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

Publications

Crisis Warnings under Memory-Driven Trust

Economics Letters, 2026, Vol. 260, 112832.    Download

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

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.

Working Papers

Issuer Choice and Capital Allocation in Token Crowdfunding

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Fund seekers choose between pursuing a legitimate venture or scamming investors. I show that this choice induces self-selection based on venture quality among fund seekers and thereby improves capital allocation in token crowdfunding.

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

Switching Adverse Selection

Expert-Algorithm Competition: Mimicry and Differentiation

Where Bias Matters

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

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