Bonjour et bienvenu sur la page personnelle de Martin Boyer, Ph.D., Professeur de finance à HEC Montréal (Université de Montréal)

martin.boyer@hec.ca

Recherche actuelle / Current research

Papers under review or being revised (1 november 2022)

  • Electronic Sales Suppression Technology: The Billion Dollar Free Lunch (P. d’Astous).

  • Thinking Fast and Slow, and Speculative Trading (S. Ouzan).

  • Corporate Social Responsibility and Directors’ and Officers’ Liability Risk. (A. Kleffner & H. Lu).

  • Economic Recovery Following Disasters: The Roles of Disaster Aid and Insurance; (C. Nyce & B. Karl)

  • The Litigation Cost of Cross-listing in the United States.

  • Do Shareholders Care about Bribery? (K. Kordonsky)

  • Corporate Social Responsibility and Litigation Risk (K. Kordonsky).

Papers soon to be completed (1 november 2022) and looking for a home

  • Contract Completeness, Informational Hierarchies, and Organizational Design when Players Have Limited Abilities.

  • News, Noise and Skewness.

  • Improved Data Analytics and Organizational Design in Insurance.

  • On the Value of Future Health and Health Services: Or How Much Should We Value Future Health and Long-Term Care Health Services?

  • Parametric Crop Insurance: Contract Design, Basis Risk, and Weather Catastrophes (P.L. Gilbert).

  • Adverse Selection and the Interdependence of Annuity and Long-Term Care Insurance Markets (F. Glenzer)

  • Underwriting Cycles and Underwriter Sentiment (F. Glenzer, JF Outreville, s. van Norden).

Recherche publiée / Published research

Dans des revues répertoriée dans le JCR / in JCR outlets

  1. “Tax-Preferred Savings Vehicles: Can Financial Education Improve Asset Location Decisions?” Review of Economic and Statistics 104: 541–556 (2022); with Philippe d’Astous and Pierre-Carl Michaud (HEC Montréal)

  2. “Ineffective Implementation of Corporate Governance? A Call for Greater Transparency to Reduce Agency Cost” Managerial and Decision Economics 43(5): 1528-1547 (2022); with Samya Tahir (U. Islamabad), Mian Sajid Nazir (U. Punjab), and Muhammad Ali Jibran Qamar (HCT – Dubai).

  3. “Pensions, annuities, and long-term care insurance: On the impact of risk screening” Geneva Risk and Insurance Review 46:133-174 (2021); with Franca Glenzer (HEC Montréal).

  4. “Demand for Annuities: Price Sensitivity, Risk Perceptions, and Knowledge.” Journal of Economic Behavior and Organisations 180: 883-902 (2020); with Sébastien Box-Couillard and Pierre-Carl Michaud (HEC Montréal).

  5. “Cyber insurance demand, supply, contracts, and cases” Geneva Papers on Risk and Insurance - Issues and Practice 45: 559-563 (2020).

  6. “Long-Term Care Insurance: Information Frictions and Selection.” American Economic Journal: Economic Policy 12(3): 134-169 (2020); with Philippe De Donder (Toulouse), Claude Fluet (U. Laval), Marie-Louise Leroux (UQAM), and Pierre-Carl Michaud (HEC Montréal).

  7. “Operational Risk Management and Regulatory Investment Constraints on Portfolio Allocation: Evidence from Property and Casualty Insurers.” Journal of Regulatory Economics 57(1): 20-52 (2020); with Willie D. Reddic (De Paul) and Elicia P. Cowins (Washington & Lee).

  8. “Insurance Fraud in a Rothschild-Stiglitz World.” Journal of Risk and Insurance 87(1): 117-142 (2020); with Richard Peter (Iowa).

  9. “A Canadian Parlor Room-Type Approach to the Long-Term Care Insurance Market.” Canadian Public Policy 45(2), pp. 262–282 (2019); with Philippe De Donder (UQAM), Claude Fluet (U. Laval), Marie-Louise Leroux (UQAM), and Pierre-Carl Michaud (HEC Montréal).

  10. “Portfolio Rebalancing Behavior under Operating Losses and Investment Limitations.” International Review of Economics and Finance 63: 313-328 (2019); with Willie D. Reddic (De Paul) and Elicia P. Cowins (Washington & Lee).

