Assistant Professor of Finance
CEPR Research Affiliate
Boulevard de Constance
Does Alternative Data Improve Financial Forecasting? The Horizon Effect With Thierry Foucault and Laurent Fresard
Journal of Finance, forthcoming
Alternative data renders forecasts about the short(long)-term more (less) informative
Presented at NBER 2020, AEA 2021, WFA 2021, AFA 2022
CAPM-Based Company (Mis)valuations With Jacques Olivier, Clemens Otto, and David Thesmar
Review of Financial Studies (2021) 34, 1-66, Lead article, Editor's choice
Michael J. Brennan Award for the best paper published in the Review of Financial Studies in 2021
CAPM users overvalue (undervalue) low (high) beta investment projects relative to the market's assessment of the project's value.
Presented at AFA 2019, EFA 2018, NBER 2018, FIRS 2018, Adam Smith 2018
Noisy Stock Prices and Corporate Investment With Thierry Foucault, Laurent Fresard, and Adrien Matray
Review of Financial Studies (2019) 32, 2625-2672
Localized non-fundamental shocks to stock prices (noise) affect real investment, even in the absence of financing or agency frictions.
Presented at AFA 2017, NBER 2016, EFA 2016
The effects of investment banks rankings: evidence from M&A league tables With François Derrien [Media Coverage]
Review of Finance (2018) 22, 1375-1411
A better rank in the league table facilitates new business origination. Banks use fairness opinions to improve their rank.
Do managers overreact to salient risks? Evidence from hurricane strikes With Adrien Matray [Web Appendix] [Media Coverage]
Journal of Financial Economics (2017) 126, 97-121
After a hurricane, unaffected firms in the neighborhood of the disaster area temporarily hoard cash and discuss more hurricane risk in regulatory filings.
Presented at AFA 2016, NBER 2015, EFA 2013
Employment protection and takeovers With Andrey Golubov and Paolo Volpin [Media Coverage]
Journal of Financial Economics (2017) 125, 369-388
Labor restructuring is a key driver of corporate takeovers around the world.
Presented at EFA 2016, FIRS 2016
Announcing the announcement With Romain Boulland [TV Coverage on CNBC]
Journal of Banking and Finance (2017) 82, 59-79
Firms pre-announce well ahead of time the date of their earnings report when earnings are good. They do it at the last moment when earnings are bad.
Presented at AFA 2015, EFA 2014
Bidder-Specific Synergies and the Evolution of Acquirer Returns With Espen Eckbo and Andrey Golubov
Revise and Resubmit at Management Science
Constant average acquirer returns over the last decades mask fundamental changes in the takeover market. Synergies have increased but have become less bidder-specific.
Presented at EFA 2020
The Horizon of Investors' Information and Corporate Investment With Thierry Foucault and Laurent Fresard (New)
Invited for dual submission at Review of Financial Studies
The horizon at which financial markets produce information matters for real capital allocation.
Presented at AFA 2023