Olivier Dessaint

Assistant Professor of Finance

CEPR Research Affiliate

INSEAD

Boulevard de Constance

77300 Fontainebleau

France

olivier.dessaint@insead.edu

CV

Publications

Review of Financial Studies (2021) 34, 1-66

Lead article. Editor's choice.

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


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


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.

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


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


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


Working papers

Revise and Resubmit Journal of Finance

Alternative data renders forecasts about the short(long)-term more (less) informative

Presented at NBER 2020, AEA 2021, WFA 2021, AFA 2022


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