  11. “Long-Term Care Risk Misperceptions.” Geneva Papers Issues and Practice 44(2): 183-215 (2019); with Philippe De Donder (UQAM), Marie-Louise Leroux (UQAM), Claude Fluet (U. Laval), and Pierre-Carl Michaud (HEC Montréal).

  12. “Directors’ and Officers’ Liability Insurance, Corporate Risk and Risk Taking: New Panel Data Evidence on the Role of Directors’ and Officers’ Liability Insurance.” Journal of Risk and Insurance 82(4): 753–791 (2015); with Sharon Tennyson (Cornell).

  13. “The Structure of Reinsurance Contracts” Geneva Papers on Risk and Insurance: Issues and Practice 40: 474-492 (2015); with Théodora Dupont-Courtade (Paris School of Economics).

  14. “D&O Insurance and IPO Performance: what can we learn from insurers?” Journal of Financial Intermediation 23(4):504-540 (2014); with Léa Stern (Syracuse University).

  15. “Underwriting Apophenia and Cryptids: Are Cycles Statistical Figments of our Imagination?” Geneva Papers on Risk and Insurance: Issues and Practice 40: 232-255 (2014); with Iqbal Owadally (City University London).

  16. “Confirmation biases in the financial analysis of IT investments” Journal of the Association for Information Systems 15(1):1 (2014); with Renaud Legoux (HEC Montréal), Pierre-Majorique Léger (HEC Montréal) and Jacques Robert (HEC Montréal).

  17. “Insuring Catastrophes and the Role of Governments” Natural Hazards and Earth Science Systems 13: 2053-2063 (2013); with Charles Nyce (Florida State University).

  18. “If we can simulate it, we can insure it: An application to longevity risk management” Insurance: Mathematics and Economics 52: 35-45 (2013); with Lars Stentoft (HEC Montréal and Copenhagen Business School).

  19. “Are Underwriting Cycles Real and Forecastable?” Journal of Risk and Insurance 79: 995–1015 (2012); with Éric Jacquier (HEC Montréal, MIT) and Simon van Norden (HEC Montréal).

  20. “Is Corporate Governance Risk Valued? Evidence from Directors’ and Officers’ Insurance” Journal of Corporate Finance 18: 349-372 (2012); with Léa Stern (Ohio State).

  21. “Claims-Made and Reported Policies and Insurer Profitability in Medical Malpractice” Journal of Risk and Insurance 78(1): 139-162 (2011); Patricia Born (Florida State University).

  22. “The Impact of Switching Costs on Vendor Financing” Finance Research Letters, 6: 236-241 (2009); with Karine Gobert (U. Sherbrooke).

  23. “Career Concerns of Top Executives, Managerial Ownership and CEO Succession” Corporate Governance: An International Review; 16: 178-193 (2008); with Hernan Ortiz Molina (U. British Columbia).

  24. “Dynamic Prevention in Short Term Insurance Contracts” Journal of Risk and Insurance, 75: 289-312 (2008); with Karine Gobert (U. Sherbrooke).

  25. “Resistance (to Fraud) is Futile” Journal of Risk and Insurance, 74: 461-492 (2007).

  26. “Common and Fundamental Factors in Stock Returns of Canadian Oil and Gas Companies” Energy Economics, 29: 428-453 (2007); with Didier Filion (Cascades).

  27. “Exchange Rates and Order Flow in the Long Run” Finance Research Letters, 3(4): 235-243 (2006); with Simon van Norden (HEC Montréal).

  28. “The Impact of Media Attention: Evidence from the Automobile Insurance Industry” Journal of Media Economics, 19: 193-220 (2006).

  29. “Overcompensation as a Partial Solution to Commitment and Renegotiation Problems: The Case of Ex-post Moral Hazard” Journal of Risk and Insurance, 71: 559-582 (2004).

  30. “Optimal Audit Policies with Correlated Types” Economic Theory, 24(2): 325-334 (2004); with Patrick Gonzalez (U. Laval).

  31. “Contracting under Ex post Moral Hazard, Costly Auditing and Principal Non-Commitment” Review of Economic Design, 8(1): 1-38 (2003).

