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Bruno BIAIS

Professor

Finance

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Biography

Bruno Biais holds a PHD in finance from HEC, received the Paris Bourse dissertation award and the CNRS bronze medal. He taught at Toulouse, Carnegie Mellon, Oxford, LSE, and now HEC. His research on finance, contract theory and experimental economics is published in Econometrica, Journal of Political Economy, American Economic Review, Review of Economic Studies, Journal of Finance, Review of Financial Studies and Journal of Financial Economics. He was editor of the Review of Economic Studies and of the Journal of Finance. He is a fellow of the Econometric Society and the Finance Theory group and has been scientific adviser to the NYSE, Euronext, European Central Bank and Bank of England. His current research project, entitled "Welfare, Incentives, and Dynamic Equilibrium" benefits from the support ot the European Resarch Council (ERC Advanced Grant).

Scientific articles

Equilibrium fast trading

Journal of Financial Economics, May 2015, vol. 116, n° 2, pp 292-313, (in coll. with T. FOUCAULT, S. MOINAS)

HFT and Market Quality

Bankers, Markets & Investors (ex-Banque & Marchés), January-February 2014, n° 128, pp 5-19, (in coll. with T. FOUCAULT)

Equilibrium Discovery and Preopening Mechanisms in an Experimental Market

Management Science, July 2014, vol. 60, n° 3, pp 753-769, (in coll. with C. BISIERE, S. POUGET)

Equilibrium Pricing and Trading Volume under Preference Uncertainty

Review of Economic Studies, October 2014, vol. 81, n° 4, pp 1401-1437, (in coll. with J. HOMBERT, P. O. WEILL)

Competing mechanisms in a common value environment: A corrigendum

Econometrica, January 2013, vol. 81, n° 1, pp 393-406, (in coll. with D. MARTIMORT, J-C. ROCHET)

Clearing, Counterparty Risk, and Aggregate Risk

International Monetary Fund (IMF) Economic Review, July 2012, vol. 60, n° 2, pp 193-222, (in coll. with F. HEIDER, M. HOEROVA)

Large Risks, Limited Liability and Dynamic Moral Hazard

Econometrica, January 2010, vol. 78, n° 1, pp 73-118, (in coll. with T. MARIOTTI, J-C. ROCHET, S. VILLENEUVE)

Equilibrium Asset Pricing and Portfolio Choice Under Asymmetric Information

Review of Financial Studies, April 2010, vol. 23, n° 4, pp 1503-1543, (in coll. with P. BOSSAERTS, C. SPATT)

Imperfect Competition in Financial Markets: ISLAND versus NASDAQ

Management Science, 3 February 2010, vol. 56, n° 12, pp 2237-2250, (in coll. with C. BISIERE, C. SPATT)

Hindsight Bias, Risk Perception, and Investment Performance

Management Science, June 2009, vol. 55, n° 6, pp 1018-1029, (in coll. with M. WEBER)

Books

Chapters in edited books

Proceedings

Working papers

Who supplies liquidity, how and when?

TSE Working Papers , 2017

Trading and liquidity with limited cognition

Mimeo , 2010

Scientific articles

Variation margins, fire sales, and information-constrained optimality

Review of Economic Studies, November 2021, vol. 88, n° 6, pp 2654-2686, (in coll. with F. HEIDER, M. HOEROVA)

Endogenous Agency Problems and the Dynamics of Rents

Review of Economic Studies, November 2020, vol. 87, n° 6, pp 2542–2567, (in coll. with A. LANDIER)

The Blockchain Folk Theorem

Review of Financial Studies, 2 December 2019, vol. 32, n° 5, pp 1662–1715, (in coll. with C. BISIÈRE, M. BOUVARD, C. CASAMATTA)

The microstructure of the bond market in the 20th century

Review of Economic Dynamics, July 2019, vol. 33, pp 250-271, (in coll. with R. GREEN)

Books

Chapters in edited books

Proceedings

Working papers

Taxing Financial Transactions

SSRN Electronic Journal , 2022

Committee-based Blockchains as Games Between - Opportunistic players and Adversaries*

Cahier de Recherche du Groupe HEC , 2021

Education

  • Doctorate in Finance, HEC Paris - France

Academic appointments

Academic Responsibilities at HEC

  • 2018- Professor, Finance HEC Paris
  • 1989-1993 Assistant Professor HEC Paris

External Academic Responsibilities

  • 2005-2017 Directeur de Recherche CNRS Université de Toulouse
  • 1993-2004 Professor Université de Toulouse

Awards & honors

  • 2012 Trading and Post-Trading
  • 2012 Elected Fellow of the Econometric Society. Appointed Economic Theory Fellow, by the Society for the Advancement of Economic Theory
  • 2002 Outstanding Referee Award, Review of Financial Studies
  • 1999 Junior Fellow of the Institut Universitaire de France
  • 1998 New York Stock Exchange Award for the Best paper on Equity Trading
  • 1994 CNRS Bronze Medal
  • 1990 Paris Bourse Award for Best PHD Dissertation