Le Journal of Banking and Finance, 2018 A merger between two large European banks reduces credit supply to SMEs. [pdf] The Real Effects of Lending Relationships on Innovative Firms and Inventor Mobility with Adrien Matray Review of Financial Studies, 2017 Hurting lending relationships stiffles innovation and leads to reallocation of inventors across firms and across states. [pdf] [vox summary] News Trading and Speed with Thierry Foucault and Ioanid Rosu Journal of Finance, 2016 Traders who observe news faster than others have extremely volatile ("high-frequency") strategies. [pdf] [supplementary appendix] Equilibrium Pricing and Trading Volume under Preference Uncertainty with Bruno Biais and Pierre-Olivier Weill Review of Economic Studies, 2014 Asset pricing when traders make decisions under preference uncertainty, because their financial firms face challenges collecting, processing, and disseminating information. [pdf] [supplementary appendix] Overcoming Limits of Arbitrage: Theory and Evidence with David Thesmar Journal of Financial Economics, 2014 Arbitrageurs can choose their capital structure to take advantage of temporary mispricing: theory and evidence. [pdf] Upstream Competition between Vertically Integrated Firms with Marc Bourreau, Jerome Pouyet and Nicolas Schutz Journal of Industrial Economics, 2011 Competition between vertically integrated firms can fail. [pdf] [supplementary appendix]

Other publications

Does Unemployment Insurance Change the Selection into Entrepreneurship? with Antoinette Schoar, David Sraer and David Thesmar NBER book Measuring Entrepreneurial Businesses: Current Knowledge and Challenges, 2017 Giving unemployment benefits to entrepreneurs does not deteriorate the success potential of start-ups. [pdf]

Working Papers

Can Risk be Shared Across Investor Cohorts? Evidence from a Popular Savings Product with Victor Lyonnet R&R Review of Financial Studies Private implementation of inter-cohort risk sharing on a large scale: savings products sold by life insurers in France transfer 0.8% of GDP across cohorts of investors every year. [pdf] Technology Boom, Labor Reallocation, and Human Capital Depreciation with Adrien Matray The late 1990s tech bubble attracted many high-skill young workers, who initially enjoyed higher wages. In the long run, however, they end up earning 6% less than individuals who started in other sectors. [pdf]

Work in Progress

Inter-Cohort Risk Sharing with Long-Term Guarantees: Evidence from German Participating Contracts with Axel Möhlmann and Matthias Weiss Do Loan Guarantees Spur Entrepreneurship? with Alexandre Gazaniol, Noémie Pinardon-Touati and Frédéric Vinas The Real Effects of Firm Legal Status with Paul Beaumont and Adrien Matray

Teaching

Advanced Finance M1 level, Master in Management, HEC Paris Finance for Data Scientists M2 level, MSc Data Science for Business, HEC Paris – IP Paris Microeconomics 1 PhD level, Master in Economics, HEC Paris – IP Paris