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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, Issue 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