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| 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] |
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| Anticompetitive Vertical Mergers Waves |
| with Jerome Pouyet and Nicolas Schutz |
| Journal of Industrial Economics, 2019 |
| Vertical mergers relax competition. |
| [pdf] [supplementary appendix] |
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| 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] |
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| 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] |
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| 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] |
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| 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] |
|
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| 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] |
|
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| 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] |
|
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| 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] |
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| Other publications |
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| 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] |
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| Working Papers |
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| 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. |
| [pdf] [appendix] |
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| Can Risk be Shared Across Investor Cohorts? Evidence from a Popular Savings Product |
| with Victor Lyonnet |
| 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] |
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| 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] |
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| Teaching |
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