  32. “Mitigating Insurance Fraud: Lump-Sum Awards, Premium Subsidies, and Indemnity Taxes" Journal of Risk and Insurance, 68(3): 403-436 (2001).

  33. “Centralizing Insurance Fraud Investigation” Geneva Papers on Risk and Insurance Theory, 25(2): 159-178 (2000).

  34. “Media Attention, Insurance Regulation and Liability Insurance Pricing” Journal of Risk and Insurance, 67(1): 39-74 (2000).

  35. “Insurance Taxation and Insurance Fraud” Journal of Public Economic Theory, 2(1): 101-134 (2000).

  36. “Assessing the Impact of Televised Debates: The Case of the 1988 Canadian Election” British Journal of Political Science, 26: 143-164 (1996); with André Blais (U. Montréal).


Dans des revues non-répertoriée dans le JCR / in non-JCR outlets


  1. “Why Overconfident Traders Generate a Lower Performance? Insights from an Experimental Study.” International Review of Financial Consumers 5: 33-46 (2020); with Jérôme Martin, Laurence Dumont, and Pierre-Majorique Léger (HEC Montréal).

  2. “Insurers Complexity and Managerial Discretion” Quarterly Journal of Finance 9(3):4 (2019); with Willie D. Reddic and Elijah Brewer III (De Paul).

  3. “Yes, we can (price derivatives on survivor indices)!” Risk Management and Insurance Review 20(1): 37-62 (2017); with Lars Stentoft (Western).

  4. “Les modèles factoriels et la gestion du risque de longévité” Actualité Économique 91(4): 531-566 (2015); with Christian Dorion (HEC Montréal) and Lars Stentoft (Western).

  5. “Measuring Longevity Risk for a Canadian Public Pension Fund” Risk Management and Insurance Review, 17(1): 37-59 (2014); with Lars Stentoft (Western, Copenhagen Business School) and Joanna Mezja (HEC Montréal).

  6. “Directors’ and Officers’ Insurance and Shareholders’ Protection” Journal of Financial Perspective, 2(1): 107-128 (2014).

  7. “An Industrial Organization Theory of Risk Sharing” North American Actuarial Journal 17(4): 283-296 (2013); with Charles Nyce (Florida State).

  8. “Alleviating Managerial Disagreement through Financial Risk Management” Quarterly Journal of Finance 3(2):9 (2013); with Marcel Boyer (U. Montréal) & René Garcia (EDHEC).

  9. “Financial Distress Risk and the Managing of Foreign Currency Exposure” Quarterly Journal of Finance 3(1):2 (2013); with Monica Marin (U. Washington).

  10. “Pricing Survivor Forwards and Swaps in Incomplete Markets Using Simulation Techniques” In Longevity Risk Management for Institutional Investors (2012), Institutional Investors Journal (Fall 2012) pp. 69-87; with Lars Stentoft (HEC Montréal, Copenhagen Business School) and Amélie Favaro (Mazars Frères).

  11. “Northeastern Gas: Treasury Management Using an Enterprise System” Journal of Corporate Treasury Management, 4(4): 370-382 (2012); with Gilbert Babin (HEC Montréal), Pierre-M. Léger (HEC Montréal), and Jacques Robert (HEC Montréal).

  12. “Le marché des transporteurs aériens canadiens : une étude de cas en organisation industrielle” Actualité Économique 87(3) : 1-35 (2011); with Kodjovi Assoé (CDP Capital).

  13. “Professional Liability Insurance Contracts: Claims-made versus Occurrence Policies” Insurance and Risk Management 79(3):251-278 (2011); with Karine Gobert (HEC Montréal).

  14. “Market Growth and Barriers to Entry: Evidence from the Title Insurance Industry” Insurance and Risk Management 78(3): 283-316 (2010); with Charles Nyce (Florida State).

  15. “Protecting directors and officers from liability arising from aggressive earnings management” Insurance and Risk Management, 77(1): 33-58 (2009); with Amandine Hanon (P&G Canada).

  16. “A Note on the Valuation of a CDO and of an nth-to-Default CDS without Monte Carlo Simulation” Insurance and Risk Management 77(3): 265-272 (2009) with Olivier Marquis (Teachers’).

