Research Interests

Asset pricing / Macro-finance / Corporate finance / Sovereign credit risk / Fintech

My research is at the juncture of asset pricing, corporate finance, and macro-finance. Current interests are oriented toward developing theoretical and empirical approaches to demonstrate how incorporating changes in macroeconomic conditions (also labeled long-run risk as opposed to the contemporaneous shocks of the CAPM-type of risk) can improve our understanding of issues in asset pricing and corporate finance (CV).


Sovereign Risk Premia and Global Macroeconomic Conditions (2023), with S. Andrade and A. Jeanneret

Journal of Financial Economics, 147(1), 172-197.

Working Papers

What Drives the Expected Return on a Stock: Short-Run or Long-Run Risk?, with C. Dorion and A. Jeanneret

  • Best paper in Investment, Semi-finalist, FMA 2019

  • Presented at the Financial Management Association International (FMA) 2019, Belgian Financial Research Forum 2018, International Conference of the French Finance meetings 2018, HEC-McGill Doctoral Workshop 2017, Babson College, CUHK, HEC Liege, HEC Montreal, University of Sherbrooke, Laval University, University of Cambridge, and University of Toronto.

Governance Risk and the Cross-Section of Stock Returns

Provides theoretical and empirical evidence that corporate governance risk is priced in the cross-section.

  • Diversity Emerging Scholars Initiative (DESI), FMA 2021

  • Top papers award, Global Finance Conference 2021

  • Best paper in Corporate Finance, Semi-finalist, FMA 2020

  • Presented at the American Economic Association meetings 2023 (poster, forthcoming), International Conference of the French Finance Association 2021, Global Finance Conference 2021, Financial Markets & Corporate Governance Conference 2021, Financial Management Association International (FMA) 2020, Cambridge (University) Finance Workshop, University of Liverpool, and University of Ottawa.

  • Out-of-sample analysis: Entrenchment index 2007-2018.

  • Poster Slides

Works in Progress

Are Cryptocurrencies Priced in the Cross-section? A portfolio Approach, with K. Assamoi and Z. Guo

Aims at developing an asset pricing framework (theory and empirics) with both macroeconomic and market factors for the pricing of cryptocurrencies.

  • Presented at the Global Finance Conference (2021), University of Cambridge (CERF 2022), and CERF Alumni Society (2022)

Business Cycles, Competition, and Stock Returns, with Hyacinthe Somé

Managerial commitment and long-term firm value

Agency conflicts and cost of equity

Long-term economic outlook and equity prices

Is debt financing by firms good for economic growth?

Are cryptocurrencies priced in the cross-section? A portfolio approach