Maximilien Demarquette

This personal page aims at sharing some of my papers and student works. The opinions expressed here represent my own and not those of my employer.

Last update: 18 July 2016


Do not hesitate to contact me for academic purposes (teaching position or research project) at

mdemarquette at gmail dot com

Personal Information

- PhD in Economics, Université Panthéon-Assas, 2016.

- Current work: on-site banking supervision, Banque de France.

- Research interests: market microstructure, applied game theory.

- Other interests: banking supervision, financial markets, asset pricing, risk management.

Curriculum Vitae

English CV / French CV

Research Projects

- "High-Frequency Trading on Multiple Trading Venues"
- "Investors’ Horizon, Short and Long-Term Payoff Components, and Information Acquisition"

Working Papers (PhD thesis chapters)

For SSRN links, click on "Download This Paper" on the SSRN page.

- "La microéconomie financière et appliquée à la collaboration entre concurrents"
Thesis introductory survey: modelling knowledge; market microstructure; cooperation and prisoner's dilemma in an industrial setting (in French).

- "Strategic Trading with Endogenous Fundamental and Non-fundamental Information Acquisition"
Welfare consequences of the possibility for non-competitive traders to produce non-fundamental information.

- "Gradual Cooperation Between Asymmetric Competitors"
Gradual cooperation in a dynamic contribution game where rival firms can mutually improve their production costs.

- "Répartition de l’Information dans un Réseau, Profit Spéculatif et Partage du Risque"
Semi-public financial information is modelled with information linkages, and its welfare effects are studied with endogenous noise traders (in French).

Non-academic Publications

- "Le Bitcoin : une Bulle Spéculative?", Revue Banque & Droit n°159, pp.18-22, 2015 (French professional journal).
- "Marchés Financiers et Réseaux Sociaux", Le Petit Journal de l’Économie, avril 2013, n°1, pp. 12-13, 2013 (French student journal).

Lecture Notes


Undergraduate Works

These (old) projects might be usefull to construct applications of theoretical concepts. Contact me to obtain the
VBA code password.

- Option Pricer : Zip file containing an Excel/VBA option pricer using the Black & Scholes model and the Hull & White model (Monte-Carlo simulations with stochastic volatility). The file also contains a technical report (in French) and an implementation of the VBA code in Java.

- Markowitz Portfolio Theory : Plot all the feasible portfolios in the mean-variance space through Monte-Carlo simulations from an arbitrary number of assets and quotations (Excel/VBA).

Subpages (1): Documents