IDEI Researcher
Member of the Toulouse School of Economics (TSE)
Research Director at GREMAQ (CNRS)

Contacts

Secretary

Links

Long CV (PDF file, 35 Kb)

Research Interests

Market Microstructure
Corporate Finance
Political Economy
Psychology and Economics
Experimental Economics
Development Economics

Professional experiences

Current positions

Former positions

Education

Grants and awards

Work in progress

Articles in working paper series

• "Liquidity Shocks and Order Book Dynamics", IDEI Working Paper, n. 550, May 2009.

  (with Pierre-Olivier Weill)

  [ Full text (PDF file, 412 Kb) ]

• "The Lifecycle of the Financial Sector and Other Speculative Industries", IDEI Working Paper, n. 549, April 2009.

  (with Jean-Charles Rochet and Paul Woolley)

  [ Full text (PDF file, 263 Kb) ]

• "Equilibrium Discovery and Preopening Mechanisms in an Experimental Market", IDEI Working Paper, n. 543, January 2009.

  (with Christophe Bisière and Sébastien Pouget)

  [ Full text (PDF file, 223 Kb) ]

• "The Microstructure of the Bond Market in the 20th Century", IDEI Working Paper, n. 482, August 29, 2007.

  (with Richard Green)

  [ Full text (PDF file, 325 Kb) ]

• "Liquidity, Competition & Price Discovery in the European Corporate Bond Market", IDEI Working Paper, n. 475, August 2007.

  (with Fany Declerck)

  [ Full text (PDF file, 139 Kb) ]

• "Dealing in Junk", IDEI Working Paper, n. 479, 2007.

  (with Fany Declerck)

• "Transparency, Liquidity and Information in Dealer Markets", IDEI Working Paper, n. 480, 2006.

  (with Fany Declerck, James Dow and Elu Von Thadden)

• "Liquidity and the Cost of Funds in the European Treasury Market", IDEI Working Paper, n. 285, June 2004.

  (with Antoine Renucci and Gilles Saint-Paul)

• "Operational Risk and Capital Requirements in the European Investment Fund Industry", IDEI Working Paper, n. 239, 2003.

  (with Catherine Casamatta and Jean-Charles Rochet)

• "Microstructure, Incentives, and the Discovery of Equilibrium in Experimental Financial Markets", IDEI Working Paper, n. 103, 2000.

  (with Sébastien Pouget)

  [ Full text (PDF file, 1 Mb) ]

Publications

Articles in refereed journals

• "Large Risks, Limited Liability, and Dynamic Moral Hazard", Econometrica, vol. 78, n. 1, January 2010, p. 73-118. doi:10.3982/ECTA7261.

  (with Thomas Mariotti, Jean-Charles Rochet and Stéphane Villeneuve)

• "Equilibrium Asset Pricing And Portfolio Choice Under Asymmetric Information", The Review of Financial Studies, vol. 23, n. 4, 2010, p. 1503-1543. doi:10.1093/rfs/hhp113.

  (with Peter Bossaerts and Chester Spatt)

  [ Full text (PDF file, 423 Kb) ]

• "Credit, Wages, and Bankruptcy Laws", Journal of the European Economic Association, vol. 7, n. 5, September 2009, p. 939-973.

  (with Thomas Mariotti)

• "Political Predation and Economic Development", Economics & Politics, vol. 21, n. 2, July 2009, p. 255-277.

  (with Jean-Paul Azam and Robert Bates)

  [ Full text (PDF file, 304 Kb) ]

• "Hindsight Bias, Risk Perception and Investment Performance", Management Science, vol. 55, n. 6, June 2009, p. 1018-1029.

  (with Martin Weber)

  [ Full text (PDF file, 646 Kb) ]

• "Entrepreneurs and New Ideas", The RAND Journal of Economics, vol. 39, n. 4, Winter 2008, p. 1105-1125.

  (with Enrico Perotti)

  [ Full text (PDF file, 303 Kb) ]

• "Les scandales financiers: Aléa moral ou problème éthique?", Esprit, May 2008.

• "La Banque Centrale Européenne est-elle trop indépendante?", Esprit, February 2008.

• "Entreprises et marchés: pourquoi des incitations plutôt que des contrôles", Esprit, December 2007, p. 227-230.

• "La bourse et les marchés financiers", Tangente, Hors série n°32, November 2007.

• "Transparence des marchés, conflits d'intérêt et crise financière", Esprit, October 2007, p. 6-13.

• "Dynamic Security Design: Convergence to Continuous Time and Asset Pricing Implications", Review of Economic Studies, vol. 74, n. 2, April 2007, p. 345-390. doi:10.1111/j.1467-937X.2007.00425.x.

  (with Thomas Mariotti, Guillaume Plantin and Jean-Charles Rochet)

  [ Final Version_Working Paper (PDF file, 443 Kb) ]

• "Strategic Liquidity Supply and Security Design", Review of Economic Studies, vol. 72, n. 3, July 2005, p. 615-649.

