Philippe d’Astous
Associate Professor
Department of Finance
HEC Montréal
3000 Côte-Sainte-Catherine Road
Montréal, Quebec, H3T 2A7
Office 4.102
Tel: 514-340-7120
Email: philippe.dastous@hec.ca
We are currently organizing the 6th CEAR-RSI Household Finance Workshop to be held on Nov. 14 and 15, 2025 in Montreal. Michaela Pagel (Washington University's Olin Business School) will be the keynote speaker. Find the program and all details here.
Working Papers
Chakrabarti, R., P. d’Astous, K. Kroft, S. Kulkarni, V. Mikhed, M. Notowidigdo, S. Raina, and B. Scholnick (2025), "Consumption, Savings, and Earnings Responses to Financial Windfalls"
d'Astous, Philippe, Jakub Hajda, and Thomas Geelen (2025), "Old Workers, New Capital"
d'Astous, Philippe, Frank-Olivier Garané, and Barry Scholnick (2025), "Aiming Low: Necessity Entrepreneurs and the Choice to Incorporate"
d'Astous, Philippe, Vyacheslav Mikhed, Sahil Raina, and Barry Scholnick (2025), "The Opposing Effects of Wealth on Younger and Older Entrepreneurs"
Andersen, Steffen, Philippe d'Astous, Jimmy Martinez-Correa, and Stephen Shore (2025), "Returns to Choosing the Road Less Traveled: Evidence from the Gender Composition of Danish University Programs"
Publications
d'Astous, Philippe, Irina Gemmo and Pierre-Carl Michaud (2024), "The Quality of Financial Advice: What Influences Recommendations to Clients?" Journal of Banking and Finance, Vol. 169 (December).
d'Astous, Philippe and Stephen Shore (2024), "Human Capital Risk and Portfolio Choices: Evidence from University Admission Discontinuities" Journal of Financial Economics, Vol. 154 (April).
d'Astous, Philippe and Stephen Shore (2024), "Programs of Study and Earnings Dynamics" Labour Economics, Vol. 88 (June).
Boisclair, David, Colin Busby, and Philippe d'Astous (2023), "Financial Literacy and Knowledge of the Retirement Income System in Canada" Journal of Financial Literacy and Wellbeing, Vol. 1 (3).
Boyer, Martin and Philippe d'Astous (2023), "Tax Compliance and Firm Response to Electronic Sales Recording" Canadian Journal of Economics, Vol. 56 (4).
Boyer, Martin, Philippe d'Astous, and Pierre-Carl Michaud (2022), "Tax-Sheltered Retirement Accounts: Can Financial Education Improve Asset Location Decisions?" Review of Economics and Statistics, Vol. 104 (3).
Andersen, Steffen, Philippe d'Astous, Jimmy Martinez-Correa, and Stephen Shore (2022), "Responses to Eliminating Savings Commitments: Evidence from Mortgage Run-offs" Journal of Money, Credit and Banking, Vol. 54 (5).
Achou, B., D. Boisclair, P. d’Astous, R. Fonseca, F. Glenzer et P.-C. Michaud (2020), "The Early Impact of the COVID-19 Pandemic on Household Finances in Québec," Canadian Public Policy, Vol. 46 (S3).
d'Astous, Philippe (2019), "Responses to an Anticipated Increase in Cash on Hand: Evidence from Term Loan Repayments," Journal of Banking and Finance, Vol. 108 (November).
d'Astous, Philippe and Stephen Shore (2017), "Liquidity Constraints and Credit Card Delinquency: Evidence from Raising Minimum Payments," Journal of Financial and Quantitative Analysis, Vol. 52 (4).
Bergerès, Anne-Sophie, Philippe d'Astous, and Georges Dionne (2015), "Is There any Dependence between Consumer Credit Line Utilization and Default Probability on a Term loan? Evidence from Bank-Customer Data," Journal of Empirical Finance, Vol. 33.