  17. “Risk Retention Groups in Medical Malpractice Insurance: A Test of the National Chartering Option“ Journal of Insurance Regulation, 27(4): 3-34 (2009); with Patricia Born (Florida State), and Michael Barth (The Citadel).

  18. “Three Insights from the Canadian D&O Insurance Market: Inertia, Information and Insiders” Connecticut Insurance Law Journal, 14: 75-106 (2008).

  19. “Directors’ and Officers’ Insurance in Canada” Corporate Ownership and Control, 4(4): 141-145 (2007).

  20. “Assessing the Demand for Directors' and Officers' Insurance Using Public Information” Journal of Forensic Accounting, 6: 389-410 (2005).

  21. “The Impact of Health Care Cost Inflation on Fraud and Economic Waste” Insurance and Risk Management, 73: 4-24 (2005); with Pierre-Thomas Léger (HEC Montréal).

  22. “Merging Automobile Insurance Regulatory Bodies: The Case of Atlantic Canada” Insurance and Risk Management, 72(1): 129-159 (2004); with Jörg Schiller (U. Hamburg).

  23. “Les clauses de valeur-à-neuf sont-elles optimales?” L’Actualité économique, 77(1): 53-74 (2001).

  24. “An Analysis of the Title Insurance Industry” Journal of Insurance Regulation, 17: 213-255 (1998); with Charles M. Nyce (U. Pennsylvania).


Chapitres de livre / Book chapters


  1. “Designing insurance against extreme weather risk: The case of HuRLOs.” In Ecological, Societal, and Technological Risks and the Financial Sector, T. Walker, D. Gramlich, M. Bitar & P. Fardnia (Eds.), 2020, pp. 91-122, Palgrave MacMillan; with Michèle Breton (HEC Montréal) and Pascal François (HEC Montréal).

  2. “Cognitive Fit and Visual Pattern Recognition in Financial Information System: An Experimental Study.” In Information Systems and Neuroscience , F. Davis, R. Riedl, J. vom Brocke, P.-M. Léger & A. Randolph. (Eds.), 2019; with Jérôme Martin (HEC Montréal), Pierre-Majorique Léger (HEC Montréal), and Laurence Dumont (HEC Montréal).

  3. “How Risk Management Adds Value.” In Investment Risk Management, H.K. Baker and G. Filbeck (Eds), 2014, Oxford University Press; with Monica Marin (U. Washington).

  4. “Behavioral Risk.” In Investment Risk Management, H.K. Baker and G. Filbeck (Eds), 2014, Oxford University Press; with Samuel Ouzan (HEC Montréal), and Franca Glenzer (Goethe Universität – Frankfurt).

  5. “Income Trusts Governance and Performance: Time for a Post-mortem.” In Stock Returns: Cyclicity, Prediction and Economic Consequences, George I. Ellison (Ed.), 2009, Nova Science Publishers; with Claude Francoeur (HEC Montréal), Réal Labelle (HEC Montréal) and Stéphane Rousseau (U. Montréal).

  6. “Insurance Mechanisms.” American Institute for Chartered Property and Casualty Underwriters, 2006.

  7. “Pooling Equilibrium in Insurance.” In B. Sundt and J. Teugels (Eds.), The Encyclopedia of Actuarial Science, 2004, Wiley publishers, pages 1304-1308; with Marcel Boyer (U. Montréal).

  8. “The Impossibility to Separate an Honest Man from a Criminal in a Fraud Context.” In Automobile Insurance: Road Safety, New Drivers, Risks, Insurance Fraud and Regulation, Georges Dionne and Claire Laberge-Nadeau eds., Kluwer Academic Publishers, Boston, 1999.


Autres publications / Other publications


  1. “Les effets de l’assurance médicaments sur la demande des soins de santé” Assurances et gestion des risques, 78(3): (2010); with Pierre-Thomas Léger (HEC Montréal).

  2. “Le risque de longévité: une application au régime de retraite de la Gendarmerie royale du Canada” Assurances et gestion des risques, 78(1): (2010); with Patrice Boucher (Fondation Chagnon).

  3. “Le risque de longévité: valorisation et outils de gestion” Assurances et gestion des risques, 77(3): 273-300 (2009); with Patrice Boucher (Fondation Chagnon).

