Michele Dell'Era

I am an Associate Professor at EDC Paris Business School. 

My research examines how digitalization and behavioral biases influence new venture creation, venture financing, and capital markets. 

I study these topics using theoretical models and empirical data.

Curriculum Vitae

CV

Working Papers

Entrepreneurs or Scammers? Issuer Choice in Token Crowdfunding

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Fund seekers choose between launching a legitimate project or scamming investors. I show that this choice induces self-selection among fund seekers and that such self-selection can improve resource allocation in token crowdfunding and other nascent tech-enabled capital markets.

Crisis Warnings under Memory-Driven Trust

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I study expert crisis communication when memorable communication outcomes (correct warnings, false alarms, and missed crises) shape public trust. Memory-driven public trust leads low-trust experts to remain silent when observing crisis signals (trust trap) and high-trust experts to issue warnings when observing no-crisis signals (trust cushion). Applications include climate, financial, and health crises.

Managing Employee Disobedience: A Conceptual Framework of Goal and Order Adaptation

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I study how managers can address employee disobedience by adapting goals and orders. I show that such adaptive communication can effectively manage employee disobedience by complementing traditional organizational incentives such as sanctions and rewards.

Work in Progress

Token Financing of Decentralized Physical-Infrastructure Networks

I identify conditions under which token-based financing of decentralized physical-infrastructure networks (DePIN) enhances infrastructure development relative to centralized models. Applications include energy grids and wireless networks.

Publications

Can Optimism Solve the Entrepreneurial Earnings Puzzle? (with Luca David Opromolla and Luís Santos-Pinto) 

Scandinavian Journal of Economics, 2023, Vol. 125, 139-169.   Download   Appendix

We develop a general-equilibrium model of occupational choice where optimists and realists choose entrepreneurship or employment. We show theoretically and empirically that optimism accounts for the low mean returns to entrepreneurship relative to average wages.

Financial Transaction Taxes and Expert Advice 

Economics Bulletin, 2022, Vol. 42(4),  2024-2033.   Download 

Financial transaction taxes are often discussed and occasionally implemented at national and international levels. I show that such taxes can reduce market efficiency by degrading the quality of expert advice to investors.

Talking to Influence  

Economics Letters, 2020, Vol. 192, 109190.   Download

I study expert advice when clients value influential experts—those whose recommendations change clients’ decisions. I show that when experts benefit from being considered influential, their advice becomes less accurate in order to influence clients' decisions.

Entrepreneurial Optimism and the Market for New Issues (with Luís Santos-Pinto) 

International Economic Review, 2017, Vol. 58, No. 2, 383-419.   Download

We study the market for new equity issues and show that the presence of optimistic entrepreneurs creates a rationale for entrepreneurs to retain equity in their firms. Optimism also explains why some new equity issues are underpriced while others are overpriced.

Non-Academic Publications and Media Engagements

What is an Initial Coin Offering?

FNEGE MEDIAS, 16.04.2025.   Watch

This video presentation explains the fundamentals of initial coin offerings in an accessible format for a general audience.

Shaping the Future of Financial Services (with Ales Marsal)

BIATEC-Banking Journal, 2018, Vol. 26, No. 3, 9-11. 

This article explores the evolving landscape of financial services amid technological innovations highlighting key trends that may reshape the future of banking.

Contact

Michele Dell'Era

Department of Entrepreneurship & Innovation

EDC Paris Business School

Office 205

80 Rue Roque de Fillol

92800 Puteaux-France

E-mail: michele.dellera@edcparis.edu 

For media inquiries, please contact Ms. Aline Billaudot at aline.billaudot@edcparis.edu