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Stefano LOVO

Professor

Finance

 Profile picture

Biography

Stefano Lovo received his Ph.D. in 2000 from CORE (Université Catholique de Louvain). He is a member of GREGHEC (CNRS).

His research focuses on information economics and its applications to financial markets and corporate finance. He has worked on various topics such as asymmetry of information among market-makers, inter-corporate asset sales, repeated games, market herd behavior, multi-unit auctions. His work is published or is in academic journals such as Econometrica, The Review of Economic Studies, Review of Financial Studies, among others.

Scientific articles

Socially Responsible Finance: How to Optimize Impact

Review of Financial Studies, April 2025, vol. 38, n° 4, pp 1211-1258, (in coll. with A. LANDIER)

Herding in Equity Crowdfunding

RAND Journal of Economics, Fall 2024, vol. 55, n° 3, pp 403-441, (in coll. with T. ASTEBRO, M. FERNANDEZ, N. VULKAN)

Credit rating agencies, information asymmetry and US bond liquidity

Journal of Business Finance & Accounting, October-November 2022, vol. 49, n° 9-10, pp 1863-1896, (in coll. with P. Raimbourg, F. Salvadè)

A Contracting Model of EntireFairness: An Analysis of Divestituresof Parent-Held Control Blocks

Journal of Law, Finance, and Accounting, 2021, vol. 6, n° 1, pp 89-123, (in coll. with M. B. SLOVIN, M. E. SUSHKA)

Zero-sum revision games

Games and Economic Behavior, March 2018, vol. 108, pp 504-522, (in coll. with F. GENSBITTEL, J. RENAULT, T. TOMALA)

Belief-free price formation

Journal of Financial Economics, February 2018, vol. 127, n° 2, pp 342-365, (in coll. with J. HÖRNER, T. TOMALA)

Divisional buyouts by private equity and the market for divested assets

Journal of Corporate Finance, 3 February 2018, vol. 53, pp 21-37, (in coll. with U. HEGE, M. B. SLOVIN, M. E. SUSHKA)

A Model of Trading in the Art Market

American Economic Review, March 2018, vol. 108, n° 3, pp 744-774, (in coll. with C. SPAENJERS)

No-trade in second-price auctions with entry costs and secret reserve prices

Economics Letters, July 2017, vol. 156, pp 142-144, (in coll. with C. SPAENJERS)

Risk Attitude, Beliefs Updating, and the Information Content of Trades: An Experiment

Management Science, June 2015, vol. 61, n° 6, pp 1378-1397, (in coll. with C. BISIERE, J. P. DECAMPS)

Working papers

Algorithmic Pricing and Liquidity in Securities Markets

Cahier de Recherche du Groupe HEC , 2022

ESG Investing: How to Optimize Impact?

Cahier de Recherche du Groupe HEC , 2020

Belief-free Price Formation

TSE Working Papers , 2017

Herding in Equity Crowdfunding

Cahier de Recherche du Groupe HEC , 2017

A Model of Trading and Price Indexes in the Art Market

Cahier de Recherche du Groupe HEC , 2016

Auctions with Participation Costs and Secret Reserve Prices

Cahier de Recherche du Groupe HEC , 2016

Markov Perfect Equilibria in Stochastic Revision Games

Cahier de Recherche du Groupe HEC , 2015

A Model of Trading in Unique Durable Assets

Cahier de Recherche du Groupe HEC , 2014

Belief-free Market Making

Mimeo , 2012

Scientific articles

Socially Responsible Finance: How to Optimize Impact

Review of Financial Studies, April 2025, vol. 38, n° 4, pp 1211-1258, (in coll. with A. LANDIER)

Herding in Equity Crowdfunding

RAND Journal of Economics, Fall 2024, vol. 55, n° 3, pp 403-441, (in coll. with T. ASTEBRO, M. FERNANDEZ, N. VULKAN)

Credit rating agencies, information asymmetry and US bond liquidity

Journal of Business Finance & Accounting, October-November 2022, vol. 49, n° 9-10, pp 1863-1896, (in coll. with P. Raimbourg, F. Salvadè)

A Contracting Model of EntireFairness: An Analysis of Divestituresof Parent-Held Control Blocks

Journal of Law, Finance, and Accounting, 2021, vol. 6, n° 1, pp 89-123, (in coll. with M. B. SLOVIN, M. E. SUSHKA)

Working papers

Algorithmic Pricing and Liquidity in Securities Markets

Cahier de Recherche du Groupe HEC , 2022

ESG Investing: How to Optimize Impact?

Cahier de Recherche du Groupe HEC , 2020

Belief-free Price Formation

TSE Working Papers , 2017

Education

  • Ph.D. in Economics, Center for Operation Research and Econometrics (CORE), Université Catholique de Louvain - Belgium
  • Master of Arts in Economics, Universite Catholique de Louvain la Neuve - Belgium

Academic appointments

Academic Responsibilities at HEC

  • 2022-2023 Department Head, Finance HEC Paris

Scientific Activities

Membership in Academic or Professional Organisation

  • Member, American Finance Association
  • Member, Western Finance Association
  • Member, Econometric Society
  • Member, Marie Curie Fellowship Association

Editorial activities

  • Reviewer, Journal of Mathematical Economics
  • Reviewer, Econometrica
  • Reviewer, International Journal of Industrial Organization
  • Reviewer, Review of Economic Studies
  • Reviewer, Rand Journal of Economics
  • Reviewer, Revue Finance

  • Awards & honors

    • 2025 2025 Faculty Impact award with Yurii Handziuk
    • 2010 Prix du Chercheur de l'annee 2010, Fondation HEC
    • 1999 PAI-UAP "First Price for Young Researcher" for the paper on "Bid-Ask Price Competition with Asymmetric Information Between Market Makers"