Associate Professor of Finance, HEC Paris
Curriculum Vitae
My blog: I write short articles explaining how to use tools learned in finance classes to understand current events in financial markets.
NEW: I have been awarded an ERC Consolidator grant in 2020 to conduct research on European life insurers.
Working Papers
Incentive Constrained Risk Sharing, Segmentation, and Asset Pricing
with Bruno Biais and Pierre-Olivier Weill
R&R American Economic Review
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.
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.
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.
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.
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.
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.
Financial Markets
Master in Management, HEC Paris
I write short articles posted on this blog showing how to use tools learned in the Financial Markets class to explain current events in financial markets
Finance for Data Scientists
MSc Data Science for Business, Polytechnique – HEC Paris
Microeconomics 1
Master in Economics, IP Paris – HEC Paris