  (with Thomas Mariotti)

  [ Final Version_Working Paper (PDF file, 488 Kb) ]

• "Market Microstructure: a Survey of Microfoundations, Empirical Results and Policy Implications", Journal of Financial Markets, vol. 8, n. 2, May 2005, p. 217-264.

  (with Larry Glosten and Chester Spatt)

  [ Full text (PDF file, 656 Kb) ]

• "Judgmental Overconfidence, Self-Monitoring and Trading Performance in an Experimental Financial Market", Review of Economic Studies, vol. 72, n. 2, April 2005, p. 287-312.

  (with Denis Hilton, Karine Mazurier and Sébastien Pouget)

  [ Full text (PDF file) ]

• "Risque opérationnel et régulation du capital dans l'industrie de la gestion de fonds d'investissement en Europe", Revue d'économie financière, vol. 79, 2005, p. 197-211.

  (with Catherine Casamatta and Jean-Charles Rochet)

• "Privatization versus Regulation in Developing Economies: the Case of West African Banks", Journal of African Economies, vol. 13, n. 3, 2004, p. 361-394.

  (with Jean-Paul Azam and Magueye Dia)

  [ Abstract ]

• "An Optimal IPO Mechanism", Review of Economic Studies, vol. 69, 2002, p. 117-146.

  (with Peter Bossaerts and Jean-Charles Rochet)
• "IPO Auctions: English, Dutch, ... French and Internet", Journal of Financial Intermediation, vol. 11, 2002, p. 9-36.

  (with Anne-Marie Faugeron-Crouzet)
• "Incentive Compatible Contracts for the Sale of Information", The Review of Financial Studies, vol. 15, 2002, p. 987-1003.

  (with Laurent Germain)
• "Machiavellian Privatization", American Economic Review, vol. 92, n. 1, 2002, p. 240-248.

  (with Enrico Perotti)

• "Informal and Formal Credit Markets and Credit Rationing in Côte d'Ivoire", Oxford Review of Economic Policy, vol. 17, n. 4, Winter 2001, p. 520-534.

  (with Jean-Paul Azam, Magueye Dia and Christine Maurel)

• "Competing Mechanisms in a Commun Value Environment", Econometrica, vol. 68, n. 4, July 2000, p. 799-837.

  (with David Martimort and Jean-Charles Rochet)

  [ Jstor© ]

• "On the Survival of Irrational Traders: A Darwinian Approach", European Economic Review, vol. 44, Elsevier, 2000, p. 469-490.

  (with Raphaël Shadur)

• "Short Sales Constraints, Liquidity and Price Discovery: an Empirical Analysis on the Paris Bourse", European Financial Management, vol. 5, n. 3, 1999, p. 395-409.

  (with Christophe Bisière and Jean-Paul Décamps)
• "Optimal Leverage and Aggregate Investment", The Journal of Finance, vol. 54, 1999, p. 1291-1323.

  (with Catherine Casamatta)
• "Price Discovery and Learning during the Preopening Period in the Paris Bourse", Journal of Political Economy, 1999.

  (with Pierre Hillion and Chester Spatt)

• "Asset Prices and Trading Volume in a Beauty Contest", Review of Economic Studies, vol. 65, 1998, p. 307-340.

  (with Peter Bossaerts)
• "Floors, dealer markets and limit order markets", Journal of Financial Markets, n. 1, 1998, p. 253-284.

  (with Thierry Foucault and François Salanié)

• "Trade Credit and Credit Rationing", The Review of Financial Studies, vol. 10, 1997, p. 903-937.

  (with Christian Gollier)

  [ Jstor© ]

• "An Empirical Analysis of the Order Flow and Order Book in the Paris Bourse", The Journal of Finance, 1995.

  (with Pierre Hillion and Chester Spatt)

• "Insider and Liquidity Trading in Stock and Options Markets", The Review of Financial Studies, 1994.

  (with Pierre Hillion)

• "Price Formation and Equilibrium Liquidity in Centralized and Fragmented Markets", The Journal of Finance, 1993.

Contributions to books

• "Risk Sharing, Adverse Selection and Market Structure", in Financial Mathematics, W.J. Runggaldier (eds.), series Lectures Notes on Mathematics, Springer Verlag, 1997.

  (with Jean-Charles Rochet)

Articles in the Press

• "Bonus des traders et stabilité du système financier", La Tribune, September 25, 2009.

  [ Full text ]

• "Les marchés financiers ont-ils un avenir?", La Gazette du Midi, May 25-31, 2009.

• "Remettre de la transparence pour redresser la finance", La Tribune, May 15, 2009.

  [ Full text ]

• "Bruxelles brouille la bourse", L' Expansion, n. 671, January 2003.

  [ Full text (PDF file, 377 Kb) ]

• "Les économistes sont-ils de droite ?", L' Expansion, n. 664, June 2002.

  [ Full text (PDF file, 31 Kb) ]

• "Le mirage de l'euro-Bourse", L' Expansion, n. 646, June 2001.

  [ Full text (PDF file, 37 Kb) ]