  4. “Le risque de longévité: importance, mesure et implications” Assurances et gestion des risques, 77(1): 85-106 (2009); with Patrice Boucher (Fondation Chagnon).

  5. “L’état de la finance au Québec et au Canada” Assurances et gestion des risques, 76(4): 5-30 (2009).

  6. “L’après fusion des bourses canadiennes : Et si le Québec s’inspirait de la Suisse?” Gestion, 33(4): 10-13 (2009).

  7. “Une brève histoire des assurances au moyen-âge” Assurances et gestion des risques, 76(3): 83-98 (2008).

  8. “Les titres adossés à des créances hypothécaires : Le marché américain et le marché canadien” Assurances et gestion des risques, 76(1): 55-72 (2008); with François Girard (HEC Montréal).

  9. “Les titres adossés à des créances hypothécaires : Caractéristiques et propriétés” Assurances et gestion des risques, 75(4): 521-542 (2008); with François Girard (VMBL).

  10. “Les 100 ans de la Finance” Gestion, 32(2): 42-51 (2007); with Kodjovi Assoé (HEC Montréal) and Étienne Favreau (HEC Montréal).

  11. “Notre avenir en quatre D : la démographie” Gestion, 32(3): 60-71 (2007).

  12. “An overview of the market for credit risk transfer” Assurances et gestion des risques, 73(2): 199-217 (2005); with Nicolas Papageorgiou (HEC Montréal).

  13. “Passing the buck! Le risque de crédit et le risque réglementaire” Assurances et gestion des risques, 72(3): 589-601 (2004); with Nicolas Papageorgiou (HEC Montréal).

  14. “Les petites et moyennes entreprises face aux risques financiers et réels” Assurances et gestion des risques, 72(2): 391-402 (2004); with Kodjovi Assoé (HEC Montréal).

  15. “J’ai la foi! Croyances et bénéfices de la gestion des risques” Assurances et gestion des risques, 72(1): 169-179 (2004).

Subventions de recherche / Research grants


Boyer*, M. Martin, Philippe d’Astous, Franca Glenzer, Charles Nyce, Lars Powell, & Sharon Tennyson « Fraud », Social Sciences and Humanities Research Council of Canada (SSHRC / CRSH), 2022-2027; $294,000 (Insight Grant, 2023-2028).

Boyer, M. Martin, Philippe d’Astous, & Pierre-Carl Michaud*. « Analyses en économie comportementale reposant sur du calcul à haute efficacité appliqué à de grands ensembles de microdonnées confidentielles », Fondation canadienne pour l’innovation (FCI), 2020, $182,000.

Boyer, M. Martin, Philippe d’Astous*, & Barry Scholnik. « Peer Effects and Program Take-Up: Evidence from employer-employee linked administrative data », Social Sciences and Humanities Research Council of Canada (SSHRC / CRSH), 2020-2022, $61,700.

Achou, Bertrand, M. Martin Boyer, Franca Glenzer, Marie-Louise Leroux, & Pierre-Carl Michaud*. « Income security in retirement: perceptions, incentives and behaviours », Social Sciences and Humanities Research Council of Canada (SSHRC / CRSH), 2020-2024; $194,630.

Boyer*, M. Martin, Willie Reddic, Lars Stentoft, & Simon van Norden « Asset allocation of insurance companies: systemic, regulatory and solvency risk and solvency issues », Social Sciences and Humanities Research Council of Canada (SSHRC / CRSH), 2018-2022; $141,600.

Boyer*, M. Martin, Willie Reddic, & Elicia Cowins. « Executive compensation and hedge accounting: an investigation of reporting and risk incentives associated with the corporate use of derivatives », IFSID, 2016-2018; $30,000.

Boyer, M. Martin, Philippe de Donder, Marie-Louise Leroux, Claude Fluet, & Pierre-Carl Michaud*. « Protection contre les risques financiers à la retraite: analyse économique du risque de dépendance », Social Sciences and Humanities Research Council of Canada (SSHRC / CRSH), 2016-2019; $194,000.

Boyer*, M. Martin. « L’assurance de soins longue durée, épargne de retraite, et solvabilité des assureurs » Ministère des finances du Québec, 2016; 25,000$.

