Philippe d’Astous
Professor
Department of Finance
HEC Montréal
3000 Côte-Sainte-Catherine Road
Montréal, Quebec, H3T 2A7
Office 4.207
Tel: 514-340-7120
Email: philippe.dastous@hec.ca

We are currently organizing the 7th CEAR-RSI Household Finance Workshop to be held on Nov. 13 and 14, 2026 in Montreal.  Matthew Notowidigdo (University of Chicago Booth School of Business) will be the keynote speaker. Check out the program here, and register to attend here.

Working Papers

• Chakrabarti, R., P. d’Astous, K. Kroft, S. Kulkarni, V. Mikhed, M. Notowidigdo, S. Raina, and B. Scholnick (2026), "Consumption, Savings, and Earnings Responses to Financial Windfalls" NBER Working Paper w34588

• d'Astous, Philippe, Thomas Geelen, and Jakub Hajda (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" 

• d'Astous, Philippe and Franca Glenzer (2026), "Overconfidence, Knowledge of the Retirement Income System, and Retirement Planning" 

• d'Astous, Philippe, Iwan Meier, and Pierre-Carl Michaud (2026), "Sustainable Investment Decisions: Heterogeneous Beliefs and Preferences"

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.