Research
Published papers
Social Responsible Investing: How to Optimize Impact? (with A. Landier)The Review of Financial Studies,s 38 (2025) 1211–1258, (Executive summer: Knowledge@HEC articler) slides
Herding in Equity Crowdfunding ( with T Astebro, M. Fernandez and N. Vulkan) The RAND Journal of Economics, (2024) Volume55, Issue3 403-441
Credit Rating Agencies, Information Asymmetry and US Bond Liquidity (with F. Salvadé and P. Raimbourg) Journal of Business Finance and Accounting (2022),Volume 49, Issue9-10 1863-1896
A Contracting Model of entire Fairness: an Analysis of Divestitures of Parent-Held Control Blocks (with M. Slovin and M Sushka), Journal of Law Finance and Accounting (2021), 6, 1-35.
Divisional Buyouts by Private Equity and the Market for Divested Assets (with U. Hege, M. Slovin and M. Sushka), Journal of Corporate Finance, (2018), 53, 21-37. (online appendix) (Executive summary: knowledge@HEC article)
Zero-sum Revision Games (with F. Gensibtel, J. Renault, T. Tomala) Games and Economic Behavior, (2018), 108, 504-522.
A model of Trading in the Art Market (with C. Spaenjers), The American Economic Review, (2018), 108 (3) 744-774. (Executive summary: knowledge@HEC article)
Belief-free Price Formation (with J. Hörner and T. Tomala) Journal of Financial Economics, (2018), 127 (2) 342-365. (Executive summary: knowledge @HEC article)
No-Trade in Second-Price Auction with Entry Costs and Secret Reserve Prices (with C. Spaenjers), Economic Letters, (2017), 142-144.
Risk Attitude, Beliefs Updating and the Information Content of Trades: An Experiment (with C. Bisière and J.P. Décamps) Managment Science, (2015), 61,1378-1397.
Credit Rating Industry: a Helicopter Tour of Stylized Facts and Recent Theories (with D-S. Jeaon) International Journal of Industrial Organization, 31 (2013) 643-651.
Asynchronicity and Coordination in Common and Opposing Interest Games (with R. Calcagno, Y.Kamada and T. Sugaya) Theoretical Economics, (2014) 9 (2) 409–434.
Belief free equilibria in games with incomplete information: Characterization and Existence (with J. Hörner and T. Tomala) Journal of Economic Theory, (2011), 146, 1770-1795.
Myopia and Monetary Equilibria, (with H. Polemarchakis). Journal of Mathematical Economics (2010) , 46 (5) 925-936.
Belief Free Equilibria in Games of Incomplete Information (with J. Hörner). Econometrica (2009) 77 (2) 453-487. supplement)
" Equity or Cash? The signal sent by the way you pay" ( with Uli hege, Marie E. Sushka, Myron B. Slovin), Harvard Business RevIew, May 2009.
Equity and Cash in Intercorporate Asset Sales: Theory and Evidence (with U. Hege, M. Slovin and M.Sushka). The Review of Financial Studies (2009) 22 (2) 681-714.(Executive summary: kowledge@HEC article)
Bid-Ask Price Competition with Asymmetric Information between Market Makers (with R. Calcagno). Review of Economic Studies (2006) 73, 329–355.
A Note on Risk Aversion and Herd Behavior in Financial Markets (with J.P. Decamps). The GENEVA Papers on Risk and Insurance Theory (2006) Vol 31.
Informational Cascades with Endogenous Price: the Role of Risk Aversion (with J.P. Decamps).Journal of Mathematical Economics (2006) 42 , 109–120.
Retaliatory Equilibria in a Japanese Ascending Auction for Multiple Objects (with G. L. Albano, F. Germano) The Review of Economic Design (2006) 10, 1-8
Ascending Auctions for Multiple Objects: The Case for the Japanese Design (with G. L. Albano, F. Germano), Economic Theory (2006) 28 , 331–355
De l'Impact de la Microstructure d'un Marché de Permis de Polluer sur la Politique Environnementale (with M. Germain, V. van Steenberghe) Annales d'Economie et Statistique, 74 (2004), 177-208.
A Comparison of Standard Multi-Unit Auctions With Synergies ( with G. L. Albano, F. Germano), Economics Letters, (2001) 71, 55-60.
Working papers
Carbon Informatin, Pricing and Bans: Evidence from a Field Experiment (with Yurii Handziuk) Slides a
Algorithmic Pricing and Liquidity In Security Markets (with Jean Edouard Colliard, and Thierry Foucault) Slides
Who whsould pay for ESG ratings (with Jacques Olivier) Slides a 6 miniute podcast by notebookLM
Markov Perfect Equilibria in Stochastic Revision Games (with T. Tomala)
Reputation as Natural Barrier to Entry in the Credit Rating Industry (With D-S Jeon)
Preopening and equilibrium selection (with R. Calcagno)
Linkage principle, Multi-dimensional Signals and Blind Auctions (With T. Foucault)
Infinitely Lived Representative Agent Exchange Economy with Myopia, CORE Discussion Paper, Université Catholique de Louvain, 2000, n° 2000/28.
On the Choice of the Divestiture Method (with M. Slovin and M. Sushka)