Boyer*, M. Martin, Christian Dorion, & Lars P. Stentoft. « Pricing and Using Longevity Risk Instruments », IFSID, 2012-2014; $40,000.

Boyer*, M. Martin & Lars Stentoft. « Valuation and Hedging of Longevity Risk for Pension Plans », Institut de finance mathématique de Montréal (IFM2), 2012-2015; $30,000.

Boyer*, M. Martin, Monica Marin, J.-François Outreville & Lars Stentoft. « Longevity Risk Management », Social Sciences and Humanities Research Council of Canada (SSHRC / CRSH), 2011-2014; $71,500.

Boyer*, M. Martin « Professional Liability Insurance: Medical Malpractice Insurance, Directors’ and Officers’ Insurance, and Contract Structure », Social Sciences and Humanities Research Council of Canada (SSHRC / CRSH), 05/08-05/11; $154,000.

Boyer, M. Martin, Claude Francoeur, Réal Labelle* & Stéphane Rousseau « Income Trusts: A Post-Mortem », Institut sur la gouvernance des organisations privées et publiques, 04/07-04/08; $30,000.

Boyer*, M. Martin & Karine Gobert. « Short Term Contracts and Long Term Relationships: The Impact on Insurance Contracts and on the Financing of Research and Development Investment Projects », Social Sciences and Humanities Research Council of Canada (SSHRC / CRSH), 04/04-04/07; $50,000.

Benoit Aubert, Gilbert Babin, M. Martin Boyer, Brahim Chaïb-draa, Teodor Crainic, Michel Gendreau, Rudolf Keller, Peter Kropf, Claude Montmarquette, Jacques Nantel, Suzanne Rivard, Jacques Robert*, & Jean-Marc Suret « E-Commerce Prototypes: Taking Theoretical Concepts to Market », Valorisation-Recherche Québec, 05/01-05/05; $1,900,000.

Benoit A. Aubert*, Henri Barki, Marcel Boyer, M. Martin Boyer, Robert Cairns, Gaétan Carrier, Peter Christoffersen, René Garcia, Lawrence Kryzanowski, Pierre Lasserre, Michel Patry, Andrey Pavlov, Michel Poitevin, Éric Renault, Suzanne Rivard, Benoît Robert, & Bernard Sinclair-Desgagné « Integrated Risk Management Methods and Systems », Valorisation-Recherche Québec, 05/01-05/05; $1,600,000.

Boyer*, M. Martin, Karine Gobert, & Patrick Gonzalez « Agency Problems with Correlated Information », Fonds pour la Formation de Chercheurs et d’Aide à la Recherche (FCAR-Québec), Team of Young Researchers Grant, 05/00-05/03; $135,000.

Boyer*, M. Martin « Directors and Officers Liability Insurance », Fonds pour la Formation de Chercheurs et d’Aide à la Recherche (FCAR-Québec), 05/00-05/03; $45,000.

Paul André, Kodjovi Assoé, François Bellevance, Narjess Boubakri, M. Martin Boyer, Michèle Breton, Michel Denault, Georges Dionne*, Robert Gagné, Geneviève Gauthier, Réal Labelle, Paul Lanoie, Gilbert Laporte, Pierre Laroche, Jean-François L'Her, Michel Magnan, Jacques Raynauld, Jean-Guy Simonato, Patrick Soriano, Pascal St-Amour, Minh Chau To, Simon Van Norden, & Désiré Vencatachellum « Finance and Insurance Laboratory », Canadian Foundation for Innovation (CFI / FCI), Ministère de l’Éducation, SUN Microsystems and Cisco Systems, 03/00-06/01; 3 294 056 $.

Boyer*, M. Martin « Agency Problems with Correlated Information », Fonds pour la Formation de Chercheurs et d’Aide à la Recherche (FCAR-Québec), 07/00-06/01; $15,000.

Gagné*, Robert, Paul André, M. Martin Boyer, & Jean-François L’Her « Firm Performance, Corporate Control and Agency Problems: The Canadian Experience », Social Sciences and Humanities Research Council of Canada (SSHRC / CRSH), 04/99-04/02; $93,000.

*: Team leader and/or Lead researcher



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Contact: martin.boyer.at.hec.ca