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PhD Dissertation Defense, Maxime Bonelli, Finance

Congratulations to Dr Maxime Bonelli, Finance, who successfully defended his Doctoral Dissertation at HEC Paris on July 6th, 2023.  Maxime has accepted a position as Assistant Professor at London Business School. 

Specialization: Finance

Topic: Three essays on Innovation and Human Capital in the Investment Management Industry

Supervisor: 
Augustin Landier, Professor of Finance, HEC Paris

Jury Members:

  • Michael Ewens, David L. and Elsie M. Dodd Professor of Finance, Columbia Business School 
  • Per Strömberg, Centennial Professor of Finance and Private Equity, Stockholm School of Economics 
  • Bruno Biais, Professor of Finance, HEC Paris 
  • Augustin Landier, Professor of Finance, HEC Paris, Supervisor

Abstract: This thesis is made of three distinct chapters that investigate innovation and human capital in the investment management industry. The first chapter studies the adoption of artificial intelligence (AI) by venture capitalists (VCs) to screen startups and shows how it affects the funding of early-stage companies. The second chapter focuses on the mobility of fund managers across mutual fund firms and shows that it plays an important role in the efficient allocation of capital within the mutual fund industry. The third chapter, joint with Anastasia Buyalskaya and Tianhao Yao, explores product differentiation in the mutual fund industry and shows how funds with low quality can still compete for investors by choosing to be more differentiated and cater to a smaller set of consumers.

Keywords:  investment management, innovation, human capital, technology, venture capital, mutual 
funds

 
Follow Maxime on his personal webpage

Read articles authored or co-authored on Knowledge@hec.fr