Professor of Finance, Associate Dean PhD Director, HEC Paris
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]
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.
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.
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.
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.
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
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