Are Real Estate Firms Sensitive to Climate Change Exposure?, with Amal Aouadi, The Journal of Real Estate Finance and Economics, Forthcoming.
Click first or last? Strategic order submission during the Euronext preopening session, with Laurence Daures and Sophie Moinas, Management Science, Volume 72, No. 3, pp. 2656–2679, March 2026.
Military conflicts and stock markets: The effect of the Russia–Ukraine conflict on the European stock market, with Victor Dragot\'a and Andreea Iordache, Eastern European Economics, 1-43, 2025.
Do environmental and social practices matter for the financial resilience of companies? Evidence from US firms during the COVID-19 pandemic, with Hachmi Ben Ameur, Review of Quantitative Finance and Accounting, Volume 61, Issue 3, October 2023.
Revisiting the consequences of loans secured by patents on technological firms' intellectual property and innovation strategies , with Cécile Ayerbe, Jamal Azzam and Julien Penin, Research Policy, Volume 52, Issue 8, 104824, October 2023.
Stock exchange governance and stock liquidity: International evidence, Journal of Multinational Financial Management, 2022.
Competition in Exchanges and Reputational Concerns, Finance, 38, 7-44, 2017. (Winner of the “Best paper published in Finance” Award 2017 by the AFFI.)
Comment l’engagement ESG renforce la résilience des entreprises ?, The Conversation, 7 avril 2025 (avec Hachmi Ben Ameur).
Pre-crisis corporate science and organizational resilience: the role of CEO governance in times of systemic crisis, with Diego Useche.
This paper examines the role of corporate scientific publications in shaping firms’ organizationalresilience during the COVID-19 crisis. Organizational resilience is measured along two dimensions: organizational stability, capturing the severity of stock price declines during the crisis, and organizational flexibility, capturing the speed at which firms recover to their pre-crisis stock price levels. Analyzing 679 R&D-active US listed firms, we find that pre-crisis scientific engagement acts as a strategic buffer, improving both stability and flexibility beyond the effects of R&D and patenting. We further show that these benefits depend on governance structures through two distinct pathways. Board independence provides an oversight mechanism ensuring the disciplined use of scientific assets, while CEO–Chairman duality enables an agility pathway by expanding managerial discretion and reducing procedural constraints. Our results show that corporate science constitutes a key source of strategic autonomy during systemic crises, particularly when supported by governance structures that enable either effective oversight or rapid strategic adaptation.
ESG Disclosure Quality: Measurement, Determinants and Stock Liquidity, with Amal Aouadi and Lin Ma.
This paper constructs a new firm-level measure of ESG disclosure quality (ESGDQ) defined as the proportion of non-missing items in the LSEG (Refinitiv) ESG scoring template. ESGDQ captures the completeness of a firm’s publicly disclosed ESG information. Using a panel of U.S. listed firms from 2009 to 2022, we validate ESGDQ against established ESG proxies and find it negatively associated with information asymmetry. Higher ESGDQ is associated with improved stock liquidity after controlling for firm and industry-by-year fixed effects and this holds across ESG pillars and categories. Heterogeneity tests show that this association is stronger when retail investor attention and analyst coverage are lower. Finally, an event study further finds that U.S. firms with greater EU exposure exhibit higher environmental disclosure quality prior to 2020 while less-exposed firms converge toward their level afterward, a trend accompanied by corresponding improvements in stock liquidity.
Stock Liquidity and Corporate Science: Evidence from the SEC Tick Size Pilot Program, with Diego Useche.