Click first or last? Strategic order submission during the Euronext preopening session, with Laurence Daures and Sophie Moinas, forthcoming in Management Science.
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 2025, 1-43.
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, October 2023, 104824 .
Stock exchange governance and stock liquidity: International evidence, 2022, Journal of Multinational Financial Management.
Competition in Exchanges and Reputational Concerns, 2017, Finance 38 (2017), 7-44. (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).
Are Real Estate Firms Sensitive to Climate Change Exposure?, with Amal Aouadi.
Beyond Disclosure: Exploring the Impact of ESG Transparency on Stock Liquidity, with Amal Aouadi and Lin Ma.
In this paper, we develop a comprehensive measure of environmental, social, and governance transparency (ESGT) using the Refinitiv database and examine its relationship with stock liquidity for US firms from 2010 to 2019. Our findings reveal that higher ESGT is associated with improved stock liquidity, even after controlling for firm fixed effects. To address endogeneity concerns, we further employ change regressions, two-stage least squares (2SLS) estimation, and a difference-in-differences (DiD) approach. We demonstrate that the positive impact of ESGT on liquidity is primarily moderated by financial opacity and investor attention. This relationship persists when each ESG pillar is considered separately, and after controlling for ESG performance (ESGP). Overall, this study provides valuable insights consistent with voluntary disclosure theory and signaling theory, contributing to our understanding of the economic implications of corporate transparency in financial markets.
Corporate science, innovation and firm financial resilience: Evidence of the Covid-19 Crisis, with Diego Useche.
This paper examines how corporate research shapes the firm’s financial resilience in the context of the Covid19 crisis from 2020 to 2021. The firm's financial resilience is examined along two dimensions: the severity of stock price losses, which reflects the stability dimension of resilience, and the time to recovery, which captures the flexibility dimension. We find that firms' scientific publications are positively associated with their financial resilience, and this positive relationship is pronounced beyond the effects of research and development (R&D) and patent applications. Mechanism tests further suggest that scientific publications improve financial resilience by enhancing social capital and signalling firm quality to the market.